<SEC-DOCUMENT>0001564590-20-025133.txt : 20200513
<SEC-HEADER>0001564590-20-025133.hdr.sgml : 20200513
<ACCEPTANCE-DATETIME>20200513171806
ACCESSION NUMBER:		0001564590-20-025133
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		53
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200513
DATE AS OF CHANGE:		20200513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			89bio, Inc.
		CENTRAL INDEX KEY:			0001785173
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				831114349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39122
		FILM NUMBER:		20874213

	BUSINESS ADDRESS:	
		STREET 1:		535 MISSION STREET
		STREET 2:		14TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		4155004614

	MAIL ADDRESS:	
		STREET 1:		535 MISSION STREET
		STREET 2:		14TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>etnb-10q_20200331.htm
<DESCRIPTION>10-Q
<TEXT>
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etnb-10q_20200331.htm
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<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>
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<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 10-Q</p>
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<p style="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;">(Mark One)</p>
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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;">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p></td>
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<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;">For the quarterly period ended March 31, 2020</p>
<p style="text-align:center;margin-top:3pt;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>
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<p style="margin-top:4pt;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>
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<p style="text-align:center;margin-top:3pt;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: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;">Commission File Number: 001-39122</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;">&nbsp;</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;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Exact Name of Registrant as Specified in its Charter)</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
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<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;">Delaware</p></td>
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<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;">36-4946844</p></td>
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<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;">(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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">incorporation or organization)</p></td>
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<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;">(I.R.S. Employer</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;">Identification No.)</p></td>
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<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;">142 Sansome Street, Second Floor</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;">San Francisco, California 94104</p></td>
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<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;">94104</p></td>
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<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;">(Address of principal executive offices)</p></td>
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<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;">(Zip Code)</p></td>
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<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: (415) 500-4614</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;">&nbsp;</p>
<p style="margin-top:4pt;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;">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;">&nbsp;</p>
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<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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Title of each class</p></td>
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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;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.22%; 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-family:Times New Roman;font-size:10pt;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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Symbol(s)</p></td>
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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;">&nbsp;</p></td>
<td valign="bottom"  style="width:36.66%; 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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
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<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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock, par value $0.001 per share</p></td>
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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;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.22%; border-top:solid 0.75pt #000000;">
<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;">ETNB</p></td>
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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;">&nbsp;</p></td>
<td valign="bottom"  style="width:36.66%; border-top:solid 0.75pt #000000;">
<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;">Nasdaq Global Market</p></td>
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<p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-size:9.5pt;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;<font style="font-family:Segoe UI Symbol;">&#9746;</font>&#160;&#160;&#160;&#160;No&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-size:9.5pt;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;Yes&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9746;</font>&#160;&#160;&#160;&#160;No&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-size:9.5pt;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;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
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<td valign="top"  style="width:21.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Large&#160;accelerated&#160;filer</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;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="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accelerated&#160;filer</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;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="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
</tr>
<tr style="height:1pt;">
<td valign="top"  style="width:21.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-accelerated filer</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;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="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9746;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;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:21%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Smaller&#160;reporting&#160;company</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;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="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9746;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
<td valign="top"  style="width:53.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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:6pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
</tr>
<tr style="height:1pt;">
<td valign="top"  style="width:21.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth 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:9.5pt;">&nbsp;</p></td>
<td valign="top"  style="width:53.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;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:1.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;">&nbsp;</p></td>
<td valign="top"  style="width:21%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;">&nbsp;</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:9.5pt;">&nbsp;</p></td>
<td valign="top"  style="width:1.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-size:9.5pt;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 shell company (as defined in Rule 12b-2 of the Exchange Act). &#160;&#160;&#160;&#160;Yes&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font>&#160;&#160;&#160;&#160;No&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9746;</font>&#160;</p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-size:9.5pt;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 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. &#160;&#160;&#160;&#160;Yes&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9746;</font>&#160;&#160;&#160;&#160;No&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font></p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of May 4, 2020, the registrant had 13,793,858 shares of common stock, $0.001 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:4pt;">&nbsp;</p>
<p style="text-align:center;line-height:1pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Table of Contents</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;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-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#PART_IFINANCIAL_INFORMATION"><font style="text-decoration:underline;">FINANCIAL INFORMATION</font></a></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_FINANCIAL_STATEMENTS"><font style="text-decoration:underline;">Financial Statements (Unaudited)</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_CONSOLIDATED_BALANCE_SHEETS"><font style="text-decoration:underline;">Condensed Consolidated Balance Sheets</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_CONSOLIDATED_STATEMENTS_OPERAT"><font style="text-decoration:underline;">Condensed Consolidated Statements of Operations and Comprehensive Loss</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_CONSOLIDATED_STATEMENTS_CONVER"><font style="text-decoration:underline;">Condensed Consolidated Statements of Convertible Preferred Stock and Stockholder&#8217;s Equity (Deficit) </font></a><font style="text-decoration:underline;"> </font></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_CONSOLIDATED_STATEMENTS_CASH_F"><font style="text-decoration:underline;">Condensed Consolidated Statements of Cash Flows</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_UNAUDITED_CONDENSED_CONSOLIDATE"><font style="text-decoration:underline;">Notes to Unaudited Condensed Consolidated Financial Statements</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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: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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</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 3.</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_AND"><font style="text-decoration:underline;">Quantitative and Qualitative Disclosures About Market Risk</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</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 4.</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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_AND_PROCEDURES"><font style="text-decoration:underline;">Controls and Procedures</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</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 II.</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="#PART_IIOR_INFORMATION"><font style="text-decoration:underline;">OTHER INFORMATION</font></a></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Legal Proceedings</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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 1A.</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="#ITEM_1A_RISK_FACTORS"><font style="text-decoration:underline;">Risk Factors</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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 2.</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Unregistered Sales of Equity Securities and Use of Proceeds</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61</p></td>
</tr>
<tr>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Default Upon Senior Securities</font></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61</p></td>
</tr>
<tr>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Mine Safety Disclosures</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61</p></td>
</tr>
<tr>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Other Information</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61</p></td>
</tr>
<tr>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:84.36%;">
<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"><font style="text-decoration:underline;">Exhibits</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62</p></td>
</tr>
<tr>
<td colspan="2" valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:94.44%;">
<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"><font style="text-decoration:underline;">Signatures</font></a></p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:5.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><a name="PART_IFINANCIAL_INFORMATION"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="PART_IFINANCIAL_INFORMATION"></a>PART I&#8212;FINANCI</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">AL INFORMATION</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;"><a name="ITEM_1_FINANCIAL_STATEMENTS"></a><a name="ITEM_1_FINANCIAL_STATEMENTS"></a>Item 1. Financial Statements.</p>
<p style="text-align:center;margin-top:6pt;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;">89bio, 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;"><a name="CONDENSED_CONSOLIDATED_BALANCE_SHEETS"></a><a name="CONDENSED_CONSOLIDATED_BALANCE_SHEETS"></a>Condensed Consolidated Balance Sheets</p>
<p style="text-align:center;margin-bottom:0pt;margin-top: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;">(In thousands)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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: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;">(Unaudited)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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: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;">(Note 2)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">85,532</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">93,335</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">24</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">25</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 and other current assets</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1,857</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1,966</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">87,413</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">95,326</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 and equipment, net</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">204</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">155</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">72</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">72</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 assets</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">87,689</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">95,553</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 and stockholders&#8217; equity</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">4,055</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">989</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Accrued expenses</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">3,732</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">4,620</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">7,787</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">5,609</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 5)</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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:</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">14</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">14</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">164,028</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">163,526</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Accumulated deficit</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(84,140</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(73,596</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">79,902</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">89,944</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 and stockholders&#8217; equity</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">87,689</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">95,553</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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 consolidated financial statements.<font style="font-style:normal;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">89bio, </font><font style="font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Inc.</font></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;"><a name="CONDENSED_CONSOLIDATED_STATEMENTS_OPERAT"></a><a name="CONDENSED_CONSOLIDATED_STATEMENTS_OPERAT"></a>Condensed Consolidated 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-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">(Unaudited)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(In thousands, except share and per share amounts)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; 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;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March&#160;31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">7,778</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">4,309</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">2,924</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">523</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">10,702</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">4,832</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">10,702</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">4,832</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 income, net</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(157</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(416</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 before tax</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">10,545</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">4,416</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Income tax (benefit) expense</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(1</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">23</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">10,544</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">4,439</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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, basic and diluted</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; 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;">0.76</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; 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;">7.26</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 to compute net loss per share, basic and diluted</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; 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;">13,789,786</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; 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;">611,226</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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 consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU5"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="CONDENSED_CONSOLIDATED_STATEMENTS_CONVER"></a>Condensed Consolidated <a name="CONDENSED_CONSOLIDATED_STATEMENTS_CONVER"></a>Statements of 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-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the Three Months Ended March 31, 2020 and 2019 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(Unaudited) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;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-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%;">
<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;">Additional</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%;">
<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;">Total</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.12%; 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;">Convertible Preferred Stock</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.12%; 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;">Common Stock</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Paid-in</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:7.6%;">
<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;">Accumulated</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Stockholders&#8217;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Amounts</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Amounts</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Capital</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Deficit</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Equity</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">Balance as of December 31, 2019</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">13,788,982</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">163,526</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(73,596</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">89,944</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">Issuance of common stock upon exercise of stock options</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,876</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">Share-based compensation</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">493</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">493</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; 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;">Net loss and comprehensive loss</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(10,544</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(10,544</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; border-bottom:double 2.5pt 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;">Balance as of March 31, 2020</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">13,793,858</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">14</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">164,028</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(84,140</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">79,902</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:5pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:5pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%;">
<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;">Additional</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%;">
<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;">Total</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.12%; 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;">Convertible Preferred Stock</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.12%; 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;">Common Stock</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Paid-in</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:7.6%;">
<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;">Accumulated</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Stockholders&#8217;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Amounts</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Amounts</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Capital</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Deficit</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.6%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Deficit</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">Balance as of December 31, 2018</p></td>
<td valign="top"  BGCOLOR="#CFF0FC" style="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-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">24,000,000</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">23,073</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">611,226</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">118</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(16,176</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(16,057</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33.22%;">
<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;">Share-based compensation</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35</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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; 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;">Net loss and comprehensive loss</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(4,439</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(4,439</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:33.22%; border-bottom:double 2.5pt 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;">Balance as of March 31, 2019</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">24,000,000</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">23,073</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">611,226</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">153</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(20,615</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:6.6%; 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;">(20,461</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</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 consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU6"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">b</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">io, Inc.</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="CONDENSED_CONSOLIDATED_STATEMENTS_CASH_F"></a><a name="CONDENSED_CONSOLIDATED_STATEMENTS_CASH_F"></a>Condensed Consolidated Statements of Cash Flows</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(Unaudited)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(In thousands)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; 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;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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: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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">(10,544</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">(4,439</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 operating activities:</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">3</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">Share-based compensation</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">493</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">35</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">Deferred tax assets</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(19</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">Revaluation of convertible preferred stock liability</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(437</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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 operating assets and liabilities:</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">Prepaids and other current assets</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">109</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(82</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">3,066</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(427</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(888</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1,199</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 used in operating activities</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(7,752</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(4,167</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(61</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(2</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 used in investing activities</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(61</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(2</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 upon exercise of stock options</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">9</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">9</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 decrease in cash and cash equivalents, and restricted cash</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(7,804</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(4,169</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 and cash equivalents, and restricted cash at beginning of period</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">93,360</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">11,257</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 and cash equivalents, and restricted cash at end of period</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">85,556</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">7,088</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Components of cash and cash equivalents, and restricted cash:</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">85,532</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">7,064</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">24</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">24</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 cash and cash equivalents, and restricted cash</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">85,556</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">7,088</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Noncash investing and financing activities:</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Property and equipment purchases included in accounts payable and accrued expenses</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">54</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&#8212;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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 consolidated financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU7"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="NOTES_TO_UNAUDITED_CONDENSED_CONSOLIDATE"></a><a name="NOTES_TO_UNAUDITED_CONDENSED_CONSOLIDATE"></a>Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Basis of Presentation </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Description of Business </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc. (&#8220;89bio&#8221; or the &#8220;Company&#8221;) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company&#8217;s lead product candidate, BIO89-100, a specifically engineered glycoPEGylated analog of fibroblast growth factor 21, is currently being developed for the treatment of nonalcoholic steatohepatitis. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc. was formed as a Delaware corporation on June 28, 2019, for the purpose of completing an initial public offering (&#8220;IPO&#8221;) and related transactions in order to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company completed an internal reorganization transaction in September 2019, pursuant to which 89Bio Ltd. became a wholly owned subsidiary of 89bio, Inc. (the &#8220;Reorganization&#8221;). As part of the Reorganization, all of the equity holders of 89Bio Ltd. exchanged 100% of the equity of 89Bio Ltd. for 100% of the equity of 89bio, Inc. The Reorganization was considered a transaction between entities under common control.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 13, 2019, 89bio, Inc. completed the IPO, pursuant to which it issued and sold an aggregate of 6,100,390 shares of common stock (inclusive of 795,703 shares pursuant to the underwriters&#8217; option to purchase additional shares) at the IPO price of $16.00 per share, <font style="Background-color:#FFFFFF;color:#000000;">resulting in net proceeds of $87.7 million after deducting underwriting discounts and commissions of $6.8 million and other offering expenses of $3.1 million. Upon the closing of the IPO, the Company&#8217;s outstanding convertible preferred stock automatically converted into 7,077,366 shares of common stock of 89bio, Inc. based on a proportional adjustment to the conversion ratio of the convertible preferred stock on a 1-for-6.217 basis.  </font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. To date, the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses for the foreseeable future until it completes development of its products and seeks regulatory approvals to market such products. The Company had cash and cash equivalents of $85.5 million as of March 31, 2020. Management expects to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company intends to raise such capital through the issuance of additional equity financing and/or debt financing. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its products. The Company expects that its cash and cash equivalents as of March 31, 2020 will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the date these unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (&#8220;SEC&#8221;).</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2. Summary of Significant Accounting Policies </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the SEC regarding interim financial reporting. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December&#160;31, 2019 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company&#8217;s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December&#160;31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 18, 2020. </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</a></p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU8"></a><font style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Principles of Consolidation</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, the convertible preferred stock liability and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Fair Value Measurements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets and liabilities are recorded at fair value on a recurring basis in the balance sheets. The carrying values of Company&#8217;s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: </p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1<font style="font-weight:normal;">&#8212;Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2<font style="font-weight:normal;">&#8212;Inputs (other than quoted prices included in Level&#160;1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3<font style="font-weight:normal;">&#8212;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Convertible Preferred Stock Liability </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The freestanding instruments related to the commitment by the Series A convertible preferred stockholders to purchase and by the Company to sell its Series A convertible preferred stock in subsequent closings, contingent upon the achievement of certain developmental milestones and approval by the board of directors, at a fixed price per stock, were considered a liability (or an asset), measured at fair value as the shares underlying the rights contained liquidation preferences upon certain &#8220;deemed liquidation events&#8221; that were not solely within the Company&#8217;s control and which were considered in-substance contingent redemption features. The instruments were subject to revaluation at each balance sheet date until settlement or extinguishment, with revaluations recognized as either a component of other income, net in the condensed consolidated statements of operations and comprehensive loss, or additional paid-in capital in the condensed consolidated balance sheets. Upon the completion of the Company&#8217;s IPO, the remaining shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Risk and Uncertainties</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread to other countries, including the United States, and has been declared a pandemic by the World Health Organization.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If COVID-19 continues to spread in the United States and worldwide, the Company may experience disruptions that could negatively impact its ability to recruit and onboard new employees and productivity, disrupt the business and delay preclinical and clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of restrictions and limitations on the Company&#8217;s ability to conduct business in the ordinary course. At this point, the extent to which COVID-19 may impact the Company&#8217;s operating results and financial condition is uncertain.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;">&nbsp;</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;">6</a></p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU9"></a><font style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recent</font><font style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">ly Adopted</font><font style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"> Accounting Pronouncement</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-13, <font style="font-style:italic;">Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement</font>, which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted this standard effective from January 1, 2020, with the removed and modified disclosures adopted on a retrospective basis and the new disclosures adopted on a prospective basis. The standard did not have a material impact on the Company&#8217;s consolidated financial statements and related disclosures.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02&#8212;<font style="font-style:italic;">Leases </font>(&#8220;ASU 2016-02&#8221;), requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and for nonpublic entities for fiscal years beginning after December 15, 2020. As an emerging growth company, ASU 2016-02 is effective for the Company for the year ending December 31, 2021 and interim periods within the year ending December 31, 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;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, <font style="font-style:italic;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</font> (&#8220;ASU 2019-12&#8221;), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for public entities for fiscal years beginning after December 15, 2020 and for nonpublic entities for fiscal years beginning after December 15, 2021. As an emerging growth company, ASU 2019-12 is effective for the Company for the year ending December 31, 2022 and interim periods within the year ending December 31, 2023. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3. Fair Value Measurements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s convertible preferred stock liability represented a Level 3 financial liability measured at fair value on a recurring basis prior to its extinguishment as of December 31, 2019. Accordingly, there was no Level 3 financial liability as of March 31, 2020. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March 31, 2019, changes in the fair value of the Company&#8217;s Level&#160;3 financial liability were measured on a recurring basis as follows (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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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;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">Three Months Ended</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">March 31, 2019</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">1,671</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;">&nbsp;</p></td>
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<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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;">Revaluation of convertible preferred stock liability recorded in</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;">&nbsp;&nbsp; other income, net</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">(437</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>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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;">Ending balance</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">1,234</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-top:2pt;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;">The Company&#8217;s convertible preferred stock liability resulted from the initial sale of Series A convertible preferred stock where the investors committed to purchase additional shares of Series A convertible preferred stock in subsequent closings, contingent upon the achievement by the Company of certain development milestones and approval by the board of directors. The investors&#8217; commitment to purchase and the Company&#8217;s commitment to sell shares of Series A convertible preferred stock represented a freestanding instrument accounted for at fair value and re-measured at each reporting date. The Company estimated the fair value of this commitment using the Black-Scholes option-pricing model using the following assumptions:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.78%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31, 2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 price</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%; 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;">0.99</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exercise price</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;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;">1.00</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 (years)</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.24-2.25</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;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;">72.0</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">%</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.3-2.4</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">%</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;">7</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">4. Consolidated Balance Sheet Components </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:6pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Accrued Expenses </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses consist of the following (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 research and development expense</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">2,169</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">2,326</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 employee and related expenses</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">730</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">1,396</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 professional and legal fees</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">552</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">573</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Accrued other</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">281</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">325</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 accrued expenses</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">3,732</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">4,620</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">5. Commitments and Contingencies </p>
<p style="margin-top:6pt;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;">Leases</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Future minimum<font style="letter-spacing:0.1pt;"> </font>lease<font style="letter-spacing:0.05pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>under the Company&#8217;s non-cancellable<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>lease<font style="letter-spacing:0.05pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>as of March 31, 2020, are as follows<font style="letter-spacing:0.05pt;"> </font>(in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">Remainder of 2020</p></td>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">161</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">2021</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">216</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; 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;">2022</p></td>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; 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;">8</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; 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;">Total future minimum annual payments</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; 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;">385</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top: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;">Rent expense was $60,000 and $27,000 for the three months ended March 31, 2020 and 2019, respectively.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the &#8220;Teva Agreements&#8221;) with Teva Pharmaceutical Industries Ltd (&#8220;Teva&#8221;) under which it acquired certain patents and intellectual property relating to two programs: (1)&#160;Teva&#8217;s glycoPEGylated FGF21 program, including the compound TEV-47948 (BIO89-100), a glycoPEGylated long-acting FGF21 and (2)&#160;Teva&#8217;s development program of small molecule inhibitors of Fatty Acid Synthase. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $6.0&#160;million and the Company could be obligated to pay Teva up to $67.5&#160;million under each program, for a total of $135.0&#160;million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Teva Agreements can be terminated (i)&#160;by the Company without cause, after the first anniversary of the effective date, upon 120 days&#8217; written notice to Teva, (ii)&#160;by either party, if the other party materially breaches any of its obligations under the Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii)&#160;by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company&#8217;s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company accounted for the acquisition of technology as an asset acquisition because it did not meet the definition of a business. The Company recorded the total consideration transferred to Teva as research and development expense in the condensed consolidated statements of operations and comprehensive loss because the acquired technology represented in-process research and development and had no alternative future use. During the three months ended March 31, 2020 and 2019, there were no license payment expenses related to the Teva Agreements.  </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;">8</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU10"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">6</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">. Convertible Preferred Stock </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2018, the Company entered into the Series A Share Purchase Agreement (the &#8220;Series A SPA&#8221;), pursuant to which the investors committed to invest an aggregate amount of up to $60.0&#160;million for the issuance of shares of Series A convertible preferred stock at a price of $1.00 per share. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The initial closing occurred on April&#160;16, 2018, and the Company issued 14,900,000 shares of Series A convertible preferred stock at a price per share of $1.00 for net cash proceeds of $14.7&#160;million. In addition, a convertible note in the amount of $100,000 that was outstanding and automatically convertible in the Company&#8217;s next equity financing, converted into 100,000 shares of Series A convertible preferred stock upon the initial closing of the Series A financing. The investors also committed to purchase 15,000,000 and 30,000,000 shares of Series A convertible preferred stock at a price of $1.00 per share in second and third closings, respectively, contingent upon the achievement by the Company of certain development milestones and approval by the board of directors. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The investors&#8217; commitment to purchase and the Company&#8217;s commitment to sell shares of Series A convertible preferred stock represent a freestanding instrument accounted for at fair value and re-measured at each reporting date. For the three months ended March 31, 2020 and 2019, the Company recorded a gain of $0 and $437,000, respectively, for the revaluation of the convertible preferred stock liability within other income, net in the condensed consolidated statements of operations and comprehensive loss.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2018 and in June 2019, the Company and the Series A convertible preferred stockholders agreed to issue 9,000,000 and 20,000,000 shares of Series A convertible preferred stock at a price of $1.00 per share, respectively, related to the second and third closings. Aggregate net proceeds of $9.0 million were received in December 2018 and $20.0 million were received in June and July 2019. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 25, 2019, the Company and the Series A preferred stockholders amended the Series A SPA, and the parties agreed that the Series A SPA would terminate upon consummation of the Company&#8217;s IPO. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the completion of the Company&#8217;s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders.<font style="font-size:12pt;">&#160;</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additionally, immediately prior to the completion of the Company&#8217;s IPO, all outstanding shares of convertible preferred stock automatically converted into 7,077,366 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. Accordingly, there were no shares of convertible preferred stock outstanding as of March 31, 2020 and December 31, 2019.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">7. Share-Based Compensation </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Equity Incentive Plans</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2018, the Company&#8217;s board of directors adopted the 89Bio Ltd. 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;). In connection with the Reorganization, in September 2019, the Company&#8217;s board of directors approved the 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;), which became effective on September 17, 2019. From and after the effective date of the 2019 Plan, the Company will no longer be making any future awards under the 2018 Plan. </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;">9</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU11"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company initially reserved 2,844,193</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> shares of common stock for issuance under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on Jan</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">uary 1, 2020, in an amount equal to 4% of the total number of shares of the Company&#8217;s capital stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company&#8217;s board of directors. As of March 31, 2020, the</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">re were 1,</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">676,1</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> shares of common stock available for issuance as future option grants under the 2019 Plan. </font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Employee Stock Purchase Plan (ESPP)</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In October 2019, the Company adopted the 2019 Employee Stock Purchase Plan (&#8220;ESPP&#8221;), which became effective following the date of the IPO. The Company initially reserved 225,188 shares of common stock for purchase under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years, in an amount equal to 1% of the total number of shares of the Company&#8217;s common stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company&#8217;s board of directors. Purchases will be accomplished through the participation of discrete offering periods. Each offering will be no more than 27 months long. For each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of the fair market value of the Company&#8217;s common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of each purchase period the applicable offering period.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The first six month offering period pursuant to the ESPP commenced on January 1, 2020. Total share-based compensation related to the ESPP for the three months ended March 31, 2020 was $13,000. As of March 31, 2020, 363,078 shares of common stock were available for issuance under the ESPP.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recorded share-based compensation for the periods indicated as follows (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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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;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%;">
<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;">Three Months Ended</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%; 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;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;">
<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;">Research and development</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">192</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">7</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; 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;">General and administrative</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">301</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">28</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; 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;">Total share-based compensation</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">493</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">35</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%; 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;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Stock Options</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 (years)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.00-6.11</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.11</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86.4-87.5</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">%</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61.8</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.5-1.5</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">%</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.5-2.6</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table summarizes stock option activity for the three months ended March 31, 2020: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Weighted</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Weighted</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Average</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Average</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Remaining</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Aggregate</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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 of</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Exercise</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Contractual</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Intrinsic</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Options</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Price</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Term</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Value</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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: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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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: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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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: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;">(In years)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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: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;">(In&#160;thousands)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="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;">Balance outstanding as of December 31, 2019</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1,320,243</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">3.34</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">9.23</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">30,353</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="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;">Granted</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">439,800</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">31.66</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="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;">Exercised</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">(4,876</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1.93</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="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;">Cancelled</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(40,482</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">2.87</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="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;">Balance outstanding as of March 31, 2020</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1,714,685</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">10.62</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">9.21</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">28,115</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="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 as of March 31, 2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">299,571</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">2.00</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">8.69</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">6,850</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</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;">10</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">8. Net Loss Per Share </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; 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;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 to purchase common stock</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">1,714,685</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">734,569</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">1,735</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Convertible preferred stock, as converted</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">3,860,383</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">1,716,420</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">4,594,952</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">9. Related Party Transactions </p>
<p style="margin-top:6pt;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;"><a name="_Hlk39233385"></a>The Company incurred $4,000 and $33,000<a name="_Hlk39233385"></a> in professional consulting services expense related to certain members of the board of directors for the three months ended March 31, 2020 and 2019, respectively, which is recorded within research and development expenses in the Company&#8217;s condensed consolidated statements of operations and comprehensive loss. The related party liability balance was $0 as of March 31, 2020 and $11,000 as of December 31, 2019, respectively, which is recorded within accounts payable and accrued expenses in the Company&#8217;s condensed consolidated balance sheets.</p>
<p style="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;">The Company and the Series A preferred stockholders amended the Series A SPA on October 25, 2019, and the parties agreed that the Series A SPA would terminate upon consummation of the Company&#8217;s IPO. Upon the completion of the Company&#8217;s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were issuable were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders and recorded as part of additional paid-in capital in the condensed consolidated balance sheets (see Note 6).</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;">11</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Notes to Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU12"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">0</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">. Subsequent</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Event</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 7, 2020, the Company and certain of its subsidiaries entered into a Loan and Security Agreement (the &#8220;Loan Agreement&#8221;) with the lenders referred to therein (the &#8220;Lenders&#8221;), and Silicon Valley Bank, as collateral agent. The Loan Agreement provides for (i) a secured term A loan facility (the &#8220;Term A Loan Facility&#8221;) of up to $10.0 million and (ii) a secured term B loan facility (the &#8220;Term B Loan Facility&#8221;) of up to $5.0 million that is available upon the Company satisfying certain milestones. The Term A Loan Facility matures on November 1, 2022; provided, that if the Term B Loan Facility is funded, the facilities instead mature on September 1, 2023. The loan will bear interest at the greater of (i) 4.50% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.25%.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, under the Loan Agreement, the Company agreed to issue the Lenders warrants to purchase shares of the Company&#8217;s common stock. On April 7, 2020, warrants to purchase 25,000 shares of the Company&#8217;s common stock were issued with a warrant exercise price of $22.06 per share. Additional warrants exercisable for 8,333 shares of common stock will be issued in connection with the Term B Loan Facility, if funded.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">12</a></p>
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<p style="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;"><a name="_AEIOULastRenderedPageBreakAEIOU13"></a><a name="ITEM_2_MANAGEMENTS_DISCUSSION_ANALYSIS_F"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="ITEM_2_MANAGEMENTS_DISCUSSION_ANALYSIS_F"></a>Item 2. Management&#8217;s Discussion and Analysis of</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> Financial Condition and Results of Operations.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;">&nbsp;</p>
<p style="margin-bottom:0pt;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;">Forward Looking Statements</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">You<font style="letter-spacing:-0.05pt;"> </font>should read the following<font style="letter-spacing:0.05pt;"> </font>discussion<font style="letter-spacing:0.05pt;"> </font>and analysis<font style="letter-spacing:0.05pt;"> </font>of our financial<font style="letter-spacing:0.05pt;"> </font>condition<font style="letter-spacing:0.05pt;"> </font>and results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>together<font style="letter-spacing:0.05pt;"> </font>with our unaudited condensed consolidated<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.05pt;"> </font>statements<font style="letter-spacing:0.05pt;"> </font>and related<font style="letter-spacing:0.05pt;"> </font>notes and other financial<font style="letter-spacing:0.05pt;"> </font>information included<font style="letter-spacing:0.05pt;"> </font>elsewhere<font style="letter-spacing:0.05pt;"> </font>in this<font style="letter-spacing:0.05pt;"> Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K</font> for the year ended December 31, 2019.<font style="letter-spacing:0.05pt;"> </font><font style="Background-color:#FFFFFF;color:#000000;">Our actual results could differ materially from those described in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled &#8220;Risk Factors&#8221; included elsewhere in this </font><font style="letter-spacing:0.05pt;">Annual Report on Form 10-Q</font><font style="Background-color:#FFFFFF;color:#000000;">.</font><font style="letter-spacing:0.1pt;"> </font></p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Overview</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk37850308"></a><a name="_Hlk36638826"></a>We are a clinical-stage<font style="letter-spacing:0.05pt;"> </font>biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>company focused<font style="letter-spacing:0.05pt;"> </font>on the development<font style="letter-spacing:0.05pt;"> </font>and commercialization<font style="letter-spacing:1.1pt;"> </font>of innovative<font style="letter-spacing:0.05pt;"> </font>therapies<font style="letter-spacing:0.1pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of liver<font style="letter-spacing:0.05pt;"> </font>and cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>diseases.<font style="letter-spacing:0.05pt;"> </font>Our lead product<font style="letter-spacing:0.05pt;"> </font>candidate, BIO89-100, a specifically<font style="letter-spacing:0.15pt;"> </font>engineered<font style="letter-spacing:0.05pt;"> </font>glycoPEGylated<font style="letter-spacing:0.05pt;"> </font>analog of FGF21, is currently<font style="letter-spacing:0.1pt;"> </font>being developed<font style="letter-spacing:0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of nonalcoholic steatohepatitis, or NASH.<font style="letter-spacing:-0.1pt;"> </font>NASH<font style="letter-spacing:-0.1pt;"> </font>is a severe<font style="letter-spacing:0.05pt;"> </font>form<font style="letter-spacing:0.05pt;"> </font>of nonalcoholic<font style="letter-spacing:0.05pt;"> </font>fatty<font style="letter-spacing:0.05pt;"> </font>liver<font style="letter-spacing:0.05pt;"> </font>disease, or NAFLD,<font style="letter-spacing:-0.1pt;"> </font>characterized<font style="letter-spacing:0.15pt;"> </font>by inflammation<font style="letter-spacing:0.15pt;"> </font>and fibrosis<font style="letter-spacing:0.1pt;"> </font>in the liver that<font style="letter-spacing:0.05pt;"> </font>can progress<font style="letter-spacing:0.05pt;"> </font>to cirrhosis,<font style="letter-spacing:0.1pt;"> </font>liver<font style="letter-spacing:0.05pt;"> </font>failure, hepatocellular<font style="letter-spacing:0.15pt;"> </font>carcinoma, or<font style="letter-spacing:0.1pt;"> </font>HCC<font style="letter-spacing:-0.1pt;"> </font>and death. There are currently<font style="letter-spacing:0.1pt;"> </font>no approved products<font style="letter-spacing:0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH.<font style="letter-spacing:-0.1pt;"> </font>FGF21<font style="letter-spacing:-0.05pt;"> </font>is a clinically-validated<font style="letter-spacing:0.2pt;"> </font>mechanism<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>has been shown<font style="letter-spacing:-0.05pt;"> </font>in humans to reduce steatosis<font style="letter-spacing:0.1pt;"> </font>and address<font style="letter-spacing:0.05pt;"> </font>cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>dysregulation.<font style="letter-spacing:0.1pt;"> </font>We believe<font style="letter-spacing:0.05pt;"> </font>BIO89-100 may be a differentiated<font style="letter-spacing:0.15pt;"> </font>FGF21 therapy<font style="letter-spacing:0.05pt;"> </font>based on its<font style="letter-spacing:0.05pt;"> </font>robust<font style="letter-spacing:0.05pt;"> </font>and durable<font style="letter-spacing:0.05pt;"> </font>biological<font style="letter-spacing:0.1pt;"> </font>effects<font style="letter-spacing:0.1pt;"> </font>and a favorable<font style="letter-spacing:0.05pt;"> </font>tolerability<font style="letter-spacing:0.15pt;"> </font>profile,<font style="letter-spacing:0.05pt;"> </font>as well as its potential<font style="letter-spacing:0.1pt;"> </font>for a longer<font style="letter-spacing:0.05pt;"> </font>dosing interval.<font style="letter-spacing:0.1pt;"> </font>Combining these<font style="letter-spacing:0.05pt;"> </font>characteristics<font style="letter-spacing:0.2pt;"> </font>with the ability<font style="letter-spacing:0.05pt;"> </font>to address<font style="letter-spacing:0.05pt;"> </font>the key liver pathologies<font style="letter-spacing:0.05pt;"> </font>in <font style="letter-spacing:-0.05pt;">NASH,</font> as well as the underlying<font style="letter-spacing:0.05pt;"> </font>metabolic<font style="letter-spacing:0.1pt;"> </font>dysregulation<font style="letter-spacing:0.1pt;"> </font>in NASH<font style="letter-spacing:-0.1pt;"> </font>patients, BIO89-100 has the<font style="letter-spacing:1.2pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>to become<font style="letter-spacing:0.05pt;"> </font>a mainstay<font style="letter-spacing:0.05pt;"> </font>of NASH<font style="letter-spacing:-0.1pt;"> </font>therapy.<font style="letter-spacing:0.05pt;"> </font>We successfully<font style="letter-spacing:0.1pt;"> </font>completed<font style="letter-spacing:0.05pt;"> </font>a Phase 1a, first-in-human,<font style="letter-spacing:0.15pt;"> </font>SAD clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>with 58 healthy<font style="letter-spacing:0.05pt;"> </font>volunteers.<font style="letter-spacing:0.05pt;"> </font>The magnitude<font style="letter-spacing:0.05pt;"> </font>and significance<font style="letter-spacing:0.1pt;"> </font>of BIO89-100&#8217;s biological<font style="letter-spacing:0.1pt;"> </font>effects<font style="letter-spacing:0.1pt;"> </font>after a single<font style="letter-spacing:0.05pt;"> </font>dose on lipid<font style="letter-spacing:0.05pt;"> </font>parameters<font style="letter-spacing:0.1pt;"> </font>were robust<font style="letter-spacing:0.05pt;"> </font>and durable.<font style="letter-spacing:0.05pt;"> </font>In April 2020, due to the ongoing COVID-19 pandemic, we<font style="letter-spacing:-0.05pt;"> </font>closed enrollment of<font style="letter-spacing:0.1pt;"> </font>our proof of concept (&#8220;POC&#8221;)<font style="letter-spacing:-0.05pt;"> </font>Phase 1b/2a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>in patients<font style="letter-spacing:0.05pt;"> </font>with NASH<font style="letter-spacing:-0.1pt;"> </font>or patients<font style="letter-spacing:0.05pt;"> </font>with NAFLD<font style="letter-spacing:-0.1pt;"> </font>and a high risk<font style="letter-spacing:0.05pt;"> </font>of NASH with 98% of patients enrolled.<font style="letter-spacing:-0.1pt;"> </font>We<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>to report topline<font style="letter-spacing:0.05pt;"> </font>data in the second half<font style="letter-spacing:0.05pt;"> </font>of 2020. We also intend<font style="letter-spacing:0.05pt;"> </font>to develop BIO89-100 for the treatment<font style="letter-spacing:0.1pt;"> </font>of SHTG,<font style="letter-spacing:-0.1pt;"> </font>a condition<font style="letter-spacing:0.05pt;"> </font>identified<font style="letter-spacing:0.1pt;"> </font>by severely<font style="letter-spacing:0.05pt;"> </font>elevated<font style="letter-spacing:0.05pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>of triglycerides<font style="letter-spacing:0.15pt;"> </font>(greater<font style="letter-spacing:0.05pt;"> </font>than or equal to 500 mg/dL),<font style="letter-spacing:0.05pt;"> </font>which is associated<font style="letter-spacing:0.1pt;"> </font>with an increased<font style="letter-spacing:0.05pt;"> </font>risk<font style="letter-spacing:0.05pt;"> </font>of NASH,<font style="letter-spacing:-0.1pt;"> </font>cardiovascular<font style="letter-spacing:0.1pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>and acute<font style="letter-spacing:0.05pt;"> </font>pancreatitis. We believe<font style="letter-spacing:0.05pt;"> </font>BIO89-100 has the potential<font style="letter-spacing:0.1pt;"> </font>to address<font style="letter-spacing:0.05pt;"> </font>multiple<font style="letter-spacing:0.1pt;"> </font>drivers<font style="letter-spacing:0.05pt;"> of </font>underlying<font style="letter-spacing:0.05pt;"> </font>metabolic dysregulation,<font style="letter-spacing:0.1pt;"> </font>which would make it an ideal<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>for selected<font style="letter-spacing:0.05pt;"> </font>liver<font style="letter-spacing:0.05pt;"> </font>and cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>diseases.<font style="letter-spacing:0.15pt;"> </font>We have delayed the initiation of our Phase 2 trial<font style="letter-spacing:0.05pt;"> </font>in SHTG<font style="letter-spacing:-0.1pt;"> </font>patients, which was planned for the first<font style="letter-spacing:0.05pt;"> </font>half<font style="letter-spacing:0.05pt;"> </font>of 2020, due to the ongoing COVID-19 pandemic. The Phase 2 trial in SHTG patients will evaluate<font style="letter-spacing:0.05pt;"> </font>the ability<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 to reduce fasting<font style="letter-spacing:0.05pt;"> </font>plasma<font style="letter-spacing:0.05pt;"> </font>triglyceride<font style="letter-spacing:0.15pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>compared<font style="letter-spacing:0.05pt;"> </font>to baseline<font style="letter-spacing:0.05pt;"> </font>levels. We are working to complete all operational activities to be prepared to enroll the Phase 2 trial in SHTG patients once the external environment relating to the COVID-19 pandemic is conducive to executing the trial safely and effectively. In May 2020<font style="color:#000000;">, the U.S. Food and Drug Administration (&#8220;FDA&#8221;) cleared our Investigational New Drug application for SHTG. </font>We have adequate clinical supplies for our ongoing Phase 1b/2a clinical<font style="letter-spacing:0.1pt;"> </font>trial in NASH patients<font style="letter-spacing:-0.1pt;"> </font>and our planned Phase 2 trial<font style="letter-spacing:0.05pt;"> </font>in SHTG<font style="letter-spacing:-0.1pt;"> </font>patients.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on FDA<font style="letter-spacing:-0.05pt;"> </font>guidance<font style="letter-spacing:0.05pt;"> </font>for the development<font style="letter-spacing:0.05pt;"> </font>of SHTG<font style="letter-spacing:-0.1pt;"> </font>treatments,<font style="letter-spacing:0.1pt;"> </font>as well as the regulatory<font style="letter-spacing:0.1pt;"> </font>path followed<font style="letter-spacing:0.05pt;"> </font>by other<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have successfully<font style="letter-spacing:0.1pt;"> </font>developed<font style="letter-spacing:0.05pt;"> </font>SHTG<font style="letter-spacing:-0.1pt;"> </font>therapies,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>believe<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>a combination<font style="letter-spacing:0.1pt;"> </font>of smaller clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and shorter<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>timelines<font style="letter-spacing:0.1pt;"> </font>could mean that<font style="letter-spacing:0.05pt;"> </font>SHTG<font style="letter-spacing:-0.1pt;"> </font>potentially<font style="letter-spacing:0.1pt;"> </font>represents a quicker<font style="letter-spacing:0.05pt;"> </font>path to<font style="letter-spacing:1.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>for BIO89-100. However, the ongoing COVID-19 pandemic could adversely affect our development timelines, including a delay in the initiation of our planned Phase 2 trial<font style="letter-spacing:0.05pt;"> </font>in SHTG<font style="letter-spacing:-0.1pt;"> </font>patients, and we do not yet know the full extent of other potential delays, which could prevent or delay us from obtaining approval for BIO89-100. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We commenced<font style="letter-spacing:0.05pt;"> </font>operations<font style="letter-spacing:0.05pt;"> </font>in 2018 and have devoted substantially<font style="letter-spacing:0.1pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>of our resources<font style="letter-spacing:0.05pt;"> </font>to raising<font style="letter-spacing:0.05pt;"> </font>capital,<font style="letter-spacing:0.05pt;"> </font>acquiring<font style="letter-spacing:0.05pt;"> </font>our initial<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> identifying and developing </font>BIO89-100, licensing<font style="letter-spacing:0.05pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>technology,<font style="letter-spacing:0.05pt;"> </font>conducting<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>preclinical studies<font style="letter-spacing:0.05pt;"> </font>and early<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>and providing<font style="letter-spacing:0.05pt;"> </font>general<font style="letter-spacing:0.05pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>support<font style="letter-spacing:0.05pt;"> </font>for these<font style="letter-spacing:0.05pt;"> </font>operations. <font style="letter-spacing:0.05pt;">Prior to our initial public offering (&#8220;IPO&#8221;), we had funded our operations primarily from the issuance and sale of capital stock. In November 2019, we completed our IPO pursuant to which we issued </font>6,100,390 <font style="letter-spacing:0.05pt;">shares of our common stock at a price of $16.00 per share. We received net proceeds of $87.7 million from the IPO.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>of March 31, 2020, our cash and cash equivalents<font style="letter-spacing:0.1pt;"> </font>totaled<font style="letter-spacing:0.05pt;"> </font>$85.5 million.<font style="letter-spacing:0.1pt;"> </font>Based on our current<font style="letter-spacing:0.05pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>plan, we<font style="letter-spacing:-0.05pt;"> </font>believe<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our cash and cash equivalents,<font style="letter-spacing:0.05pt;"> </font>will be sufficient<font style="letter-spacing:0.1pt;"> </font>to meet<font style="letter-spacing:0.05pt;"> </font>our anticipated cash requirements<font style="letter-spacing:0.1pt;"> into the second half of 2021.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have incurred<font style="letter-spacing:0.05pt;"> </font>net losses<font style="letter-spacing:0.05pt;"> </font>since<font style="letter-spacing:0.05pt;"> </font>our inception.<font style="letter-spacing:0.05pt;"> </font>Our net losses for the three months<font style="letter-spacing:0.05pt;"> </font>ended March 31, 2020 and 2019 were $10.5 million and $4.4 million, respectively. As<font style="letter-spacing:-0.05pt;"> </font>of March 31, 2020, we<font style="letter-spacing:-0.05pt;"> </font>had an accumulated<font style="letter-spacing:0.1pt;"> </font>deficit<font style="letter-spacing:0.1pt;"> </font>of<font style="color:#000000;"> </font>$84.1 million.<font style="letter-spacing:0.1pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>to incur<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>and increasing<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>losses<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>advance BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>through clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>seek regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>expand our clinical,<font style="letter-spacing:0.1pt;"> </font>regulatory,<font style="letter-spacing:0.1pt;"> </font>quality,<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>and commercialization capabilities,<font style="letter-spacing:0.15pt;"> </font>protect<font style="letter-spacing:0.05pt;"> </font>our intellectual<font style="letter-spacing:0.15pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>prepare<font style="letter-spacing:0.05pt;"> </font>for and, if approved, proceed<font style="letter-spacing:0.05pt;"> </font>to commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>expand our general<font style="letter-spacing:0.05pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>support<font style="letter-spacing:0.05pt;"> </font>functions, including<font style="letter-spacing:0.05pt;"> </font>hiring<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>personnel,<font style="letter-spacing:0.05pt;"> </font>and incur<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with operating<font style="letter-spacing:0.05pt;"> </font>as a public<font style="letter-spacing:0.05pt;"> </font>company. Our net losses<font style="letter-spacing:0.05pt;"> </font>may fluctuate<font style="letter-spacing:0.1pt;"> </font>significantly<font style="letter-spacing:0.15pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>quarter-to-quarter<font style="letter-spacing:0.2pt;"> </font>and year-to-year,<font style="letter-spacing:0.1pt;"> </font>depending on the timing<font style="letter-spacing:0.05pt;"> </font>of our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and our expenditures<font style="letter-spacing:0.1pt;"> </font>on other<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU14"></a><font 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 never generat</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ed</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and do not expect</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to generate</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sales</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">unless</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and until</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">successfully</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">complete</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and obtain</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approval</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for BIO89-100, which we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expect</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will not be for at least</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">several</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">years,</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if ever. Accordingly,</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">until</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> time</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">can generate</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">significant</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from sales</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of BIO89-100, if ever, we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expect</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to finance</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our cash needs through a combination</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of public</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or private equity</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">offerings,</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">debt financings</font><font style="letter-spacing:0.05pt;"> </font><font 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</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">capital</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sources,</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">potential</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborations,</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">li</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">censes</font><font style="letter-spacing:0.05pt;"> </font><font 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 similar</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">arrangements.</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may be unable to raise</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">additional</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">funds or enter</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">into such other</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">arrangements when</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">needed on favorable</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">terms</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or at all.</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our failure</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to raise</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">capital</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or enter</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">into such other</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">arrangements</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">when needed would </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have a negative</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">impact</font><font style="letter-spacing:0.05pt;"> </font><font 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 financial</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition</font><font style="letter-spacing:0.05pt;"> </font><font 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 force</font><font style="letter-spacing:0.05pt;"> </font><font 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 delay, limit,</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reduce</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or terminate</font><font style="letter-spacing:0.1pt;"> </font><font 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</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercialization</font><font style="letter-spacing:0.2pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">efforts</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or grant</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</font><font style="letter-spacing:0.05pt;"> </font><font 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 and market product</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would otherwise</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prefer</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> develop and market</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ourselves.</font></p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Components of Results of Operations</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Research and<font style="letter-spacing:-0.05pt;"> </font>Development Expenses</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>consist<font style="letter-spacing:0.05pt;"> </font>primarily<font style="letter-spacing:0.1pt;"> </font>of costs<font style="letter-spacing:0.05pt;"> </font>incurred<font style="letter-spacing:0.05pt;"> </font>for the development<font style="letter-spacing:0.05pt;"> </font>of our lead product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>BIO89-100. Our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>consist<font style="letter-spacing:0.05pt;"> </font>primarily<font style="letter-spacing:0.1pt;"> </font>of external<font style="letter-spacing:0.05pt;"> </font>costs related<font style="letter-spacing:0.05pt;"> </font>to preclinical<font style="letter-spacing:0.1pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to acquiring<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>and intellectual property,<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>incurred<font style="letter-spacing:0.05pt;"> </font>under license<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>and agreements<font style="letter-spacing:0.1pt;"> </font>with contract<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>organizations<font style="letter-spacing:0.1pt;"> </font>and consultants,<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to acquiring<font style="letter-spacing:0.05pt;"> </font>and manufacturing<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>materials,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>under agreements<font style="letter-spacing:0.1pt;"> </font>with contract<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>organizations<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>vendors, costs<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to the preparation<font style="letter-spacing:0.1pt;"> </font>of regulatory submissions<font style="letter-spacing:0.1pt;"> </font>and expenses<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to laboratory<font style="letter-spacing:0.1pt;"> </font>supplies<font style="letter-spacing:0.05pt;"> </font>and services,<font style="letter-spacing:0.05pt;"> </font>as well as personnel<font style="letter-spacing:0.05pt;"> </font>costs.<font style="letter-spacing:0.05pt;"> </font>Personnel<font style="letter-spacing:0.05pt;"> </font>costs consist<font style="letter-spacing:0.05pt;"> </font>of salaries,<font style="letter-spacing:0.1pt;"> </font>employee<font style="letter-spacing:0.05pt;"> </font>benefits<font style="letter-spacing:0.05pt;"> </font>and share-based<font style="letter-spacing:0.1pt;"> </font>compensation<font style="letter-spacing:0.1pt;"> </font>for individuals<font style="letter-spacing:0.1pt;"> </font>involved<font style="letter-spacing:0.05pt;"> </font>in research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>efforts.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expense all<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>in the periods<font style="letter-spacing:0.05pt;"> </font>in which they are incurred.<font style="letter-spacing:0.05pt;"> </font>We accrue for costs<font style="letter-spacing:0.05pt;"> </font>incurred<font style="letter-spacing:0.05pt;"> </font>as the services<font style="letter-spacing:0.05pt;"> </font>are being provided<font style="letter-spacing:0.05pt;"> </font>by monitoring<font style="letter-spacing:0.1pt;"> </font>the status<font style="letter-spacing:0.05pt;"> </font>of specific<font style="letter-spacing:0.1pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>and the invoices<font style="letter-spacing:0.05pt;"> </font>received<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>our external<font style="letter-spacing:0.05pt;"> </font>service<font style="letter-spacing:0.05pt;"> </font>providers.<font style="letter-spacing:0.05pt;"> </font>We adjust<font style="letter-spacing:0.05pt;"> </font>our accrual<font style="letter-spacing:0.05pt;"> </font>as actual<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>become<font style="letter-spacing:0.05pt;"> </font>known.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Payments<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with licensing<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>to acquire<font style="letter-spacing:0.05pt;"> </font>licenses<font style="letter-spacing:0.05pt;"> </font>to develop, use, manufacture<font style="letter-spacing:0.1pt;"> </font>and commercialize<font style="letter-spacing:0.15pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have not reached<font style="letter-spacing:0.05pt;"> </font>technological<font style="letter-spacing:0.1pt;"> </font>feasibility<font style="letter-spacing:0.15pt;"> </font>and do not have alternate<font style="letter-spacing:0.1pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>use are expensed as incurred.<font style="letter-spacing:0.05pt;"> </font>Where<font style="letter-spacing:0.05pt;"> </font>contingent<font style="letter-spacing:0.05pt;"> </font>milestone<font style="letter-spacing:0.1pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>are due to third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>under research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>or license<font style="letter-spacing:0.05pt;"> </font>agreements,<font style="letter-spacing:0.1pt;"> </font>the milestone<font style="letter-spacing:0.1pt;"> </font>payment<font style="letter-spacing:0.05pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>are expensed when<font style="letter-spacing:-0.05pt;"> </font>the milestone<font style="letter-spacing:0.1pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>are probable<font style="letter-spacing:0.05pt;"> </font>and estimable,<font style="letter-spacing:0.1pt;"> </font>which is generally<font style="letter-spacing:0.05pt;"> </font>upon achievement<font style="letter-spacing:0.1pt;"> </font>of milestones.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect<font style="letter-spacing:0.05pt;"> </font>our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>for the foreseeable<font style="letter-spacing:0.1pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>continue<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 and continue<font style="letter-spacing:0.05pt;"> </font>to invest<font style="letter-spacing:0.05pt;"> </font>in research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities.<font style="letter-spacing:0.1pt;"> </font>The process<font style="letter-spacing:0.05pt;"> </font>of conducting<font style="letter-spacing:0.05pt;"> </font>the necessary<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>is costly<font style="letter-spacing:0.05pt;"> </font>and time<font style="letter-spacing:0.05pt;"> </font>consuming, and the successful<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>is highly uncertain.<font style="letter-spacing:0.05pt;"> </font>To<font style="letter-spacing:-0.05pt;"> </font>the extent<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>BIO89-100 continues<font style="letter-spacing:0.05pt;"> </font>to advance into larger<font style="letter-spacing:0.05pt;"> </font>and later<font style="letter-spacing:0.05pt;"> </font>stage<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>our expenses<font style="letter-spacing:0.05pt;"> </font>will increase substantially<font style="letter-spacing:0.1pt;"> </font>and may become<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>variable.<font style="letter-spacing:0.05pt;"> </font>The actual<font style="letter-spacing:0.05pt;"> </font>probability<font style="letter-spacing:0.1pt;"> </font>of success<font style="letter-spacing:0.05pt;"> </font>for BIO89-100 or any future product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>may be affected<font style="letter-spacing:0.1pt;"> </font>by a variety<font style="letter-spacing:0.05pt;"> </font>of factors,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the safety<font style="letter-spacing:0.05pt;"> </font>and efficacy<font style="letter-spacing:0.1pt;"> </font>of our product candidates,<font style="letter-spacing:0.05pt;"> </font>investment<font style="letter-spacing:0.1pt;"> </font>in our clinical<font style="letter-spacing:0.1pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>capability<font style="letter-spacing:0.1pt;"> </font>and competition<font style="letter-spacing:0.1pt;"> </font>with other<font style="letter-spacing:0.05pt;"> </font>products. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are unable to determine<font style="letter-spacing:0.1pt;"> </font>the timing<font style="letter-spacing:0.05pt;"> </font>of initiation,<font style="letter-spacing:0.1pt;"> </font>duration<font style="letter-spacing:0.05pt;"> </font>and completion<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>of our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>or when<font style="letter-spacing:-0.05pt;"> </font>and to what extent<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will generate<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the commercialization<font style="letter-spacing:0.2pt;"> </font>and sale<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our future<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>may vary significantly<font style="letter-spacing:0.15pt;"> </font>based on factors<font style="letter-spacing:0.05pt;"> </font>such as:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the cost and timing</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of manufacturing</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">BIO89-100 and any future</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">product</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">candidates;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">delays in the development of BIO89-100 related to the ongoing COVID-19 pandemic;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">per-patient</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">trial</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">costs;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the number</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of trials</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">required</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">for approval;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the number</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of sites</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">included</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">in the trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the countries</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">in which the trials</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">are conducted;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the length</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of time</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">required</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">to enroll</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">eligible</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">patients;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the number</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of patients</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">that</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">participate</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">in the trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the number</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of doses evaluated</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">in the trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the drop-out</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">or discontinuation</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">rates</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of patients;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">potential</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">additional</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">safety</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">monitoring</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">requested</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">by regulatory</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">agencies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU15"></a><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-family:Times New Roman;">the duration</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of patient</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">participation</font><font style="color:#231F20;letter-spacing:0.15pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">in the trials</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and follow-up;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the phase of development</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of BIO89-100 and any future</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">product</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">candidates; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the efficacy</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and safety</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">profile</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of BIO89-100 and any future</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">product</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">candidates.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">General and<font style="letter-spacing:-0.05pt;"> </font>Administrative Expenses </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our general<font style="letter-spacing:0.05pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>consist<font style="letter-spacing:0.05pt;"> </font>primarily<font style="letter-spacing:0.1pt;"> </font>of personnel<font style="letter-spacing:0.05pt;"> </font>costs,<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>for outside professional<font style="letter-spacing:0.1pt;"> </font>services,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>legal,<font style="letter-spacing:0.05pt;"> </font>human resource,<font style="letter-spacing:0.05pt;"> </font>audit<font style="letter-spacing:0.05pt;"> </font>and accounting<font style="letter-spacing:0.05pt;"> </font>services,<font style="letter-spacing:0.05pt;"> </font>consulting<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and allocated<font style="letter-spacing:0.1pt;"> </font>facilities<font style="letter-spacing:0.15pt;"> </font>costs.<font style="letter-spacing:0.05pt;"> </font>Personnel<font style="letter-spacing:0.05pt;"> </font>and related<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>consist<font style="letter-spacing:0.05pt;"> </font>of salaries,<font style="letter-spacing:0.1pt;"> </font>benefits<font style="letter-spacing:0.05pt;"> </font>and share-based<font style="letter-spacing:0.1pt;"> </font>compensation for personnel<font style="letter-spacing:0.05pt;"> </font>in executive,<font style="letter-spacing:0.05pt;"> </font>finance<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>administrative<font style="letter-spacing:0.15pt;"> </font>functions.<font style="letter-spacing:0.05pt;"> </font>Facilities<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>consist<font style="letter-spacing:0.05pt;"> </font>of rent<font style="letter-spacing:0.05pt;"> </font>and maintenance<font style="letter-spacing:0.1pt;"> </font>of facilities.<font style="letter-spacing:0.15pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>our general<font style="letter-spacing:0.05pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>for the foreseeable future<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>the size<font style="letter-spacing:0.05pt;"> </font>of our administrative<font style="letter-spacing:0.15pt;"> </font>function<font style="letter-spacing:0.05pt;"> </font>to support<font style="letter-spacing:0.05pt;"> </font>the growth of our business<font style="letter-spacing:0.05pt;"> </font>and support our continued<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities.<font style="letter-spacing:0.1pt;"> </font>We also anticipate<font style="letter-spacing:0.1pt;"> </font>increased<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>as a result<font style="letter-spacing:0.05pt;"> </font>of operating as a public<font style="letter-spacing:0.05pt;"> </font>company, including<font style="letter-spacing:0.05pt;"> </font>increased<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to audit,<font style="letter-spacing:0.05pt;"> </font>legal,<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>and tax-related<font style="letter-spacing:0.1pt;"> </font>services associated<font style="letter-spacing:0.1pt;"> </font>with maintaining<font style="letter-spacing:0.1pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>with exchange listing<font style="letter-spacing:0.05pt;"> </font>and SEC<font style="letter-spacing:-0.05pt;"> </font>requirements,<font style="letter-spacing:0.1pt;"> </font>director<font style="letter-spacing:0.1pt;"> </font>and officer insurance<font style="letter-spacing:0.05pt;"> </font>premiums<font style="letter-spacing:0.1pt;"> </font>and investor<font style="letter-spacing:0.05pt;"> </font>relations<font style="letter-spacing:0.1pt;"> </font>costs.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Other Income, Net</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other<font style="letter-spacing:-0.4pt;"> </font>income<font style="letter-spacing:-0.2pt;">,</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.15pt;">net</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">primarily</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">consists</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.1pt;">of</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.15pt;">the</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">revaluation</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.1pt;">of</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.15pt;">our</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">convertible</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">preferred</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">stock</font><font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:-0.2pt;">liability, prior to extinguishment upon our IPO. </font></p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Results of Operations</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Three Months Ended March 31, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following<font style="letter-spacing:0.05pt;"> </font>table<font style="letter-spacing:0.05pt;"> </font>summarizes<font style="letter-spacing:0.1pt;"> </font>our results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>for the periods<font style="letter-spacing:0.05pt;"> </font>presented<font style="letter-spacing:0.05pt;"> </font>(in thousands):</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">Three Months Ended</p></td>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.94%; 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;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:11.76%;">
<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;">Increase/</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; 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;">(Decrease)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Operating expenses:</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,778</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,309</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,469</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; 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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">2,924</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">523</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">2,401</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; 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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">10,702</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">4,832</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">5,870</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Loss from operations</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">10,702</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">4,832</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">5,870</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Other income, net</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(157</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(416</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">259</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; 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;">Income tax (benefit) expense</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">23</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">(24</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; 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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,544</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">4,439</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">6,105</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Research and<font style="letter-spacing:-0.05pt;"> </font>Development<font style="letter-spacing:0.05pt;"> </font>Expenses</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following<font style="letter-spacing:0.05pt;"> </font>table<font style="letter-spacing:0.05pt;"> </font>summarizes<font style="letter-spacing:0.1pt;"> </font>the period-over-period<font style="letter-spacing:0.15pt;"> </font>changes in research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenses for the periods<font style="letter-spacing:0.05pt;"> </font>indicated (in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:80%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="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;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.94%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.94%; 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;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:11.76%;">
<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;">Increase/</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.76%; 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;">(Decrease)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Clinical development</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">4,348</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,417</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">2,931</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Contract manufacturing</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,191</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,054</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(863</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Pre-clinical costs</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">656</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">107</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">549</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:57.48%;">
<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;">Personnel-related expenses</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,403</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">596</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.38%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">807</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; 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;">Other expenses</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">180</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">135</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">45</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:57.48%; 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 research and development expenses</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,778</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">4,309</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.38%; 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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.76%; 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;">3,469</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">15</a></p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU16"></a><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and development</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expenses</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">increased</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by $</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million,</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%, to $</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million</font><font style="letter-spacing:0.1pt;"> for </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the three months</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ended </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 31, 2020 </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.3</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million for the three months ended </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 31</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2019</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. The increase</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">was primarily</font><font style="letter-spacing:0.1pt;"> </font><font 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</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">increase of $</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.9</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in clinical</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> an increase of $0.</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million in personnel-related costs, including share-based compensation</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an increase </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of $</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.5</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million in pre-clinical costs</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font 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 increased</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">headcount</font><font style="letter-spacing:0.05pt;"> </font><font 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</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as we</font><font style="letter-spacing:-0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ramped</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">up our operations.</font><font style="letter-spacing:0.05pt;"> </font><font style="letter-spacing:0.05pt;">The increase was p</font><font style="letter-spacing:0.05pt;">artially</font><font style="letter-spacing:0.05pt;"> offset by a decrease of </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in contract</font><font style="letter-spacing:0.05pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manufacturing</font><font style="letter-spacing:0.1pt;"> </font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</font><font style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</font></p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;color:#231F20;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;text-transform:none;font-variant: normal;">General<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>Administrative<font style="letter-spacing:0.1pt;"> </font>Expenses</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General<font style="letter-spacing:0.05pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>increased<font style="letter-spacing:0.05pt;"> </font>by $2.4 million,<font style="letter-spacing:0.1pt;"> </font>or 459%, to $2.9 million<font style="letter-spacing:0.1pt;"> </font>during the three months<font style="letter-spacing:0.05pt;"> </font>ended March 31, 2020 from<font style="letter-spacing:0.05pt;"> </font>$0.5 million<font style="letter-spacing:0.1pt;"> </font>for the three months ended March 31, 2019. The increase<font style="letter-spacing:0.05pt;"> </font>was primarily<font style="letter-spacing:0.1pt;"> </font>due to an increase<font style="letter-spacing:0.05pt;"> </font>of $1.1 million<font style="letter-spacing:0.1pt;"> </font>in professional<font style="letter-spacing:0.1pt;"> </font>services including legal and accounting consulting service fees, an increase<font style="letter-spacing:0.05pt;"> </font>of $0.9 million<font style="letter-spacing:0.1pt;"> </font>in personnel-related<font style="letter-spacing:0.15pt;"> </font>costs,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>share-based compensation,<font style="letter-spacing:0.1pt;"> </font>driven<font style="letter-spacing:0.05pt;"> </font>by an increase<font style="letter-spacing:0.05pt;"> </font>in headcount<font style="letter-spacing:0.05pt;"> and an increase of $0.4 million in insurance related costs.</font></p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;color:#231F20;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;text-transform:none;font-variant: normal;">Other<font style="letter-spacing:0.05pt;"> </font>Income, Net</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income,<font style="letter-spacing:0.05pt;"> </font>net decreased<font style="letter-spacing:0.05pt;"> </font>by $0.2 million, or 62%,<font style="letter-spacing:0.1pt;"> to $</font>0.2<font style="letter-spacing:0.1pt;"> million for the three months ended </font>March 31, 2020<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>$0.4 million<font style="letter-spacing:0.1pt;"> for the three months ended </font>March 31, 2019<font style="letter-spacing:0.1pt;">. </font>The decrease<font style="letter-spacing:0.05pt;"> </font>was primarily<font style="letter-spacing:0.1pt;"> </font>due to the revaluation<font style="letter-spacing:0.1pt;"> </font>of our convertible<font style="letter-spacing:0.1pt;"> </font>preferred<font style="letter-spacing:0.1pt;"> </font>stock<font style="letter-spacing:0.05pt;"> </font>liability in the first quarter of 2019.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_Hlk36640401"></a>Liquidity and<font style="letter-spacing:-0.05pt;"> </font>Capital Resources</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To date, we have incurred significant net losses and negative cash flows from operations. <font style="color:#231F20;">As</font><font style="color:#231F20;letter-spacing:-0.05pt;"> </font><font style="color:#231F20;">of March 31, 2020, we</font><font style="color:#231F20;letter-spacing:-0.05pt;"> </font><font style="color:#231F20;">had available</font><font style="color:#231F20;letter-spacing:0.1pt;"> </font><font style="color:#231F20;">cash and cash equivalents</font><font style="color:#231F20;letter-spacing:0.1pt;"> </font><font style="color:#231F20;">of $85.5 million</font><font style="color:#231F20;letter-spacing:0.1pt;"> </font><font style="color:#231F20;">and an accumulated</font><font style="color:#231F20;letter-spacing:0.1pt;"> </font><font style="color:#231F20;">deficit</font><font style="color:#231F20;letter-spacing:0.1pt;"> </font><font style="color:#231F20;">of $84.1 million. Prior to our IPO, we funded our operations from the issuance and sale of capital stock.</font><font style="color:#231F20;letter-spacing:0.1pt;"> In connection with our IPO, we issued and sold an aggregate of 6,100,390 shares of common stock at a price of $16.00 per share. We received proceeds of $87.7 million, net of underwriting discounts and commissions and estimated offering costs.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 7, 2020, we entered into a secured term loan facility with an aggregate committed principal amount of up to $15.0 million.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our primary<font style="letter-spacing:0.05pt;"> </font>use of cash is to fund operating<font style="letter-spacing:0.05pt;"> </font>expenses,<font style="letter-spacing:0.05pt;"> </font>which consist<font style="letter-spacing:0.05pt;"> </font>primarily<font style="letter-spacing:0.1pt;"> </font>of research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenditures<font style="letter-spacing:0.1pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to our lead product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>BIO89-100. We plan to increase<font style="letter-spacing:0.05pt;"> </font>our research and development<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>for the foreseeable<font style="letter-spacing:0.1pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>continue<font style="letter-spacing:0.05pt;"> </font>the clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of our current<font style="letter-spacing:0.05pt;"> </font>and future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>At this<font style="letter-spacing:0.05pt;"> </font>time,<font style="letter-spacing:0.05pt;"> </font>due to the inherently<font style="letter-spacing:0.1pt;"> </font>unpredictable<font style="letter-spacing:0.1pt;"> </font>nature<font style="letter-spacing:0.05pt;"> </font>of clinical development,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot reasonably<font style="letter-spacing:0.05pt;"> </font>estimate<font style="letter-spacing:0.1pt;"> </font>the costs<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will incur<font style="letter-spacing:0.05pt;"> </font>and the timelines<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>will be required<font style="letter-spacing:0.05pt;"> </font>to complete<font style="letter-spacing:0.05pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval,<font style="letter-spacing:0.05pt;"> </font>and commercialize<font style="letter-spacing:0.15pt;"> </font>our current<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>For the same<font style="letter-spacing:0.05pt;"> </font>reasons,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are also unable to predict<font style="letter-spacing:0.05pt;"> </font>when,<font style="letter-spacing:-0.05pt;"> </font>if ever, we<font style="letter-spacing:-0.05pt;"> </font>will generate revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>or our current<font style="letter-spacing:0.05pt;"> </font>or any future<font style="letter-spacing:0.05pt;"> </font>license<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>which we<font style="letter-spacing:-0.05pt;"> </font>may enter<font style="letter-spacing:0.05pt;"> </font>into or whether, or when,<font style="letter-spacing:-0.05pt;"> </font>if ever, we<font style="letter-spacing:-0.05pt;"> </font>may achieve<font style="letter-spacing:0.05pt;"> </font>profitability.<font style="letter-spacing:0.15pt;"> </font>Clinical<font style="letter-spacing:0.05pt;"> </font>and preclinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>timelines,<font style="letter-spacing:0.1pt;"> </font>the probability<font style="letter-spacing:0.1pt;"> </font>of success,<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>can differ<font style="letter-spacing:0.05pt;"> </font>materially<font style="letter-spacing:0.15pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>expectations.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot forecast<font style="letter-spacing:0.1pt;"> </font>the timing<font style="letter-spacing:0.05pt;"> </font>and amounts<font style="letter-spacing:0.05pt;"> </font>of milestone,<font style="letter-spacing:0.1pt;"> </font>royalty<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>licensing<font style="letter-spacing:0.05pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>which future<font style="letter-spacing:0.05pt;"> </font>product candidates<font style="letter-spacing:0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to future<font style="letter-spacing:0.05pt;"> </font>collaborations,<font style="letter-spacing:0.1pt;"> </font>when<font style="letter-spacing:-0.05pt;"> </font>such arrangements<font style="letter-spacing:0.1pt;"> </font>will be secured,<font style="letter-spacing:0.05pt;"> </font>if at all,<font style="letter-spacing:0.05pt;"> </font>and to what degree<font style="letter-spacing:0.05pt;"> </font>such arrangements<font style="letter-spacing:0.1pt;"> </font>would affect<font style="letter-spacing:0.05pt;"> </font>our development<font style="letter-spacing:0.05pt;"> </font>plans and capital<font style="letter-spacing:0.05pt;"> </font>requirements.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>plans, we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our existing<font style="letter-spacing:0.05pt;"> </font>cash and cash equivalents<font style="letter-spacing:0.1pt;"> </font>will be sufficient<font style="letter-spacing:0.1pt;"> </font>to fund our operations<font style="letter-spacing:0.05pt;"> </font><font style="color:#000000;">into the second half of 2021</font>.<font style="letter-spacing:0.05pt;"> </font>However, our operating<font style="letter-spacing:0.05pt;"> </font>plans and other<font style="letter-spacing:0.05pt;"> </font>demands<font style="letter-spacing:0.05pt;"> </font>on our cash resources<font style="letter-spacing:0.05pt;"> </font>may change as a result<font style="letter-spacing:0.05pt;"> </font>of many factors,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may seek additional<font style="letter-spacing:0.1pt;"> </font>funds sooner than planned. There can be no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be successful<font style="letter-spacing:0.1pt;"> </font>in acquiring<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>funding at levels<font style="letter-spacing:0.05pt;"> </font>sufficient<font style="letter-spacing:0.1pt;"> </font>to fund our operations<font style="letter-spacing:0.05pt;"> </font>or on terms<font style="letter-spacing:0.05pt;"> </font>favorable<font style="letter-spacing:0.05pt;"> </font>to us.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our future<font style="letter-spacing:0.05pt;"> </font>funding requirements<font style="letter-spacing:0.1pt;"> </font>will depend on many factors,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the following:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the progress,</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">timing,</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">scope, results</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and costs</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of our clinical</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">trials</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of BIO89-100 and preclinical studies</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">or clinical</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">trials</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of other</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">potential</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">product</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">candidates</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">we</font><font style="color:#231F20;letter-spacing:-0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">may choose to pursue in the future, including</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">the ability</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">to enroll</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">patients</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">in a timely</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">manner</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">for our clinical</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the costs</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and timing</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of obtaining</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">clinical</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and commercial</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">supplies</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and validating</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">the commercial manufacturing</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">process</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">for BIO89-100 and any other</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">product</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">candidates</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">we</font><font style="color:#231F20;letter-spacing:-0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">may identify</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and develop;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the cost, timing</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and outcomes</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of regulatory</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">approvals;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the timing</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and amount</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of any milestone,</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">royalty</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">or other</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">payments</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">we</font><font style="color:#231F20;letter-spacing:-0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">are required</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">to make pursuant</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">to current</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">or any future</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">collaboration</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">or license</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">agreements;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">costs</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of acquiring</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">or in-licensing</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">other</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">product</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">candidates</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and technologies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU17"></a><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-family:Times New Roman;">the terms</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and timing</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">of establishing</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and maintaining</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">collaborations,</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">licenses</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and other</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">similar arrangements;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the costs</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">associated</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">with attracting,</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">hiring</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and retaining</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">additional</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">qualified</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">personnel</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">as our business</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">grows;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">our efforts</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">to enhance operational</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">systems</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and hire</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">additional</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">personnel</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">to satisfy</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">our obligations</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">as a public</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">company, including</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">enhanced internal</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">controls</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">over financial</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">reporting;</font><font style="color:#231F20;letter-spacing:0.1pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="color:#231F20;font-family:Times New Roman;">the cost of preparing,</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">filing,</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">prosecuting,</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">defending</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and enforcing</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">any patent</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">claims</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">and other intellectual</font><font style="color:#231F20;letter-spacing:0.15pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">property</font><font style="color:#231F20;letter-spacing:0.05pt;font-family:Times New Roman;"> </font><font style="color:#231F20;font-family:Times New Roman;">rights.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>to generate<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>losses<font style="letter-spacing:0.05pt;"> </font>for the foreseeable<font style="letter-spacing:0.1pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>expand our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities.<font style="letter-spacing:0.1pt;"> </font>We will continue<font style="letter-spacing:0.05pt;"> </font>to fund our operations<font style="letter-spacing:0.05pt;"> </font>primarily<font style="letter-spacing:0.1pt;"> </font>through utilization<font style="letter-spacing:0.1pt;"> </font>of our current<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>and through additional<font style="letter-spacing:0.1pt;"> </font>raises<font style="letter-spacing:0.05pt;"> </font>of capital <font style="color:#000000;">to advance our current product candidate through clinical development, to develop, acquire or in-license other potential product candidates and to fund operations for the foreseeable future</font>.<font style="letter-spacing:0.05pt;"> </font>However, there<font style="letter-spacing:0.05pt;"> </font>is no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>such funding will be available<font style="letter-spacing:0.1pt;"> </font>to us or that<font style="letter-spacing:0.05pt;"> </font>it will be obtained<font style="letter-spacing:0.05pt;"> </font>on terms<font style="letter-spacing:0.05pt;"> </font>favorable<font style="letter-spacing:0.05pt;"> </font>to us or will provide<font style="letter-spacing:0.05pt;"> </font>us with sufficient<font style="letter-spacing:0.1pt;"> </font>funds to meet<font style="letter-spacing:0.05pt;"> </font>our objectives.<font style="letter-spacing:0.1pt;"> </font><font style="color:#000000;">Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies. </font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To<font style="letter-spacing:-0.05pt;"> </font>the extent<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>raise<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>through partnerships<font style="letter-spacing:0.1pt;"> </font>or licensing<font style="letter-spacing:0.05pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>with third parties,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may have to relinquish<font style="letter-spacing:0.1pt;"> </font>valuable<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>streams<font style="letter-spacing:0.1pt;"> </font>or research programs<font style="letter-spacing:0.05pt;"> </font>or to grant<font style="letter-spacing:0.05pt;"> </font>licenses<font style="letter-spacing:0.05pt;"> </font>on terms<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may not be favorable<font style="letter-spacing:0.05pt;"> </font>to us. If we<font style="letter-spacing:-0.05pt;"> </font>raise<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>through public<font style="letter-spacing:0.05pt;"> </font>or private<font style="letter-spacing:0.05pt;"> </font>equity<font style="letter-spacing:0.05pt;"> </font>offerings,<font style="letter-spacing:0.1pt;"> </font>the ownership interest<font style="letter-spacing:0.1pt;"> </font>of our then-existing<font style="letter-spacing:0.1pt;"> </font>stockholders<font style="letter-spacing:0.1pt;"> </font>will be diluted,<font style="letter-spacing:0.05pt;"> </font>and the terms<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>securities<font style="letter-spacing:0.1pt;"> </font>may include<font style="letter-spacing:0.05pt;"> </font>liquidation<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>preferences<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our stockholders&#8217; rights.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>raise<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>through debt financing,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to covenants<font style="letter-spacing:0.05pt;"> </font>limiting<font style="letter-spacing:0.1pt;"> </font>or restricting<font style="letter-spacing:0.15pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to take specific<font style="letter-spacing:0.1pt;"> </font>actions,<font style="letter-spacing:0.05pt;"> </font>such as incurring<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>debt, making<font style="letter-spacing:0.05pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>expenditures<font style="letter-spacing:0.1pt;"> </font>or declaring<font style="letter-spacing:0.05pt;"> </font>dividends.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to obtain<font style="letter-spacing:0.05pt;"> </font>adequate<font style="letter-spacing:0.05pt;"> </font>financing<font style="letter-spacing:0.05pt;"> </font>when<font style="letter-spacing:-0.05pt;"> </font>needed, we<font style="letter-spacing:-0.05pt;"> </font>may have to delay, reduce the scope of or suspend one or more<font style="letter-spacing:0.05pt;"> </font>of our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or preclinical<font style="letter-spacing:0.1pt;"> </font>studies,<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development programs<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>or grant<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to develop and market<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>even if we would otherwise<font style="letter-spacing:0.05pt;"> </font>prefer<font style="letter-spacing:0.05pt;"> </font>to develop and market<font style="letter-spacing:0.05pt;"> </font>such product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>ourselves.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Cash<font style="letter-spacing:-0.05pt;"> </font>Flows</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following<font style="letter-spacing:0.05pt;"> </font>table<font style="letter-spacing:0.05pt;"> </font>summarizes<font style="letter-spacing:0.1pt;"> </font>our cash flows for the periods presented<font style="letter-spacing:0.05pt;"> </font>(in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:bold;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;">
<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;">Three Months Ended</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; 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;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">(7,752</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">(4,167</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(61</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">(2</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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"  BGCOLOR="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">9</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#CFF0FC" style="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"  BGCOLOR="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 decrease in cash and cash equivalents, and restricted cash</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">(7,804</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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"  BGCOLOR="#FFFFFF" style="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;">(4,169</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Net Cash<font style="letter-spacing:-0.05pt;"> </font>Used in Operating Activities</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months<font style="letter-spacing:0.05pt;"> </font>ended March 31, 2020, net cash used in operating<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>was $7.8 million, which consisted<font style="letter-spacing:0.05pt;"> </font>of a net loss of $10.5 million,<font style="letter-spacing:0.1pt;"> </font>partially<font style="letter-spacing:0.1pt;"> </font>offset<font style="letter-spacing:0.05pt;"> </font>by non-cash<font style="letter-spacing:0.05pt;"> </font>charges<font style="letter-spacing:0.05pt;"> </font>of $0.5 million<font style="letter-spacing:0.1pt;"> </font>and a net change of $2.3 million<font style="letter-spacing:0.1pt;"> </font>in our net operating<font style="letter-spacing:0.05pt;"> </font>assets<font style="letter-spacing:0.05pt;"> </font>and liabilities.<font style="letter-spacing:0.15pt;"> </font>The non-cash<font style="letter-spacing:0.05pt;"> </font>charges<font style="letter-spacing:0.05pt;"> </font>are primarily<font style="letter-spacing:0.1pt;"> </font>comprised of $0.5 million<font style="letter-spacing:0.1pt;"> </font>in share-based compensation.<font style="letter-spacing:0.1pt;"> </font>The change in our operating<font style="letter-spacing:0.05pt;"> </font>assets<font style="letter-spacing:0.05pt;"> </font>and liabilities<font style="letter-spacing:0.15pt;"> </font>was primarily<font style="letter-spacing:0.1pt;"> </font>due to a $2.2 million<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>in accounts payable and accrued<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>grew our operations and a $0.1 million<font style="letter-spacing:0.1pt;"> </font>decrease<font style="letter-spacing:0.05pt;"> </font>in other current assets<font style="letter-spacing:0.05pt;"> </font>due to the timing<font style="letter-spacing:0.05pt;"> </font>of payments.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;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 March 31, 2019, net cash used in operating activities<font style="letter-spacing:0.1pt;"> </font>was $4.2 million,<font style="letter-spacing:0.1pt;"> </font>which consisted<font style="letter-spacing:0.05pt;"> </font>of a net loss of $4.4 million,<font style="letter-spacing:0.1pt;"> </font>partially<font style="letter-spacing:0.1pt;"> </font>offset<font style="letter-spacing:0.05pt;"> </font>by non-cash gains<font style="letter-spacing:0.05pt;"> </font>of<font style="color:#000000;"> </font>$0.5 million and a net change of $0.7 million in our net operating assets and liabilities.<font style="letter-spacing:0.15pt;"> </font>The non-cash<font style="letter-spacing:0.05pt;"> </font>gains<font style="letter-spacing:0.05pt;"> </font>are primarily<font style="letter-spacing:0.1pt;"> </font>comprised<font style="letter-spacing:0.05pt;"> </font>of the revaluation<font style="letter-spacing:0.1pt;"> </font>of our convertible<font style="letter-spacing:0.1pt;"> </font>preferred<font style="letter-spacing:0.1pt;"> </font>stock<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>of $0.4 million.<font style="letter-spacing:0.1pt;"> </font>The change in our operating<font style="letter-spacing:0.05pt;"> </font>assets<font style="letter-spacing:0.05pt;"> </font>and liabilities<font style="letter-spacing:0.15pt;"> </font>was primarily<font style="letter-spacing:0.1pt;"> </font>due to a $0.8 million<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>in accounts<font style="letter-spacing:0.05pt;"> </font>payable<font style="letter-spacing:0.05pt;"> </font>and accrued expenses<font style="letter-spacing:0.05pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>grew our operations, partially offset by a $0.1 million increase in prepaid and other current assets.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Net Cash<font style="letter-spacing:-0.05pt;"> </font>Used in Investing<font style="letter-spacing:0.05pt;"> </font>Activities</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months<font style="letter-spacing:0.05pt;"> </font>ended March 31, 2020 and 2019, net cash used in investing activities<font style="letter-spacing:0.1pt;"> </font>consisted<font style="letter-spacing:0.05pt;"> </font>of purchases<font style="letter-spacing:0.05pt;"> </font>of fixed<font style="letter-spacing:0.05pt;"> </font>assets.</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;">17</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU18"></a><font style="font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Net Cash</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;color:#231F20;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Provided by Financing Activities</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months<font style="letter-spacing:0.05pt;"> </font>ended March 31, 2020 net cash provided<font style="letter-spacing:0.05pt;"> </font>by financing<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>consisted of proceeds from the issuance of common stock upon exercise of stock options. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;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 March 31, 2019, there was no net cash provided by financing activities. </p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Contractual Obligations<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>Other<font style="letter-spacing:0.05pt;"> </font>Commitments</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are a smaller reporting company, as defined by Rule 12b-2 under the Securities and Exchange Act of 1934 and in Item 10(f)(1) of Regulation S-K, and are not required to provide the information under this item.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Off-Balance<font style="letter-spacing:0.05pt;"> </font>Sheet Arrangements</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have not entered<font style="letter-spacing:0.05pt;"> </font>into any off-balance<font style="letter-spacing:0.1pt;"> </font>sheet<font style="letter-spacing:0.05pt;"> </font>arrangements,<font style="letter-spacing:0.1pt;"> </font>as defined<font style="letter-spacing:0.05pt;"> </font>in the rules<font style="letter-spacing:0.05pt;"> </font>and regulations<font style="letter-spacing:0.1pt;"> </font>of the SEC,<font style="letter-spacing:-0.05pt;"> </font>and do not have any holdings<font style="letter-spacing:0.05pt;"> </font>in variable<font style="letter-spacing:0.05pt;"> </font>interest<font style="letter-spacing:0.1pt;"> </font>entities.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Critical<font style="letter-spacing:0.05pt;"> </font>Accounting Polices<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>Estimates</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There have been no significant changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed our Annual Report on Form 10-K for the year ended December 31, 2019, other than as provided in Note 2 to our condensed consolidated financial statements &#8220;Summary of Significant Accounting Policies.&#8221;</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Note 2 to our condensed consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>for more information.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;">JOBS<font style="letter-spacing:-0.05pt;"> </font>Act Accounting Election</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are an &#8220;emerging<font style="letter-spacing:0.05pt;"> </font>growth company,&#8221;<font style="letter-spacing:0.05pt;"> </font>as defined<font style="letter-spacing:0.05pt;"> </font>in the JOBS<font style="letter-spacing:-0.05pt;"> </font>Act. Under the JOBS<font style="letter-spacing:-0.05pt;"> </font>Act, emerging growth companies<font style="letter-spacing:0.05pt;"> </font>can delay adopting<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>or revised<font style="letter-spacing:0.05pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>standards<font style="letter-spacing:0.05pt;"> </font>issued<font style="letter-spacing:0.05pt;"> </font>subsequent<font style="letter-spacing:0.05pt;"> </font>to the enactment<font style="letter-spacing:0.1pt;"> </font>of the JOBS<font style="letter-spacing:-0.05pt;"> </font>Act until<font style="letter-spacing:0.05pt;"> </font>such time<font style="letter-spacing:0.05pt;"> </font>as those standards<font style="letter-spacing:0.05pt;"> </font>apply to private<font style="letter-spacing:0.05pt;"> </font>companies.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have elected<font style="letter-spacing:0.05pt;"> </font>to use this<font style="letter-spacing:0.05pt;"> </font>extended<font style="letter-spacing:0.05pt;"> </font>transition<font style="letter-spacing:0.1pt;"> </font>period<font style="letter-spacing:0.05pt;"> </font>to enable<font style="letter-spacing:0.05pt;"> </font>us to comply<font style="letter-spacing:0.05pt;"> </font>with new<font style="letter-spacing:-0.05pt;"> </font>or revised accounting<font style="letter-spacing:0.05pt;"> </font>standards<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have different<font style="letter-spacing:0.1pt;"> </font>effective<font style="letter-spacing:0.1pt;"> </font>dates<font style="letter-spacing:0.05pt;"> </font>for public<font style="letter-spacing:0.05pt;"> </font>and private<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>until<font style="letter-spacing:0.05pt;"> </font>the earlier<font style="letter-spacing:0.1pt;"> </font>of the date we<font style="letter-spacing:-0.05pt;"> </font>(i)<font style="letter-spacing:0.05pt;"> </font>are no longer<font style="letter-spacing:0.05pt;"> </font>an emerging<font style="letter-spacing:0.05pt;"> </font>growth company or (ii)<font style="letter-spacing:0.05pt;"> </font>affirmatively<font style="letter-spacing:0.15pt;"> </font>and irrevocably<font style="letter-spacing:0.1pt;"> </font>opt out of the extended<font style="letter-spacing:0.05pt;"> </font>transition<font style="letter-spacing:0.1pt;"> </font>period<font style="letter-spacing:0.05pt;"> </font>provided<font style="letter-spacing:0.05pt;"> </font>in the JOBS<font style="letter-spacing:-0.05pt;"> </font>Act. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>our consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>and our interim<font style="letter-spacing:0.1pt;"> </font>condensed consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>may not be comparable<font style="letter-spacing:0.1pt;"> </font>to companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>comply<font style="letter-spacing:0.05pt;"> </font>with new or revised<font style="letter-spacing:0.05pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>pronouncements.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;font-style:normal;color:#231F20;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-transform:none;font-variant: normal;"><a name="ITEM_3_QUANTITATIVE_AND"></a>Item 3. <a name="ITEM_3_QUANTITATIVE_AND"></a>Quantitative<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>Qualitative<font style="letter-spacing:0.1pt;"> </font>Disclosures<font style="letter-spacing:0.05pt;"> </font>About<font style="letter-spacing:-0.05pt;"> </font>Market Risk</p>
<p style="margin-bottom:0pt;margin-top:6pt;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 are a smaller reporting company, as defined by Rule 12b-2 under the Securities and Exchange Act of 1934 and in Item 10(f)(1) of Regulation S-K, and are not required to provide the information under this item.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="ITEM_4_CONTROLS_AND_PROCEDURES"></a><a name="ITEM_4_CONTROLS_AND_PROCEDURES"></a>Item 4. Controls and Procedures</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Evaluation of Disclosure Controls and Procedures </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU19"></a>As of March 31, 2020, our management, with the participation and supervision of our principal executive officer and our principal financial officer, evaluated our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). The term &#8220;disclosure controls and procedures,&#8221; as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC&#8217;s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&#8217;s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures. Based on </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;">18</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this evaluation, our principal executive officer and our principal financial officer concluded that solely as a result of the m</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">aterial weaknesses in our internal control over financial reporting described below, our disclosure controls and procedures were not effective as of </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 31, 2020</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> to provide reasonable assurance that information we are required to disclose in reports that</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our principal execut</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_Hlk36643333"></a>Remediation Efforts on Previously Reported Material Weaknesses </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the audit of our consolidated financial statements for the period from January 18, 2018 (inception) to December 31, 2018, material weaknesses were identified in our internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis by the company&#8217;s internal controls. The material weaknesses that were identified related to the following: </p>
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<p style="margin-bottom:0pt;margin-top:6pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">We did not have an internal finance department. Consequently, we lacked sufficient personnel with an appropriate level of knowledge and requisite U.S. generally accepted accounting principles expertise to identify, evaluate and account for complex and non-routine transactions and an adequate supervisory review structure that is needed to comply with financial reporting requirements. </font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;">We did not have an adequate assessment of risks that could significantly impact internal controls over financial reporting and did not effectively design and monitor controls in response to the risks of material misstatement. </font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2019, we implemented plans to remedy these material weaknesses and as of March 31, 2020 our remediation efforts were ongoing. While we believe that these efforts have improved and will continue to improve our internal control over financial reporting, remediation of the material weaknesses will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles resulting in the reporting of these material weaknesses as of March 31, 2020. We have implemented and are in the process of implementing additional measures and risk assessment procedures designed to improve our disclosure controls and procedures and internal control over financial reporting to address the underlying causes of these material weaknesses, including the implementation of appropriate segregation of duties, formalization of accounting policies and controls, and implementation of accounting systems to automate manual processes. In 2019, we also hired our Chief Financial Officer, principal accounting officer and additional qualified accounting and finance personnel, formalized our hiring practices, engaged financial consultants to enable the implementation of internal controls over financial reporting and in April 2020, added a financial expert to the audit committee of the board of directors while we continue to actively recruit a new audit committee chair (following <font style="color:#000000;">the resignation of Tomer Kariv, our audit committee chair and financial expert, from our board of directors in December 2019</font>).</p>
<p style="margin-bottom:0pt;margin-top:12pt;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 cannot assure you that we have identified all, or that we will not in the future have additional, material weaknesses. Material weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required by reporting requirements under Section<font style="letter-spacing:0.05pt;"> </font>404 (&#8220;Section<font style="letter-spacing:0.05pt;"> </font>404&#8221;) of the Sarbanes-Oxley<font style="letter-spacing:0.05pt;"> </font>Act of 2002, as amended<font style="letter-spacing:0.05pt;"> </font>(the<font style="letter-spacing:0.05pt;"> </font>&#8220;Sarbanes-Oxley<font style="letter-spacing:0.05pt;"> </font>Act&#8221;).</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Changes in Internal Control over Financial Reporting </p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;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;">Other than the changes intended to remediate the material weaknesses noted above, no change in our internal control over financial reporting (as defined in Rules&#160;13a-15(f)&#160;and&#160;15d-15(f)&#160;under the Exchange Act) occurred during the quarter ended March 31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</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;">19</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;"><a name="_AEIOULastRenderedPageBreakAEIOU20"></a><a name="PART_IIOR_INFORMATION"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="PART_IIOR_INFORMATION"></a>PART II&#8212;OTHER</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> INFORMATION</font></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;"><a name="ITEM_1_LEGAL_PROCEEDINGS"></a><a name="ITEM_1_LEGAL_PROCEEDINGS"></a>Item 1. Legal Proceedings.</p>
<p style="margin-top:6pt;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 are currently not a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors, and there can be no assurances that favorable outcomes will be obtained.</p>
<p style="margin-top:18pt;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;"><a name="ITEM_1A_RISK_FACTORS"></a>Item 1A. <a name="ITEM_1A_RISK_FACTORS"></a>Risk Factors.</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">An<font style="letter-spacing:-0.05pt;"> </font>investment<font style="letter-spacing:0.05pt;"> </font>in our common<font style="letter-spacing:-0.05pt;"> </font>stock<font style="letter-spacing:0.05pt;"> </font>involves<font style="letter-spacing:0.05pt;"> </font>a high degree of risk.<font style="letter-spacing:0.05pt;"> </font>You<font style="letter-spacing:-0.05pt;"> </font>should carefully<font style="letter-spacing:0.1pt;"> </font>consider<font style="letter-spacing:0.05pt;"> </font>the risks<font style="letter-spacing:0.05pt;"> </font>and uncertainties<font style="letter-spacing:0.1pt;"> </font>described<font style="letter-spacing:0.05pt;"> </font>below before<font style="letter-spacing:0.05pt;"> </font>deciding<font style="letter-spacing:0.05pt;"> </font>whether to make an investment decision with respect to shares of our common<font style="letter-spacing:-0.05pt;"> </font>stock.<font style="letter-spacing:0.05pt;"> </font>You should also refer<font style="letter-spacing:0.05pt;"> </font>to the other information<font style="letter-spacing:0.05pt;"> </font>contained<font style="letter-spacing:0.05pt;"> </font>in this<font style="letter-spacing:0.05pt;"> </font>Quarterly Report on Form 10-Q,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>&#8220;Management&#8217;s<font style="letter-spacing:0.05pt;"> </font>Discussion<font style="letter-spacing:0.05pt;"> </font>and Analysis<font style="letter-spacing:0.05pt;"> </font>of Financial<font style="letter-spacing:0.05pt;"> </font>Condition and Results<font style="letter-spacing:0.05pt;"> </font>of Operations&#8221; and our unaudited<font style="letter-spacing:0.05pt;"> condensed </font>consolidated financial<font style="letter-spacing:0.05pt;"> </font>statements<font style="letter-spacing:0.05pt;"> </font>and related<font style="letter-spacing:0.05pt;"> </font>notes. Our<font style="letter-spacing:-0.05pt;"> </font>business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.05pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects<font style="letter-spacing:0.05pt;"> </font>could be materially<font style="letter-spacing:0.05pt;"> </font>and adversely<font style="letter-spacing:0.05pt;"> </font>affected<font style="letter-spacing:0.05pt;"> </font>by any of these<font style="letter-spacing:0.05pt;"> </font>risks<font style="letter-spacing:0.05pt;"> </font>or uncertainties.<font style="letter-spacing:0.1pt;"> </font>In any such case, the trading<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:-0.05pt;"> </font>stock<font style="letter-spacing:0.05pt;"> </font>could decline,<font style="letter-spacing:0.05pt;"> </font>and you could lose all or part of your investment. We caution you that the risks, uncertainties and other factors referred to below and elsewhere in this Quarterly Report on Form 10-Q may not contain all of the risks, uncertainties and other factors that may affect our future results and operations. Moreover, new risks will emerge from time to time. It is not possible for our management to predict all risks.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;color:#auto;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;text-transform:none;font-variant: normal;">Risks Related to Our Business and<font style="letter-spacing:-0.05pt;"> </font>Industry</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We are a clinical-stage biopharmaceutical<font style="letter-spacing:0.1pt;"> </font>company with a limited<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>history<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>no<font style="letter-spacing:-0.05pt;"> </font>products approved<font style="letter-spacing:1.05pt;"> </font>for commercial<font style="letter-spacing:0.1pt;"> </font>sale. We have incurred net losses<font style="letter-spacing:0.05pt;"> </font>since our inception,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>to incur significant<font style="letter-spacing:0.1pt;"> </font>and increasing<font style="letter-spacing:0.05pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>losses<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may never be profitable.<font style="letter-spacing:0.1pt;"> </font>Our<font style="letter-spacing:-0.05pt;"> </font>stock is a highly speculative<font style="letter-spacing:0.1pt;"> </font>investment.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are a clinical-stage<font style="letter-spacing:0.05pt;"> </font>biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>company with a limited<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>history<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may make it<font style="letter-spacing:1.1pt;"> </font>difficult<font style="letter-spacing:0.1pt;"> </font>to evaluate<font style="letter-spacing:0.05pt;"> </font>the success<font style="letter-spacing:0.05pt;"> </font>of our business<font style="letter-spacing:0.05pt;"> </font>to date and to assess<font style="letter-spacing:0.05pt;"> </font>our future<font style="letter-spacing:0.05pt;"> </font>viability.<font style="letter-spacing:0.1pt;"> </font>We commenced operations<font style="letter-spacing:0.05pt;"> </font>in 2018, and to date, our operations<font style="letter-spacing:0.05pt;"> </font>have been limited<font style="letter-spacing:0.1pt;"> </font>to organizing<font style="letter-spacing:0.05pt;"> </font>and staffing<font style="letter-spacing:0.1pt;"> </font>our company, business<font style="letter-spacing:0.05pt;"> </font>planning,<font style="letter-spacing:0.05pt;"> </font>raising<font style="letter-spacing:0.05pt;"> </font>capital,<font style="letter-spacing:0.05pt;"> </font>acquiring<font style="letter-spacing:0.05pt;"> </font>our initial<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>BIO89-100 and licensing<font style="letter-spacing:0.05pt;"> </font>certain related<font style="letter-spacing:0.05pt;"> </font>technology, conducting<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and early<font style="letter-spacing:1.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>and providing<font style="letter-spacing:0.05pt;"> </font>general<font style="letter-spacing:0.05pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>support<font style="letter-spacing:0.05pt;"> </font>for these<font style="letter-spacing:0.05pt;"> </font>operations.<font style="letter-spacing:0.05pt;"> </font>Investment<font style="letter-spacing:0.1pt;"> </font>in biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>is highly speculative<font style="letter-spacing:0.1pt;"> </font>because<font style="letter-spacing:0.05pt;"> </font>it entails<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>upfront<font style="letter-spacing:0.05pt;"> </font>capital expenditures<font style="letter-spacing:0.1pt;"> </font>and significant<font style="letter-spacing:0.1pt;"> </font>risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>any potential<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>will fail<font style="letter-spacing:0.05pt;"> </font>to demonstrate<font style="letter-spacing:0.1pt;"> </font>adequate<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>and/ or an acceptable<font style="letter-spacing:0.1pt;"> </font>safety<font style="letter-spacing:0.05pt;"> </font>profile,<font style="letter-spacing:0.05pt;"> </font>gain regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>and become<font style="letter-spacing:0.05pt;"> </font>commercially<font style="letter-spacing:0.15pt;"> </font>viable.<font style="letter-spacing:0.05pt;"> </font>We have no products approved for commercial<font style="letter-spacing:0.1pt;"> </font>sale,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have not generated<font style="letter-spacing:0.05pt;"> </font>any revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>to date and we<font style="letter-spacing:-0.05pt;"> </font>continue<font style="letter-spacing:0.05pt;"> </font>to incur<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to our ongoing operations.<font style="letter-spacing:0.05pt;"> </font>We have limited<font style="letter-spacing:0.1pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>as a company conducting<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and no experience<font style="letter-spacing:0.05pt;"> </font>as a company commercializing<font style="letter-spacing:0.15pt;"> </font>any products.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are not profitable<font style="letter-spacing:0.1pt;"> </font>and have incurred<font style="letter-spacing:0.05pt;"> </font>net losses<font style="letter-spacing:0.05pt;"> </font>since<font style="letter-spacing:0.05pt;"> </font>our inception.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>of March 31, 2020, we<font style="letter-spacing:-0.05pt;"> </font>had an accumulated<font style="letter-spacing:0.1pt;"> </font>deficit<font style="letter-spacing:0.1pt;"> </font>of $84.1 million.<font style="letter-spacing:0.1pt;"> </font>Consequently,<font style="letter-spacing:0.05pt;"> </font>predictions<font style="letter-spacing:0.1pt;"> </font>about our future<font style="letter-spacing:0.05pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>or viability<font style="letter-spacing:0.1pt;"> </font>may not be as accurate<font style="letter-spacing:0.05pt;"> </font>as they would be if we<font style="letter-spacing:-0.05pt;"> </font>had a longer<font style="letter-spacing:0.05pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>history<font style="letter-spacing:0.05pt;"> </font>or a history<font style="letter-spacing:0.05pt;"> </font>of successfully<font style="letter-spacing:0.1pt;"> </font>developing<font style="letter-spacing:0.05pt;"> </font>and commercializing<font style="letter-spacing:0.15pt;"> </font>pharmaceutical<font style="letter-spacing:0.15pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>We have spent, and expect<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>to spend, significant<font style="letter-spacing:0.1pt;"> </font>resources to fund research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>of, and seek regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>for, BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product candidates.<font style="letter-spacing:0.05pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>to incur<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>and increasing<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>losses<font style="letter-spacing:0.05pt;"> </font>over the next several<font style="letter-spacing:0.05pt;"> </font>years<font style="letter-spacing:0.05pt;"> </font>as our research,<font style="letter-spacing:0.05pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>testing<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>increase.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>our accumulated deficit<font style="letter-spacing:0.1pt;"> </font>will also increase<font style="letter-spacing:0.05pt;"> </font>significantly.<font style="letter-spacing:0.15pt;"> </font>We may encounter<font style="letter-spacing:0.05pt;"> </font>unforeseen<font style="letter-spacing:0.05pt;"> </font>expenses,<font style="letter-spacing:0.05pt;"> </font>difficulties,<font style="letter-spacing:0.15pt;"> </font>complications, delays, including delays resulting from the ongoing COVID-19 pandemic,<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>unknown<font style="letter-spacing:-0.05pt;"> </font>factors<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our business.<font style="letter-spacing:0.05pt;"> </font>The size<font style="letter-spacing:0.05pt;"> </font>of our future<font style="letter-spacing:0.05pt;"> </font>net losses<font style="letter-spacing:0.05pt;"> </font>will depend, in part,<font style="letter-spacing:0.05pt;"> </font>on the rate<font style="letter-spacing:0.05pt;"> </font>of future<font style="letter-spacing:0.05pt;"> </font>growth of our expenses<font style="letter-spacing:0.05pt;"> </font>and our ability<font style="letter-spacing:0.05pt;"> </font>to generate<font style="letter-spacing:0.05pt;"> </font>revenue.<font style="letter-spacing:0.05pt;"> </font>Our prior<font style="letter-spacing:0.05pt;"> </font>losses and expected<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>losses<font style="letter-spacing:0.05pt;"> </font>have had and will continue<font style="letter-spacing:0.05pt;"> </font>to have an adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our stockholders&#8217;<font style="letter-spacing:0.1pt;"> equity</font><font style="letter-spacing:0.05pt;"> </font>and working capital.<font style="letter-spacing:0.05pt;"> </font>The net losses<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>incur<font style="letter-spacing:0.05pt;"> </font>may fluctuate<font style="letter-spacing:0.1pt;"> </font>significantly<font style="letter-spacing:0.15pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>quarter-to-quarter<font style="letter-spacing:0.2pt;"> </font>such that a period-to-period<font style="letter-spacing:0.15pt;"> </font>comparison<font style="letter-spacing:0.05pt;"> </font>of our results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>may not be a good indication<font style="letter-spacing:0.1pt;"> </font>of our future performance.<font style="letter-spacing:0.1pt;"> </font>Even if we<font style="letter-spacing:-0.05pt;"> </font>eventually<font style="letter-spacing:0.05pt;"> </font>generate<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenue,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may never be profitable<font style="letter-spacing:0.1pt;"> </font>and, if we<font style="letter-spacing:-0.05pt;"> </font>do achieve profitability,<font style="letter-spacing:0.15pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to sustain<font style="letter-spacing:0.05pt;"> </font>or increase<font style="letter-spacing:0.05pt;"> </font>profitability<font style="letter-spacing:0.15pt;"> </font>on a quarterly<font style="letter-spacing:0.1pt;"> </font>or annual basis.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU21"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We currently</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">have no</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">source of product revenue and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> never become</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">profitable.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BIO89-100 is in the early<font style="letter-spacing:0.05pt;"> </font>stages<font style="letter-spacing:0.05pt;"> </font>of development.<font style="letter-spacing:0.05pt;"> </font>To<font style="letter-spacing:-0.05pt;"> </font>date, we<font style="letter-spacing:-0.05pt;"> </font>have not generated<font style="letter-spacing:0.05pt;"> </font>any revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the licensing<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100. We will not be able to generate<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>unless<font style="letter-spacing:0.05pt;"> </font>and until BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>alone or with future<font style="letter-spacing:0.05pt;"> </font>partners,<font style="letter-spacing:0.05pt;"> </font>successfully<font style="letter-spacing:0.1pt;"> </font>completes<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials, receives<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>and is successfully<font style="letter-spacing:0.1pt;"> </font>commercialized.<font style="letter-spacing:0.15pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>BIO89-100 is in the early<font style="letter-spacing:0.05pt;"> </font>stages<font style="letter-spacing:0.05pt;"> </font>of development,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do not expect<font style="letter-spacing:0.05pt;"> </font>to receive<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>it for a number<font style="letter-spacing:0.05pt;"> </font>of years,<font style="letter-spacing:0.05pt;"> </font>if ever. Although we may seek to obtain<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>collaboration<font style="letter-spacing:0.1pt;"> </font>or licensing<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>with third<font style="letter-spacing:0.05pt;"> </font>parties, <font style="letter-spacing:-0.05pt;">we</font> currently<font style="letter-spacing:0.1pt;"> </font>have no such<font style="letter-spacing:1.1pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could provide<font style="letter-spacing:0.05pt;"> </font>us with material,<font style="letter-spacing:0.1pt;"> </font>ongoing future<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may never enter<font style="letter-spacing:0.05pt;"> </font>into any such agreements.<font style="letter-spacing:0.1pt;"> </font>Our ability<font style="letter-spacing:0.05pt;"> </font>to generate<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>also depends on a number<font style="letter-spacing:0.05pt;"> </font>of additional<font style="letter-spacing:0.1pt;"> </font>factors,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>our or our future<font style="letter-spacing:0.05pt;"> </font>partners&#8217;<font style="letter-spacing:0.1pt;"> </font>ability<font style="letter-spacing:0.05pt;"> </font>to:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">successfully complete research and clinical development of BIO89-100 and any future product candidates;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">establish and maintain supply and manufacturing relationships with third parties, and ensure adequate and legally compliant manufacturing of bulk drug substances and drug products to maintain that supply;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">launch and commercialize future product candidates for which we obtain marketing approval, if any, and, if launched independently, successfully establish a sales force, marketing and distribution infrastructure;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">demonstrate the necessary safety data post-approval to ensure continued regulatory approval;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">obtain coverage and adequate product reimbursement from third-party payors, including government payors;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">achieve market acceptance for our or our future partners&#8217; products, if any;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">establish, maintain, protect and enforce our intellectual property rights; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">attract, hire and retain qualified personnel.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>because<font style="letter-spacing:0.05pt;"> </font>of the numerous<font style="letter-spacing:0.05pt;"> </font>risks<font style="letter-spacing:0.05pt;"> </font>and uncertainties<font style="letter-spacing:0.15pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with pharmaceutical<font style="letter-spacing:0.15pt;"> </font>product development,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may not advance through development<font style="letter-spacing:0.05pt;"> </font>or achieve<font style="letter-spacing:0.05pt;"> </font>the endpoints<font style="letter-spacing:0.05pt;"> </font>of applicable<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are unable to predict<font style="letter-spacing:0.05pt;"> </font>the timing<font style="letter-spacing:0.05pt;"> </font>or amount<font style="letter-spacing:0.05pt;"> </font>of increased<font style="letter-spacing:0.05pt;"> </font>expenses,<font style="letter-spacing:0.05pt;"> </font>or if or when<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will achieve<font style="letter-spacing:0.05pt;"> </font>or maintain<font style="letter-spacing:0.1pt;"> </font>profitability.<font style="letter-spacing:0.15pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>our expenses<font style="letter-spacing:0.05pt;"> </font>could increase<font style="letter-spacing:0.05pt;"> </font>beyond expectations<font style="letter-spacing:0.1pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>decide,<font style="letter-spacing:0.05pt;"> </font>or are required<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign regulatory<font style="letter-spacing:0.1pt;"> </font>authorities,<font style="letter-spacing:0.1pt;"> </font>to perform<font style="letter-spacing:0.05pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or trials<font style="letter-spacing:0.1pt;"> </font>in addition<font style="letter-spacing:0.05pt;"> </font>to those that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>currently<font style="letter-spacing:0.1pt;"> </font>anticipate.<font style="letter-spacing:0.1pt;"> </font>Even if we complete<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>and regulatory<font style="letter-spacing:0.1pt;"> </font>processes<font style="letter-spacing:0.05pt;"> </font>described<font style="letter-spacing:0.05pt;"> </font>above, we<font style="letter-spacing:-0.05pt;"> </font>anticipate<font style="letter-spacing:0.1pt;"> </font>incurring<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>costs associated<font style="letter-spacing:0.1pt;"> </font>with launching<font style="letter-spacing:0.05pt;"> </font>and commercializing<font style="letter-spacing:0.15pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>products.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if we<font style="letter-spacing:-0.05pt;"> </font>generate<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the sale<font style="letter-spacing:0.05pt;"> </font>of any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may be approved, we may not become<font style="letter-spacing:0.05pt;"> </font>profitable<font style="letter-spacing:0.1pt;"> </font>and may need to obtain<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>funding to continue<font style="letter-spacing:0.05pt;"> </font>operations.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to become<font style="letter-spacing:0.05pt;"> </font>profitable<font style="letter-spacing:0.1pt;"> </font>or do not sustain<font style="letter-spacing:0.05pt;"> </font>profitability<font style="letter-spacing:0.15pt;"> </font>on a continuing<font style="letter-spacing:0.05pt;"> </font>basis,<font style="letter-spacing:0.05pt;"> </font>then we<font style="letter-spacing:-0.05pt;"> </font>may be unable to continue<font style="letter-spacing:0.05pt;"> </font>our operations<font style="letter-spacing:0.05pt;"> </font>at planned levels<font style="letter-spacing:0.05pt;"> </font>and be forced<font style="letter-spacing:0.05pt;"> </font>to reduce<font style="letter-spacing:0.05pt;"> </font>our operations.</p>
<p style="margin-top:18pt;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;">The ongoing COVID-19 pandemic may result in significant disruptions to our clinical trials or other business operations, which could have a material adverse effect on our business.</p>
<p style="margin-top:6pt;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;">Our business and its operations, including but not limited to our research and development activities, could be adversely affected by health epidemics in regions where we have business operations, and such health epidemics could cause significant disruption in the operations of third parties upon whom we rely. In December 2019, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread to other countries, including the United States and has been declared a pandemic by the World Health Organization. In response to public health directives and orders related to COVID-19 and based on guidance from public health officials, we are implementing work-from-home policies for our employees on an office-by-office basis. We currently have work-from-home policies in place for our employees in California and have reopened our offices in Israel. The effects of executive and similar government orders, shelter-in-place orders and our work-from-home policies may negatively impact our growth, including our ability to recruit and onboard new employees, and productivity, disrupt our business and delay our preclinical and clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. These and similar, and perhaps more severe, disruptions in our operations could negatively impact our business, operating results and financial condition. </p>
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<p style="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;"><a name="_AEIOULastRenderedPageBreakAEIOU22"></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Qu</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">arantines, shelter-in-place, executive and similar government orders, or the perception that such orders, shutdowns or other restrictions on the conduct of business operations could occur, related to COVID-19 or other infectious diseases, </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> impact</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ed and</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> may continue to impact</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> personnel at third-party manufacturing facilities in the United States</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, Europe</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and other countries, or the availability or cost of materials we use or </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">require</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> to conduct our business, including product development, which would disru</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pt our supply chain. Furthermore</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, some of our manufacturers and suppliers are in Europe and may be impacted by port closures and other restrictions</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> resulting from the COVID-19 pandemic</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, which may disrupt our supply chain or limit our ability to obtain suff</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">icient materials for our drug </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">products. In particular, N</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">orthway </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Biotechpharma</font><font style="letter-spacing:0.1pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(&#8220;BTPH&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, our sole source supplier for BIO89-100, has notified us that they expect to miss certain </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">project </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">deadlines for our manufacturing scale-up due to quarantine orders and h</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ave forecasted other delays due to COVID-19-related impacts on their suppliers</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">; however, we do not expect delays to the overall timeline for the delivery of clinical supplies.</font><font style="color:#1F497D;"> </font></p>
<p style="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;">In addition, our clinical trials have been and may continue to be affected by the COVID-19 pandemic. For example, while we originally intended to commence our Phase 2 trial of BIO89-100 for the treatment of SHTG in the first half of 2020, we have delayed the initiation of this trial until the external environment is conducive to executing the trial safely and effectively. Although we completed enrollment in our Phase 1a/2b trial of BIO89-100 for the treatment of NASH in April 2020, the participants in the trial may drop out if they are impacted by COVID-19 or the related government restrictions and we may not be able to collect all of the data that we currently plan to receive from the trial.</p>
<p style="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;">If COVID-19 continues to spread in the United States and elsewhere, we may experience additional disruptions that could severely impact our business, preclinical studies and clinical trials, including:</p>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">delays in receiving authorization from local regulatory authorities to initiate our planned clinical trials;</font></p></td></tr></table></div>
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<p style="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;">&nbsp;</p></td>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">delays or difficulties in enrolling patients in our clinical trials;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">delays or difficulties in clinical site initiation, including difficulties in recruiting clinical site investigators and clinical site staff;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">delays in clinical sites receiving the supplies and materials needed to conduct our clinical trials, including interruption in global shipping that may affect the transport of clinical trial materials;</font></p></td></tr></table></div>
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<p style="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;">&nbsp;</p></td>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">changes in local regulations as part of a response to the COVID-19 pandemic which may require us to change the ways in which our clinical trials are conducted, which may result in unexpected costs, or to discontinue the clinical trials altogether;</font></p></td></tr></table></div>
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<p style="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;">&nbsp;</p></td>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">diversion of healthcare resources away from the conduct of clinical trials, including the diversion of hospitals serving as our clinical trial sites and hospital staff supporting the conduct of our clinical trials;</font></p></td></tr></table></div>
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<p style="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;">&nbsp;</p></td>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">interruption of key clinical trial activities, such as clinical trial site monitoring and data entry and verification, due to limitations on travel imposed or recommended by federal or state governments, employers and others, or interruption of clinical trial subject visits and study procedures, the occurrence of which could affect the completeness and integrity of clinical trial data and, as a result, determine the outcomes of the trial;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">risk that participants enrolled in our clinical trials will acquire COVID-19 while the clinical trial is ongoing, which could impact the results of the clinical trial, including by increasing the number of observed adverse events;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:Times New Roman;">risk that participants enrolled in our clinical trials will not be able to travel to our clinical trial sites as a result of quarantines or other restrictions resulting from COVID-19;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">risk that participants enrolled in our clinical trials will not be able to comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">interruptions or delays in preclinical studies due to restricted or limited operations at our research and development laboratory facilities;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">delays in necessary interactions with local regulators, ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="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;"><font style="font-family:Times New Roman;">limitations in employee resources that would otherwise be focused on the conduct of our clinical trials, including because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:Times New Roman;">refusal of the FDA to accept data from clinical trials in affected geographies; and</font></p></td></tr></table></div>
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<p style="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;"><a name="_AEIOULastRenderedPageBreakAEIOU23"></a><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The spread of COVID-19, which has caused a broad impact globally, may materially affect us</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> economically</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. While the potential economic impact</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">brought by COVID-19, and the duration of such impact, may be difficult to assess</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> or predict, the</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">widespread pandemic has resulted in significant disruption of global financial markets, which could</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reduce our ability to access capital and negatively affect our future liquidity. In addition, a recession or</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market correction resulting fr</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">om the spread of COVID-19 and related government orders and</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">restrictions could materially affect our business and the value of our common stock.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font></p>
<p style="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;">The COVID-19 pandemic continues to evolve rapidly. The ultimate impact of the COVID-19 pandemic or a similar public health emergency is highly uncertain and subject to change. We do not yet know the full extent of potential delays or impacts on our business, our clinical trials, healthcare systems, or the global economy as a whole. However, any one or a combination of these events could have an adverse effect on the operation of and results from our clinical trials and on our other business operations, which could prevent or delay us from obtaining approval for BIO89-100.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<font style="letter-spacing:-0.05pt;"> </font>will require<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.05pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>to finance our operations, which<font style="letter-spacing:-0.05pt;"> </font>may not be available<font style="letter-spacing:0.05pt;"> </font>to us on<font style="letter-spacing:-0.05pt;"> </font>acceptable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>or at all. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not complete<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>commercialization<font style="letter-spacing:0.15pt;"> </font>of BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or develop<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>product candidates.</p>
<p style="margin-top:6pt;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;">As<font style="letter-spacing:-0.05pt;"> </font>a clinical-stage<font style="letter-spacing:0.05pt;"> </font>biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>company, our operations<font style="letter-spacing:0.05pt;"> </font>have consumed<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>amounts<font style="letter-spacing:0.05pt;"> </font>of<font style="letter-spacing:1.1pt;"> </font>cash since<font style="letter-spacing:0.05pt;"> </font>our inception.<font style="letter-spacing:0.05pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>in connection<font style="letter-spacing:0.05pt;"> </font>with our ongoing activities,<font style="letter-spacing:0.1pt;"> </font>particularly<font style="letter-spacing:0.15pt;"> </font>as we<font style="letter-spacing:-0.05pt;"> </font>conduct our Phase 1b/2a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> and future clinical trials </font>of BIO89-100 and seek regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>for BIO89-100.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;letter-spacing:-0.05pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk29990595"></a>We<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">believe</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">that</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">the</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">net</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">proceeds</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">from</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">our IPO,</font><font style="letter-spacing:-0.2pt;"> proceeds available from our line of credit pursuant to our Loan Agreement (as defined below), </font><font style="letter-spacing:-0.1pt;">together</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">with</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">existing</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">cash</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">and</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">cash</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">equivalents will</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">fund</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">projected</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">operating</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">requirements</font><font style="letter-spacing:-0.2pt;"> </font><font style="color:#231F20;letter-spacing:0.1pt;">into the second half of 2021</font><font style="letter-spacing:-0.1pt;">.</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">Our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">forecast</font><font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">the</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">period of</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">time</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">through</font><font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:-0.1pt;">which</font><font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:-0.1pt;">our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">financial</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">resources</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">will</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">adequately</font><font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:-0.1pt;">support</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">operations</font><font style="letter-spacing:-0.2pt;"> </font>is<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">forward-looking</font><font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:-0.1pt;">statement and</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">involves</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">risks</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">and</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">uncertainties,</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">and</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">actual</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">results</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">could</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">vary</font><font style="letter-spacing:-0.2pt;"> </font>as<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">result</font><font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font>a<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">number</font><font style="letter-spacing:-0.2pt;"> </font>of<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">factors,</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">including</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">the factors</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">discussed</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">elsewhere</font><font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">this</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">&#8220;Risk</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">Factors&#8221;</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">section.</font><font style="letter-spacing:-0.2pt;"> </font>We<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">have</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">based</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">this</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">estimate</font><font style="letter-spacing:-0.2pt;"> </font>on<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">assumptions</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">that</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">may prove</font><font style="letter-spacing:-0.2pt;"> </font>to<font style="letter-spacing:-0.2pt;"> </font>be<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">wrong,</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">and</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">we</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">could</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">utilize</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">available</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">capital</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">resources</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">sooner</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">than</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">we</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">currently</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">expect.</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">Our</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">future funding</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">requirements,</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">both</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">short</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">and</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">long-term,</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">will</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">depend</font><font style="letter-spacing:-0.2pt;"> </font>on<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">many</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;">factors,</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:-0.1pt;"><a name="_Hlk29990595"></a>including:</font></p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the initiation, progress, timing, costs and results of preclinical and clinical studies for BIO89-100 and any future product candidates we may develop;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the outcome, timing and cost of seeking and obtaining regulatory approvals from the FDA and comparable foreign regulatory authorities, including the potential for such authorities to require that we perform more studies than those that we currently expect or change their requirements on studies that had previously been agreed to;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the cost 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 of any patents or other intellectual property rights;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the effect of competing technological and market developments;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">market acceptance of any approved product candidates, including product pricing and product coverage and adequate reimbursement by third-party payors;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the cost of acquiring, licensing or investing in additional businesses, products, product candidates and technologies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the cost and timing of selecting, auditing and potentially validating a manufacturing site for commercial-scale manufacturing of BIO89-100; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the cost of establishing sales, marketing and distribution capabilities for BIO89-100 and any future product candidates for which we may receive regulatory approval and that we determine to commercialize ourselves or in collaboration with our future partners.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We will require<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>to discover,<font style="letter-spacing:0.05pt;"> </font>develop, obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for and commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates. We do not have any committed<font style="letter-spacing:0.1pt;"> </font>external<font style="letter-spacing:0.05pt;"> </font>source<font style="letter-spacing:0.05pt;"> </font>of funds other than the unused portion of the line of credit available to us pursuant to the Loan Agreement.<font style="letter-spacing:0.05pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>to finance<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>cash needs through public<font style="letter-spacing:0.05pt;"> </font>or private<font style="letter-spacing:0.05pt;"> </font>equity<font style="letter-spacing:0.05pt;"> </font>or debt offerings<font style="letter-spacing:0.1pt;"> </font>or product collaborations.<font style="letter-spacing:0.1pt;"> </font>Additional<font style="letter-spacing:0.05pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>may not be available<font style="letter-spacing:0.1pt;"> </font>in sufficient<font style="letter-spacing:0.1pt;"> </font>amounts<font style="letter-spacing:0.05pt;"> </font>or on reasonable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>do not raise<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to expand our operations<font style="letter-spacing:0.05pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>capitalize<font style="letter-spacing:0.1pt;"> </font>on our business<font style="letter-spacing:0.05pt;"> </font>opportunities,<font style="letter-spacing:0.1pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>condition<font style="letter-spacing:0.05pt;"> </font>will be negatively<font style="letter-spacing:0.05pt;"> </font>impacted<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may need to:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">significantly delay, scale back or discontinue research and discovery efforts and the development or commercialization of any product candidates or cease operations altogether;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU24"></a><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Times New Roman;color:#000000;">seek strategic alliances for research and developm</font><font style="font-family:Times New Roman;color:#000000;">ent programs when we otherwise would not, or at an earlier stage than we would otherwise desire or on terms less favorable than might otherwise be available; or</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">relinquish, or license on unfavorable terms, our rights to technologies or any product candidates that we otherwise would seek to develop or commercialize ourselves. </font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">In addition, if BIO89-100 receives approval and is commercialized, we will be required to make milestone and royalty payments to Teva Pharmaceutical Industries Ltd (&#8220;Teva&#8221;), from whom we acquired certain patents and intellectual property relating to BIO89-100, and from whom we licensed patents and know-how related to glycoPEGylation technology that is used in the manufacture of BIO89-100. For additional information regarding this license agreement, please see Note 5 to of our accompanying unaudited condensed consolidated financial statements.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Unstable market<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>economic<font style="letter-spacing:0.05pt;"> </font>conditions<font style="letter-spacing:0.05pt;"> </font>may have serious<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>consequences on<font style="letter-spacing:-0.05pt;"> </font>our business and financial<font style="letter-spacing:0.05pt;"> </font>condition.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Global credit<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>markets<font style="letter-spacing:0.05pt;"> </font>have experienced<font style="letter-spacing:0.05pt;"> </font>extreme<font style="letter-spacing:0.05pt;"> </font>disruptions<font style="letter-spacing:0.1pt;"> </font>at various<font style="letter-spacing:0.05pt;"> </font>points<font style="letter-spacing:0.05pt;"> </font>over the last few decades,<font style="letter-spacing:0.05pt;"> </font>characterized<font style="letter-spacing:0.15pt;"> </font>by diminished<font style="letter-spacing:0.1pt;"> </font>liquidity<font style="letter-spacing:0.1pt;"> </font>and credit<font style="letter-spacing:0.05pt;"> </font>availability,<font style="letter-spacing:0.15pt;"> </font>declines<font style="letter-spacing:0.05pt;"> </font>in consumer<font style="letter-spacing:0.05pt;"> </font>confidence, declines<font style="letter-spacing:0.05pt;"> </font>in economic<font style="letter-spacing:0.05pt;"> </font>growth, increases<font style="letter-spacing:0.1pt;"> </font>in unemployment<font style="letter-spacing:0.1pt;"> </font>rates<font style="letter-spacing:0.05pt;"> </font>and uncertainty<font style="letter-spacing:0.1pt;"> </font>about economic<font style="letter-spacing:0.05pt;"> </font>stability.<font style="letter-spacing:0.1pt;"> </font>If another<font style="letter-spacing:0.05pt;"> </font>such disruption<font style="letter-spacing:0.05pt;"> </font>in credit<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>markets<font style="letter-spacing:0.05pt;"> </font>and deterioration<font style="letter-spacing:0.15pt;"> </font>of confidence<font style="letter-spacing:0.05pt;"> </font>in economic<font style="letter-spacing:0.05pt;"> </font>conditions occurs,<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>may be adversely<font style="letter-spacing:0.05pt;"> </font>affected.<font style="letter-spacing:0.1pt;"> </font>If the equity<font style="letter-spacing:0.05pt;"> </font>and credit<font style="letter-spacing:0.05pt;"> </font>markets<font style="letter-spacing:0.05pt;"> </font>were to deteriorate<font style="letter-spacing:0.1pt;"> </font>significantly in the future,<font style="letter-spacing:0.05pt;"> </font>it may make any necessary<font style="letter-spacing:0.05pt;"> </font>debt or equity<font style="letter-spacing:0.05pt;"> </font>financing<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>difficult<font style="letter-spacing:0.1pt;"> </font>to complete,<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>costly,<font style="letter-spacing:0.05pt;"> </font>and more<font style="letter-spacing:0.05pt;"> </font>dilutive.<font style="letter-spacing:0.05pt;"> </font>Failure<font style="letter-spacing:0.05pt;"> </font>to secure<font style="letter-spacing:0.05pt;"> </font>any necessary<font style="letter-spacing:0.05pt;"> </font>financing<font style="letter-spacing:0.05pt;"> </font>in a timely<font style="letter-spacing:0.05pt;"> </font>manner<font style="letter-spacing:0.05pt;"> </font>and on favorable<font style="letter-spacing:0.05pt;"> </font>terms<font style="letter-spacing:0.05pt;"> </font>could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our growth strategy,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>performance<font style="letter-spacing:0.1pt;"> </font>and share<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>and could require<font style="letter-spacing:0.05pt;"> </font>us to delay or abandon development<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>plans. In addition,<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>is a risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>one or more<font style="letter-spacing:0.05pt;"> </font>of our service<font style="letter-spacing:0.05pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>would not survive<font style="letter-spacing:0.05pt;"> </font>or be able to meet<font style="letter-spacing:0.05pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>commitments<font style="letter-spacing:0.15pt;"> </font>to us under such circumstances,<font style="letter-spacing:0.15pt;"> </font>which could directly<font style="letter-spacing:0.1pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to attain<font style="letter-spacing:0.05pt;"> </font>our operating<font style="letter-spacing:0.05pt;"> </font>goals on schedule<font style="letter-spacing:0.05pt;"> </font>and on budget.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our Loan and Security Agreement with Silicon Valley Bank (the &#8220;Loan Agreement&#8221;) contains certain covenants that could adversely affect our operations and, if an event of default were to occur, we could be forced to repay the outstanding indebtedness sooner than planned and possibly at a time when we do not have sufficient capital to meet this obligation. The occurrence of any of these events could cause a significant adverse impact on our business, prospects and share price.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the Loan Agreement, we have pledged substantially all of our assets, other than our intellectual property rights, and have agreed that we may not sell or assign rights to our patents and other intellectual property without the prior consent of Silicon Valley Bank. Additionally, the Loan Agreement contains affirmative and negative covenants that, among other things, restrict our ability to:</p>
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<p style="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;"><font style="font-family:Times New Roman;">make distributions, including dividends;</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:Times New Roman;">sell all or a portion of the Company&#8217;s property, business or assets; or</font></p></td></tr></table></div>
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<p style="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;"><font style="font-family:Times New Roman;">in the case of the Company&#8217;s wholly-owned subsidiaries, 89Bio Ltd. and UAB 89bio Lithuania, to hold certain assets.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These terms of the Loan Agreement could prevent us from taking certain actions without the consent of our lenders, which may limit our flexibility in operating our business and our ability to take actions that might be advantageous to us and our stockholders, placing us at a competitive disadvantage compared to our competitors who have less leverage and who therefore may be able to take advantage of opportunities that our leverage prevents us from exploiting.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Loan Agreement also includes customary events of default, including, among other things, a change of control. Upon the occurrence and continuation of an event of default, all amounts due under the Loan Agreement become (in the case of a bankruptcy event), or may become (in the case of all other events of default and at the option of Silicon Valley Bank), immediately due and payable.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU25"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an event of default under the Loan Agreement should occur, we could be required to immediately repay the outstanding indebtedness. If we are unable to repay this debt,</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> the lenders would be able to foreclose on the secured collateral, including our cash accounts, and take other remedies permitted under the Loan Agreement. Even if we are able to repay the indebtedness on an event of default, the repayment of these sums ma</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">y significantly reduce our working capital and impair our ability to operate as planned. The occurrence of any of these events could cause a significant </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse impact on our business and financial condition</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;">&nbsp;</p>
<p style="margin-top:8pt;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;">We will need to raise additional funds to operate our business, but additional funds may not be available on acceptable terms, or at all. Any inability to raise required capital when needed could harm our liquidity, financial condition, business, operating results and prospects.</p>
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<p style="margin-bottom:0pt;margin-top: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;">As of March 31, 2020, we had no revenue, an accumulated deficit of $84.1 million and cash and cash equivalents of $85.5 million.&#160;Based on our current operating plan, we believe that our cash and cash equivalents, together with the net proceeds from our IPO will be sufficient to meet our anticipated cash requirements <font style="color:#231F20;letter-spacing:0.1pt;">into the second half of 2021</font>. However, to date, we have not generated revenues from our activities and have incurred substantial operating losses. We expect that we will continue to generate substantial operating losses for the foreseeable future until we complete development of BIO89-100 or our other product candidates and seek regulatory approvals to market such product candidates. We plan to continue to fund our operations primarily through utilization of our current financial resources and additional raises of capital. We may raise funds from our current investors as well as potential outside investors. We expect<font style="letter-spacing:0.05pt;"> </font>to finance<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>cash needs through public<font style="letter-spacing:0.05pt;"> </font>or private<font style="letter-spacing:0.05pt;"> </font>equity<font style="letter-spacing:0.05pt;"> </font>or debt offerings, the Loan Agreement<font style="letter-spacing:0.1pt;"> </font>or product collaborations. However, there is no assurance that such funding will be available to us or that it will be obtained on terms favorable to us or will provide us with sufficient funds to meet our objectives. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>business depends on<font style="letter-spacing:-0.05pt;"> </font>the success<font style="letter-spacing:0.05pt;"> </font>of BIO89-100,<font style="letter-spacing:-0.05pt;"> </font>our only product candidate<font style="letter-spacing:0.05pt;"> </font>under clinical<font style="letter-spacing:0.05pt;"> </font>development, which<font style="letter-spacing:-0.05pt;"> </font>is in the early<font style="letter-spacing:0.05pt;"> </font>stages<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>has not completed<font style="letter-spacing:0.05pt;"> </font>a pivotal<font style="letter-spacing:0.05pt;"> </font>trial.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to obtain regulatory<font style="letter-spacing:0.05pt;"> </font>approval for and<font style="letter-spacing:-0.05pt;"> </font>successfully<font style="letter-spacing:0.1pt;"> </font>commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or other future product candidates, or we<font style="letter-spacing:-0.05pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>in doing so, our business will be materially<font style="letter-spacing:0.1pt;"> </font>harmed.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To<font style="letter-spacing:-0.05pt;"> </font>date, the primary<font style="letter-spacing:0.05pt;"> </font>focus of our product<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>has been BIO89-100 for the treatment<font style="letter-spacing:0.1pt;"> </font>of patients with NASH.<font style="letter-spacing:-0.1pt;"> </font>Currently,<font style="letter-spacing:0.05pt;"> </font>BIO89-100 is our only product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>under clinical<font style="letter-spacing:0.1pt;"> </font>development.<font style="letter-spacing:0.05pt;"> </font>This may make an investment<font style="letter-spacing:0.1pt;"> </font>in our company riskier<font style="letter-spacing:0.1pt;"> </font>than similar<font style="letter-spacing:0.1pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have multiple<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>in active development<font style="letter-spacing:0.05pt;"> </font>and that<font style="letter-spacing:0.05pt;"> </font>therefore<font style="letter-spacing:0.1pt;"> </font>may be able to better<font style="letter-spacing:0.05pt;"> </font>sustain<font style="letter-spacing:0.05pt;"> </font>a failure<font style="letter-spacing:0.1pt;"> </font>of a lead candidate.<font style="letter-spacing:0.05pt;"> </font>Successful<font style="letter-spacing:0.05pt;"> </font>continued development<font style="letter-spacing:0.05pt;"> </font>and ultimate<font style="letter-spacing:0.1pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH<font style="letter-spacing:-0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>indications, including<font style="letter-spacing:0.05pt;"> </font>SHTG,<font style="letter-spacing:-0.1pt;"> </font>is critical<font style="letter-spacing:0.1pt;"> </font>to the future<font style="letter-spacing:0.05pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>of our business.<font style="letter-spacing:0.05pt;"> </font>We have invested,<font style="letter-spacing:0.05pt;"> </font>and will continue<font style="letter-spacing:0.05pt;"> </font>to invest,<font style="letter-spacing:0.05pt;"> </font>a significant<font style="letter-spacing:0.1pt;"> </font>portion<font style="letter-spacing:0.05pt;"> </font>of our time<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>in the clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100. If we<font style="letter-spacing:-0.05pt;"> </font>cannot successfully<font style="letter-spacing:0.1pt;"> </font>develop, obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for and commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100, we<font style="letter-spacing:-0.05pt;"> </font>may not be able to continue<font style="letter-spacing:0.05pt;"> </font>our operations.<font style="letter-spacing:0.05pt;"> </font>The future<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>and commercial<font style="letter-spacing:0.1pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 is subject<font style="letter-spacing:0.05pt;"> </font>to a number<font style="letter-spacing:0.05pt;"> </font>of risks,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the following:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may not have sufficient financial and other resources to complete the necessary clinical trials for BIO89-100, including, but not limited to, the clinical trials needed to obtain drug approval;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the mechanism of action of BIO89-100 is complex, and we do not know the degree to which it will translate into a therapeutic benefit, if any, in NASH or any other indication, and we do not know the degree to which the complex mechanism of action may contribute to long-term safety issues or adverse events, if any, when BIO89-100 is taken for prolonged periods such as in the treatment of NASH or any other indication;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may not be able to obtain adequate evidence from clinical trials of efficacy and safety for BIO89-100 for the treatment of NASH or other indications;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">in our clinical trials for BIO89-100, we may need to adjust our clinical trial procedures and may need additional clinical trial sites, which could delay our clinical trial progress;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the results of our clinical trials may not meet the level of statistical or clinical significance required by the FDA or comparable foreign regulatory authorities for marketing approval;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">patients in our clinical trials may suffer serious adverse effects for reasons that may or may not be related to BIO89-100, which could delay or prevent further clinical development;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the standards implemented by clinical or regulatory agencies may change at any time and we cannot be certain what efficacy endpoints the FDA or foreign clinical or regulatory agencies may require in pivotal clinical trials with respect to NASH or any other indication for the approval of BIO89-100;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU26"></a><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Times New Roman;color:#000000;">the results of later stage clinical trials may not be as favorable as the results we have observed to date in our preclinical studies and Phase 1a clin</font><font style="font-family:Times New Roman;color:#000000;">ical trial;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">if we obtain accelerated approval of BIO89-100 or any other product candidate based on a surrogate endpoint, we may be required to conduct a post-approval clinical outcomes trial to confirm the clinical benefit of the product candidate; if any such post-approval trial is not successful we may not be able to continue marketing the product;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we cannot be certain of the number and type of clinical trials and non-clinical studies that the FDA or other regulatory agencies will require in order to approve BIO89-100 for the treatment of NASH or any other indication, including SHTG;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">if approved for NASH or SHTG, BIO89-100 will likely compete with products that may reach approval for the treatment of NASH prior to BIO89-100, products that are currently approved for the treatment of SHTG and the off-label use of currently marketed products for NASH and SHTG; </font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">positive results from the clinical trials of our competitors developing other FGF product candidates may not be indicative of similar or superior results from our clinical trials for BIO89-100; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may not be able to obtain, maintain or enforce</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">our patents</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">intellectual</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">property</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">rights.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Of the large<font style="letter-spacing:0.05pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of drugs in development<font style="letter-spacing:0.05pt;"> </font>in the pharmaceutical<font style="letter-spacing:0.15pt;"> </font>industry,<font style="letter-spacing:0.05pt;"> </font>only a small<font style="letter-spacing:0.05pt;"> </font>percentage results<font style="letter-spacing:0.05pt;"> </font>in the submission<font style="letter-spacing:0.05pt;"> </font>of a new<font style="letter-spacing:-0.05pt;"> </font>drug application<font style="letter-spacing:0.1pt;"> </font>or a new<font style="letter-spacing:-0.05pt;"> </font>biologics license application (&#8220;BLA&#8221;)<font style="letter-spacing:-0.05pt;"> </font>to the FDA<font style="letter-spacing:-0.05pt;"> </font>and even fewer are approved for commercialization.<font style="letter-spacing:0.2pt;"> </font>Furthermore,<font style="letter-spacing:0.1pt;"> </font>even if we<font style="letter-spacing:-0.05pt;"> </font>do receive<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>to market<font style="letter-spacing:0.05pt;"> </font>BIO89-100, any such approval<font style="letter-spacing:0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to limitations<font style="letter-spacing:0.15pt;"> </font>on the indicated<font style="letter-spacing:0.05pt;"> </font>uses or patient<font style="letter-spacing:0.05pt;"> </font>populations<font style="letter-spacing:0.05pt;"> </font>for which we<font style="letter-spacing:-0.05pt;"> </font>may market<font style="letter-spacing:0.05pt;"> </font>the products.<font style="letter-spacing:0.05pt;"> </font>Accordingly,<font style="letter-spacing:0.05pt;"> </font>even if we<font style="letter-spacing:-0.05pt;"> </font>are able to obtain<font style="letter-spacing:0.05pt;"> </font>the requisite<font style="letter-spacing:0.1pt;"> </font>financing<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>to fund our development programs,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be unable to successfully<font style="letter-spacing:0.1pt;"> </font>develop or commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100. If we<font style="letter-spacing:-0.05pt;"> </font>or any of our future development<font style="letter-spacing:0.05pt;"> </font>collaborators<font style="letter-spacing:0.1pt;"> </font>are unable to develop, or obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for, or, if approved, successfully commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100, we<font style="letter-spacing:-0.05pt;"> </font>may not be able to generate<font style="letter-spacing:0.05pt;"> </font>sufficient<font style="letter-spacing:0.1pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>our business.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Clinical<font style="letter-spacing:0.05pt;"> </font>drug development<font style="letter-spacing:0.05pt;"> </font>involves<font style="letter-spacing:0.05pt;"> </font>a lengthy and<font style="letter-spacing:-0.05pt;"> </font>expensive<font style="letter-spacing:0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>with uncertain timelines<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>uncertain outcomes,<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>the results<font style="letter-spacing:0.05pt;"> </font>of prior preclinical<font style="letter-spacing:0.1pt;"> </font>or clinical<font style="letter-spacing:0.05pt;"> </font>trials<font style="letter-spacing:0.05pt;"> </font>are not necessarily<font style="letter-spacing:0.1pt;"> </font>predictive<font style="letter-spacing:0.1pt;"> </font>of our future results.<font style="letter-spacing:0.05pt;"> </font>Our<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:0.05pt;"> </font>trials<font style="letter-spacing:0.05pt;"> </font>may fail<font style="letter-spacing:0.05pt;"> </font>to adequately<font style="letter-spacing:0.05pt;"> </font>demonstrate<font style="letter-spacing:0.05pt;"> </font>the safety<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>efficacy<font style="letter-spacing:0.1pt;"> </font>of BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or any future product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will be subject<font style="letter-spacing:0.05pt;"> </font>to rigorous<font style="letter-spacing:0.05pt;"> </font>and extensive<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and extensive<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>processes<font style="letter-spacing:0.05pt;"> </font>implemented<font style="letter-spacing:0.1pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>and comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities before<font style="letter-spacing:0.05pt;"> </font>obtaining<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.<font style="letter-spacing:0.1pt;"> </font>The drug development<font style="letter-spacing:0.05pt;"> </font>and approval process<font style="letter-spacing:0.05pt;"> </font>is lengthy<font style="letter-spacing:0.05pt;"> </font>and expensive,<font style="letter-spacing:0.05pt;"> </font>and approval<font style="letter-spacing:0.05pt;"> </font>is never certain.<font style="letter-spacing:0.05pt;"> </font>Investigational<font style="letter-spacing:0.15pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>drugs, such as BIO89-100, may not prove to be safe<font style="letter-spacing:0.05pt;"> </font>and effective<font style="letter-spacing:0.1pt;"> </font>in clinical<font style="letter-spacing:0.1pt;"> </font>trials.<font style="letter-spacing:0.1pt;"> </font>We have no direct<font style="letter-spacing:0.05pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>as a company in conducting<font style="letter-spacing:0.05pt;"> </font>later<font style="letter-spacing:0.05pt;"> </font>stage<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>We may be unable to conduct clinical trials<font style="letter-spacing:0.1pt;"> </font>at preferred<font style="letter-spacing:0.1pt;"> </font>sites,<font style="letter-spacing:0.05pt;"> </font>enlist<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>enroll<font style="letter-spacing:0.05pt;"> </font>sufficient<font style="letter-spacing:0.1pt;"> </font>numbers<font style="letter-spacing:0.05pt;"> </font>of participants<font style="letter-spacing:0.1pt;"> </font>or begin or successfully<font style="letter-spacing:0.1pt;"> </font>complete<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>in a timely<font style="letter-spacing:0.05pt;"> </font>fashion,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>the design of a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>can determine<font style="letter-spacing:0.1pt;"> </font>whether its<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>will support<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of a product,<font style="letter-spacing:0.05pt;"> </font>and flaws in the design of a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>may not become<font style="letter-spacing:0.05pt;"> </font>apparent<font style="letter-spacing:0.05pt;"> </font>until<font style="letter-spacing:0.05pt;"> </font>the clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>is well advanced. Because we<font style="letter-spacing:-0.05pt;"> </font>have limited<font style="letter-spacing:0.1pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>as a company designing<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be unable to design and execute<font style="letter-spacing:0.05pt;"> </font>a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>to support<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval. Even if our current<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>is successful,<font style="letter-spacing:0.1pt;"> </font>it will be insufficient<font style="letter-spacing:0.15pt;"> </font>to demonstrate<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>BIO89-100 is safe<font style="letter-spacing:0.05pt;"> </font>or effective<font style="letter-spacing:0.1pt;"> </font>for registration<font style="letter-spacing:0.15pt;"> </font>purposes.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There is a high failure<font style="letter-spacing:0.1pt;"> </font>rate<font style="letter-spacing:0.05pt;"> </font>for drugs and biologic<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>proceeding<font style="letter-spacing:0.05pt;"> </font>through clinical<font style="letter-spacing:0.1pt;"> </font>trials.<font style="letter-spacing:0.1pt;"> </font>Failure<font style="letter-spacing:0.05pt;"> </font>can occur at any time<font style="letter-spacing:0.05pt;"> </font>during the clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>process.<font style="letter-spacing:0.05pt;"> </font>The results<font style="letter-spacing:0.05pt;"> </font>of preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and early<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>may not be predictive<font style="letter-spacing:0.1pt;"> </font>of the results<font style="letter-spacing:0.05pt;"> </font>of later-stage<font style="letter-spacing:0.15pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or trials<font style="letter-spacing:0.1pt;"> </font>and the results<font style="letter-spacing:0.05pt;"> </font>of studies<font style="letter-spacing:0.05pt;"> </font>or trials<font style="letter-spacing:0.1pt;"> </font>in one set of patients<font style="letter-spacing:0.05pt;"> </font>or line<font style="letter-spacing:0.05pt;"> </font>of treatment<font style="letter-spacing:0.1pt;"> </font>may not be predictive<font style="letter-spacing:0.1pt;"> </font>of those obtained<font style="letter-spacing:0.05pt;"> </font>in another.<font style="letter-spacing:0.05pt;"> </font>In fact,<font style="letter-spacing:0.05pt;"> </font>many companies<font style="letter-spacing:0.05pt;"> </font>in the pharmaceutical<font style="letter-spacing:0.15pt;"> </font>and biotechnology<font style="letter-spacing:0.05pt;"> </font>industries<font style="letter-spacing:0.1pt;"> </font>have suffered significant<font style="letter-spacing:0.1pt;"> </font>setbacks<font style="letter-spacing:0.05pt;"> </font>in late<font style="letter-spacing:0.05pt;"> </font>stage<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>even after<font style="letter-spacing:0.05pt;"> </font>achieving<font style="letter-spacing:0.05pt;"> </font>promising<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>in preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and earlier<font style="letter-spacing:0.1pt;"> </font>stage<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>data obtained<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>is subject<font style="letter-spacing:0.05pt;"> </font>to varying interpretations,<font style="letter-spacing:0.15pt;"> </font>which may delay, limit<font style="letter-spacing:0.1pt;"> </font>or prevent<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>It is impossible<font style="letter-spacing:0.1pt;"> </font>to predict<font style="letter-spacing:0.05pt;"> </font>when<font style="letter-spacing:-0.05pt;"> </font>or if BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>will prove effective<font style="letter-spacing:0.1pt;"> </font>or safe<font style="letter-spacing:0.05pt;"> </font>in humans or will receive<font style="letter-spacing:0.05pt;"> </font>regulatory approval.<font style="letter-spacing:0.05pt;"> </font>Owing<font style="letter-spacing:-0.05pt;"> </font>in part<font style="letter-spacing:0.05pt;"> </font>to the complexity<font style="letter-spacing:0.1pt;"> </font>of biological<font style="letter-spacing:0.1pt;"> </font>pathways, BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate may not demonstrate<font style="letter-spacing:0.1pt;"> </font>in patients<font style="letter-spacing:0.05pt;"> </font>the biochemical<font style="letter-spacing:0.1pt;"> </font>and pharmacological<font style="letter-spacing:0.15pt;"> </font>properties<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>anticipate<font style="letter-spacing:0.1pt;"> </font>based on laboratory<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or earlier<font style="letter-spacing:0.1pt;"> </font>stage<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>and they may interact<font style="letter-spacing:0.1pt;"> </font>with human biological<font style="letter-spacing:0.1pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>or other drugs in unforeseen,<font style="letter-spacing:0.05pt;"> </font>ineffective<font style="letter-spacing:0.1pt;"> </font>or harmful<font style="letter-spacing:0.05pt;"> </font>ways. The number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>exposed to product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and the average<font style="letter-spacing:0.05pt;"> </font>exposure<font style="letter-spacing:0.05pt;"> </font>time<font style="letter-spacing:0.05pt;"> </font>in the clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>may be inadequate<font style="letter-spacing:0.05pt;"> </font>to detect<font style="letter-spacing:0.05pt;"> </font>rare<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>or findings<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may only be detected<font style="letter-spacing:0.05pt;"> </font>once a product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>is administered<font style="letter-spacing:0.1pt;"> </font>to more<font style="letter-spacing:0.05pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>and for greater periods<font style="letter-spacing:0.05pt;"> </font>of time.<font style="letter-spacing:0.05pt;"> </font>To<font style="letter-spacing:-0.05pt;"> </font>date, our Phase 1a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>has involved<font style="letter-spacing:0.05pt;"> </font>a small<font style="letter-spacing:0.05pt;"> </font>patient<font style="letter-spacing:0.05pt;"> </font>population<font style="letter-spacing:0.05pt;"> </font>of healthy<font style="letter-spacing:0.05pt;"> </font>volunteers and, because<font style="letter-spacing:0.05pt;"> </font>of the small<font style="letter-spacing:0.05pt;"> </font>sample<font style="letter-spacing:0.05pt;"> </font>size<font style="letter-spacing:0.05pt;"> </font>in such trial,<font style="letter-spacing:0.05pt;"> </font>the results<font style="letter-spacing:0.05pt;"> </font>of this<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to substantial variability<font style="letter-spacing:0.1pt;"> </font>and may not be indicative<font style="letter-spacing:0.1pt;"> </font>of either<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>interim<font style="letter-spacing:0.1pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>or final<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>in patients<font style="letter-spacing:0.05pt;"> </font>with liver<font style="letter-spacing:0.05pt;"> </font>or cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>diseases.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to successfully<font style="letter-spacing:0.1pt;"> </font>demonstrate<font style="letter-spacing:0.1pt;"> </font>the safety<font style="letter-spacing:0.05pt;"> </font>and efficacy<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 or other<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and receive<font style="letter-spacing:0.05pt;"> </font>the necessary<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals,<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>will be materially harmed.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU27"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">experience</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">delays</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in clinical</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">testing,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our commercial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">prospects</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">will be adversely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">affected,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may increase</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our business may be harmed.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Conducting clinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>for any product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>for approval<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>requires<font style="letter-spacing:0.05pt;"> </font>filing an investigational new drug (&#8220;IND&#8221;) application<font style="letter-spacing:0.1pt;"> </font>and reaching<font style="letter-spacing:0.05pt;"> </font>agreement<font style="letter-spacing:0.1pt;"> </font>with the FDA<font style="letter-spacing:-0.05pt;"> </font>on clinical<font style="letter-spacing:0.1pt;"> </font>protocols, finding<font style="letter-spacing:0.05pt;"> </font>appropriate<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>sites<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>securing<font style="letter-spacing:0.05pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>for such studies<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the institutional<font style="letter-spacing:0.15pt;"> </font>review board at each such site,<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>quantities<font style="letter-spacing:0.1pt;"> </font>of product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and supplying drug product<font style="letter-spacing:0.05pt;"> </font>to clinical<font style="letter-spacing:0.1pt;"> </font>sites.<font style="letter-spacing:0.05pt;"> </font>Currently,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have two active<font style="letter-spacing:0.05pt;"> </font>INDs<font style="letter-spacing:-0.05pt;"> </font>with the FDA<font style="letter-spacing:-0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>for BIO89-100, one with the Division of Hepatology &amp; Nutrition and one with the Division of Diabetes, Lipid Disorders, and Obesity. In the future,<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may file<font style="letter-spacing:0.05pt;"> </font>an additional<font style="letter-spacing:0.1pt;"> </font>IND<font style="letter-spacing:-0.05pt;"> </font>with another<font style="letter-spacing:0.05pt;"> </font>division<font style="letter-spacing:0.05pt;"> </font>for any future<font style="letter-spacing:0.05pt;"> </font>indications.<font style="letter-spacing:-0.1pt;"> </font>If any such future<font style="letter-spacing:0.05pt;"> </font>IND<font style="letter-spacing:-0.05pt;"> </font>is not approved by the FDA,<font style="letter-spacing:-0.05pt;"> </font>our clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>timeline<font style="letter-spacing:0.1pt;"> </font>may be negatively<font style="letter-spacing:0.05pt;"> </font>impacted<font style="letter-spacing:0.05pt;"> </font>and any future<font style="letter-spacing:0.05pt;"> </font>clinical programs<font style="letter-spacing:0.05pt;"> </font>may be delayed<font style="letter-spacing:0.05pt;"> </font>or terminated.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We cannot guarantee<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be able to successfully<font style="letter-spacing:0.1pt;"> </font>accomplish<font style="letter-spacing:0.1pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>or all of the other<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>to initiate<font style="letter-spacing:0.1pt;"> </font>and complete<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials.<font style="letter-spacing:0.1pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>our preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>may be extended,<font style="letter-spacing:0.05pt;"> </font>delayed<font style="letter-spacing:0.05pt;"> </font>or terminated,<font style="letter-spacing:0.1pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may be unable to obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>or successfully<font style="letter-spacing:0.1pt;"> </font>commercialize<font style="letter-spacing:0.15pt;"> </font>our products.<font style="letter-spacing:0.05pt;"> </font>We do not know<font style="letter-spacing:-0.05pt;"> </font>whether any other<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>will begin as planned, will need to be restructured<font style="letter-spacing:0.1pt;"> </font>or will be completed<font style="letter-spacing:0.05pt;"> </font>on schedule,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>Our product<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>will increase<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>in clinical<font style="letter-spacing:0.1pt;"> </font>testing.<font style="letter-spacing:0.05pt;"> </font>Significant<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>also could shorten<font style="letter-spacing:0.05pt;"> </font>any periods during which we<font style="letter-spacing:-0.05pt;"> </font>may have the exclusive<font style="letter-spacing:0.05pt;"> </font>right<font style="letter-spacing:0.05pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or allow our competitors<font style="letter-spacing:0.1pt;"> </font>to bring products<font style="letter-spacing:0.05pt;"> </font>to market<font style="letter-spacing:0.05pt;"> </font>before<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do, which would impair<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to successfully commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and may harm<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects.<font style="letter-spacing:0.05pt;"> </font>Events that<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in a delay or unsuccessful<font style="letter-spacing:0.1pt;"> </font>completion<font style="letter-spacing:0.1pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>include:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays relating to the ongoing COVID-19 pandemic;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays in reaching agreement on acceptable terms with prospective contract research organizations (&#8220;CROs&#8221;) and clinical trial sites;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">ongoing discussions with the FDA or comparable foreign authorities regarding the scope or design of our clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">deviations from the trial protocol by clinical trial sites and investigators, or failures to conduct the trial in accordance with regulatory requirements;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the need to repeat clinical trials as a result of inconclusive or negative results or poorly executed testing or changes in required endpoints or requests for additional information by the FDA or comparable foreign authorities;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">unfavorable FDA inspection and review of a clinical trial site or records of any clinical or preclinical investigation;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the placement of a clinical hold on a clinical trial by the FDA or comparable foreign authorities;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays in obtaining, or the inability to obtain, required approvals from institutional review boards or other governing entities at clinical sites selected for participation in our clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">failure of third parties, such as CROs, to satisfy their contractual duties to us or meet expected deadlines;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays in the testing, validation, manufacturing and delivery of the product candidates to the clinical sites;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">insufficient supply or deficient quality of product candidate materials or other materials necessary to conduct our clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">for clinical trials in selected patient populations, delays in identification and auditing of central or other laboratories and the transfer and validation of assays or tests to be used to identify selected patients;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays in enrolling participants into our clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays in patients completing a trial or returning for post-treatment follow-up;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">delays caused by patients dropping out of a trial due to side effects, disease progression or otherwise;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">serious and unexpected drug-related adverse effects experienced by participants in our clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">implementation of new, or changes to, guidance or interpretations from the FDA or comparable foreign authorities with respect to approval pathways for any product candidates we are pursuing, such as the draft guidance documents from the FDA and the European Medicines Agency for the development of NASH that were issued in 2018 and 2019;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">withdrawal of clinical trial sites from our clinical trials as a result of changing standards of care or the ineligibility of a site to participate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in our clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">changes in government</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regulations</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or administrative</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">actions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or lack of adequate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">funding to continue the clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials.</font></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;">27</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU28"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our or our future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborators&#8217;</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inability</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to timely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">complete</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">clinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in additional</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to us as well as impair</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to generate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">continue</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development, commercialize</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BIO89-100 and any future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reach</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sales</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">milestone</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">payments</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and receive royalties</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sales.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">make changes to a product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidate,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may need to conduct additional</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">nonclinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">studies</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or clinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trials</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to bridge</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or demonstrate</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the comparability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our modified</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product c</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">andidate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to earlier</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">versions,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which could delay our clinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">plan or marketing</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approval</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for our current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and any future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If we<font style="letter-spacing:-0.05pt;"> </font>encounter difficulties<font style="letter-spacing:0.15pt;"> </font>in enrolling<font style="letter-spacing:0.05pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>in our clinical<font style="letter-spacing:0.05pt;"> </font>trials,<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>could be delayed<font style="letter-spacing:0.05pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>adversely<font style="letter-spacing:0.05pt;"> </font>affected.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The timely<font style="letter-spacing:0.05pt;"> </font>completion<font style="letter-spacing:0.1pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>largely<font style="letter-spacing:0.05pt;"> </font>depends on patient<font style="letter-spacing:0.05pt;"> </font>enrollment.<font style="letter-spacing:0.1pt;"> </font>We may encounter<font style="letter-spacing:0.05pt;"> </font>delays in enrolling,<font style="letter-spacing:0.05pt;"> </font>or be unable to enroll,<font style="letter-spacing:0.05pt;"> </font>a sufficient<font style="letter-spacing:0.1pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>to complete<font style="letter-spacing:0.05pt;"> </font>any of our future clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>and even once enrolled,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be unable to retain<font style="letter-spacing:0.05pt;"> </font>a sufficient<font style="letter-spacing:0.1pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>to complete<font style="letter-spacing:0.05pt;"> </font>any of our trials.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<font style="letter-spacing:0.1pt;"> </font>as a result<font style="letter-spacing:0.05pt;"> </font>of the inherent<font style="letter-spacing:0.05pt;"> </font>difficulties<font style="letter-spacing:0.15pt;"> </font>in diagnosing<font style="letter-spacing:0.05pt;"> </font><font style="letter-spacing:-0.05pt;">NASH,</font> which can currently<font style="letter-spacing:0.1pt;"> </font>only be definitively<font style="letter-spacing:1.15pt;"> </font>diagnosed<font style="letter-spacing:0.05pt;"> </font>through a liver<font style="letter-spacing:0.05pt;"> </font>biopsy, and the significant<font style="letter-spacing:0.1pt;"> </font>competition<font style="letter-spacing:0.1pt;"> </font>for recruiting<font style="letter-spacing:0.1pt;"> </font>NASH<font style="letter-spacing:-0.1pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>in clinical<font style="letter-spacing:0.1pt;"> </font>trials, we<font style="letter-spacing:-0.05pt;"> </font>or our future<font style="letter-spacing:0.05pt;"> </font>collaborators<font style="letter-spacing:0.1pt;"> </font>may be unable to enroll<font style="letter-spacing:0.05pt;"> </font>the patients<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>need to complete<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>on a timely basis,<font style="letter-spacing:0.05pt;"> </font>or at all.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many factors<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>patient<font style="letter-spacing:0.05pt;"> </font>enrollment,<font style="letter-spacing:0.1pt;"> </font>including:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the size and nature of the patient population, which may be limited due to diagnostic requirements;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the number and location of clinical sites;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">competition with other companies for clinical sites or patients;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the availability and amount of any patient stipend;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the eligibility and exclusion criteria for the trial, including any potential requirement for a biopsy;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the design of the clinical trial;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">competing clinical trials and clinicians&#8217; and patients&#8217; perceptions as to the potential advantages of the drug being studied in relation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">available</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">therapies</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">(oral</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">versus</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">injectables,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">like BIO89-100), including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any new</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">drugs that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may be approved for the indications</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are investigating.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>our competitors,<font style="letter-spacing:0.1pt;"> </font>some of whom have significantly<font style="letter-spacing:0.15pt;"> </font>greater<font style="letter-spacing:0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>do, are conducting<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>for the same<font style="letter-spacing:0.05pt;"> </font>indications<font style="letter-spacing:0.1pt;"> </font>and seek to enroll<font style="letter-spacing:0.05pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>in their<font style="letter-spacing:0.05pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may otherwise be eligible<font style="letter-spacing:0.1pt;"> </font>for our clinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or trials,<font style="letter-spacing:0.1pt;"> </font>which could lead to slow recruitment<font style="letter-spacing:0.15pt;"> </font>and delays<font style="letter-spacing:0.05pt;"> </font>in our clinical programs.<font style="letter-spacing:0.05pt;"> </font>Further,<font style="letter-spacing:0.05pt;"> </font>since<font style="letter-spacing:0.05pt;"> </font>the number<font style="letter-spacing:0.05pt;"> </font>of qualified<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>investigators<font style="letter-spacing:0.1pt;"> </font>is limited,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>to conduct some of our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>at the same<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>sites<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>some of our competitors<font style="letter-spacing:0.1pt;"> </font>use, which could further<font style="letter-spacing:0.05pt;"> </font>reduce<font style="letter-spacing:0.05pt;"> </font>the number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>who<font style="letter-spacing:-0.05pt;"> </font>are available<font style="letter-spacing:0.1pt;"> </font>for our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>sites.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our inability<font style="letter-spacing:0.1pt;"> </font>to enroll<font style="letter-spacing:0.05pt;"> </font>a sufficient<font style="letter-spacing:0.1pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>for our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>would result<font style="letter-spacing:0.05pt;"> </font>in significant delays<font style="letter-spacing:0.05pt;"> </font>or may require<font style="letter-spacing:0.05pt;"> </font>us to abandon one or more<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>altogether.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to enroll<font style="letter-spacing:0.05pt;"> </font>a sufficient number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>will complete<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>testing,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be unable to seek or gain marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and our business<font style="letter-spacing:0.05pt;"> </font>will be harmed.<font style="letter-spacing:0.05pt;"> </font>Even if we<font style="letter-spacing:-0.05pt;"> </font>are able to enroll<font style="letter-spacing:0.05pt;"> </font>a sufficient<font style="letter-spacing:0.1pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>in our clinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or trials,<font style="letter-spacing:0.1pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>in patient<font style="letter-spacing:0.05pt;"> </font>enrollment<font style="letter-spacing:0.1pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in increased costs<font style="letter-spacing:0.05pt;"> </font>or may affect<font style="letter-spacing:0.05pt;"> </font>the timing<font style="letter-spacing:0.05pt;"> </font>or outcome<font style="letter-spacing:0.05pt;"> </font>of our clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>which could prevent<font style="letter-spacing:0.05pt;"> </font>completion<font style="letter-spacing:0.1pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>trials and adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to advance the development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="font-size:12pt;"> </font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We are initially<font style="letter-spacing:0.1pt;"> </font>developing<font style="letter-spacing:0.05pt;"> </font>BIO89-100<font style="letter-spacing:-0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH,<font style="letter-spacing:-0.05pt;"> </font>an<font style="letter-spacing:-0.05pt;"> </font>indication<font style="letter-spacing:0.05pt;"> </font>for which<font style="letter-spacing:-0.05pt;"> </font>there are no approved products. This makes it difficult<font style="letter-spacing:0.1pt;"> </font>to predict<font style="letter-spacing:0.05pt;"> </font>the timing<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>of the clinical<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100<font style="letter-spacing:-0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU29"></a>Our current<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>are focused<font style="letter-spacing:0.05pt;"> </font>on developing<font style="letter-spacing:0.05pt;"> </font>BIO89-100 for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH,<font style="letter-spacing:-0.1pt;"> </font>an indication<font style="letter-spacing:0.1pt;"> </font>for which there<font style="letter-spacing:0.05pt;"> </font>are no approved products. The regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>for novel<font style="letter-spacing:1.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>such as BIO89-100 can be more<font style="letter-spacing:0.05pt;"> </font>expensive<font style="letter-spacing:0.05pt;"> </font>and take longer<font style="letter-spacing:0.05pt;"> </font>than for other,<font style="letter-spacing:0.05pt;"> </font>better<font style="letter-spacing:0.05pt;"> </font>known<font style="letter-spacing:-0.05pt;"> </font>or extensively<font style="letter-spacing:0.1pt;"> </font>studied<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>are in later<font style="letter-spacing:0.05pt;"> </font>stages<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>for their<font style="letter-spacing:0.05pt;"> </font>potential NASH<font style="letter-spacing:-0.1pt;"> </font>therapies,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the path for regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for NASH<font style="letter-spacing:-0.1pt;"> </font>therapies<font style="letter-spacing:0.1pt;"> </font>may continue<font style="letter-spacing:0.05pt;"> </font>to evolve in the near term<font style="letter-spacing:0.05pt;"> </font>as these<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>refine<font style="letter-spacing:0.05pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>strategies<font style="letter-spacing:0.1pt;"> </font>and interact<font style="letter-spacing:0.1pt;"> </font>with regulatory </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;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorities.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Such evolution</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may impact</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">clinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trial</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">designs,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trial</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">size</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and endpoints,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in ways that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cannot predict</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">today. Our anticipated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would likely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">increase</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of BIO89-100 or any future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is delayed</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">because</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are required</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by the FDA</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to pe</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rform</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">studies</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or trials</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in addition</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to, or different</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">those that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">currently</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">anticipate.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because of the numerous</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">risks</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and uncertainties</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">associated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with pharmaceutical</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are unable to predict</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the timing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or amount of any increase</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in our anticipated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">BIO89-100<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>any future product candidates<font style="letter-spacing:0.05pt;"> </font>may cause undesirable<font style="letter-spacing:0.05pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>or have other properties<font style="letter-spacing:0.05pt;"> </font>that could delay or prevent<font style="letter-spacing:0.05pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>approval or limit<font style="letter-spacing:0.1pt;"> </font>the commercial<font style="letter-spacing:0.1pt;"> </font>profile<font style="letter-spacing:0.05pt;"> </font>of an<font style="letter-spacing:-0.05pt;"> </font>approved label.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Undesirable<font style="letter-spacing:0.05pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>caused by BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>could cause us or regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>to interrupt,<font style="letter-spacing:0.1pt;"> </font>delay or halt<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and could result<font style="letter-spacing:0.05pt;"> </font>in a more<font style="letter-spacing:0.05pt;"> </font>restrictive<font style="letter-spacing:0.15pt;"> </font>label<font style="letter-spacing:0.05pt;"> </font>or the delay or denial<font style="letter-spacing:0.05pt;"> </font>of regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.<font style="letter-spacing:0.1pt;"> </font>Additional clinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>may be required<font style="letter-spacing:0.05pt;"> </font>to evaluate<font style="letter-spacing:0.05pt;"> </font>the safety<font style="letter-spacing:0.05pt;"> </font>profile<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While<font style="letter-spacing:0.05pt;"> </font>no serious<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>were reported<font style="letter-spacing:0.05pt;"> </font>in our Phase 1a clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>of BIO89-100, the following treatment-related<font style="letter-spacing:0.2pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>were reported<font style="letter-spacing:0.05pt;"> </font>in at least<font style="letter-spacing:0.05pt;"> </font>two subjects<font style="letter-spacing:0.05pt;"> </font>in the treatment<font style="letter-spacing:0.1pt;"> </font>cohort:<font style="letter-spacing:0.05pt;"> </font>injection<font style="letter-spacing:0.1pt;"> </font>site reactions<font style="letter-spacing:0.1pt;"> </font>and headaches. As with other drugs, we have seen evidence of adverse effects in animal studies and it is possible that other adverse effects will become apparent in ongoing or future animal safety studies. As with any animal safety finding, to the extent that these adverse effects are determined to be clinically relevant, they could have a negative impact on our clinical program.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Future results<font style="letter-spacing:0.05pt;"> </font>of our trials<font style="letter-spacing:0.1pt;"> </font>could reveal<font style="letter-spacing:0.05pt;"> </font>a high and unacceptable<font style="letter-spacing:0.1pt;"> </font>severity<font style="letter-spacing:0.05pt;"> </font>and prevalence<font style="letter-spacing:0.05pt;"> </font>of side effects or unexpected<font style="letter-spacing:0.05pt;"> </font>characteristics.<font style="letter-spacing:0.2pt;"> </font>In such an event, we<font style="letter-spacing:-0.05pt;"> </font>could suspend or terminate<font style="letter-spacing:0.1pt;"> </font>our trials<font style="letter-spacing:0.1pt;"> </font>or the FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>could order<font style="letter-spacing:0.05pt;"> </font>us to cease<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or deny approval<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>for any or all<font style="letter-spacing:0.05pt;"> </font>targeted<font style="letter-spacing:0.05pt;"> </font>indications.<font style="letter-spacing:0.1pt;"> </font>Drug-related<font style="letter-spacing:0.1pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>could affect<font style="letter-spacing:0.05pt;"> </font>patient recruitment<font style="letter-spacing:0.15pt;"> </font>or the ability<font style="letter-spacing:0.05pt;"> </font>of enrolled<font style="letter-spacing:0.05pt;"> </font>subjects<font style="letter-spacing:0.05pt;"> </font>to complete<font style="letter-spacing:0.05pt;"> </font>the trial<font style="letter-spacing:0.05pt;"> </font>or result<font style="letter-spacing:0.05pt;"> </font>in potential<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>claims.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<font style="letter-spacing:-0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>occurrences<font style="letter-spacing:0.1pt;"> </font>could materially<font style="letter-spacing:0.15pt;"> </font>and adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It may be difficult<font style="letter-spacing:0.1pt;"> </font>to discern<font style="letter-spacing:0.05pt;"> </font>whether certain<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>or symptoms<font style="letter-spacing:0.05pt;"> </font>observed<font style="letter-spacing:0.05pt;"> </font>during our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or by patients<font style="letter-spacing:0.05pt;"> </font>using our approved products<font style="letter-spacing:0.05pt;"> </font>are related<font style="letter-spacing:0.05pt;"> </font>to BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or approved products<font style="letter-spacing:0.05pt;"> </font>or some other<font style="letter-spacing:0.05pt;"> </font>factor.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>and our development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>may be negatively<font style="letter-spacing:0.05pt;"> </font>affected<font style="letter-spacing:0.1pt;"> </font>even if such events<font style="letter-spacing:0.05pt;"> </font>or symptoms<font style="letter-spacing:0.05pt;"> </font>are ultimately<font style="letter-spacing:0.1pt;"> </font>determined<font style="letter-spacing:0.1pt;"> </font>to be unlikely<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product candidates<font style="letter-spacing:0.05pt;"> </font>or approved products.<font style="letter-spacing:0.05pt;"> </font>We cannot assure<font style="letter-spacing:0.05pt;"> </font>you that<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>or more<font style="letter-spacing:0.05pt;"> </font>severe<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>side effects related<font style="letter-spacing:0.05pt;"> </font>to BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will not be observed<font style="letter-spacing:0.05pt;"> </font>in our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or in the commercial<font style="letter-spacing:0.1pt;"> </font>setting.<font style="letter-spacing:0.05pt;"> </font>Further,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>BIO89-100 will require<font style="letter-spacing:0.05pt;"> </font>multiple<font style="letter-spacing:0.1pt;"> </font>administrations<font style="letter-spacing:0.15pt;"> </font>via subcutaneous injection<font style="letter-spacing:0.1pt;"> </font>in the course<font style="letter-spacing:0.05pt;"> </font>of a clinical<font style="letter-spacing:0.1pt;"> </font>trial,<font style="letter-spacing:0.05pt;"> </font>and this<font style="letter-spacing:0.05pt;"> </font>chronic<font style="letter-spacing:0.05pt;"> </font>administration<font style="letter-spacing:0.15pt;"> </font>increases<font style="letter-spacing:0.1pt;"> </font>the risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.1pt;"> </font>drug development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>may not uncover all<font style="letter-spacing:0.05pt;"> </font>possible<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may eventually<font style="letter-spacing:0.05pt;"> </font>be experienced<font style="letter-spacing:0.05pt;"> </font>by patients<font style="letter-spacing:0.05pt;"> </font>treated<font style="letter-spacing:0.05pt;"> </font>with BIO89-100, such as rare<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>or chance findings<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may only be detected<font style="letter-spacing:0.05pt;"> </font>once product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are administered<font style="letter-spacing:0.1pt;"> </font>to more patients<font style="letter-spacing:0.05pt;"> </font>or for greater<font style="letter-spacing:0.05pt;"> </font>periods<font style="letter-spacing:0.05pt;"> </font>of time.<font style="letter-spacing:0.05pt;"> </font>If observed,<font style="letter-spacing:0.05pt;"> </font>such adverse<font style="letter-spacing:0.05pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>could delay or preclude<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>limit commercial<font style="letter-spacing:0.1pt;"> </font>use or result<font style="letter-spacing:0.05pt;"> </font>in the withdrawal<font style="letter-spacing:0.05pt;"> </font>of previously<font style="letter-spacing:0.05pt;"> </font>granted<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approvals.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>or others<font style="letter-spacing:0.05pt;"> </font>identify undesirable<font style="letter-spacing:0.1pt;"> </font>or unacceptable<font style="letter-spacing:0.1pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>caused by BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may be required to modify, suspend or terminate our clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may be required to modify or include additional dosage and administration instructions, warnings and precautions, contraindications, boxed warnings, limitations, restrictions or other statements in the product label for our approved products, or issue field alerts to physicians and pharmacies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may be required to conduct costly additional clinical trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may be subject to limitations on how we may promote our approved products;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">sales of our approved products may decrease significantly;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">regulatory authorities may require us to take our approved products off the market;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may be subject to regulatory investigations, government enforcement actions, litigation or product liability claims; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">our products may become</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">less</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">competitive</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or our reputation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may suffer.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU30"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could decrease</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or prevent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any sales</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our approved product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or substantially increase</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and expenses</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of commercializing</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and marketing</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our product.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We face substantial<font style="letter-spacing:0.05pt;"> </font>competition,<font style="letter-spacing:0.1pt;"> </font>which<font style="letter-spacing:-0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in others discovering,<font style="letter-spacing:0.05pt;"> </font>developing<font style="letter-spacing:0.05pt;"> </font>or commercializing competing<font style="letter-spacing:0.05pt;"> </font>products before<font style="letter-spacing:0.05pt;"> </font>or more successfully<font style="letter-spacing:0.1pt;"> </font>than us.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>industry<font style="letter-spacing:0.05pt;"> </font>is intensely<font style="letter-spacing:0.05pt;"> </font>competitive<font style="letter-spacing:0.1pt;"> </font>and subject<font style="letter-spacing:0.05pt;"> </font>to rapid<font style="letter-spacing:0.05pt;"> </font>innovation<font style="letter-spacing:0.05pt;"> </font>and significant technological<font style="letter-spacing:0.1pt;"> </font>advancements.<font style="letter-spacing:0.1pt;"> </font>We believe<font style="letter-spacing:0.05pt;"> </font>the key competitive<font style="letter-spacing:0.1pt;"> </font>factors<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>will affect<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>and commercial<font style="letter-spacing:0.1pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are efficacy,<font style="letter-spacing:0.1pt;"> </font>safety<font style="letter-spacing:0.05pt;"> </font>and tolerability<font style="letter-spacing:0.15pt;"> </font>profile, reliability,<font style="letter-spacing:0.15pt;"> </font>convenience<font style="letter-spacing:0.05pt;"> </font>of dosing, price,<font style="letter-spacing:0.05pt;"> </font>the level<font style="letter-spacing:0.05pt;"> </font>of generic<font style="letter-spacing:0.05pt;"> </font>competition<font style="letter-spacing:0.1pt;"> </font>and reimbursement.<font style="letter-spacing:0.15pt;"> </font>Our competitors include<font style="letter-spacing:0.05pt;"> </font>multinational<font style="letter-spacing:0.15pt;"> </font>pharmaceutical<font style="letter-spacing:0.15pt;"> </font>companies,<font style="letter-spacing:0.05pt;"> </font>specialized<font style="letter-spacing:0.1pt;"> </font>biotechnology<font style="letter-spacing:0.05pt;"> </font>companies,<font style="letter-spacing:0.05pt;"> </font>universities<font style="letter-spacing:0.1pt;"> </font>and other research<font style="letter-spacing:0.05pt;"> </font>institutions.<font style="letter-spacing:0.1pt;"> </font>A<font style="letter-spacing:-0.05pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of biotechnology<font style="letter-spacing:0.05pt;"> </font>and pharmaceutical<font style="letter-spacing:0.15pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>are pursuing<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>or marketing<font style="letter-spacing:0.1pt;"> </font>of pharmaceuticals<font style="letter-spacing:0.15pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>target<font style="letter-spacing:0.05pt;"> </font>the same<font style="letter-spacing:0.05pt;"> </font>diseases<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are targeting.<font style="letter-spacing:0.1pt;"> </font>Smaller<font style="letter-spacing:0.05pt;"> </font>or earlier-stage companies<font style="letter-spacing:0.05pt;"> </font>may also prove to be significant<font style="letter-spacing:0.1pt;"> </font>competitors,<font style="letter-spacing:0.1pt;"> </font>particularly<font style="letter-spacing:0.15pt;"> </font>through collaborative<font style="letter-spacing:0.1pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>with large,<font style="letter-spacing:0.05pt;"> </font>established<font style="letter-spacing:0.1pt;"> </font>companies.<font style="letter-spacing:0.05pt;"> </font>Given the high incidence<font style="letter-spacing:0.05pt;"> </font>of NASH<font style="letter-spacing:-0.1pt;"> </font>and <font style="letter-spacing:-0.05pt;">SHTG,</font> it is likely<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the number<font style="letter-spacing:0.05pt;"> </font>of<font style="letter-spacing:1.15pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>seeking<font style="letter-spacing:0.05pt;"> </font>to develop products<font style="letter-spacing:0.05pt;"> </font>and therapies<font style="letter-spacing:0.1pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of liver<font style="letter-spacing:0.05pt;"> </font>and cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>diseases, such as NASH<font style="letter-spacing:-0.1pt;"> </font>and <font style="letter-spacing:-0.05pt;">SHTG,</font> will increase.<font style="letter-spacing:0.05pt;"> </font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are no currently<font style="letter-spacing:0.1pt;"> </font>approved therapies<font style="letter-spacing:0.1pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH.<font style="letter-spacing:-0.1pt;"> </font>Although there<font style="letter-spacing:0.05pt;"> </font>are no approved therapies<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>specifically<font style="letter-spacing:0.15pt;"> </font>target<font style="letter-spacing:0.05pt;"> </font>the signaling<font style="letter-spacing:0.05pt;"> </font>pathways that<font style="letter-spacing:0.05pt;"> </font>BIO89-100 is designed<font style="letter-spacing:0.05pt;"> </font>to affect, there<font style="letter-spacing:0.05pt;"> </font>are numerous<font style="letter-spacing:1.05pt;"> </font>currently<font style="letter-spacing:0.1pt;"> </font>approved therapies<font style="letter-spacing:0.1pt;"> </font>for treating<font style="letter-spacing:0.1pt;"> </font>diseases<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>than NASH<font style="letter-spacing:-0.1pt;"> </font>and some of these<font style="letter-spacing:0.05pt;"> </font>currently<font style="letter-spacing:0.1pt;"> </font>approved therapies<font style="letter-spacing:0.1pt;"> </font>may exert<font style="letter-spacing:0.05pt;"> </font>effects<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could be similar<font style="letter-spacing:0.1pt;"> </font>to BIO89-100. Many of these<font style="letter-spacing:0.05pt;"> </font>approved drugs are well-established<font style="letter-spacing:0.1pt;"> </font>therapies<font style="letter-spacing:0.1pt;"> </font>or products<font style="letter-spacing:0.05pt;"> </font>and are widely accepted<font style="letter-spacing:0.05pt;"> </font>by physicians,<font style="letter-spacing:0.05pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>and third-party<font style="letter-spacing:0.1pt;"> </font>payors. Some of these<font style="letter-spacing:0.05pt;"> </font>drugs are branded and subject<font style="letter-spacing:0.05pt;"> </font>to patent<font style="letter-spacing:0.05pt;"> </font>protection,<font style="letter-spacing:0.1pt;"> </font>and others<font style="letter-spacing:0.05pt;"> </font>are available<font style="letter-spacing:0.1pt;"> </font>on a generic<font style="letter-spacing:0.05pt;"> </font>basis.<font style="letter-spacing:0.05pt;"> </font>Insurers<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>payors may also encourage<font style="letter-spacing:0.05pt;"> </font>the use of generic<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>or specific<font style="letter-spacing:0.1pt;"> </font>branded products.<font style="letter-spacing:0.05pt;"> </font>We expect that<font style="letter-spacing:0.05pt;"> </font>if BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are approved, they will be priced<font style="letter-spacing:0.05pt;"> </font>at a significant<font style="letter-spacing:0.1pt;"> </font>premium over competitive<font style="letter-spacing:0.1pt;"> </font>generic<font style="letter-spacing:0.05pt;"> </font>products,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>branded generic<font style="letter-spacing:0.05pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>This may make it difficult<font style="letter-spacing:0.1pt;"> </font>for us to differentiate<font style="letter-spacing:0.15pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>currently<font style="letter-spacing:0.1pt;"> </font>approved therapies,<font style="letter-spacing:0.1pt;"> </font>which may adversely<font style="letter-spacing:0.05pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>strategy. In addition,<font style="letter-spacing:0.05pt;"> </font>many companies<font style="letter-spacing:0.05pt;"> </font>are developing<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>therapeutics,<font style="letter-spacing:0.1pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>cannot predict<font style="letter-spacing:0.05pt;"> </font>what the standard<font style="letter-spacing:0.05pt;"> </font>of care will be as BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>progress<font style="letter-spacing:0.05pt;"> </font>through clinical<font style="letter-spacing:0.1pt;"> </font>development.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>to the extent<font style="letter-spacing:0.05pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are approved for cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>indications,<font style="letter-spacing:0.1pt;"> </font>such as SHTG, the commercial<font style="letter-spacing:0.1pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>of our products<font style="letter-spacing:0.05pt;"> </font>will also depend on our ability<font style="letter-spacing:0.05pt;"> </font>to demonstrate<font style="letter-spacing:0.1pt;"> </font>benefits<font style="letter-spacing:0.05pt;"> </font>over the then-prevailing<font style="letter-spacing:0.1pt;"> </font>standard<font style="letter-spacing:0.05pt;"> </font>of care,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>diet,<font style="letter-spacing:0.05pt;"> </font>exercise<font style="letter-spacing:0.05pt;"> </font>and lifestyle<font style="letter-spacing:0.1pt;"> </font>modifications.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Further,<font style="letter-spacing:0.05pt;"> </font>if BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are approved for the treatment<font style="letter-spacing:0.1pt;"> </font>of SHTG,<font style="letter-spacing:-0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will compete<font style="letter-spacing:0.05pt;"> </font>with currently<font style="letter-spacing:0.1pt;"> </font>approved therapies<font style="letter-spacing:0.1pt;"> </font>and therapies<font style="letter-spacing:0.1pt;"> </font>further<font style="letter-spacing:0.05pt;"> </font>along in development.<font style="letter-spacing:0.05pt;"> </font>Our competitors<font style="letter-spacing:0.1pt;"> </font>both in the United States<font style="letter-spacing:0.05pt;"> </font>and abroad include<font style="letter-spacing:0.05pt;"> </font>large,<font style="letter-spacing:0.05pt;"> </font>well-established<font style="letter-spacing:0.15pt;"> </font>pharmaceutical<font style="letter-spacing:0.15pt;"> </font>and generic<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>with significantly<font style="letter-spacing:0.15pt;"> </font>greater<font style="letter-spacing:0.05pt;"> </font>name recognition.<font style="letter-spacing:0.1pt;"> </font>Our competitors<font style="letter-spacing:0.1pt;"> </font>may be able to charge<font style="letter-spacing:0.05pt;"> </font>lower prices<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>can, which may adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our market<font style="letter-spacing:0.05pt;"> </font>acceptance.<font style="letter-spacing:0.05pt;"> </font>Many of these<font style="letter-spacing:0.05pt;"> </font>competitors<font style="letter-spacing:0.1pt;"> </font>have greater<font style="letter-spacing:0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>do, including<font style="letter-spacing:0.05pt;"> </font>financial,<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>marketing,<font style="letter-spacing:0.1pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>resources.<font style="letter-spacing:0.05pt;"> </font>Clinical<font style="letter-spacing:0.05pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of SHTG<font style="letter-spacing:-0.1pt;"> </font>may be relatively<font style="letter-spacing:0.1pt;"> </font>costly<font style="letter-spacing:0.05pt;"> </font>and time<font style="letter-spacing:0.05pt;"> </font>consuming. The requirements<font style="letter-spacing:0.1pt;"> </font>for approval<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:1.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>may change over time<font style="letter-spacing:0.05pt;"> </font>and this<font style="letter-spacing:0.05pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>changes to ongoing or future<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>designs<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could impact<font style="letter-spacing:0.05pt;"> </font>timelines<font style="letter-spacing:0.1pt;"> </font>and cost.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If our competitors<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are more<font style="letter-spacing:0.05pt;"> </font>effective,<font style="letter-spacing:0.1pt;"> </font>safer<font style="letter-spacing:0.05pt;"> </font>or cheaper<font style="letter-spacing:0.05pt;"> </font>than our products<font style="letter-spacing:0.05pt;"> </font>or that reach<font style="letter-spacing:0.05pt;"> </font>the market<font style="letter-spacing:0.05pt;"> </font>sooner than our products,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not achieve<font style="letter-spacing:0.05pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>success.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>the biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>industry<font style="letter-spacing:0.05pt;"> </font>is characterized<font style="letter-spacing:0.15pt;"> </font>by rapid<font style="letter-spacing:0.05pt;"> </font>technological<font style="letter-spacing:0.1pt;"> </font>change. Because our research<font style="letter-spacing:0.05pt;"> </font>approach integrates<font style="letter-spacing:0.1pt;"> </font>many technologies,<font style="letter-spacing:0.1pt;"> </font>it may be difficult<font style="letter-spacing:0.1pt;"> </font>for us to stay abreast<font style="letter-spacing:0.05pt;"> </font>of the rapid<font style="letter-spacing:0.05pt;"> </font>changes in other<font style="letter-spacing:0.05pt;"> </font>technologies. If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to stay at the forefront<font style="letter-spacing:0.1pt;"> </font>of technological<font style="letter-spacing:0.1pt;"> </font>change, we<font style="letter-spacing:-0.05pt;"> </font>may be unable to compete<font style="letter-spacing:0.05pt;"> </font>effectively.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Technological<font style="letter-spacing:0.05pt;"> </font>advances<font style="letter-spacing:0.05pt;"> </font>or products<font style="letter-spacing:0.05pt;"> </font>developed<font style="letter-spacing:0.05pt;"> </font>by our competitors<font style="letter-spacing:0.1pt;"> </font>may render<font style="letter-spacing:0.05pt;"> </font>our technologies,<font style="letter-spacing:0.1pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>obsolete,<font style="letter-spacing:0.05pt;"> </font>less<font style="letter-spacing:0.05pt;"> </font>competitive<font style="letter-spacing:0.1pt;"> </font>or not economical.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many of our competitors<font style="letter-spacing:0.1pt;"> </font>have substantially<font style="letter-spacing:0.1pt;"> </font>greater<font style="letter-spacing:0.05pt;"> </font>financial,<font style="letter-spacing:0.1pt;"> </font>technical,<font style="letter-spacing:0.1pt;"> </font>human and other<font style="letter-spacing:0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>do and may be better<font style="letter-spacing:0.05pt;"> </font>equipped to develop, manufacture<font style="letter-spacing:0.1pt;"> </font>and market<font style="letter-spacing:0.05pt;"> </font>technologically<font style="letter-spacing:0.1pt;"> </font>superior<font style="letter-spacing:0.05pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>many of these<font style="letter-spacing:0.05pt;"> </font>competitors<font style="letter-spacing:0.1pt;"> </font>have significantly<font style="letter-spacing:0.15pt;"> </font>longer<font style="letter-spacing:0.05pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>histories<font style="letter-spacing:0.1pt;"> </font>and greater<font style="letter-spacing:0.05pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>than we have in undertaking<font style="letter-spacing:0.05pt;"> </font>nonclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and human clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>of new<font style="letter-spacing:-0.05pt;"> </font>pharmaceutical<font style="letter-spacing:0.15pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>and in obtaining<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>of human therapeutic<font style="letter-spacing:0.1pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>Many of our competitors<font style="letter-spacing:0.1pt;"> </font>have established distribution<font style="letter-spacing:0.1pt;"> </font>channels<font style="letter-spacing:0.05pt;"> </font>for the commercialization<font style="letter-spacing:0.2pt;"> </font>of their<font style="letter-spacing:0.05pt;"> </font>products,<font style="letter-spacing:0.05pt;"> </font>whereas we<font style="letter-spacing:-0.05pt;"> </font>have no such channel<font style="letter-spacing:0.05pt;"> </font>or capabilities.<font style="letter-spacing:0.15pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>many competitors<font style="letter-spacing:0.1pt;"> </font>have greater<font style="letter-spacing:0.05pt;"> </font>name recognition<font style="letter-spacing:0.1pt;"> </font>and more<font style="letter-spacing:0.05pt;"> </font>extensive<font style="letter-spacing:0.05pt;"> </font>collaborative relationships.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>our competitors<font style="letter-spacing:0.1pt;"> </font>may obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of their<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>rapidly<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>do or may obtain<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>limit<font style="letter-spacing:0.1pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to develop or commercialize<font style="letter-spacing:0.15pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>Our competitors<font style="letter-spacing:0.1pt;"> </font>may also develop and succeed<font style="letter-spacing:0.05pt;"> </font>in obtaining<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for drugs that<font style="letter-spacing:0.05pt;"> </font>are more<font style="letter-spacing:0.05pt;"> </font>effective,<font style="letter-spacing:0.1pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>convenient,<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>widely used and less costly<font style="letter-spacing:0.05pt;"> </font>or have a better<font style="letter-spacing:0.05pt;"> </font>safety<font style="letter-spacing:0.05pt;"> </font>profile<font style="letter-spacing:0.05pt;"> </font>than our products<font style="letter-spacing:0.05pt;"> </font>and these<font style="letter-spacing:0.05pt;"> </font>competitors<font style="letter-spacing:0.1pt;"> </font>may also be more<font style="letter-spacing:0.05pt;"> </font>successful<font style="letter-spacing:0.1pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>are in manufacturing<font style="letter-spacing:0.1pt;"> </font>and marketing<font style="letter-spacing:0.1pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to compete<font style="letter-spacing:0.05pt;"> </font>effectively<font style="letter-spacing:0.1pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>these companies,<font style="letter-spacing:0.05pt;"> </font>then we<font style="letter-spacing:-0.05pt;"> </font>may not be able to commercialize<font style="letter-spacing:0.15pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or achieve<font style="letter-spacing:0.05pt;"> </font>a competitive<font style="letter-spacing:0.1pt;"> </font>position<font style="letter-spacing:0.05pt;"> </font>in the market.<font style="letter-spacing:0.05pt;"> </font>This would adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to generate<font style="letter-spacing:0.05pt;"> </font>revenue.<font style="letter-spacing:0.05pt;"> </font>Our competitors<font style="letter-spacing:0.1pt;"> </font>also compete<font style="letter-spacing:0.05pt;"> </font>with us in recruiting<font style="letter-spacing:0.1pt;"> </font>and retaining<font style="letter-spacing:0.1pt;"> </font>qualified<font style="letter-spacing:0.1pt;"> </font>scientific,<font style="letter-spacing:0.1pt;"> </font>management<font style="letter-spacing:0.1pt;"> </font>and commercial personnel,<font style="letter-spacing:0.05pt;"> </font>establishing<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>sites<font style="letter-spacing:0.05pt;"> </font>and enrolling<font style="letter-spacing:0.05pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>for clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>as well as in acquiring technologies<font style="letter-spacing:0.1pt;"> </font>complementary<font style="letter-spacing:0.1pt;"> </font>to, or necessary<font style="letter-spacing:0.05pt;"> </font>for, our programs.<font style="letter-spacing:0.05pt;"> </font>Our inability<font style="letter-spacing:0.1pt;"> </font>to compete<font style="letter-spacing:0.05pt;"> </font>effectively<font style="letter-spacing:0.1pt;"> </font>in any of these<font style="letter-spacing:0.05pt;"> </font>aspects<font style="letter-spacing:0.05pt;"> </font>of our business<font style="letter-spacing:0.05pt;"> </font>could harm<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>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;">30</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU31"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Lack of efficacy,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">adverse</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">events</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or undesirable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">side effects</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may emerge</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in clinical</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">trials</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">conducted by third parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">developing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">FGF</font><font style="letter-spacing:-0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">product candidates,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">which</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could adversely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">affect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our stock price,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to attract additional</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">capital</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">program.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lack of efficacy,<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>or undesirable<font style="letter-spacing:0.1pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>may emerge<font style="letter-spacing:0.05pt;"> </font>in clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>conducted<font style="letter-spacing:0.05pt;"> </font>by third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>developing<font style="letter-spacing:0.05pt;"> </font>FGF<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>like<font style="letter-spacing:0.05pt;"> </font>ours. For example,<font style="letter-spacing:0.05pt;"> </font>Bristol-Myers<font style="letter-spacing:0.1pt;"> </font>Squibb Company and Akero Therapeutics,<font style="letter-spacing:0.1pt;"> </font>Inc. are also developing<font style="letter-spacing:0.05pt;"> </font>FGF21<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH.<font style="letter-spacing:-0.1pt;"> </font>We have no control<font style="letter-spacing:0.05pt;"> </font>over their<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or development<font style="letter-spacing:0.05pt;"> </font>program,<font style="letter-spacing:0.05pt;"> </font>and lack of efficacy,<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>or undesirable<font style="letter-spacing:0.1pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>experienced<font style="letter-spacing:0.05pt;"> </font>by subjects<font style="letter-spacing:0.05pt;"> </font>in their<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>could adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our stock price,<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to attract additional<font style="letter-spacing:0.1pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>and our development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or even the viability<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 as a product<font style="letter-spacing:0.05pt;"> </font>candidate, including<font style="letter-spacing:0.05pt;"> </font>by creating<font style="letter-spacing:0.05pt;"> </font>a negative<font style="letter-spacing:0.05pt;"> </font>perception<font style="letter-spacing:0.05pt;"> </font>of FGF<font style="letter-spacing:-0.05pt;"> </font>therapeutics<font style="letter-spacing:0.1pt;"> </font>by healthcare<font style="letter-spacing:0.1pt;"> </font>providers<font style="letter-spacing:0.05pt;"> </font>or patients.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Interim,<font style="letter-spacing:0.05pt;"> </font>topline<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>preliminary<font style="letter-spacing:0.1pt;"> </font>data from<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.05pt;"> </font>trials<font style="letter-spacing:0.05pt;"> </font>that we<font style="letter-spacing:-0.05pt;"> </font>announce<font style="letter-spacing:-0.05pt;"> </font>or publish from<font style="letter-spacing:0.05pt;"> </font>time<font style="letter-spacing:0.05pt;"> </font>to time may change as more patient<font style="letter-spacing:0.05pt;"> </font>data become<font style="letter-spacing:0.05pt;"> </font>available<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to audit and<font style="letter-spacing:-0.05pt;"> </font>verification<font style="letter-spacing:0.1pt;"> </font>procedures<font style="letter-spacing:0.05pt;"> </font>that could result<font style="letter-spacing:0.05pt;"> </font>in material<font style="letter-spacing:0.1pt;"> </font>changes in the final<font style="letter-spacing:0.05pt;"> </font>data.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From time<font style="letter-spacing:0.05pt;"> </font>to time,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may publicly<font style="letter-spacing:0.05pt;"> </font>disclose<font style="letter-spacing:0.05pt;"> </font>preliminary<font style="letter-spacing:0.1pt;"> </font>or topline<font style="letter-spacing:0.05pt;"> </font>data from<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>which are based on a preliminary<font style="letter-spacing:0.1pt;"> </font>analysis<font style="letter-spacing:0.05pt;"> </font>of then-available<font style="letter-spacing:0.15pt;"> </font>data, and the results<font style="letter-spacing:0.05pt;"> </font>and related<font style="letter-spacing:0.05pt;"> </font>findings<font style="letter-spacing:0.05pt;"> </font>and conclusions are subject<font style="letter-spacing:0.05pt;"> </font>to change following<font style="letter-spacing:0.05pt;"> </font>a more<font style="letter-spacing:0.05pt;"> </font>comprehensive<font style="letter-spacing:0.1pt;"> </font>review of the data related<font style="letter-spacing:0.05pt;"> </font>to the particular<font style="letter-spacing:0.1pt;"> </font>study or trial. We also make assumptions,<font style="letter-spacing:0.1pt;"> </font>estimations,<font style="letter-spacing:0.1pt;"> </font>calculations<font style="letter-spacing:0.1pt;"> </font>and conclusions<font style="letter-spacing:0.05pt;"> </font>as part<font style="letter-spacing:0.05pt;"> </font>of our analyses<font style="letter-spacing:0.05pt;"> </font>of data, and we<font style="letter-spacing:-0.05pt;"> </font>may not have received<font style="letter-spacing:0.05pt;"> </font>or had the opportunity<font style="letter-spacing:0.05pt;"> </font>to fully<font style="letter-spacing:0.05pt;"> </font>and carefully<font style="letter-spacing:0.1pt;"> </font>evaluate<font style="letter-spacing:0.05pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>data. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>the topline<font style="letter-spacing:0.05pt;"> </font>results that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>report<font style="letter-spacing:0.05pt;"> </font>may differ<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of the same<font style="letter-spacing:0.05pt;"> </font>studies,<font style="letter-spacing:0.05pt;"> </font>or different<font style="letter-spacing:0.1pt;"> </font>conclusions<font style="letter-spacing:0.05pt;"> </font>or considerations<font style="letter-spacing:0.1pt;"> </font>may qualify<font style="letter-spacing:0.05pt;"> </font>such results,<font style="letter-spacing:0.05pt;"> </font>once additional<font style="letter-spacing:0.1pt;"> </font>data have been received<font style="letter-spacing:0.05pt;"> </font>and fully<font style="letter-spacing:0.05pt;"> </font>evaluated.<font style="letter-spacing:0.05pt;"> </font>Topline data also remain subject<font style="letter-spacing:0.05pt;"> </font>to audit<font style="letter-spacing:0.05pt;"> </font>and verification<font style="letter-spacing:0.15pt;"> </font>procedures<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in the final<font style="letter-spacing:0.05pt;"> </font>data being materially<font style="letter-spacing:0.15pt;"> </font>different<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the preliminary<font style="letter-spacing:0.1pt;"> </font>data we<font style="letter-spacing:-0.05pt;"> </font>previously<font style="letter-spacing:0.05pt;"> </font>published.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>topline<font style="letter-spacing:0.05pt;"> </font>data should be viewed with caution<font style="letter-spacing:0.05pt;"> </font>until<font style="letter-spacing:0.05pt;"> </font>the final data are available.<font style="letter-spacing:0.1pt;"> </font>From time<font style="letter-spacing:0.05pt;"> </font>to time,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may also disclose<font style="letter-spacing:0.05pt;"> </font>interim<font style="letter-spacing:0.1pt;"> </font>data from<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.1pt;"> </font>trials.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we may report<font style="letter-spacing:0.05pt;"> </font>interim<font style="letter-spacing:0.1pt;"> </font>analyses<font style="letter-spacing:0.05pt;"> </font>of only certain<font style="letter-spacing:0.05pt;"> </font>endpoints<font style="letter-spacing:0.05pt;"> </font>rather<font style="letter-spacing:0.05pt;"> </font>than all<font style="letter-spacing:0.05pt;"> </font>endpoints.<font style="letter-spacing:0.05pt;"> </font>Interim<font style="letter-spacing:0.1pt;"> </font>data from<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may complete<font style="letter-spacing:0.05pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to the risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>one or more<font style="letter-spacing:0.05pt;"> </font>of the clinical<font style="letter-spacing:0.1pt;"> </font>outcomes<font style="letter-spacing:0.05pt;"> </font>may materially<font style="letter-spacing:0.15pt;"> </font>change as patient<font style="letter-spacing:0.05pt;"> </font>enrollment<font style="letter-spacing:0.1pt;"> </font>continues<font style="letter-spacing:0.05pt;"> </font>and more<font style="letter-spacing:0.05pt;"> </font>patient<font style="letter-spacing:0.05pt;"> </font>data become<font style="letter-spacing:0.05pt;"> </font>available.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>changes between interim<font style="letter-spacing:0.1pt;"> </font>data and final<font style="letter-spacing:0.05pt;"> </font>data could significantly<font style="letter-spacing:0.15pt;"> </font>harm<font style="letter-spacing:0.05pt;"> </font>our business and prospects.<font style="letter-spacing:0.05pt;"> </font>Additional<font style="letter-spacing:0.05pt;"> </font>disclosure<font style="letter-spacing:0.1pt;"> </font>of interim<font style="letter-spacing:0.1pt;"> </font>data by us or by our competitors<font style="letter-spacing:0.1pt;"> </font>in the future<font style="letter-spacing:0.05pt;"> </font>could also result<font style="letter-spacing:0.05pt;"> </font>in volatility<font style="letter-spacing:0.1pt;"> </font>in the price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock.<font style="letter-spacing:0.05pt;"> </font>Further,<font style="letter-spacing:0.05pt;"> </font>others,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>agencies,<font style="letter-spacing:0.05pt;"> </font>may not accept<font style="letter-spacing:0.05pt;"> </font>or agree<font style="letter-spacing:0.05pt;"> </font>with our assumptions,<font style="letter-spacing:0.1pt;"> </font>estimates,<font style="letter-spacing:0.1pt;"> </font>calculations,<font style="letter-spacing:0.1pt;"> </font>conclusions<font style="letter-spacing:0.05pt;"> </font>or analyses<font style="letter-spacing:0.05pt;"> </font>or may interpret<font style="letter-spacing:0.1pt;"> </font>or weigh the importance<font style="letter-spacing:0.1pt;"> </font>of data differently,<font style="letter-spacing:0.1pt;"> </font>which could impact<font style="letter-spacing:0.05pt;"> </font>the value of the particular<font style="letter-spacing:0.1pt;"> </font>program,<font style="letter-spacing:0.05pt;"> </font>the approvability<font style="letter-spacing:0.1pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>of the particular<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>and our company in general.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>the information<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>choose to publicly<font style="letter-spacing:0.05pt;"> </font>disclose<font style="letter-spacing:0.05pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>a particular<font style="letter-spacing:0.1pt;"> </font>study or clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>is based on what is typically<font style="letter-spacing:0.1pt;"> </font>extensive<font style="letter-spacing:0.05pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>and you or others<font style="letter-spacing:0.05pt;"> </font>may not agree<font style="letter-spacing:0.05pt;"> </font>with what we<font style="letter-spacing:-0.05pt;"> </font>determine<font style="letter-spacing:0.1pt;"> </font>is the material or otherwise<font style="letter-spacing:0.05pt;"> </font>appropriate<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>to include<font style="letter-spacing:0.05pt;"> </font>in our disclosure,<font style="letter-spacing:0.1pt;"> </font>and any information<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>determine<font style="letter-spacing:0.1pt;"> </font>not to disclose<font style="letter-spacing:0.05pt;"> </font>may ultimately<font style="letter-spacing:0.1pt;"> </font>be deemed<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>with respect<font style="letter-spacing:0.05pt;"> </font>to future<font style="letter-spacing:0.05pt;"> </font>decisions,<font style="letter-spacing:0.05pt;"> </font>conclusions,<font style="letter-spacing:0.05pt;"> </font>views, activities<font style="letter-spacing:0.1pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>a particular<font style="letter-spacing:0.1pt;"> </font>drug, drug candidate<font style="letter-spacing:0.05pt;"> </font>or our business.<font style="letter-spacing:0.05pt;"> </font>If the topline<font style="letter-spacing:0.05pt;"> </font>data that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>report<font style="letter-spacing:0.05pt;"> </font>differ from<font style="letter-spacing:0.05pt;"> </font>actual<font style="letter-spacing:0.05pt;"> </font>results,<font style="letter-spacing:0.05pt;"> </font>or if others,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities,<font style="letter-spacing:0.1pt;"> </font>disagree<font style="letter-spacing:0.05pt;"> </font>with the conclusions<font style="letter-spacing:0.05pt;"> </font>reached,<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for, and commercialize,<font style="letter-spacing:0.15pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may be harmed, which could harm<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may encounter difficulties<font style="letter-spacing:0.15pt;"> </font>in managing our growth, which<font style="letter-spacing:-0.05pt;"> </font>could adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our operations.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are in the early<font style="letter-spacing:0.05pt;"> </font>stages<font style="letter-spacing:0.05pt;"> </font>of building<font style="letter-spacing:0.05pt;"> </font>the full<font style="letter-spacing:0.05pt;"> </font>management<font style="letter-spacing:0.1pt;"> </font>team<font style="letter-spacing:0.05pt;"> </font>and employee<font style="letter-spacing:0.05pt;"> </font>base that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>anticipate we<font style="letter-spacing:-0.05pt;"> </font>will need to complete<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>BIO89-100 and other<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>of March 31, 2020, we<font style="letter-spacing:-0.05pt;"> </font>had 22 employees,<font style="letter-spacing:0.05pt;"> </font>some of whom are based in the United States<font style="letter-spacing:0.05pt;"> </font>and some of whom are based in Israel.<font style="letter-spacing:0.05pt;"> </font>As we<font style="letter-spacing:-0.05pt;"> </font>advance our preclinical<font style="letter-spacing:0.1pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>for product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>seek regulatory<font style="letter-spacing:0.1pt;"> </font>approval in the United States<font style="letter-spacing:0.05pt;"> </font>and elsewhere<font style="letter-spacing:0.05pt;"> </font>and increase<font style="letter-spacing:0.05pt;"> </font>the number<font style="letter-spacing:0.05pt;"> </font>of ongoing product<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>we anticipate<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will need to increase<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>scientific<font style="letter-spacing:0.1pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>headcount.<font style="letter-spacing:0.05pt;"> </font>We will also need to establish<font style="letter-spacing:0.1pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>in order<font style="letter-spacing:0.05pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>any product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may be approved. Such an evolution<font style="letter-spacing:0.05pt;"> </font>may impact<font style="letter-spacing:0.05pt;"> </font>our strategic<font style="letter-spacing:0.1pt;"> </font>focus and our deployment<font style="letter-spacing:0.05pt;"> </font>and allocation<font style="letter-spacing:0.1pt;"> </font>of resources.<font style="letter-spacing:0.05pt;"> </font>Our management,<font style="letter-spacing:0.1pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>and systems<font style="letter-spacing:0.05pt;"> </font>may experience<font style="letter-spacing:0.05pt;"> </font>difficulty<font style="letter-spacing:0.1pt;"> </font>in adjusting<font style="letter-spacing:0.05pt;"> </font>to our growth and strategic<font style="letter-spacing:0.1pt;"> </font>focus.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our ability<font style="letter-spacing:0.05pt;"> </font>to manage<font style="letter-spacing:0.05pt;"> </font>our operations<font style="letter-spacing:0.05pt;"> </font>and growth effectively<font style="letter-spacing:0.1pt;"> </font>depends upon the continual<font style="letter-spacing:0.05pt;"> </font>improvement of our procedures,<font style="letter-spacing:0.05pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>and operational,<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>and management<font style="letter-spacing:0.1pt;"> </font>controls.<font style="letter-spacing:0.05pt;"> </font>We may not be able to implement<font style="letter-spacing:0.1pt;"> </font>administrative<font style="letter-spacing:0.15pt;"> </font>and operational<font style="letter-spacing:0.1pt;"> </font>improvements<font style="letter-spacing:0.1pt;"> </font>in an efficient<font style="letter-spacing:0.1pt;"> </font>or timely<font style="letter-spacing:0.05pt;"> </font>manner<font style="letter-spacing:0.05pt;"> </font>and may discover deficiencies<font style="letter-spacing:0.1pt;"> </font>in existing<font style="letter-spacing:0.05pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>and controls.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>do not meet<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>challenges,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be unable to execute our business<font style="letter-spacing:0.05pt;"> </font>strategies<font style="letter-spacing:0.1pt;"> </font>and may be forced<font style="letter-spacing:0.05pt;"> </font>to expend more<font style="letter-spacing:0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>than anticipated<font style="letter-spacing:0.1pt;"> </font>addressing<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>issues.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may acquire<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>and complementary<font style="letter-spacing:0.1pt;"> </font>businesses<font style="letter-spacing:0.05pt;"> </font>in the future.<font style="letter-spacing:0.05pt;"> </font>Acquisitions involve<font style="letter-spacing:0.05pt;"> </font>many risks,<font style="letter-spacing:0.05pt;"> </font>any of which could materially<font style="letter-spacing:0.15pt;"> </font>harm<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the diversion<font style="letter-spacing:0.05pt;"> </font>of management&#8217;s attention<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>core business<font style="letter-spacing:0.05pt;"> </font>concerns,<font style="letter-spacing:0.05pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>to effectively<font style="letter-spacing:0.1pt;"> </font>exploit<font style="letter-spacing:0.05pt;"> </font>acquired<font style="letter-spacing:0.05pt;"> </font>technologies,<font style="letter-spacing:0.1pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>to successfully integrate<font style="letter-spacing:0.1pt;"> </font>the acquired<font style="letter-spacing:0.05pt;"> </font>business<font style="letter-spacing:0.05pt;"> </font>or realize<font style="letter-spacing:0.1pt;"> </font>expected<font style="letter-spacing:0.05pt;"> </font>synergies<font style="letter-spacing:0.05pt;"> </font>or the loss of key employees<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>either<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>or the acquired<font style="letter-spacing:0.05pt;"> </font>businesses.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU32"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in order</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to continue</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to meet</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our obligations</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as a public</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">company and to support</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our anticipated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">long-term</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">growth, we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will need to increase</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> general</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and administrative</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">capabilities.</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our management,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">personnel</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and systems</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may not be adequate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to support</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">growth.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we<font style="letter-spacing:-0.05pt;"> </font>are unable to successfully<font style="letter-spacing:0.1pt;"> </font>manage<font style="letter-spacing:0.05pt;"> </font>our growth and the increased<font style="letter-spacing:0.05pt;"> </font>complexity<font style="letter-spacing:0.1pt;"> </font>of our operations,<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>position,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects<font style="letter-spacing:0.05pt;"> </font>may be materially<font style="letter-spacing:0.15pt;"> </font>and adversely<font style="letter-spacing:0.05pt;"> </font>affected.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We must attract<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>retain<font style="letter-spacing:0.05pt;"> </font>highly skilled<font style="letter-spacing:0.05pt;"> </font>employees<font style="letter-spacing:0.05pt;"> </font>in order to succeed. If we<font style="letter-spacing:-0.05pt;"> </font>are not able to retain<font style="letter-spacing:0.05pt;"> </font>our current senior management<font style="letter-spacing:0.05pt;"> </font>team<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>our scientific<font style="letter-spacing:0.1pt;"> </font>advisors<font style="letter-spacing:0.05pt;"> </font>or continue to attract<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>retain<font style="letter-spacing:0.05pt;"> </font>qualified scientific,<font style="letter-spacing:0.1pt;"> </font>technical<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>business personnel, our business will suffer.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may not be able to attract<font style="letter-spacing:0.1pt;"> </font>or retain<font style="letter-spacing:0.05pt;"> </font>qualified<font style="letter-spacing:0.1pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>and consultants<font style="letter-spacing:0.1pt;"> </font>due to the intense competition<font style="letter-spacing:0.1pt;"> </font>for such individuals in the biotechnology<font style="letter-spacing:0.05pt;"> </font>and pharmaceutical<font style="letter-spacing:0.15pt;"> </font>industries.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are not able to attract<font style="letter-spacing:0.1pt;"> </font>and retain<font style="letter-spacing:0.05pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>and consultants<font style="letter-spacing:0.1pt;"> </font>to accomplish<font style="letter-spacing:0.1pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>objectives,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may experience constraints<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>will significantly<font style="letter-spacing:0.15pt;"> </font>impede<font style="letter-spacing:0.05pt;"> </font>the achievement<font style="letter-spacing:0.1pt;"> </font>of our development<font style="letter-spacing:0.05pt;"> </font>and commercial<font style="letter-spacing:0.1pt;"> </font>objectives,<font style="letter-spacing:0.1pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to raise<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>and our ability<font style="letter-spacing:0.05pt;"> </font>to implement<font style="letter-spacing:0.1pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>strategy.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our industry<font style="letter-spacing:0.05pt;"> </font>has experienced<font style="letter-spacing:0.05pt;"> </font>a high rate<font style="letter-spacing:0.05pt;"> </font>of turnover<font style="letter-spacing:0.05pt;"> </font>of management<font style="letter-spacing:0.1pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>in recent<font style="letter-spacing:0.05pt;"> </font>years.<font style="letter-spacing:0.05pt;"> </font>We are highly dependent<font style="letter-spacing:0.05pt;"> </font>on the development,<font style="letter-spacing:0.05pt;"> </font>regulatory,<font style="letter-spacing:0.1pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>and business<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>expertise<font style="letter-spacing:0.1pt;"> </font>of the members<font style="letter-spacing:0.05pt;"> </font>of our executive<font style="letter-spacing:0.05pt;"> </font>team,<font style="letter-spacing:0.05pt;"> </font>as well as other<font style="letter-spacing:0.05pt;"> </font>key employees<font style="letter-spacing:0.05pt;"> </font>and consultants.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>lose one or more<font style="letter-spacing:0.05pt;"> </font>of our executive<font style="letter-spacing:0.05pt;"> </font>officers<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>key employees<font style="letter-spacing:0.05pt;"> </font>or consultants,<font style="letter-spacing:0.1pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to implement<font style="letter-spacing:0.1pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>strategy successfully<font style="letter-spacing:0.1pt;"> </font>could be seriously<font style="letter-spacing:0.05pt;"> </font>harmed.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>of our executive<font style="letter-spacing:0.05pt;"> </font>officers<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>key employees<font style="letter-spacing:0.05pt;"> </font>or consultants<font style="letter-spacing:0.1pt;"> </font>may terminate<font style="letter-spacing:0.1pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>employment<font style="letter-spacing:0.1pt;"> </font>at any time<font style="letter-spacing:0.05pt;"> </font>and replacing<font style="letter-spacing:0.05pt;"> </font>such individuals<font style="letter-spacing:0.1pt;"> </font>may be difficult<font style="letter-spacing:0.1pt;"> </font>and time-consuming because<font style="letter-spacing:0.05pt;"> </font>of the limited<font style="letter-spacing:0.1pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of individuals<font style="letter-spacing:0.1pt;"> </font>in our industry<font style="letter-spacing:0.05pt;"> </font>with the necessary<font style="letter-spacing:0.05pt;"> </font>breadth<font style="letter-spacing:0.05pt;"> </font>of skills<font style="letter-spacing:0.05pt;"> </font>and experience. Competition<font style="letter-spacing:0.05pt;"> </font>to hire<font style="letter-spacing:0.05pt;"> </font>and retain<font style="letter-spacing:0.05pt;"> </font>employees<font style="letter-spacing:0.05pt;"> </font>and consultants<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>this<font style="letter-spacing:0.05pt;"> </font>limited<font style="letter-spacing:0.1pt;"> </font>pool is intense,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may be unable to hire,<font style="letter-spacing:0.05pt;"> </font>train,<font style="letter-spacing:0.05pt;"> </font>retain<font style="letter-spacing:0.05pt;"> </font>or motivate<font style="letter-spacing:0.1pt;"> </font>such individuals.<font style="letter-spacing:0.1pt;"> </font>Additionally,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do not currently<font style="letter-spacing:0.1pt;"> </font>maintain<font style="letter-spacing:0.1pt;"> </font>&#8220;key person&#8221;<font style="letter-spacing:0.05pt;"> </font>life insurance<font style="letter-spacing:0.05pt;"> </font>on the lives<font style="letter-spacing:0.05pt;"> </font>of our executives<font style="letter-spacing:0.05pt;"> </font>or any of our employees.<font style="letter-spacing:0.05pt;"> </font>This lack of insurance<font style="letter-spacing:0.05pt;"> </font>means<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not receive<font style="letter-spacing:0.05pt;"> </font>adequate<font style="letter-spacing:0.05pt;"> </font>compensation<font style="letter-spacing:0.1pt;"> </font>for the loss of the services<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>individuals.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to continue<font style="letter-spacing:0.05pt;"> </font>to attract<font style="letter-spacing:0.1pt;"> </font>and retain<font style="letter-spacing:0.05pt;"> </font>high-quality<font style="letter-spacing:0.1pt;"> </font>personnel,<font style="letter-spacing:0.05pt;"> </font>the rate<font style="letter-spacing:0.05pt;"> </font>and success<font style="letter-spacing:0.05pt;"> </font>with which we<font style="letter-spacing:-0.05pt;"> </font>can discover<font style="letter-spacing:0.05pt;"> </font>and develop product candidates<font style="letter-spacing:0.05pt;"> </font>and our business<font style="letter-spacing:0.05pt;"> </font>will be limited.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We have relied<font style="letter-spacing:0.05pt;"> </font>on,<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>to continue to rely<font style="letter-spacing:0.05pt;"> </font>on,<font style="letter-spacing:-0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>manufacturers<font style="letter-spacing:0.05pt;"> </font>to produce BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or any future product candidates.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>failure<font style="letter-spacing:0.05pt;"> </font>by a third-party<font style="letter-spacing:0.1pt;"> </font>manufacturer<font style="letter-spacing:0.05pt;"> </font>to produce acceptable<font style="letter-spacing:0.05pt;"> </font>product candidates<font style="letter-spacing:0.05pt;"> </font>for us pursuant to our specifications<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>standards may delay or impair<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to initiate<font style="letter-spacing:0.1pt;"> </font>or complete<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.05pt;"> </font>trials,<font style="letter-spacing:0.05pt;"> </font>obtain and<font style="letter-spacing:-0.05pt;"> </font>maintain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>or commercialize<font style="letter-spacing:0.15pt;"> </font>approved products.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The manufacturing<font style="letter-spacing:0.1pt;"> </font>of biologic<font style="letter-spacing:0.05pt;"> </font>drugs such as BIO89-100 is complex<font style="letter-spacing:0.05pt;"> </font>and the process<font style="letter-spacing:0.05pt;"> </font>of identifying<font style="letter-spacing:0.1pt;"> </font>the qualifying<font style="letter-spacing:0.05pt;"> </font>suppliers<font style="letter-spacing:0.05pt;"> </font>takes<font style="letter-spacing:0.05pt;"> </font>a significant<font style="letter-spacing:0.1pt;"> </font>investment<font style="letter-spacing:0.1pt;"> </font>of time<font style="letter-spacing:0.05pt;"> </font>and money. We do not own<font style="letter-spacing:-0.05pt;"> </font>or operate<font style="letter-spacing:0.05pt;"> </font>manufacturing facilities<font style="letter-spacing:0.15pt;"> </font>for the production<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>or commercial<font style="letter-spacing:0.1pt;"> </font>quantities<font style="letter-spacing:0.1pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>lack the resources<font style="letter-spacing:0.05pt;"> </font>and the capabilities<font style="letter-spacing:0.15pt;"> </font>to do so. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>currently<font style="letter-spacing:0.1pt;"> </font>rely,<font style="letter-spacing:0.05pt;"> </font>and expect<font style="letter-spacing:0.05pt;"> </font>to rely<font style="letter-spacing:0.05pt;"> </font>for the foreseeable<font style="letter-spacing:0.1pt;"> </font>future, on third-party<font style="letter-spacing:0.1pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>to supply us with BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We currently<font style="letter-spacing:0.1pt;"> </font>have a sole source<font style="letter-spacing:0.05pt;"> </font>relationship<font style="letter-spacing:0.1pt;"> </font>with BTPH pursuant<font style="letter-spacing:0.05pt;"> </font>to which they supply us with BIO89-100. If there<font style="letter-spacing:0.05pt;"> </font>should be any disruption<font style="letter-spacing:0.05pt;"> </font>in our supply arrangement<font style="letter-spacing:0.1pt;"> </font>with BTPH, including<font style="letter-spacing:0.05pt;"> </font>any adverse<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>affecting<font style="letter-spacing:0.1pt;"> </font>BTPH,<font style="letter-spacing:-0.1pt;"> </font>it could have a negative<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on the clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 and other<font style="letter-spacing:0.05pt;"> </font>operations<font style="letter-spacing:0.05pt;"> </font>while we<font style="letter-spacing:-0.05pt;"> </font>work to identify<font style="letter-spacing:0.05pt;"> </font>and qualify<font style="letter-spacing:0.05pt;"> </font>an alternate<font style="letter-spacing:0.1pt;"> </font>supply source.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not have a long-term<font style="letter-spacing:0.1pt;"> </font>supply agreement<font style="letter-spacing:0.1pt;"> </font>with any third-party<font style="letter-spacing:0.1pt;"> </font>manufacturer.<font style="letter-spacing:0.1pt;"> </font>Reliance<font style="letter-spacing:0.05pt;"> </font>on third-party<font style="letter-spacing:0.05pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>entails<font style="letter-spacing:0.05pt;"> </font>risks<font style="letter-spacing:0.05pt;"> </font>to which we<font style="letter-spacing:-0.05pt;"> </font>would not be subject<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>manufacture<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products<font style="letter-spacing:0.05pt;"> </font>ourselves.<font style="letter-spacing:0.05pt;"> </font>For example,<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>do not maintain<font style="letter-spacing:0.1pt;"> </font>our key manufacturing<font style="letter-spacing:0.1pt;"> </font>relationships,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may fail<font style="letter-spacing:0.05pt;"> </font>to find replacement<font style="letter-spacing:0.1pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>or develop our own<font style="letter-spacing:-0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>in a timely<font style="letter-spacing:0.05pt;"> </font>manner<font style="letter-spacing:0.05pt;"> </font>or at all,<font style="letter-spacing:0.05pt;"> </font>which could delay or impair<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for our products<font style="letter-spacing:0.05pt;"> </font>and substantially<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>our costs<font style="letter-spacing:0.05pt;"> </font>or deplete<font style="letter-spacing:0.05pt;"> </font>profit<font style="letter-spacing:0.05pt;"> </font>margins,<font style="letter-spacing:0.05pt;"> </font>if any. If we<font style="letter-spacing:-0.05pt;"> </font>do find replacement<font style="letter-spacing:0.1pt;"> </font>manufacturers,<font style="letter-spacing:0.15pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to enter<font style="letter-spacing:0.05pt;"> </font>into agreements<font style="letter-spacing:0.1pt;"> </font>with them<font style="letter-spacing:0.05pt;"> </font>on terms<font style="letter-spacing:0.05pt;"> </font>and conditions<font style="letter-spacing:0.05pt;"> </font>favorable<font style="letter-spacing:0.05pt;"> </font>to us, and there<font style="letter-spacing:0.05pt;"> </font>could be a substantial<font style="letter-spacing:0.1pt;"> </font>delay before<font style="letter-spacing:0.05pt;"> </font>new facilities<font style="letter-spacing:0.15pt;"> </font>could be qualified<font style="letter-spacing:0.1pt;"> </font>and registered<font style="letter-spacing:0.1pt;"> </font>with the FDA<font style="letter-spacing:-0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if we<font style="letter-spacing:-0.05pt;"> </font>are able to establish<font style="letter-spacing:0.1pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>with third-party<font style="letter-spacing:0.1pt;"> </font>manufacturers,<font style="letter-spacing:0.15pt;"> </font>reliance<font style="letter-spacing:0.1pt;"> </font>on third-party<font style="letter-spacing:0.1pt;"> </font>manufacturers entails<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>risks,<font style="letter-spacing:0.05pt;"> </font>including:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the possible failure of the third party to manufacture product candidates according to our schedule, or at all, including if our third-party contractors give 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;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the possible breach of the manufacturing agreement by the third party because of factors beyond our control (including a failure to manufacture product candidates in accordance with our product specifications);</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU33"></a><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Times New Roman;color:#000000;">the possible mislabeling of clinical supplies, potentially resulting in the wrong dose amounts being supplied or active drug or placebo not being properly identified;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the possibility of clinical supplies not being delivered to clinical sites on time, leading to clinical trial interruptions, or of drug supplies not being distributed to commercial vendors in a timely manner, resulting in lost sales;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the possible misappropriation of our proprietary information, including our trade secrets and know-how;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the possible termination or nonrenewal of the agreement by the third party at a time that is costly or inconvenient for us; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">reliance on the third party</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">compliance,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">quality</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">assurance</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and safety</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and pharmacovigilance</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">reporting.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain<font style="letter-spacing:0.05pt;"> </font>raw materials<font style="letter-spacing:0.1pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>for the manufacture<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 under our current<font style="letter-spacing:0.05pt;"> </font>manufacturing process,<font style="letter-spacing:0.05pt;"> </font>such as reagents<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are needed for the glycoPEGylation,<font style="letter-spacing:0.05pt;"> </font>are available<font style="letter-spacing:0.1pt;"> </font>only from<font style="letter-spacing:0.05pt;"> </font>a single<font style="letter-spacing:0.05pt;"> </font>supplier.<font style="letter-spacing:0.05pt;"> </font>In April 2018, we<font style="letter-spacing:-0.05pt;"> </font>entered<font style="letter-spacing:0.05pt;"> </font>into a Reagent Supply and Technology Transfer<font style="letter-spacing:0.05pt;"> </font>Agreement<font style="letter-spacing:0.05pt;"> </font>with Teva under which Teva agreed<font style="letter-spacing:0.05pt;"> </font>to supply us several<font style="letter-spacing:0.05pt;"> </font>reagents<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>for the glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>until<font style="letter-spacing:0.05pt;"> </font>December<font style="letter-spacing:0.05pt;"> </font>31, 2022 and transfer<font style="letter-spacing:0.1pt;"> </font>the know-how<font style="letter-spacing:-0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>for our production<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>reagents.<font style="letter-spacing:0.05pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>the manufacture<font style="letter-spacing:0.1pt;"> </font>of these reagents<font style="letter-spacing:0.05pt;"> </font>will be transferred<font style="letter-spacing:0.1pt;"> </font>to a new<font style="letter-spacing:-0.05pt;"> </font>supplier<font style="letter-spacing:0.05pt;"> </font>prior<font style="letter-spacing:0.05pt;"> </font>to expiration<font style="letter-spacing:0.1pt;"> </font>of the agreement<font style="letter-spacing:0.1pt;"> </font>with Teva. Any<font style="letter-spacing:-0.05pt;"> </font>complications arising<font style="letter-spacing:0.05pt;"> </font>under our agreement<font style="letter-spacing:0.1pt;"> </font>with Teva, with the subsequent<font style="letter-spacing:0.05pt;"> </font>transfer<font style="letter-spacing:0.1pt;"> </font>of know-how<font style="letter-spacing:-0.05pt;"> </font>to us, or any difficulties securing<font style="letter-spacing:0.05pt;"> </font>a new<font style="letter-spacing:-0.05pt;"> </font>supplier<font style="letter-spacing:0.05pt;"> </font>could considerably<font style="letter-spacing:0.1pt;"> </font>delay the manufacture<font style="letter-spacing:0.1pt;"> </font>of BIO89-100. Any<font style="letter-spacing:-0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>delay in the acquisition<font style="letter-spacing:0.1pt;"> </font>or decrease<font style="letter-spacing:0.05pt;"> </font>in the availability<font style="letter-spacing:0.15pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>raw materials<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>Teva or any new<font style="letter-spacing:-0.05pt;"> </font>supplier<font style="letter-spacing:0.05pt;"> </font>could considerably<font style="letter-spacing:0.1pt;"> </font>delay the manufacture<font style="letter-spacing:0.1pt;"> </font>of BIO89-100, which could adversely<font style="letter-spacing:0.05pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>the timing<font style="letter-spacing:0.05pt;"> </font>of any planned trials or the regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>of BIO89-100.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The FDA<font style="letter-spacing:-0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>require<font style="letter-spacing:0.05pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>to register manufacturing<font style="letter-spacing:0.1pt;"> </font>facilities.<font style="letter-spacing:0.15pt;"> </font>The FDA<font style="letter-spacing:-0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>also inspect<font style="letter-spacing:0.05pt;"> </font>these facilities<font style="letter-spacing:0.15pt;"> </font>to confirm<font style="letter-spacing:0.05pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>with current<font style="letter-spacing:0.05pt;"> </font>good manufacturing<font style="letter-spacing:0.1pt;"> </font>practices<font style="letter-spacing:0.1pt;"> </font>(&#8220;cGMP&#8221;).<font style="letter-spacing:0.05pt;"> </font>Contract<font style="letter-spacing:0.05pt;"> </font>manufacturers may face<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>or quality<font style="letter-spacing:0.05pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>problems<font style="letter-spacing:0.05pt;"> </font>causing<font style="letter-spacing:0.05pt;"> </font>drug substance<font style="letter-spacing:0.05pt;"> </font>production<font style="letter-spacing:0.05pt;"> </font>and shipment<font style="letter-spacing:0.05pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>or a situation<font style="letter-spacing:0.1pt;"> </font>where the contractor<font style="letter-spacing:0.1pt;"> </font>may not be able to maintain<font style="letter-spacing:0.1pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>with the applicable<font style="letter-spacing:0.1pt;"> </font>cGMP<font style="letter-spacing:-0.05pt;"> </font>requirements. We may have little<font style="letter-spacing:0.1pt;"> </font>to no control<font style="letter-spacing:0.05pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>the occurrence<font style="letter-spacing:0.05pt;"> </font>of third-party<font style="letter-spacing:0.1pt;"> </font>manufacturer<font style="letter-spacing:0.1pt;"> </font>incidents.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with cGMP<font style="letter-spacing:-0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>could adversely affect<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.1pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>and our ability<font style="letter-spacing:0.05pt;"> </font>to develop BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and market<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>following<font style="letter-spacing:0.05pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>Our sole source<font style="letter-spacing:0.05pt;"> </font>supplier,<font style="letter-spacing:0.05pt;"> </font>BTPH,<font style="letter-spacing:-0.1pt;"> </font>has not yet manufactured<font style="letter-spacing:0.1pt;"> </font>a commercial product,<font style="letter-spacing:0.05pt;"> </font>and as a result,<font style="letter-spacing:0.05pt;"> </font>has not been subject<font style="letter-spacing:0.05pt;"> </font>to inspection<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory authorities.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are approved by the FDA<font style="letter-spacing:-0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>for commercial<font style="letter-spacing:0.1pt;"> </font>sale,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may need to manufacture<font style="letter-spacing:0.1pt;"> </font>such product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>in larger quantities.<font style="letter-spacing:0.1pt;"> </font>We intend<font style="letter-spacing:0.05pt;"> </font>to use third-party<font style="letter-spacing:0.1pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>for commercial<font style="letter-spacing:0.1pt;"> </font>quantities<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 to the extent<font style="letter-spacing:0.05pt;"> </font>we advance this<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>Our manufacturers<font style="letter-spacing:0.15pt;"> </font>may not be able to successfully increase<font style="letter-spacing:0.05pt;"> </font>the manufacturing<font style="letter-spacing:0.1pt;"> </font>capacity<font style="letter-spacing:0.05pt;"> </font>for any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>in a timely<font style="letter-spacing:0.05pt;"> </font>or efficient<font style="letter-spacing:0.1pt;"> </font>manner,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to successfully<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>the manufacturing<font style="letter-spacing:0.1pt;"> </font>capacity<font style="letter-spacing:0.05pt;"> </font>for a product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>the regulatory approval<font style="letter-spacing:0.05pt;"> </font>or commercial<font style="letter-spacing:0.1pt;"> </font>launch of that<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>may be delayed<font style="letter-spacing:0.05pt;"> </font>or there<font style="letter-spacing:0.05pt;"> </font>may be a shortage<font style="letter-spacing:0.05pt;"> </font>in the supply of the product<font style="letter-spacing:0.05pt;"> </font>candidate.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>the operations<font style="letter-spacing:0.05pt;"> </font>of our third-party<font style="letter-spacing:0.1pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to earthquakes,<font style="letter-spacing:0.05pt;"> </font>power shortages,<font style="letter-spacing:0.05pt;"> </font>telecommunications<font style="letter-spacing:0.2pt;"> </font>failures,<font style="letter-spacing:0.1pt;"> </font>failures<font style="letter-spacing:0.1pt;"> </font>or breaches<font style="letter-spacing:0.05pt;"> </font>of information<font style="letter-spacing:0.1pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>systems,<font style="letter-spacing:0.05pt;"> </font>water shortages, floods,<font style="letter-spacing:0.05pt;"> </font>hurricanes,<font style="letter-spacing:0.1pt;"> </font>typhoons, fires,<font style="letter-spacing:0.05pt;"> </font>extreme<font style="letter-spacing:0.05pt;"> </font>weather<font style="letter-spacing:0.05pt;"> </font>conditions,<font style="letter-spacing:0.05pt;"> </font>actual and threatened public health emergencies, including the ongoing COVID-19 pandemic,<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>natural<font style="letter-spacing:0.05pt;"> </font>or man-made<font style="letter-spacing:0.05pt;"> </font>disasters<font style="letter-spacing:0.1pt;"> </font>or business<font style="letter-spacing:0.05pt;"> </font>interruptions.<font style="letter-spacing:0.1pt;"> </font>Damage or extended<font style="letter-spacing:0.05pt;"> </font>periods<font style="letter-spacing:0.05pt;"> </font>of interruption<font style="letter-spacing:0.1pt;"> </font>to our facilities<font style="letter-spacing:0.15pt;"> </font>due to fire,<font style="letter-spacing:0.05pt;"> </font>natural<font style="letter-spacing:0.05pt;"> </font>disaster,<font style="letter-spacing:0.1pt;"> </font>power loss, communications<font style="letter-spacing:0.1pt;"> </font>failure,<font style="letter-spacing:0.1pt;"> </font>unauthorized<font style="letter-spacing:0.05pt;"> </font>entry<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>could cause us to cease<font style="letter-spacing:0.05pt;"> </font>or delay development<font style="letter-spacing:0.05pt;"> </font>of some or all<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>Our ability<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>supplies<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>could be disrupted<font style="letter-spacing:0.05pt;"> </font>if the operations<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>suppliers<font style="letter-spacing:0.05pt;"> </font>are affected<font style="letter-spacing:0.1pt;"> </font>by a man-made<font style="letter-spacing:0.05pt;"> </font>or natural disaster<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>business<font style="letter-spacing:0.05pt;"> </font>interruption.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our current<font style="letter-spacing:0.05pt;"> </font>and anticipated<font style="letter-spacing:0.1pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>dependence<font style="letter-spacing:0.05pt;"> </font>upon others<font style="letter-spacing:0.05pt;"> </font>for the manufacture<font style="letter-spacing:0.1pt;"> </font>of our product candidates<font style="letter-spacing:0.05pt;"> </font>may adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our future<font style="letter-spacing:0.05pt;"> </font>profit<font style="letter-spacing:0.05pt;"> </font>margins<font style="letter-spacing:0.05pt;"> </font>and our ability<font style="letter-spacing:0.05pt;"> </font>to develop our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and commercialize<font style="letter-spacing:0.15pt;"> </font>any products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>receive<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>on a timely<font style="letter-spacing:0.05pt;"> </font>basis.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In some cases,<font style="letter-spacing:0.05pt;"> </font>the technical<font style="letter-spacing:0.1pt;"> </font>skills<font style="letter-spacing:0.05pt;"> </font>or technology<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>to manufacture<font style="letter-spacing:0.1pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may be unique or proprietary<font style="letter-spacing:0.1pt;"> </font>to the original<font style="letter-spacing:0.05pt;"> </font>manufacturer,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may have difficulty<font style="letter-spacing:0.1pt;"> </font>transferring<font style="letter-spacing:0.15pt;"> </font>such skills<font style="letter-spacing:0.05pt;"> </font>or technology to another<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>and a feasible<font style="letter-spacing:0.1pt;"> </font>alternative<font style="letter-spacing:0.1pt;"> </font>many not exist.<font style="letter-spacing:0.05pt;"> </font>These factors<font style="letter-spacing:0.05pt;"> </font>would increase<font style="letter-spacing:0.05pt;"> </font>our reliance<font style="letter-spacing:0.1pt;"> </font>on such manufacturer<font style="letter-spacing:0.1pt;"> </font>or require<font style="letter-spacing:0.05pt;"> </font>us to obtain<font style="letter-spacing:0.05pt;"> </font>a license<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>such manufacturer<font style="letter-spacing:0.1pt;"> </font>in order<font style="letter-spacing:0.05pt;"> </font>to have another<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>party manufacture<font style="letter-spacing:0.1pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are required<font style="letter-spacing:0.05pt;"> </font>to change manufacturers<font style="letter-spacing:0.15pt;"> </font>for any reason,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be required<font style="letter-spacing:0.05pt;"> </font>to verify<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the new<font style="letter-spacing:-0.05pt;"> </font>manufacturer<font style="letter-spacing:0.1pt;"> </font>maintains<font style="letter-spacing:0.1pt;"> </font>facilities<font style="letter-spacing:0.15pt;"> </font>and procedures<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>comply<font style="letter-spacing:0.05pt;"> </font>with quality standards<font style="letter-spacing:0.05pt;"> </font>and with all<font style="letter-spacing:0.05pt;"> </font>applicable<font style="letter-spacing:0.1pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>and guidelines.<font style="letter-spacing:0.05pt;"> </font>For example,<font style="letter-spacing:0.05pt;"> </font>in the event that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>need to switch our third-party<font style="letter-spacing:0.1pt;"> </font>manufacturer<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 from<font style="letter-spacing:0.05pt;"> </font>BTPH,<font style="letter-spacing:-0.1pt;"> </font>which is our sole manufacturing<font style="letter-spacing:0.1pt;"> </font>source<font style="letter-spacing:0.05pt;"> </font>for BIO89-100, we anticipate<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the complexity<font style="letter-spacing:0.1pt;"> </font>of the glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>may materially<font style="letter-spacing:0.15pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>the amount of time<font style="letter-spacing:0.05pt;"> </font>it may take to secure<font style="letter-spacing:0.05pt;"> </font>a replacement<font style="letter-spacing:0.1pt;"> </font>manufacturer.<font style="letter-spacing:0.1pt;"> </font>The delays<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with the verification<font style="letter-spacing:0.15pt;"> </font>of a new manufacturer, if we<font style="letter-spacing:-0.05pt;"> </font>are able to identify<font style="letter-spacing:0.05pt;"> </font>an alternative<font style="letter-spacing:0.1pt;"> </font>source,<font style="letter-spacing:0.05pt;"> </font>could negatively<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to develop<font style="letter-spacing:1.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>in a timely<font style="letter-spacing:0.05pt;"> </font>manner<font style="letter-spacing:0.05pt;"> </font>or within budget.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU34"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">The</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">manufacture</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of biologic</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">products is complex</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">are subject</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to many </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">manufacturing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">risks,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">any of which</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could substantially</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">increase</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">limit</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">supply of our products.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To<font style="letter-spacing:-0.05pt;"> </font>date, BIO89-100 has been manufactured<font style="letter-spacing:0.1pt;"> </font>by a single<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>manufacturer,<font style="letter-spacing:0.1pt;"> </font>BTPH,<font style="letter-spacing:-0.1pt;"> </font>solely<font style="letter-spacing:0.05pt;"> </font>for preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trials.<font style="letter-spacing:0.1pt;"> </font>This manufacturer<font style="letter-spacing:0.1pt;"> </font>may not be able to scale<font style="letter-spacing:0.05pt;"> </font>production<font style="letter-spacing:0.05pt;"> </font>to the larger quantities<font style="letter-spacing:0.1pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>for large<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and to commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100. The process<font style="letter-spacing:0.05pt;"> </font>of manufacturing BIO89-100 is complex,<font style="letter-spacing:0.05pt;"> </font>highly regulated<font style="letter-spacing:0.05pt;"> </font>and subject<font style="letter-spacing:0.05pt;"> </font>to several<font style="letter-spacing:0.05pt;"> </font>risks,<font style="letter-spacing:0.05pt;"> </font>including:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the process of manufacturing biologics is susceptible to product loss due to contamination, equipment failure, improper installation or operation of equipment, vendor or operator error and improper storage conditions. Even minor deviations from normal manufacturing processes could result in reduced production yields, product defects and other supply disruptions. If microbial, viral or other contaminations are discovered in our products or in the manufacturing facilities in which our products are made, the manufacturing facilities may need to be closed for an extended period of time to investigate and eliminate the contamination;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the manufacturing facilities in which our products are made could be adversely affected by equipment failures, labor and raw material shortages, financial difficulties of our contract manufacturers, natural disasters, actual or threatened public health emergencies, including the ongoing COVID-19 pandemic, power failures, local political unrest and numerous other factors; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">any adverse developments affecting manufacturing operations for our products may result in shipment delays, inventory shortages, lot failures, product withdrawals or recalls or other interruptions in the supply of our products. We may also have to record inventory write-offs and incur other charges and expenses for products that fail to meet specifications, undertake costly remediation efforts or seek costlier manufacturing alternatives.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The manufacture<font style="letter-spacing:0.1pt;"> </font>of biologic<font style="letter-spacing:0.05pt;"> </font>products,<font style="letter-spacing:0.05pt;"> </font>and in particular,<font style="letter-spacing:0.1pt;"> </font>the glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>process,<font style="letter-spacing:0.05pt;"> </font>is complex<font style="letter-spacing:0.05pt;"> </font>and requires<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>expertise<font style="letter-spacing:0.1pt;"> </font>and capital<font style="letter-spacing:0.05pt;"> </font>investment,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>of advanced manufacturing techniques<font style="letter-spacing:0.05pt;"> </font>and process<font style="letter-spacing:0.05pt;"> </font>controls.<font style="letter-spacing:0.05pt;"> </font>Manufacturers<font style="letter-spacing:0.1pt;"> </font>of biologic<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>often<font style="letter-spacing:0.05pt;"> </font>encounter<font style="letter-spacing:0.05pt;"> </font>difficulties<font style="letter-spacing:0.15pt;"> </font>in production, particularly<font style="letter-spacing:0.15pt;"> </font>in scaling<font style="letter-spacing:0.05pt;"> </font>up and validating<font style="letter-spacing:0.1pt;"> </font>initial<font style="letter-spacing:0.1pt;"> </font>production<font style="letter-spacing:0.05pt;"> </font>and ensuring<font style="letter-spacing:0.05pt;"> </font>the avoidance<font style="letter-spacing:0.05pt;"> </font>of contamination.<font style="letter-spacing:0.1pt;"> </font>These problems<font style="letter-spacing:0.05pt;"> </font>include<font style="letter-spacing:0.05pt;"> </font>difficulties<font style="letter-spacing:0.15pt;"> </font>with production<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and yields,<font style="letter-spacing:0.05pt;"> </font>quality<font style="letter-spacing:0.05pt;"> </font>control,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>stability<font style="letter-spacing:0.1pt;"> </font>of the product, quality<font style="letter-spacing:0.05pt;"> </font>assurance<font style="letter-spacing:0.05pt;"> </font>testing,<font style="letter-spacing:0.05pt;"> </font>operator<font style="letter-spacing:0.05pt;"> </font>error<font style="letter-spacing:0.05pt;"> </font>and shortages<font style="letter-spacing:0.05pt;"> </font>of qualified<font style="letter-spacing:0.1pt;"> </font>personnel,<font style="letter-spacing:0.05pt;"> </font>as well as compliance<font style="letter-spacing:0.1pt;"> </font>with strictly enforced<font style="letter-spacing:0.05pt;"> </font>federal,<font style="letter-spacing:0.05pt;"> </font>state<font style="letter-spacing:0.05pt;"> </font>and foreign<font style="letter-spacing:0.05pt;"> </font>regulations.<font style="letter-spacing:0.1pt;"> </font>We cannot assure<font style="letter-spacing:0.05pt;"> </font>you that<font style="letter-spacing:0.05pt;"> </font>any stability<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>issues<font style="letter-spacing:0.05pt;"> </font>relating<font style="letter-spacing:0.1pt;"> </font>to the manufacture<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 will not occur in the future.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have limited<font style="letter-spacing:0.1pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>and have access<font style="letter-spacing:0.05pt;"> </font>only to external<font style="letter-spacing:0.05pt;"> </font>manufacturing capabilities.<font style="letter-spacing:0.15pt;"> </font>We do not have and we<font style="letter-spacing:-0.05pt;"> </font>do not currently<font style="letter-spacing:0.1pt;"> </font>plan to acquire<font style="letter-spacing:0.05pt;"> </font>or develop the facilities<font style="letter-spacing:0.15pt;"> </font>or capabilities<font style="letter-spacing:0.15pt;"> </font>to manufacture<font style="letter-spacing:0.1pt;"> </font>bulk drug substance<font style="letter-spacing:0.05pt;"> </font>or filled<font style="letter-spacing:0.05pt;"> </font>drug product<font style="letter-spacing:0.05pt;"> </font>for use in human clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or commercialization. Any<font style="letter-spacing:-0.05pt;"> </font>delay or interruption<font style="letter-spacing:0.1pt;"> </font>in the supply of clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>materials, including<font style="letter-spacing:0.05pt;"> </font>as a result<font style="letter-spacing:0.05pt;"> </font>of breach<font style="letter-spacing:0.05pt;"> </font>by us or BTPH<font style="letter-spacing:1.1pt;"> </font>of our agreement<font style="letter-spacing:0.1pt;"> </font>with BTPH,<font style="letter-spacing:-0.1pt;"> </font>or our inability<font style="letter-spacing:0.1pt;"> </font>to agree<font style="letter-spacing:0.05pt;"> </font>to the terms<font style="letter-spacing:0.05pt;"> </font>of supply or related<font style="letter-spacing:0.05pt;"> </font>services<font style="letter-spacing:0.05pt;"> </font>in any statement of work, could delay the completion<font style="letter-spacing:0.1pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>the costs<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with maintaining<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial programs<font style="letter-spacing:0.05pt;"> </font>and, depending upon the period<font style="letter-spacing:0.05pt;"> </font>of delay, require<font style="letter-spacing:0.05pt;"> </font>us to commence<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>at additional expense or terminate<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>completely.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We plan to develop<font style="letter-spacing:0.05pt;"> </font>a new<font style="letter-spacing:-0.05pt;"> </font>drug product formulation<font style="letter-spacing:0.05pt;"> </font>for BIO89-100<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be unsuccessful.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>changes in methods<font style="letter-spacing:0.05pt;"> </font>of product candidate<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.05pt;"> </font>or formulation<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in the need to perform<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>clinical trials,<font style="letter-spacing:0.05pt;"> </font>which<font style="letter-spacing:-0.05pt;"> </font>would<font style="letter-spacing:-0.05pt;"> </font>require<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>cause delay.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We plan to develop a new<font style="letter-spacing:-0.05pt;"> </font>drug product<font style="letter-spacing:0.05pt;"> </font>formulation<font style="letter-spacing:0.1pt;"> </font>of BIO89-100 for late<font style="letter-spacing:0.05pt;"> </font>stage<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and commercialization.<font style="letter-spacing:0.2pt;"> </font>Our current<font style="letter-spacing:0.05pt;"> </font>drug product<font style="letter-spacing:0.05pt;"> </font>is stored<font style="letter-spacing:0.05pt;"> </font>as a frozen<font style="letter-spacing:0.05pt;"> </font>liquid<font style="letter-spacing:0.05pt;"> </font>and is therefore<font style="letter-spacing:0.1pt;"> </font>not well-suited<font style="letter-spacing:0.1pt;"> </font>to larger clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or commercialization.<font style="letter-spacing:0.2pt;"> </font>We have engaged a formulation<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>company to explore<font style="letter-spacing:0.05pt;"> </font>both a new refrigerated<font style="letter-spacing:0.15pt;"> </font>liquid<font style="letter-spacing:0.05pt;"> </font>formulation<font style="letter-spacing:0.1pt;"> </font>and a freeze-dried,<font style="letter-spacing:0.15pt;"> </font>or lyophilized<font style="letter-spacing:0.1pt;"> </font>formulation.<font style="letter-spacing:0.1pt;"> </font>We also plan to begin development of a pen-type<font style="letter-spacing:0.05pt;"> </font>autoinjector<font style="letter-spacing:0.1pt;"> </font>for the new<font style="letter-spacing:-0.05pt;"> </font>drug product<font style="letter-spacing:0.05pt;"> </font>formulation.<font style="letter-spacing:0.1pt;"> </font>There is no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be successful in developing<font style="letter-spacing:0.05pt;"> </font>a new<font style="letter-spacing:-0.05pt;"> </font>drug product<font style="letter-spacing:0.05pt;"> </font>formulation<font style="letter-spacing:0.1pt;"> </font>or an autoinjector<font style="letter-spacing:0.1pt;"> </font>on a timely<font style="letter-spacing:0.05pt;"> </font>basis<font style="letter-spacing:0.05pt;"> </font>or at all,<font style="letter-spacing:0.05pt;"> </font>which could impede our development<font style="letter-spacing:0.05pt;"> </font>and commercialization<font style="letter-spacing:0.2pt;"> </font>strategy<font style="letter-spacing:0.05pt;"> </font>for BIO89-100. The FDA<font style="letter-spacing:-0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>could require<font style="letter-spacing:0.05pt;"> </font>nonclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>to support<font style="letter-spacing:0.05pt;"> </font>introduction<font style="letter-spacing:0.1pt;"> </font>of any new formulation<font style="letter-spacing:0.1pt;"> </font>and autoinjector,<font style="letter-spacing:0.1pt;"> </font>which could delay completion<font style="letter-spacing:0.1pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>require<font style="letter-spacing:0.05pt;"> </font>the conduct of bridging clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>or the repetition<font style="letter-spacing:0.1pt;"> </font>of one or more<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>our clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>costs,<font style="letter-spacing:0.05pt;"> </font>delay approval<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 and jeopardize<font style="letter-spacing:0.1pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to commence<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>and generate<font style="letter-spacing:0.05pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>BIO89-100, if approved.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU35"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We rely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">on</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">third parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to conduct our clinical</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">trials</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">some aspects</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of our research</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">preclinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">testing, and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">those third parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may not perform</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">satisfactorily,</font><font style="letter-spacing:0.15pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">including failing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to meet</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">deadlines</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">for the completion of such</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> trials,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">research</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or testing.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We currently<font style="letter-spacing:0.1pt;"> </font>rely<font style="letter-spacing:0.05pt;"> </font>on, and expect<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>to rely<font style="letter-spacing:0.05pt;"> </font>on, third<font style="letter-spacing:0.05pt;"> </font>parties,<font style="letter-spacing:0.05pt;"> </font>such as CROs,<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>data management<font style="letter-spacing:0.1pt;"> </font>organizations,<font style="letter-spacing:0.1pt;"> </font>medical<font style="letter-spacing:0.05pt;"> </font>institutions,<font style="letter-spacing:0.1pt;"> </font>consultants<font style="letter-spacing:0.1pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>to conduct our clinical trials<font style="letter-spacing:0.1pt;"> </font>and certain<font style="letter-spacing:0.05pt;"> </font>aspects<font style="letter-spacing:0.05pt;"> </font>of our research<font style="letter-spacing:0.05pt;"> </font>and preclinical<font style="letter-spacing:0.1pt;"> </font>testing.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may terminate<font style="letter-spacing:0.1pt;"> </font>their engagements<font style="letter-spacing:0.05pt;"> </font>with us at any time.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>need to enter<font style="letter-spacing:0.05pt;"> </font>into alternative<font style="letter-spacing:0.1pt;"> </font>arrangements,<font style="letter-spacing:0.1pt;"> </font>it would delay our product development<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>and such alternative<font style="letter-spacing:0.1pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>may not be available<font style="letter-spacing:0.1pt;"> </font>on terms<font style="letter-spacing:0.05pt;"> </font>acceptable<font style="letter-spacing:0.1pt;"> </font>to us.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our reliance<font style="letter-spacing:0.1pt;"> </font>on these<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>for research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>will reduce<font style="letter-spacing:0.05pt;"> </font>our control<font style="letter-spacing:0.05pt;"> </font>over these<font style="letter-spacing:0.05pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>but will not relieve<font style="letter-spacing:0.05pt;"> </font>us of our responsibilities.<font style="letter-spacing:0.15pt;"> </font>For example,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will remain<font style="letter-spacing:0.05pt;"> </font>responsible<font style="letter-spacing:0.1pt;"> </font>for ensuring<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>each of our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>is conducted<font style="letter-spacing:0.05pt;"> </font>in accordance<font style="letter-spacing:0.05pt;"> </font>with the general<font style="letter-spacing:0.05pt;"> </font>investigational<font style="letter-spacing:0.15pt;"> </font>plan and protocols<font style="letter-spacing:0.05pt;"> </font>for the trial.<font style="letter-spacing:0.05pt;"> </font>Moreover,<font style="letter-spacing:0.05pt;"> </font>the FDA<font style="letter-spacing:-0.05pt;"> </font>requires<font style="letter-spacing:0.05pt;"> </font>us to comply<font style="letter-spacing:0.05pt;"> </font>with standards,<font style="letter-spacing:0.05pt;"> </font>commonly<font style="letter-spacing:0.05pt;"> </font>referred<font style="letter-spacing:0.1pt;"> </font>to as current Good<font style="letter-spacing:-0.05pt;"> </font>Clinical<font style="letter-spacing:0.05pt;"> </font>Practices,<font style="letter-spacing:0.1pt;"> </font>for conducting,<font style="letter-spacing:0.05pt;"> </font>recording<font style="letter-spacing:0.05pt;"> </font>and reporting<font style="letter-spacing:0.05pt;"> </font>the results<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>to assure<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>data and reported<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>are credible<font style="letter-spacing:0.05pt;"> </font>and accurate<font style="letter-spacing:0.05pt;"> </font>and that<font style="letter-spacing:0.05pt;"> </font>the rights,<font style="letter-spacing:0.05pt;"> </font>integrity<font style="letter-spacing:0.1pt;"> </font>and confidentiality<font style="letter-spacing:0.15pt;"> </font>of trial<font style="letter-spacing:0.05pt;"> </font>participants are protected.<font style="letter-spacing:0.05pt;"> </font>We also are required<font style="letter-spacing:0.05pt;"> </font>to register<font style="letter-spacing:0.1pt;"> </font>ongoing clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and post the results<font style="letter-spacing:0.05pt;"> </font>of completed<font style="letter-spacing:0.05pt;"> </font>clinical trials<font style="letter-spacing:0.1pt;"> </font>on a government-sponsored<font style="letter-spacing:0.15pt;"> </font>database,<font style="letter-spacing:0.05pt;"> </font>ClinicalTrials.gov,<font style="letter-spacing:0.15pt;"> </font>within certain<font style="letter-spacing:0.05pt;"> </font>timeframes.<font style="letter-spacing:0.15pt;"> </font>Failure<font style="letter-spacing:0.05pt;"> </font>to do so can result<font style="letter-spacing:0.05pt;"> </font>in fines,<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>publicity<font style="letter-spacing:0.05pt;"> </font>and civil<font style="letter-spacing:0.05pt;"> </font>and criminal<font style="letter-spacing:0.1pt;"> </font>sanctions.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<font style="letter-spacing:0.1pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may also have relationships<font style="letter-spacing:0.1pt;"> </font>with other<font style="letter-spacing:0.05pt;"> </font>entities,<font style="letter-spacing:0.1pt;"> </font>some of which may be our competitors.<font style="letter-spacing:0.1pt;"> </font>If these<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>do not successfully<font style="letter-spacing:0.1pt;"> </font>carry<font style="letter-spacing:0.05pt;"> </font>out their<font style="letter-spacing:0.05pt;"> </font>contractual<font style="letter-spacing:0.1pt;"> </font>duties,<font style="letter-spacing:0.05pt;"> </font>meet<font style="letter-spacing:0.05pt;"> </font>expected deadlines<font style="letter-spacing:0.05pt;"> </font>or conduct our clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>in accordance<font style="letter-spacing:0.05pt;"> </font>with regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>or our stated<font style="letter-spacing:0.05pt;"> </font>protocols,<font style="letter-spacing:0.05pt;"> </font>we will not be able to obtain,<font style="letter-spacing:0.05pt;"> </font>or may be delayed<font style="letter-spacing:0.05pt;"> </font>in obtaining,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>for BIO89-100 or any future product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and will not be able to, or may be delayed<font style="letter-spacing:0.05pt;"> </font>in our efforts<font style="letter-spacing:0.1pt;"> </font>to, successfully<font style="letter-spacing:0.1pt;"> </font>commercialize<font style="letter-spacing:0.15pt;"> </font>our medicines.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We also expect<font style="letter-spacing:0.05pt;"> </font>to rely<font style="letter-spacing:0.05pt;"> </font>on other<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to store<font style="letter-spacing:0.05pt;"> </font>and distribute<font style="letter-spacing:0.1pt;"> </font>drug supplies<font style="letter-spacing:0.05pt;"> </font>for our clinical<font style="letter-spacing:0.1pt;"> </font>trials. Any<font style="letter-spacing:-0.05pt;"> </font>performance<font style="letter-spacing:0.1pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>on the part<font style="letter-spacing:0.05pt;"> </font>of our distributors<font style="letter-spacing:0.1pt;"> </font>could delay clinical<font style="letter-spacing:0.1pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval and/or<font style="letter-spacing:0.05pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>producing<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>losses<font style="letter-spacing:0.05pt;"> </font>and depriving<font style="letter-spacing:0.05pt;"> </font>us of potential<font style="letter-spacing:0.1pt;"> </font>revenue.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>while we<font style="letter-spacing:-0.05pt;"> </font>have received<font style="letter-spacing:0.05pt;"> </font>the majority<font style="letter-spacing:0.1pt;"> </font>of the knowledge with regard<font style="letter-spacing:0.05pt;"> </font>to our current<font style="letter-spacing:0.05pt;"> </font>product candidate<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>Teva, we<font style="letter-spacing:-0.05pt;"> </font>may still<font style="letter-spacing:0.05pt;"> </font>depend on Teva to provide<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>and documentation<font style="letter-spacing:0.1pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>certain aspects<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>If Teva delays<font style="letter-spacing:0.05pt;"> </font>providing<font style="letter-spacing:0.05pt;"> </font>or fails<font style="letter-spacing:0.05pt;"> </font>to provide<font style="letter-spacing:0.05pt;"> </font>such information<font style="letter-spacing:0.1pt;"> </font>or documentation,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may also be delayed<font style="letter-spacing:0.05pt;"> </font>in our efforts<font style="letter-spacing:0.1pt;"> </font>to successfully<font style="letter-spacing:0.1pt;"> </font>commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>We also depend on Teva to support<font style="letter-spacing:0.05pt;"> </font>our efforts<font style="letter-spacing:0.1pt;"> </font>to transfer<font style="letter-spacing:0.1pt;"> </font>the manufacturing process<font style="letter-spacing:0.05pt;"> </font>to a contract<font style="letter-spacing:0.05pt;"> </font>manufacturer.<font style="letter-spacing:0.1pt;"> </font>If Teva is unable to or otherwise<font style="letter-spacing:0.05pt;"> </font>fails<font style="letter-spacing:0.05pt;"> </font>to support<font style="letter-spacing:0.05pt;"> </font>such transfer,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur significant<font style="letter-spacing:0.1pt;"> </font>delay and increased<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>in commercializing<font style="letter-spacing:0.15pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may not be able to obtain and<font style="letter-spacing:-0.05pt;"> </font>maintain<font style="letter-spacing:0.05pt;"> </font>the third-party<font style="letter-spacing:0.1pt;"> </font>relationships<font style="letter-spacing:0.1pt;"> </font>that are necessary<font style="letter-spacing:0.05pt;"> </font>to develop, commercialize<font style="letter-spacing:0.15pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>manufacture<font style="letter-spacing:0.05pt;"> </font>some or all of our product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect<font style="letter-spacing:0.05pt;"> </font>to depend on collaborators,<font style="letter-spacing:0.1pt;"> </font>partners,<font style="letter-spacing:0.05pt;"> </font>licensees,<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>CROs,<font style="letter-spacing:-0.05pt;"> </font>manufacturers and other<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to support<font style="letter-spacing:0.05pt;"> </font>our discovery<font style="letter-spacing:0.05pt;"> </font>efforts,<font style="letter-spacing:0.1pt;"> </font>to formulate<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>to conduct clinical<font style="letter-spacing:0.1pt;"> </font>trials for some or all<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>to manufacture<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>and commercial<font style="letter-spacing:0.1pt;"> </font>scale<font style="letter-spacing:0.05pt;"> </font>quantities<font style="letter-spacing:0.1pt;"> </font>of our drug substance<font style="letter-spacing:0.05pt;"> </font>and drug product<font style="letter-spacing:0.05pt;"> </font>and to market,<font style="letter-spacing:0.05pt;"> </font>sell<font style="letter-spacing:0.05pt;"> </font>and distribute<font style="letter-spacing:0.1pt;"> </font>any products<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>successfully<font style="letter-spacing:0.1pt;"> </font>develop. Any problems<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>with any of these<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>could delay the development,<font style="letter-spacing:0.05pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>and manufacturing<font style="letter-spacing:0.1pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>which could harm<font style="letter-spacing:0.05pt;"> </font>our results<font style="letter-spacing:0.05pt;"> </font>of operations.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We cannot guarantee<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be able to successfully<font style="letter-spacing:0.1pt;"> </font>negotiate<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>for, or maintain relationships<font style="letter-spacing:0.1pt;"> </font>with, collaborators,<font style="letter-spacing:0.1pt;"> </font>partners,<font style="letter-spacing:0.05pt;"> </font>licensees,<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>CROs,<font style="letter-spacing:-0.05pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>third parties<font style="letter-spacing:0.05pt;"> </font>on favorable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to obtain<font style="letter-spacing:0.05pt;"> </font>or maintain<font style="letter-spacing:0.1pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>agreements,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to clinically<font style="letter-spacing:0.1pt;"> </font>develop, formulate,<font style="letter-spacing:0.1pt;"> </font>manufacture,<font style="letter-spacing:0.1pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>for or commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>which will in turn adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our business.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect<font style="letter-spacing:0.05pt;"> </font>to expend substantial<font style="letter-spacing:0.1pt;"> </font>management<font style="letter-spacing:0.1pt;"> </font>time<font style="letter-spacing:0.05pt;"> </font>and effort<font style="letter-spacing:0.05pt;"> </font>to enter<font style="letter-spacing:0.05pt;"> </font>into relationships<font style="letter-spacing:0.1pt;"> </font>with third parties<font style="letter-spacing:0.05pt;"> </font>and, if we<font style="letter-spacing:-0.05pt;"> </font>successfully<font style="letter-spacing:0.1pt;"> </font>enter<font style="letter-spacing:0.05pt;"> </font>into such relationships,<font style="letter-spacing:0.1pt;"> </font>to manage<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>relationships.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>substantial amounts<font style="letter-spacing:0.05pt;"> </font>will be paid to third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>relationships.<font style="letter-spacing:0.1pt;"> </font>However, we<font style="letter-spacing:-0.05pt;"> </font>cannot control<font style="letter-spacing:0.05pt;"> </font>the amount<font style="letter-spacing:0.05pt;"> </font>or timing<font style="letter-spacing:0.05pt;"> </font>of resources<font style="letter-spacing:0.05pt;"> </font>our future<font style="letter-spacing:0.05pt;"> </font>contract<font style="letter-spacing:0.05pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>will devote to our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates or potential<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>cannot guarantee<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>will fulfill<font style="letter-spacing:0.1pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>to us under these<font style="letter-spacing:0.05pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>in a timely<font style="letter-spacing:0.05pt;"> </font>fashion,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>while we<font style="letter-spacing:-0.05pt;"> </font>manage<font style="letter-spacing:0.05pt;"> </font>the relationships<font style="letter-spacing:0.1pt;"> </font>with third parties,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot control<font style="letter-spacing:0.05pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>of the operations<font style="letter-spacing:0.05pt;"> </font>of and any outsourcing<font style="letter-spacing:0.05pt;"> </font>used by such third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>We rely<font style="letter-spacing:0.05pt;"> </font>on third<font style="letter-spacing:0.05pt;"> </font>parties&#8217;<font style="letter-spacing:0.1pt;"> </font>knowledge regarding<font style="letter-spacing:0.05pt;"> </font>specific<font style="letter-spacing:0.1pt;"> </font>local<font style="letter-spacing:0.05pt;"> </font>laws and regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions,<font style="letter-spacing:0.15pt;"> </font>where applicable.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU36"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">fail</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to develop</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">commercialize</font><font style="letter-spacing:0.15pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">additional</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">product candidates,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may be unable to grow</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our business.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although the development<font style="letter-spacing:0.05pt;"> </font>and commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100 is currently<font style="letter-spacing:0.1pt;"> </font>our primary<font style="letter-spacing:0.05pt;"> </font>focus, as part of our longer-term<font style="letter-spacing:0.1pt;"> </font>growth strategy,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>plan to evaluate<font style="letter-spacing:0.05pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>and commercialization<font style="letter-spacing:0.2pt;"> </font>of other therapies<font style="letter-spacing:0.1pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to NASH<font style="letter-spacing:-0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>liver<font style="letter-spacing:0.05pt;"> </font>and cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>diseases.<font style="letter-spacing:0.05pt;"> </font>The success<font style="letter-spacing:0.05pt;"> </font>of this<font style="letter-spacing:0.05pt;"> </font>strategy<font style="letter-spacing:0.05pt;"> </font>depends primarily<font style="letter-spacing:0.1pt;"> </font>upon our ability<font style="letter-spacing:0.05pt;"> </font>to identify<font style="letter-spacing:0.05pt;"> </font>and validate<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>therapeutic<font style="letter-spacing:0.1pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>and to identify,<font style="letter-spacing:0.05pt;"> </font>develop and commercialize<font style="letter-spacing:0.15pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>drugs and biologics.<font style="letter-spacing:0.05pt;"> </font>Our research<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>may initially<font style="letter-spacing:0.1pt;"> </font>show<font style="letter-spacing:-0.05pt;"> </font>promise<font style="letter-spacing:0.05pt;"> </font>in discovering<font style="letter-spacing:0.05pt;"> </font>potential new<font style="letter-spacing:-0.05pt;"> </font>drugs and biologics,<font style="letter-spacing:0.05pt;"> </font>yet fail<font style="letter-spacing:0.05pt;"> </font>to yield<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>for clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>for a number<font style="letter-spacing:0.05pt;"> </font>of reasons, including:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may encounter</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">difficulties</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">limit</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">yield</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or produce undesirable characteristics</font><font style="letter-spacing:0.2pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">increase</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the cost of manufacturing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">our product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">cause delays</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or make our product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">unmarketable;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may cause adverse</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">effects</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in patients</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or subjects,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">even after</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">successful</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">initial toxicology</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">studies,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">which may make the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">unmarketable;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may not demonstrate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a meaningful</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">benefit</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to patients</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or subjects;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">our future</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">collaboration</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">partners</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may change their</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">development</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">profiles</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or plans for potential product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or abandon a therapeutic</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">area</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or the development</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a partnered</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">product.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If any of these<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>occur, we<font style="letter-spacing:-0.05pt;"> </font>may be forced<font style="letter-spacing:0.05pt;"> </font>to abandon our development<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>for one or more programs,<font style="letter-spacing:0.05pt;"> </font>which could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>and prospects<font style="letter-spacing:0.05pt;"> </font>and could potentially<font style="letter-spacing:0.1pt;"> </font>cause us to cease<font style="letter-spacing:0.05pt;"> </font>operations.<font style="letter-spacing:0.05pt;"> </font>Future research<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>to identify<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>technical,<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>and human resources.<font style="letter-spacing:0.05pt;"> </font>We may focus our efforts<font style="letter-spacing:0.1pt;"> </font>and resources<font style="letter-spacing:0.05pt;"> </font>on potential programs<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>ultimately<font style="letter-spacing:0.1pt;"> </font>prove to be unsuccessful.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Product candidates<font style="letter-spacing:0.05pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>additional,<font style="letter-spacing:0.1pt;"> </font>time-consuming<font style="letter-spacing:0.15pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>prior<font style="letter-spacing:0.05pt;"> </font>to commercial sale,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>studies,<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and approval<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory authorities.<font style="letter-spacing:0.1pt;"> </font>All product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are prone to the risks<font style="letter-spacing:0.05pt;"> </font>of failure<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are inherent<font style="letter-spacing:0.05pt;"> </font>in pharmaceutical<font style="letter-spacing:0.15pt;"> </font>product development,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the possibility<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>will not be shown<font style="letter-spacing:-0.05pt;"> </font>to be sufficiently<font style="letter-spacing:0.15pt;"> </font>safe<font style="letter-spacing:0.05pt;"> </font>and effective<font style="letter-spacing:0.1pt;"> </font>for approval<font style="letter-spacing:0.05pt;"> </font>by regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot assure<font style="letter-spacing:0.05pt;"> </font>you that<font style="letter-spacing:0.05pt;"> </font>any such products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are approved will be manufactured<font style="letter-spacing:0.1pt;"> </font>or produced economically,<font style="letter-spacing:0.1pt;"> </font>be successfully<font style="letter-spacing:0.1pt;"> </font>commercialized,<font style="letter-spacing:0.15pt;"> </font>be widely accepted in the marketplace,<font style="letter-spacing:0.1pt;"> </font>or be more<font style="letter-spacing:0.05pt;"> </font>effective<font style="letter-spacing:0.1pt;"> </font>than other<font style="letter-spacing:0.05pt;"> </font>commercially<font style="letter-spacing:0.15pt;"> </font>available<font style="letter-spacing:0.1pt;"> </font>alternatives.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may use our limited<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>human<font style="letter-spacing:-0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>to pursue a particular<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>program or product candidate<font style="letter-spacing:0.05pt;"> </font>that is ultimately<font style="letter-spacing:0.1pt;"> </font>unsuccessful<font style="letter-spacing:0.05pt;"> </font>or less<font style="letter-spacing:0.05pt;"> </font>successful<font style="letter-spacing:0.05pt;"> </font>than other programs<font style="letter-spacing:0.05pt;"> </font>or product candidates<font style="letter-spacing:0.05pt;"> </font>that we may have forgone or delayed.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because we<font style="letter-spacing:-0.05pt;"> </font>have limited<font style="letter-spacing:0.1pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>resources,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may forego<font style="letter-spacing:0.05pt;"> </font>or delay the development<font style="letter-spacing:0.05pt;"> </font>of certain<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>later<font style="letter-spacing:0.05pt;"> </font>prove to have greater<font style="letter-spacing:0.05pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>than the programs<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do pursue. Our resource<font style="letter-spacing:0.05pt;"> </font>allocation<font style="letter-spacing:0.1pt;"> </font>decisions<font style="letter-spacing:0.05pt;"> </font>may cause us to fail<font style="letter-spacing:0.05pt;"> </font>to capitalize<font style="letter-spacing:0.1pt;"> </font>on viable<font style="letter-spacing:0.05pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>or profitable<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>opportunities.<font style="letter-spacing:0.1pt;"> </font>Our spending on current<font style="letter-spacing:0.05pt;"> </font>and future<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>for product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may not yield<font style="letter-spacing:0.05pt;"> </font>any commercially<font style="letter-spacing:0.15pt;"> </font>viable<font style="letter-spacing:0.05pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>Similarly,<font style="letter-spacing:0.1pt;"> </font>our decisions<font style="letter-spacing:0.05pt;"> </font>to delay or terminate<font style="letter-spacing:0.1pt;"> </font>drug development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>may also be incorrect<font style="letter-spacing:0.1pt;"> </font>and could cause us to miss valuable<font style="letter-spacing:0.05pt;"> </font>opportunities.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to accurately<font style="letter-spacing:0.1pt;"> </font>evaluate<font style="letter-spacing:0.05pt;"> </font>the commercial<font style="letter-spacing:0.1pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>or target<font style="letter-spacing:0.05pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>for a particular product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may relinquish<font style="letter-spacing:0.1pt;"> </font>valuable<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to that<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>through strategic<font style="letter-spacing:0.1pt;"> </font>collaboration, licensing<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>or we<font style="letter-spacing:-0.05pt;"> </font>may allocate<font style="letter-spacing:0.1pt;"> </font>our limited<font style="letter-spacing:0.1pt;"> </font>internal<font style="letter-spacing:0.1pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>to that<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>when it would have been more<font style="letter-spacing:0.05pt;"> </font>advantageous<font style="letter-spacing:0.05pt;"> </font>to enter<font style="letter-spacing:0.05pt;"> </font>into such an arrangement.<font style="letter-spacing:0.1pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>such failure<font style="letter-spacing:0.1pt;"> </font>could have a material adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>or prospects.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>evolve<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>a company that is primarily<font style="letter-spacing:0.1pt;"> </font>involved<font style="letter-spacing:0.05pt;"> </font>in clinical<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>to a company that is also involved<font style="letter-spacing:0.05pt;"> </font>in commercialization,<font style="letter-spacing:0.15pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may encounter difficulties<font style="letter-spacing:0.15pt;"> </font>in expanding our operations<font style="letter-spacing:0.05pt;"> </font>successfully.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>advance our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>through clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will need to expand our development, regulatory,<font style="letter-spacing:0.1pt;"> </font>manufacturing,<font style="letter-spacing:0.1pt;"> </font>and marketing<font style="letter-spacing:0.1pt;"> </font>and sales<font style="letter-spacing:0.05pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>and may need to further<font style="letter-spacing:0.05pt;"> </font>contract<font style="letter-spacing:0.05pt;"> </font>with third parties<font style="letter-spacing:0.05pt;"> </font>to provide<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>capabilities,<font style="letter-spacing:0.15pt;"> </font>such as collaborators,<font style="letter-spacing:0.1pt;"> </font>distributors,<font style="letter-spacing:0.1pt;"> </font>marketers<font style="letter-spacing:0.1pt;"> </font>and additional<font style="letter-spacing:0.1pt;"> </font>suppliers.<font style="letter-spacing:0.05pt;"> </font>We currently<font style="letter-spacing:0.1pt;"> </font>have no experience<font style="letter-spacing:0.05pt;"> </font>as a company in or infrastructure<font style="letter-spacing:0.15pt;"> </font>for sales,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>and distribution,<font style="letter-spacing:0.1pt;"> </font>and our operations<font style="letter-spacing:0.05pt;"> </font>are currently<font style="letter-spacing:0.1pt;"> </font>limited<font style="letter-spacing:0.1pt;"> </font>to clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>and as our operations<font style="letter-spacing:0.05pt;"> </font>expand, we<font style="letter-spacing:-0.05pt;"> </font>likely<font style="letter-spacing:0.05pt;"> </font>will need to manage<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>relationships<font style="letter-spacing:0.1pt;"> </font>with such third<font style="letter-spacing:0.05pt;"> </font>parties.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>is approved, we<font style="letter-spacing:-0.05pt;"> </font>intend<font style="letter-spacing:0.05pt;"> </font>either<font style="letter-spacing:0.05pt;"> </font>to establish<font style="letter-spacing:0.1pt;"> </font>a sales<font style="letter-spacing:0.05pt;"> </font>organization<font style="letter-spacing:0.1pt;"> </font>with technical<font style="letter-spacing:0.1pt;"> </font>expertise<font style="letter-spacing:0.1pt;"> </font>and supporting<font style="letter-spacing:0.05pt;"> </font>distribution<font style="letter-spacing:0.1pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>or to outsource<font style="letter-spacing:0.05pt;"> </font>such functions<font style="letter-spacing:0.05pt;"> </font>to one or more<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>Either<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>options would be expensive<font style="letter-spacing:0.05pt;"> </font>and time-consuming.<font style="letter-spacing:0.15pt;"> </font>Some or all<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>may be incurred<font style="letter-spacing:0.05pt;"> </font>in advance of any approval of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to hire<font style="letter-spacing:0.05pt;"> </font>a sales<font style="letter-spacing:0.05pt;"> </font>force<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>is sufficient<font style="letter-spacing:0.1pt;"> </font>in size<font style="letter-spacing:0.05pt;"> </font>or has adequate<font style="letter-spacing:0.05pt;"> </font>expertise<font style="letter-spacing:0.1pt;"> </font>in the medical<font style="letter-spacing:0.05pt;"> </font>markets<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>intend<font style="letter-spacing:0.05pt;"> </font>to target.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>or delay in the development<font style="letter-spacing:0.05pt;"> </font>of our internal<font style="letter-spacing:0.1pt;"> </font>sales,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>and distribution<font style="letter-spacing:0.1pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>would adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>the commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100 and other<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU37"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Maintaining</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">relationships</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">purposes</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will impose</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">significant</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">added responsibilities</font><font style="letter-spacing:1.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on members</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our management</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">personnel.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We must</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be able to effectively</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manage</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our development efforts,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">recruit</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and train</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sales</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and marketing</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">personnel,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effectively</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manage</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our participation</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the clinical</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trials in which our product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are involved</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and improve</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our managerial,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">operational</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and finance systems,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">all</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of which may impose</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a strain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on our administrative</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and operational</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infrastructure.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we<font style="letter-spacing:-0.05pt;"> </font>enter<font style="letter-spacing:0.05pt;"> </font>into arrangements<font style="letter-spacing:0.1pt;"> </font>with third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to perform<font style="letter-spacing:0.05pt;"> </font>sales,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>or distribution<font style="letter-spacing:0.1pt;"> </font>services,<font style="letter-spacing:0.05pt;"> </font>any product<font style="letter-spacing:0.05pt;"> </font>revenues<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>receive,<font style="letter-spacing:0.05pt;"> </font>or the profitability<font style="letter-spacing:0.15pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenues<font style="letter-spacing:0.05pt;"> </font>to us, are likely<font style="letter-spacing:0.05pt;"> </font>to be lower than if we<font style="letter-spacing:-0.05pt;"> </font>were to market<font style="letter-spacing:0.05pt;"> </font>and sell<font style="letter-spacing:0.05pt;"> </font>any products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>develop without the involvement<font style="letter-spacing:0.1pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be successful<font style="letter-spacing:0.1pt;"> </font>in entering<font style="letter-spacing:0.05pt;"> </font>into arrangements<font style="letter-spacing:0.1pt;"> </font>with third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to sell<font style="letter-spacing:0.05pt;"> </font>and market<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>or in doing so on terms<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are favorable<font style="letter-spacing:0.05pt;"> </font>to us. We likely<font style="letter-spacing:0.05pt;"> </font>will have little<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over such third<font style="letter-spacing:0.05pt;"> </font>parties, and any of them<font style="letter-spacing:0.05pt;"> </font>may fail<font style="letter-spacing:0.05pt;"> </font>to devote the necessary<font style="letter-spacing:0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>and attention<font style="letter-spacing:0.1pt;"> </font>to sell<font style="letter-spacing:0.05pt;"> </font>and market<font style="letter-spacing:0.05pt;"> </font>our products effectively.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>do not establish<font style="letter-spacing:0.1pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>and marketing<font style="letter-spacing:0.1pt;"> </font>capabilities<font style="letter-spacing:0.15pt;"> </font>successfully,<font style="letter-spacing:0.1pt;"> </font>either<font style="letter-spacing:0.05pt;"> </font>on our own<font style="letter-spacing:-0.05pt;"> </font>or in collaboration<font style="letter-spacing:0.1pt;"> </font>with third<font style="letter-spacing:0.05pt;"> </font>parties,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will not be successful<font style="letter-spacing:0.1pt;"> </font>in commercializing<font style="letter-spacing:0.15pt;"> </font>our products.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may seek to establish<font style="letter-spacing:0.05pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>collaborations<font style="letter-spacing:0.1pt;"> </font>for our product candidates,<font style="letter-spacing:0.05pt;"> </font>and,<font style="letter-spacing:-0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>are not able to establish<font style="letter-spacing:0.05pt;"> </font>them on<font style="letter-spacing:-0.05pt;"> </font>commercially<font style="letter-spacing:0.15pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may have to alter<font style="letter-spacing:0.05pt;"> </font>our development<font style="letter-spacing:0.05pt;"> </font>and commercialization<font style="letter-spacing:0.15pt;"> </font>plans.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our drug development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>and the potential<font style="letter-spacing:0.1pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will require<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>cash to fund expenses.<font style="letter-spacing:0.05pt;"> </font>We may decide<font style="letter-spacing:0.05pt;"> </font>to collaborate<font style="letter-spacing:0.1pt;"> </font>with other<font style="letter-spacing:0.05pt;"> </font>pharmaceutical<font style="letter-spacing:0.15pt;"> </font>and biotechnology<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>for the development<font style="letter-spacing:0.05pt;"> </font>and potential<font style="letter-spacing:0.1pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We face<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>competition<font style="letter-spacing:0.1pt;"> </font>in seeking<font style="letter-spacing:0.05pt;"> </font>appropriate<font style="letter-spacing:0.1pt;"> </font>collaborators.<font style="letter-spacing:0.1pt;"> </font>Whether<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>reach<font style="letter-spacing:0.05pt;"> </font>a definitive agreement<font style="letter-spacing:0.1pt;"> </font>for a collaboration<font style="letter-spacing:0.1pt;"> </font>will depend, among other<font style="letter-spacing:0.05pt;"> </font>things,<font style="letter-spacing:0.05pt;"> </font>upon our assessment<font style="letter-spacing:0.1pt;"> </font>of the collaborator&#8217;s resources<font style="letter-spacing:0.05pt;"> </font>and expertise,<font style="letter-spacing:0.1pt;"> </font>the terms<font style="letter-spacing:0.05pt;"> </font>and conditions<font style="letter-spacing:0.05pt;"> </font>of the proposed collaboration<font style="letter-spacing:0.1pt;"> </font>and the proposed collaborator&#8217;s evaluation<font style="letter-spacing:0.05pt;"> </font>of a number<font style="letter-spacing:0.05pt;"> </font>of factors.<font style="letter-spacing:0.05pt;"> </font>Those factors<font style="letter-spacing:0.05pt;"> </font>may include<font style="letter-spacing:0.05pt;"> </font>the design or results<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>the likelihood of approval<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities,<font style="letter-spacing:0.1pt;"> </font>the potential<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>for the subject<font style="letter-spacing:0.05pt;"> </font>product candidate,<font style="letter-spacing:0.05pt;"> </font>the costs<font style="letter-spacing:0.05pt;"> </font>and complexities<font style="letter-spacing:0.1pt;"> </font>of manufacturing<font style="letter-spacing:0.1pt;"> </font>and delivering<font style="letter-spacing:0.1pt;"> </font>such product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>to patients,<font style="letter-spacing:0.05pt;"> </font>the potential<font style="letter-spacing:0.1pt;"> </font>of competing<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>and the existence<font style="letter-spacing:0.05pt;"> </font>of uncertainty<font style="letter-spacing:0.1pt;"> </font>with respect<font style="letter-spacing:0.05pt;"> </font>to our ownership of technology, which can exist<font style="letter-spacing:0.05pt;"> </font>if there<font style="letter-spacing:0.05pt;"> </font>is a challenge<font style="letter-spacing:0.05pt;"> </font>to such ownership without regard<font style="letter-spacing:0.05pt;"> </font>to the merits<font style="letter-spacing:0.1pt;"> </font>of the challenge<font style="letter-spacing:0.05pt;"> </font>and industry<font style="letter-spacing:0.05pt;"> </font>and market<font style="letter-spacing:0.05pt;"> </font>conditions<font style="letter-spacing:0.05pt;"> </font>generally.<font style="letter-spacing:0.05pt;"> </font>The collaborators<font style="letter-spacing:0.1pt;"> </font>may also consider<font style="letter-spacing:0.05pt;"> </font>alternative<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or technologies<font style="letter-spacing:0.1pt;"> </font>for similar<font style="letter-spacing:0.1pt;"> </font>indications<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may be available<font style="letter-spacing:0.1pt;"> </font>to collaborate<font style="letter-spacing:0.1pt;"> </font>on and whether such a collaboration could be more<font style="letter-spacing:0.05pt;"> </font>attractive<font style="letter-spacing:0.1pt;"> </font>than the one with us for our product<font style="letter-spacing:0.05pt;"> </font>candidate.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Collaborations<font style="letter-spacing:0.1pt;"> </font>are complex<font style="letter-spacing:0.05pt;"> </font>and time-consuming<font style="letter-spacing:0.15pt;"> </font>to negotiate<font style="letter-spacing:0.05pt;"> </font>and document.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>have been a significant<font style="letter-spacing:0.1pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of business<font style="letter-spacing:0.05pt;"> </font>combinations<font style="letter-spacing:0.1pt;"> </font>among large<font style="letter-spacing:0.05pt;"> </font>pharmaceutical<font style="letter-spacing:0.15pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have resulted<font style="letter-spacing:0.05pt;"> </font>in a reduced<font style="letter-spacing:0.05pt;"> </font>number<font style="letter-spacing:0.05pt;"> </font>of potential<font style="letter-spacing:0.1pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>collaborators.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may not be able to negotiate<font style="letter-spacing:0.05pt;"> </font>collaborations<font style="letter-spacing:0.1pt;"> </font>on a timely<font style="letter-spacing:0.05pt;"> </font>basis,<font style="letter-spacing:0.05pt;"> </font>on acceptable<font style="letter-spacing:0.1pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to do so, we<font style="letter-spacing:-0.05pt;"> </font>may have to curtail<font style="letter-spacing:0.1pt;"> </font>the development<font style="letter-spacing:0.05pt;"> </font>of the product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>for which we<font style="letter-spacing:-0.05pt;"> </font>are seeking<font style="letter-spacing:0.05pt;"> </font>to collaborate,<font style="letter-spacing:0.1pt;"> </font>reduce<font style="letter-spacing:0.05pt;"> </font>or delay its<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>program<font style="letter-spacing:0.05pt;"> </font>or one or more<font style="letter-spacing:0.05pt;"> </font>of our other<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>delay its<font style="letter-spacing:0.05pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>or reduce<font style="letter-spacing:0.05pt;"> </font>the scope of any sales<font style="letter-spacing:0.05pt;"> </font>or marketing<font style="letter-spacing:0.1pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>or increase<font style="letter-spacing:0.05pt;"> </font>our expenditures<font style="letter-spacing:0.1pt;"> </font>and undertake<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>at our own<font style="letter-spacing:-0.05pt;"> </font>expense. If we<font style="letter-spacing:-0.05pt;"> </font>elect<font style="letter-spacing:0.05pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>our expenditures<font style="letter-spacing:0.1pt;"> </font>to fund development<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>on our own,<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may need to obtain<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>capital,<font style="letter-spacing:0.05pt;"> </font>which may not be available<font style="letter-spacing:0.1pt;"> </font>to us on acceptable<font style="letter-spacing:0.1pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>do not have sufficient<font style="letter-spacing:0.1pt;"> </font>funds, we<font style="letter-spacing:-0.05pt;"> </font>may not be able to further<font style="letter-spacing:0.05pt;"> </font>develop our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or bring them<font style="letter-spacing:0.05pt;"> </font>to market<font style="letter-spacing:0.05pt;"> </font>and generate<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenue.</p>
<p style="margin-top:18pt;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;">We may not be successful in our efforts to identify, in-license or acquire, discover, develop or commercialize additional product candidates.</p>
<p style="margin-top:6pt;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;">Although a substantial amount of our effort will focus on the development and potential commercialization of BIO89-100, we also may seek to identify, in-license or acquire, discover, develop and commercialize additional product candidates. We cannot assure you that our effort to in-license or acquire additional product candidates will be successful. Even if we are successful in in-licensing or acquiring additional product candidates, their requisite development activities may require substantial resources, and we cannot assure you that these development activities will result in regulatory approvals.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU38"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">BIO89-100</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">any future product candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may not achieve</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">adequate market</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">acceptance</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">among physicians,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">patients,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">healthcare</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">payors and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">others in the medical</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">community</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">necessary</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">for commercial success.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>receive<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval,<font style="letter-spacing:0.05pt;"> </font>they may not gain adequate<font style="letter-spacing:0.05pt;"> </font>market acceptance<font style="letter-spacing:0.05pt;"> </font>among physicians,<font style="letter-spacing:0.05pt;"> </font>patients,<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>payors and others<font style="letter-spacing:0.05pt;"> </font>in the medical<font style="letter-spacing:0.05pt;"> </font>community.<font style="letter-spacing:0.05pt;"> </font>Given the number<font style="letter-spacing:0.05pt;"> </font>of drugs in development<font style="letter-spacing:0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH,<font style="letter-spacing:-0.1pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>are unsuccessful<font style="letter-spacing:0.1pt;"> </font>in achieving<font style="letter-spacing:0.05pt;"> </font>a differentiated profile<font style="letter-spacing:0.05pt;"> </font>with BIO89-100 based on efficacy,<font style="letter-spacing:0.1pt;"> </font>safety<font style="letter-spacing:0.05pt;"> </font>and tolerability,<font style="letter-spacing:0.15pt;"> </font>dosing and administration,<font style="letter-spacing:0.15pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>acceptance will be limited.<font style="letter-spacing:0.1pt;"> </font>Efforts<font style="letter-spacing:0.05pt;"> </font>to educate<font style="letter-spacing:0.05pt;"> </font>the medical<font style="letter-spacing:0.05pt;"> </font>community<font style="letter-spacing:0.05pt;"> </font>and third-party<font style="letter-spacing:0.1pt;"> </font>payors on the benefits<font style="letter-spacing:0.05pt;"> </font>of our product candidates<font style="letter-spacing:0.05pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>and may not be successful.<font style="letter-spacing:0.1pt;"> </font>Demonstrating<font style="letter-spacing:0.1pt;"> </font>the safety<font style="letter-spacing:0.05pt;"> </font>and efficacy<font style="letter-spacing:0.1pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and obtaining<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>will not guarantee<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>revenue.<font style="letter-spacing:0.05pt;"> </font>Our commercial success<font style="letter-spacing:0.05pt;"> </font>also depends on coverage<font style="letter-spacing:0.05pt;"> </font>and adequate<font style="letter-spacing:0.05pt;"> </font>reimbursement<font style="letter-spacing:0.15pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>by third-party<font style="letter-spacing:0.1pt;"> </font>payors, including<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>payors, which may be difficult<font style="letter-spacing:0.1pt;"> </font>or time-consuming<font style="letter-spacing:0.15pt;"> </font>to obtain,<font style="letter-spacing:0.05pt;"> </font>may be limited<font style="letter-spacing:0.1pt;"> </font>in scope and may not be obtained<font style="letter-spacing:0.05pt;"> </font>in all<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>in which we<font style="letter-spacing:-0.05pt;"> </font>may seek to market<font style="letter-spacing:0.05pt;"> </font>our products.<font style="letter-spacing:0.05pt;"> </font>Governments<font style="letter-spacing:0.05pt;"> </font>and private insurers<font style="letter-spacing:0.05pt;"> </font>closely<font style="letter-spacing:0.05pt;"> </font>examine<font style="letter-spacing:0.05pt;"> </font>medical<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>to determine<font style="letter-spacing:0.1pt;"> </font>whether they should be covered<font style="letter-spacing:0.05pt;"> </font>by reimbursement<font style="letter-spacing:0.15pt;"> </font>and, if so, the level<font style="letter-spacing:0.05pt;"> </font>of reimbursement<font style="letter-spacing:0.15pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>will apply. We cannot be certain<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>payors will sufficiently reimburse<font style="letter-spacing:0.1pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>of our products,<font style="letter-spacing:0.05pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>enable<font style="letter-spacing:0.05pt;"> </font>us to sell<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>at profitable<font style="letter-spacing:0.1pt;"> </font>prices.<font style="letter-spacing:0.05pt;"> </font>Similar<font style="letter-spacing:0.1pt;"> </font>concerns could also limit<font style="letter-spacing:0.1pt;"> </font>the reimbursement<font style="letter-spacing:0.15pt;"> </font>amounts<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>health<font style="letter-spacing:0.05pt;"> </font>insurers<font style="letter-spacing:0.05pt;"> </font>or government<font style="letter-spacing:0.05pt;"> </font>agencies<font style="letter-spacing:0.05pt;"> </font>in other<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>are prepared<font style="letter-spacing:0.05pt;"> </font>to pay for our products.<font style="letter-spacing:0.05pt;"> </font>In many countries<font style="letter-spacing:0.05pt;"> </font>or regions<font style="letter-spacing:0.05pt;"> </font>where we<font style="letter-spacing:-0.05pt;"> </font>may market<font style="letter-spacing:0.05pt;"> </font>our products,<font style="letter-spacing:0.05pt;"> </font>either<font style="letter-spacing:0.05pt;"> </font>directly or with collaborators,<font style="letter-spacing:0.1pt;"> </font>the pricing<font style="letter-spacing:0.05pt;"> </font>of prescription<font style="letter-spacing:0.1pt;"> </font>drugs is controlled<font style="letter-spacing:0.1pt;"> </font>by the government<font style="letter-spacing:0.05pt;"> </font>or regulatory<font style="letter-spacing:0.1pt;"> </font>agencies.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regulatory<font style="letter-spacing:0.05pt;"> </font>agencies<font style="letter-spacing:0.05pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>could determine<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the pricing<font style="letter-spacing:0.05pt;"> </font>for our products<font style="letter-spacing:0.05pt;"> </font>should be based on prices<font style="letter-spacing:0.05pt;"> </font>of other<font style="letter-spacing:0.05pt;"> </font>commercially<font style="letter-spacing:0.15pt;"> </font>available<font style="letter-spacing:0.1pt;"> </font>drugs for the same<font style="letter-spacing:0.05pt;"> </font>disease,<font style="letter-spacing:0.05pt;"> </font>rather<font style="letter-spacing:0.05pt;"> </font>than allowing<font style="letter-spacing:0.05pt;"> </font>us to market<font style="letter-spacing:0.05pt;"> </font>our products at a premium<font style="letter-spacing:0.05pt;"> </font>as new<font style="letter-spacing:-0.05pt;"> </font>drugs. This may be particularly<font style="letter-spacing:0.15pt;"> </font>true<font style="letter-spacing:0.05pt;"> </font>for drugs that<font style="letter-spacing:0.05pt;"> </font>treat<font style="letter-spacing:0.05pt;"> </font>NASH<font style="letter-spacing:-0.1pt;"> </font>or SHTG,<font style="letter-spacing:-0.1pt;"> </font>which some healthcare<font style="letter-spacing:0.1pt;"> </font>providers<font style="letter-spacing:0.05pt;"> </font>and payors may deem to be a &#8220;lifestyle&#8221;<font style="letter-spacing:0.15pt;"> </font>disease<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could be ameliorated<font style="letter-spacing:0.1pt;"> </font>by changes in diet and exercise.<font style="letter-spacing:0.05pt;"> </font>The degree<font style="letter-spacing:0.05pt;"> </font>of market<font style="letter-spacing:0.05pt;"> </font>acceptance<font style="letter-spacing:0.05pt;"> </font>of any of our approved product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will depend on a number<font style="letter-spacing:0.05pt;"> </font>of factors,<font style="letter-spacing:0.05pt;"> </font>including:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the efficacy,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">safety</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and dosing profile</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as demonstrated</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the timing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of market</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">introduction</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as well as competitive</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">products;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">indications</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for which the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">is approved;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">acceptance</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as a safe</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and effective</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">treatment</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by physicians</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and patients;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the potential</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and perceived</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">advantages</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">over alternative</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">treatments, including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any similar</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">generic</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">treatments;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the cost of treatment</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in relation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to alternative</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">treatments;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the availability</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of coverage</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and adequate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">reimbursement</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and pricing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by third</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">parties</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and government</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">authorities, including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any requirements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for biopsy-proven</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">NASH</font><font style="letter-spacing:-0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">prior</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to being</font><font style="letter-spacing:1.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">approved for reimbursement;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">patients&#8217;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">willingness</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to pay out-of-pocket</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in the absence</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of coverage</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and/or</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">adequate reimbursement</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">third-party</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">payors;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the relative</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">convenience</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and ease of administration;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the frequency</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and severity</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of adverse</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">events;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the effectiveness</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of sales</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and marketing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">efforts;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">unfavorable</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">publicity</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">relating</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to the product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sales of medical<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>also depend on the willingness<font style="letter-spacing:0.05pt;"> </font>of physicians<font style="letter-spacing:0.05pt;"> </font>to prescribe<font style="letter-spacing:0.1pt;"> </font>the treatment,<font style="letter-spacing:0.1pt;"> </font>which is likely<font style="letter-spacing:0.05pt;"> </font>to be based on a determination<font style="letter-spacing:0.15pt;"> </font>by these<font style="letter-spacing:0.05pt;"> </font>physicians<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the products<font style="letter-spacing:0.05pt;"> </font>are safe,<font style="letter-spacing:0.05pt;"> </font>therapeutically<font style="letter-spacing:0.15pt;"> </font>effective and cost effective.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>the inclusion<font style="letter-spacing:0.05pt;"> </font>or exclusion<font style="letter-spacing:0.05pt;"> </font>of products<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>treatment<font style="letter-spacing:0.1pt;"> </font>guidelines<font style="letter-spacing:0.05pt;"> </font>established<font style="letter-spacing:0.1pt;"> </font>by various<font style="letter-spacing:0.05pt;"> </font>physician<font style="letter-spacing:0.05pt;"> </font>groups and the viewpoints<font style="letter-spacing:0.05pt;"> </font>of influential<font style="letter-spacing:0.1pt;"> </font>physicians<font style="letter-spacing:0.05pt;"> </font>can affect<font style="letter-spacing:0.05pt;"> </font>the willingness<font style="letter-spacing:0.05pt;"> </font>of other physicians<font style="letter-spacing:0.05pt;"> </font>to prescribe<font style="letter-spacing:0.1pt;"> </font>the treatment.<font style="letter-spacing:0.1pt;"> </font>We cannot predict<font style="letter-spacing:0.05pt;"> </font>whether physicians,<font style="letter-spacing:0.05pt;"> </font>physicians&#8217;<font style="letter-spacing:0.1pt;"> </font>organizations,<font style="letter-spacing:0.1pt;"> </font>hospitals, other<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>agencies<font style="letter-spacing:0.05pt;"> </font>or private<font style="letter-spacing:0.05pt;"> </font>insurers<font style="letter-spacing:0.05pt;"> </font>will determine<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>are safe, therapeutically<font style="letter-spacing:0.15pt;"> </font>effective<font style="letter-spacing:0.1pt;"> </font>and cost effective<font style="letter-spacing:0.1pt;"> </font>as compared<font style="letter-spacing:0.05pt;"> </font>with competing<font style="letter-spacing:0.05pt;"> </font>treatments.<font style="letter-spacing:0.1pt;"> </font>If any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>is approved but does not achieve<font style="letter-spacing:0.05pt;"> </font>an adequate<font style="letter-spacing:0.05pt;"> </font>level<font style="letter-spacing:0.05pt;"> </font>of acceptance<font style="letter-spacing:0.05pt;"> </font>by such parties,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not generate<font style="letter-spacing:0.05pt;"> </font>or derive sufficient<font style="letter-spacing:0.1pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>and may not become<font style="letter-spacing:0.05pt;"> </font>or remain<font style="letter-spacing:0.05pt;"> </font>profitable.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU39"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">commercialize</font><font style="letter-spacing:0.15pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">BIO89-100</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or any future product candidate,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may face challenges</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to achieving profitability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">such as our products becoming</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">subject</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to unfavorable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">pricing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">regulations,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">third</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">-party reimbursement</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">practices</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or healthcare</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">reform</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">initiatives,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">which</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could harm our business.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The regulations<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>govern marketing<font style="letter-spacing:0.1pt;"> </font>approvals,<font style="letter-spacing:0.05pt;"> </font>pricing<font style="letter-spacing:0.05pt;"> </font>and reimbursement<font style="letter-spacing:0.15pt;"> </font>for new<font style="letter-spacing:-0.05pt;"> </font>drug products<font style="letter-spacing:0.05pt;"> </font>vary widely from<font style="letter-spacing:0.05pt;"> </font>country<font style="letter-spacing:0.05pt;"> </font>to country.<font style="letter-spacing:0.05pt;"> </font>Current<font style="letter-spacing:0.05pt;"> </font>and future<font style="letter-spacing:0.05pt;"> </font>legislation<font style="letter-spacing:0.1pt;"> </font>may significantly<font style="letter-spacing:0.15pt;"> </font>change the approval requirements<font style="letter-spacing:0.1pt;"> </font>in ways that<font style="letter-spacing:0.05pt;"> </font>could involve<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and cause delays<font style="letter-spacing:0.05pt;"> </font>in obtaining<font style="letter-spacing:0.05pt;"> </font>approvals.<font style="letter-spacing:0.05pt;"> </font>Some countries require<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of the sale<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of a drug before<font style="letter-spacing:0.05pt;"> </font>it can be marketed.<font style="letter-spacing:0.05pt;"> </font>In many countries,<font style="letter-spacing:0.05pt;"> </font>the pricing<font style="letter-spacing:0.05pt;"> </font>review period<font style="letter-spacing:0.05pt;"> </font>begins after<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>licensing<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>is granted.<font style="letter-spacing:0.05pt;"> </font>In some foreign<font style="letter-spacing:0.05pt;"> </font>markets,<font style="letter-spacing:0.05pt;"> </font>prescription pharmaceutical<font style="letter-spacing:0.15pt;"> </font>pricing<font style="letter-spacing:0.05pt;"> </font>remains<font style="letter-spacing:0.05pt;"> </font>subject<font style="letter-spacing:0.05pt;"> </font>to continuing<font style="letter-spacing:0.05pt;"> </font>governmental<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>even after<font style="letter-spacing:0.05pt;"> </font>initial<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>is granted. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>might<font style="letter-spacing:0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for a product<font style="letter-spacing:0.05pt;"> </font>in a particular<font style="letter-spacing:0.1pt;"> </font>country,<font style="letter-spacing:0.05pt;"> </font>but then be subject<font style="letter-spacing:0.05pt;"> </font>to price regulations<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>delay or limit<font style="letter-spacing:0.1pt;"> </font>our commercial<font style="letter-spacing:0.1pt;"> </font>launch of the product,<font style="letter-spacing:0.05pt;"> </font>possibly<font style="letter-spacing:0.05pt;"> </font>for lengthy<font style="letter-spacing:0.05pt;"> </font>time<font style="letter-spacing:0.05pt;"> </font>periods,<font style="letter-spacing:0.05pt;"> </font>which could negatively<font style="letter-spacing:0.05pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>the revenue<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>generate<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the sale<font style="letter-spacing:0.05pt;"> </font>of the product<font style="letter-spacing:0.05pt;"> </font>in that<font style="letter-spacing:0.05pt;"> </font>particular<font style="letter-spacing:0.1pt;"> </font>country.<font style="letter-spacing:0.05pt;"> </font>Adverse pricing<font style="letter-spacing:0.05pt;"> </font>limitations<font style="letter-spacing:0.15pt;"> </font>may hinder<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to recoup our investment<font style="letter-spacing:0.1pt;"> </font>in one or more<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>even if our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our ability<font style="letter-spacing:0.05pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>any products<font style="letter-spacing:0.05pt;"> </font>successfully<font style="letter-spacing:0.1pt;"> </font>also will depend in part<font style="letter-spacing:0.05pt;"> </font>on the extent<font style="letter-spacing:0.05pt;"> </font>to which coverage<font style="letter-spacing:0.05pt;"> </font>and adequate<font style="letter-spacing:0.05pt;"> </font>reimbursement<font style="letter-spacing:0.15pt;"> </font>for these<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>and related<font style="letter-spacing:0.05pt;"> </font>treatments<font style="letter-spacing:0.1pt;"> </font>will be available<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>third-party payors, including<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>health<font style="letter-spacing:0.05pt;"> </font>care<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>and private<font style="letter-spacing:0.05pt;"> </font>health<font style="letter-spacing:0.05pt;"> </font>insurers.<font style="letter-spacing:0.05pt;"> </font>Such third-party<font style="letter-spacing:0.1pt;"> </font>payors determine<font style="letter-spacing:0.1pt;"> </font>which medications<font style="letter-spacing:0.1pt;"> </font>they will cover and establish<font style="letter-spacing:0.1pt;"> </font>reimbursement<font style="letter-spacing:0.15pt;"> </font>levels.<font style="letter-spacing:0.05pt;"> </font>Government<font style="letter-spacing:0.05pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>payors have attempted<font style="letter-spacing:0.1pt;"> </font>to control<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>by limiting<font style="letter-spacing:0.1pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>and the amount<font style="letter-spacing:0.05pt;"> </font>of reimbursement for particular<font style="letter-spacing:0.1pt;"> </font>medications.<font style="letter-spacing:0.1pt;"> </font>Increasingly,<font style="letter-spacing:0.1pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>payors are requiring<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>drug companies<font style="letter-spacing:0.05pt;"> </font>provide<font style="letter-spacing:0.05pt;"> </font>them<font style="letter-spacing:0.05pt;"> </font>with predetermined<font style="letter-spacing:0.1pt;"> </font>discounts<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>list<font style="letter-spacing:0.05pt;"> </font>prices<font style="letter-spacing:0.05pt;"> </font>and are challenging<font style="letter-spacing:0.05pt;"> </font>the prices<font style="letter-spacing:0.05pt;"> </font>charged<font style="letter-spacing:0.05pt;"> </font>for medical<font style="letter-spacing:0.05pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>We cannot be sure that<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>and reimbursement<font style="letter-spacing:0.15pt;"> </font>will be available<font style="letter-spacing:0.1pt;"> </font>for any product<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>or our future<font style="letter-spacing:0.05pt;"> </font>collaborators commercialize<font style="letter-spacing:0.15pt;"> </font>and, if reimbursement<font style="letter-spacing:0.15pt;"> </font>is available,<font style="letter-spacing:0.1pt;"> </font>what the level<font style="letter-spacing:0.05pt;"> </font>of reimbursement<font style="letter-spacing:0.15pt;"> </font>will be. Coverage and reimbursement<font style="letter-spacing:0.15pt;"> </font>may impact<font style="letter-spacing:0.05pt;"> </font>the demand for, or the price<font style="letter-spacing:0.05pt;"> </font>of, any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>for which we<font style="letter-spacing:-0.05pt;"> </font>or our future collaborators<font style="letter-spacing:0.1pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>If coverage<font style="letter-spacing:0.05pt;"> </font>and reimbursement<font style="letter-spacing:0.15pt;"> </font>are not available<font style="letter-spacing:0.1pt;"> </font>or reimbursement<font style="letter-spacing:0.15pt;"> </font>is available<font style="letter-spacing:0.1pt;"> </font>only to limited<font style="letter-spacing:0.1pt;"> </font>levels,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>and our future<font style="letter-spacing:0.05pt;"> </font>collaborators<font style="letter-spacing:0.1pt;"> </font>may not be able to successfully<font style="letter-spacing:0.1pt;"> </font>commercialize any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>for which marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>is obtained.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There may be significant<font style="letter-spacing:0.1pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>in obtaining<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>and reimbursement<font style="letter-spacing:0.15pt;"> </font>for newly approved drugs, and coverage<font style="letter-spacing:0.05pt;"> </font>may be more<font style="letter-spacing:0.05pt;"> </font>limited<font style="letter-spacing:0.1pt;"> </font>than the purposes<font style="letter-spacing:0.05pt;"> </font>for which the drug is approved by the FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.<font style="letter-spacing:0.1pt;"> </font>Moreover,<font style="letter-spacing:0.05pt;"> </font>eligibility<font style="letter-spacing:0.15pt;"> </font>for coverage<font style="letter-spacing:0.05pt;"> </font>and reimbursement<font style="letter-spacing:0.15pt;"> </font>does not imply<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>a drug will be paid for in all<font style="letter-spacing:0.05pt;"> </font>cases<font style="letter-spacing:0.05pt;"> </font>or at a rate<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>covers<font style="letter-spacing:0.05pt;"> </font>our costs,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>research,<font style="letter-spacing:0.05pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>manufacture,<font style="letter-spacing:0.1pt;"> </font>sale and distribution.<font style="letter-spacing:0.1pt;"> </font>Interim<font style="letter-spacing:0.1pt;"> </font>reimbursement<font style="letter-spacing:0.15pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>for new<font style="letter-spacing:-0.05pt;"> </font>drugs, if applicable,<font style="letter-spacing:0.1pt;"> </font>may also not be sufficient<font style="letter-spacing:0.1pt;"> </font>to cover our costs<font style="letter-spacing:0.05pt;"> </font>and may only be temporary.<font style="letter-spacing:0.1pt;"> </font>Reimbursement<font style="letter-spacing:0.1pt;"> </font>rates<font style="letter-spacing:0.05pt;"> </font>may vary according<font style="letter-spacing:0.05pt;"> </font>to the use of the drug and the clinical<font style="letter-spacing:0.1pt;"> </font>setting<font style="letter-spacing:0.05pt;"> </font>in which it is used, may be based on reimbursement<font style="letter-spacing:0.15pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>already<font style="letter-spacing:0.05pt;"> </font>set for lower cost drugs and may be incorporated<font style="letter-spacing:0.1pt;"> </font>into existing<font style="letter-spacing:0.05pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>for other<font style="letter-spacing:0.05pt;"> </font>services.<font style="letter-spacing:0.05pt;"> </font>Net prices<font style="letter-spacing:0.05pt;"> </font>for drugs may be reduced<font style="letter-spacing:0.05pt;"> </font>by mandatory<font style="letter-spacing:0.05pt;"> </font>discounts<font style="letter-spacing:0.05pt;"> </font>or rebates<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>by government<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>or private<font style="letter-spacing:0.05pt;"> </font>payors and by any future relaxation<font style="letter-spacing:0.1pt;"> </font>of laws that<font style="letter-spacing:0.05pt;"> </font>presently<font style="letter-spacing:0.05pt;"> </font>restrict<font style="letter-spacing:0.1pt;"> </font>imports<font style="letter-spacing:0.05pt;"> </font>of drugs from<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>where they may be sold at lower prices than in the United States.<font style="letter-spacing:0.05pt;"> </font>Our inability<font style="letter-spacing:0.1pt;"> </font>to promptly<font style="letter-spacing:0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>and profitable<font style="letter-spacing:0.1pt;"> </font>reimbursement<font style="letter-spacing:0.15pt;"> </font>rates<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>both government-funded<font style="letter-spacing:0.1pt;"> </font>and private<font style="letter-spacing:0.05pt;"> </font>payors for any approved products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>develop could have a material<font style="letter-spacing:0.1pt;"> </font>adverse effect<font style="letter-spacing:0.05pt;"> </font>on our operating<font style="letter-spacing:0.05pt;"> </font>results,<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to raise<font style="letter-spacing:0.05pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>needed to commercialize<font style="letter-spacing:0.15pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>and our overall financial<font style="letter-spacing:0.1pt;"> </font>condition.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To<font style="letter-spacing:-0.05pt;"> </font>become<font style="letter-spacing:0.05pt;"> </font>and remain<font style="letter-spacing:0.05pt;"> </font>profitable,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>or any potential<font style="letter-spacing:0.1pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>collaborator<font style="letter-spacing:0.1pt;"> </font>must<font style="letter-spacing:0.05pt;"> </font>develop and eventually commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>with significant<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>at an adequate profit<font style="letter-spacing:0.05pt;"> </font>margin<font style="letter-spacing:0.05pt;"> </font>after<font style="letter-spacing:0.05pt;"> </font>cost of goods sold and other<font style="letter-spacing:0.05pt;"> </font>expenses.<font style="letter-spacing:0.05pt;"> </font>Commercialization<font style="letter-spacing:0.15pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product candidates<font style="letter-spacing:0.05pt;"> </font>may entail<font style="letter-spacing:0.05pt;"> </font>a substantial<font style="letter-spacing:0.1pt;"> </font>cost of goods sold and there<font style="letter-spacing:0.05pt;"> </font>can be no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be able to achieve<font style="letter-spacing:0.05pt;"> </font>a suitable<font style="letter-spacing:0.05pt;"> </font>gross margin<font style="letter-spacing:0.05pt;"> </font>with respect<font style="letter-spacing:0.05pt;"> </font>to sales<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Healthcare<font style="letter-spacing:0.05pt;"> </font>reform<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>may negatively<font style="letter-spacing:0.05pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to profitably<font style="letter-spacing:0.1pt;"> </font>sell<font style="letter-spacing:0.05pt;"> </font>our product candidates,<font style="letter-spacing:0.05pt;"> </font>if approved, and<font style="letter-spacing:-0.05pt;"> </font>to recoup the upfront investment<font style="letter-spacing:0.1pt;"> </font>needed to obtain regulatory<font style="letter-spacing:0.05pt;"> </font>approval of our product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Third-party<font style="letter-spacing:0.1pt;"> </font>payors, whether domestic<font style="letter-spacing:0.05pt;"> </font>or foreign,<font style="letter-spacing:0.05pt;"> </font>or governmental<font style="letter-spacing:0.1pt;"> </font>or commercial,<font style="letter-spacing:0.1pt;"> </font>are continually developing<font style="letter-spacing:0.05pt;"> </font>and advancing<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>methods<font style="letter-spacing:0.05pt;"> </font>of controlling<font style="letter-spacing:0.1pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>costs.<font style="letter-spacing:0.05pt;"> </font>The United States<font style="letter-spacing:0.05pt;"> </font>and many foreign jurisdictions<font style="letter-spacing:0.15pt;"> </font>have enacted<font style="letter-spacing:0.05pt;"> </font>or proposed legislative<font style="letter-spacing:0.1pt;"> </font>and regulatory<font style="letter-spacing:0.1pt;"> </font>changes affecting<font style="letter-spacing:0.1pt;"> </font>the healthcare<font style="letter-spacing:0.1pt;"> </font>system<font style="letter-spacing:0.05pt;"> </font>that could prevent<font style="letter-spacing:0.05pt;"> </font>or delay marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>restrict<font style="letter-spacing:0.1pt;"> </font>or regulate<font style="letter-spacing:0.05pt;"> </font>post-approval<font style="letter-spacing:0.1pt;"> </font>activities and affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to profitably<font style="letter-spacing:0.1pt;"> </font>sell<font style="letter-spacing:0.05pt;"> </font>any product<font style="letter-spacing:0.05pt;"> </font>for which we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU40"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">010, the Patient</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Protection</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and Affordable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Care Act, as amended</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by the Health Care and Education</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reconciliation</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Act of 2010 (collectively,</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the &#8220;Affordable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Care Act&#8221;) was enacted,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which includes measures</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have significantly</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">changed the way</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">health</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">care</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is financed</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by both governmental</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and private insurers.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Among the provisions</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the Affordable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Care Act of particular</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">importance</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">include:</font></p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">an annual, nondeductible</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">fee on any entity</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufactures</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or imports</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">specified</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">branded prescription</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">drugs and biologic</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">agents,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">which is apportioned</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">among these</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">entities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">according</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to their market</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">share</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in certain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">government</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">programs;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">a Medicare</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Part D</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">coverage</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">gap discount</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">program,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in which manufacturers</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">must</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">agree</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to offer point-of-sale</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">discounts</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">off negotiated</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">prices</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of applicable</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">brand drugs to eligible</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">beneficiaries during their</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">coverage</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">gap period,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as a condition</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for the manufacturer&#8217;s</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">outpatient</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">drugs to be covered</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">under Medicare</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Part D;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">an increase</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in the statutory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">minimum</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">rebates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a manufacturer</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">must</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">pay under the Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Drug Rebate Program</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to 23.1% and 13.0% of the average</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturer</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">price</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for branded and generic drugs, respectively;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">a methodology</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by which rebates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">owed</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by manufacturers</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">under the Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Drug Rebate Program are calculated</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for drugs that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are inhaled,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">infused,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">instilled,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">implanted</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or injected;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">a licensure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">framework</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for follow-on biologic</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">products;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">an extension</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a manufacturers&#8217;</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">rebate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">liability</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to covered</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">drugs dispensed</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to individuals who</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are enrolled</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">managed</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">care</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">organizations;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">a new</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Patient-Centered</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Outcomes</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Research</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Institute</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to oversee,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">identify</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">priorities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in and conduct comparative</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">effectiveness</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">research,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">along with funding for such research;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">establishment</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a Center for Medicare</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Innovation</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">at the Centers</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for Medicare</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">&amp; Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Services (&#8220;CMS&#8221;) to test</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">innovative</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">payment</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and service</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">delivery</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">models</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to lower Medicare</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and Medicaid spending, potentially</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">prescription</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">drug spending.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There<font style="letter-spacing:0.05pt;"> </font>remain judicial, executive,<font style="letter-spacing:0.1pt;"> </font>and congressional<font style="letter-spacing:0.1pt;"> </font>challenges<font style="letter-spacing:0.05pt;"> </font>to certain<font style="letter-spacing:0.05pt;"> </font>aspects<font style="letter-spacing:0.05pt;"> </font>of the Affordable<font style="letter-spacing:0.05pt;"> </font>Care Act which could potentially<font style="letter-spacing:0.1pt;"> </font>void or significantly<font style="letter-spacing:0.15pt;"> </font>modify<font style="letter-spacing:0.05pt;"> </font>the Affordable<font style="letter-spacing:0.05pt;"> </font>Care Act in part<font style="letter-spacing:0.05pt;"> </font>or in whole. For example,<font style="letter-spacing:0.05pt;"> </font>since<font style="letter-spacing:0.05pt;"> </font>January<font style="letter-spacing:0.05pt;"> </font>2017, President Trump signed Executive<font style="letter-spacing:0.05pt;"> </font>Orders and other<font style="letter-spacing:0.05pt;"> </font>directives<font style="letter-spacing:0.1pt;"> </font>designed<font style="letter-spacing:0.05pt;"> </font>to delay, circumvent,<font style="letter-spacing:0.1pt;"> </font>or loosen certain requirements<font style="letter-spacing:0.1pt;"> </font>mandated<font style="letter-spacing:0.05pt;"> </font>by the Affordable<font style="letter-spacing:0.05pt;"> </font>Care Act. On<font style="letter-spacing:-0.05pt;"> </font>December<font style="letter-spacing:0.05pt;"> </font>22, 2017, President<font style="letter-spacing:0.05pt;"> </font>Trump signed into law the<font style="letter-spacing:0.05pt;"> </font>Tax Act, which includes<font style="letter-spacing:0.05pt;"> </font>a provision<font style="letter-spacing:0.05pt;"> </font>repealing<font style="letter-spacing:0.05pt;"> </font>the individual<font style="letter-spacing:0.05pt;"> </font>mandate to maintain<font style="letter-spacing:0.1pt;"> </font>health<font style="letter-spacing:0.05pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>under the Affordable<font style="letter-spacing:0.05pt;"> </font>Care Act effective<font style="letter-spacing:0.1pt;"> </font>January<font style="letter-spacing:0.05pt;"> </font>1, 2019. Additionally,<font style="letter-spacing:0.05pt;"> </font>the 2020 federal spending package permanently eliminated, effective January 1, 2020, the Affordable Care Act&#8217;s mandated &#8220;Cadillac&#8221; tax on high-cost employer-sponsored health coverage and medical device tax and, effective January 1, 2021, also eliminates the health insurer tax.<font style="letter-spacing:0.05pt;"> </font>On<font style="letter-spacing:-0.05pt;"> </font>December<font style="letter-spacing:0.05pt;"> </font>14, 2018, a U.S.<font style="letter-spacing:-0.05pt;"> </font>District<font style="letter-spacing:0.1pt;"> </font>Court Judge in the Northern<font style="letter-spacing:0.05pt;"> </font>District<font style="letter-spacing:0.1pt;"> </font>of Texas ruled<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the individual<font style="letter-spacing:0.05pt;"> </font>mandate<font style="letter-spacing:0.05pt;"> </font>is a critical<font style="letter-spacing:0.1pt;"> </font>and inseverable<font style="letter-spacing:0.1pt;"> </font>feature<font style="letter-spacing:0.05pt;"> </font>of the Affordable Care Act, and because<font style="letter-spacing:0.05pt;"> </font>it was repealed<font style="letter-spacing:0.05pt;"> </font>as part<font style="letter-spacing:0.05pt;"> </font>of the Tax Act, the remaining<font style="letter-spacing:0.1pt;"> </font>provisions<font style="letter-spacing:0.05pt;"> </font>of the Affordable<font style="letter-spacing:0.05pt;"> </font>Care Act are invalid<font style="letter-spacing:0.05pt;"> </font>as well. The decision was been appealed to the United States Court of Appeals for the Fifth Circuit and on December 18, 2019, the United States Court of Appeals for the Fifth Circuit upheld the District Court&#8217;s ruling that the individual mandate was unconstitutional, but remanded the case back to the District Court to determine whether the remaining provisions of the Affordable Care Act were nonetheless valid. On March 2, 2020, the United States Supreme Court granted the petitions for writs of certiorari to review this case, although it is unclear when a decision will be made or how the Supreme Court will rule. It is unclear<font style="letter-spacing:0.05pt;"> </font>how<font style="letter-spacing:-0.05pt;"> </font>such litigation and other<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>will impact<font style="letter-spacing:0.05pt;"> </font>the Affordable<font style="letter-spacing:0.05pt;"> </font>Care Act.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At the same<font style="letter-spacing:0.05pt;"> </font>time,<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>has been increasing<font style="letter-spacing:0.1pt;"> </font>legislative<font style="letter-spacing:0.1pt;"> </font>and enforcement<font style="letter-spacing:0.1pt;"> </font>interest<font style="letter-spacing:0.1pt;"> </font>in the United States with respect<font style="letter-spacing:0.05pt;"> </font>to specialty<font style="letter-spacing:0.1pt;"> </font>drug pricing<font style="letter-spacing:0.05pt;"> </font>practices.<font style="letter-spacing:0.1pt;"> </font>Specifically,<font style="letter-spacing:0.1pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>have been several<font style="letter-spacing:0.05pt;"> </font>recent<font style="letter-spacing:0.05pt;"> </font>U.S.<font style="letter-spacing:-0.05pt;"> </font>congressional inquiries<font style="letter-spacing:0.1pt;"> </font>and proposed bills<font style="letter-spacing:0.05pt;"> </font>designed<font style="letter-spacing:0.05pt;"> </font>to, among other<font style="letter-spacing:0.05pt;"> </font>things,<font style="letter-spacing:0.05pt;"> </font>bring more<font style="letter-spacing:0.05pt;"> </font>transparency<font style="letter-spacing:0.1pt;"> </font>to drug pricing,<font style="letter-spacing:0.05pt;"> </font>reduce<font style="letter-spacing:0.05pt;"> </font>the cost of prescription<font style="letter-spacing:0.1pt;"> </font>drugs under Medicare,<font style="letter-spacing:0.05pt;"> </font>review the relationship<font style="letter-spacing:0.1pt;"> </font>between pricing<font style="letter-spacing:0.05pt;"> </font>and manufacturer<font style="letter-spacing:0.1pt;"> </font>patient programs<font style="letter-spacing:0.05pt;"> </font>and reform<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>program<font style="letter-spacing:0.05pt;"> </font>reimbursement<font style="letter-spacing:0.15pt;"> </font>methodologies<font style="letter-spacing:0.1pt;"> </font>for drugs. At the federal<font style="letter-spacing:0.05pt;"> </font>level,<font style="letter-spacing:0.05pt;"> </font>the Trump administration&#8217;s<font style="letter-spacing:0.2pt;"> </font>budget proposal for the government&#8217;s fiscal<font style="letter-spacing:0.05pt;"> </font>year<font style="letter-spacing:0.05pt;"> </font>2021 includes a $135 billion allowance to support legislative proposals seeking to reduce drug prices, increase competition, lower out-of-pocket drug costs for patients, and increase patient access to lower-cost generic and biosimilar drugs.<font style="letter-spacing:0.1pt;"> </font>The Trump administration previously<font style="letter-spacing:0.15pt;"> </font>released<font style="letter-spacing:0.05pt;"> </font>a &#8220;Blueprint,&#8221; or plan, to lower drug prices<font style="letter-spacing:0.05pt;"> </font>and reduce<font style="letter-spacing:0.05pt;"> </font>out of pocket costs<font style="letter-spacing:0.05pt;"> </font>of drugs that contained<font style="letter-spacing:1.1pt;"> </font>proposals<font style="letter-spacing:0.05pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>drug manufacturer<font style="letter-spacing:0.1pt;"> </font>competition,<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>the negotiating<font style="letter-spacing:0.1pt;"> </font>power of certain<font style="letter-spacing:0.05pt;"> </font>federal<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>incentivize<font style="letter-spacing:0.1pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>to lower the list<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of their<font style="letter-spacing:0.05pt;"> </font>products,<font style="letter-spacing:0.05pt;"> </font>and reduce the out of pocket costs<font style="letter-spacing:0.05pt;"> </font>of drug products<font style="letter-spacing:0.05pt;"> </font>paid by consumers.<font style="letter-spacing:0.05pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the healthcare<font style="letter-spacing:0.1pt;"> </font>reform<font style="letter-spacing:0.05pt;"> </font>measures<font style="letter-spacing:0.05pt;"> </font>that have been adopted and may be adopted in the future<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in more<font style="letter-spacing:0.05pt;"> </font>rigorous<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>criteria<font style="letter-spacing:0.1pt;"> </font>and in additional<font style="letter-spacing:0.1pt;"> </font>downward<font style="letter-spacing:-0.05pt;"> </font>pressure<font style="letter-spacing:0.05pt;"> </font>on the price<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>receive<font style="letter-spacing:0.05pt;"> </font>for any approved product<font style="letter-spacing:0.05pt;"> </font>and could seriously<font style="letter-spacing:0.05pt;"> </font>harm our future<font style="letter-spacing:0.05pt;"> </font>revenues.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>reduction<font style="letter-spacing:0.05pt;"> </font>in reimbursement<font style="letter-spacing:0.15pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>Medicare<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in a similar<font style="letter-spacing:0.1pt;"> </font>reduction<font style="letter-spacing:0.05pt;"> </font>in payments<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>private<font style="letter-spacing:0.05pt;"> </font>payors. The implementation<font style="letter-spacing:0.15pt;"> </font>of cost containment<font style="letter-spacing:0.1pt;"> </font>measures<font style="letter-spacing:0.05pt;"> </font>or other healthcare<font style="letter-spacing:0.1pt;"> </font>reforms<font style="letter-spacing:0.1pt;"> </font>may prevent<font style="letter-spacing:0.05pt;"> </font>us from<font style="letter-spacing:0.05pt;"> </font>being able to generate<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenue,<font style="letter-spacing:0.05pt;"> </font>attain<font style="letter-spacing:0.05pt;"> </font>profitability<font style="letter-spacing:0.15pt;"> </font>or commercialize<font style="letter-spacing:0.15pt;"> </font>our products.</p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU41"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There have been, and likely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will continue</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to be, </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legislative</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and regulatory</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">proposals</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at the foreign, federal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and state</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">levels</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">directed</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at broadening</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the availability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of healthcare</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and containing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or lowering</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the cost of healthcare.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The implementation</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of cost containment</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">measures</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">refor</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ms</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may prevent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us from being able to generate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">attain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">profitability,</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or commercialize</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our products.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Such reforms</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could have an adverse</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on anticipated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may successfully</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">develop and for which we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may obtain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approval</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and may affect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our overall</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to recoup the upfront</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">investment</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">needed to obtain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approval</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for our product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>international<font style="letter-spacing:0.05pt;"> </font>operations<font style="letter-spacing:0.05pt;"> </font>may expose us to business, regulatory,<font style="letter-spacing:0.05pt;"> </font>political,<font style="letter-spacing:0.1pt;"> </font>operational,<font style="letter-spacing:0.05pt;"> </font>financial,<font style="letter-spacing:0.05pt;"> </font>pricing and<font style="letter-spacing:-0.05pt;"> </font>reimbursement<font style="letter-spacing:0.1pt;"> </font>risks<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.05pt;"> </font>with doing business outside<font style="letter-spacing:0.05pt;"> </font>of the United States.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our use of our international<font style="letter-spacing:0.15pt;"> </font>facilities<font style="letter-spacing:0.15pt;"> </font>subject<font style="letter-spacing:0.05pt;"> </font>us to U.S.<font style="letter-spacing:-0.05pt;"> </font>and foreign<font style="letter-spacing:0.05pt;"> </font>governmental<font style="letter-spacing:0.1pt;"> </font>trade,<font style="letter-spacing:0.05pt;"> </font>import<font style="letter-spacing:0.05pt;"> </font>and export,<font style="letter-spacing:0.05pt;"> </font>and customs<font style="letter-spacing:0.05pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>and laws. Compliance<font style="letter-spacing:0.05pt;"> </font>with these<font style="letter-spacing:0.05pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>and laws is costly<font style="letter-spacing:0.05pt;"> </font>and exposes us to penalties<font style="letter-spacing:0.1pt;"> </font>for non-compliance.<font style="letter-spacing:0.1pt;"> </font>Furthermore,<font style="letter-spacing:0.1pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>succeed<font style="letter-spacing:0.05pt;"> </font>in developing<font style="letter-spacing:0.05pt;"> </font>any products,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>intend<font style="letter-spacing:0.05pt;"> </font>to market<font style="letter-spacing:0.05pt;"> </font>them in other<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>in addition<font style="letter-spacing:0.05pt;"> </font>to the United States.<font style="letter-spacing:0.05pt;"> </font>If approved, we<font style="letter-spacing:-0.05pt;"> </font>may hire<font style="letter-spacing:0.05pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>representatives<font style="letter-spacing:0.15pt;"> </font>and conduct physician<font style="letter-spacing:0.05pt;"> </font>and patient<font style="letter-spacing:0.05pt;"> </font>association<font style="letter-spacing:0.1pt;"> </font>outreach<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>of the United States.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Doing business<font style="letter-spacing:0.05pt;"> </font>internationally<font style="letter-spacing:0.15pt;"> </font>potentially<font style="letter-spacing:0.1pt;"> </font>involves<font style="letter-spacing:0.05pt;"> </font>a number<font style="letter-spacing:0.05pt;"> </font>of risks,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>but not limited<font style="letter-spacing:0.1pt;"> </font>to:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">multiple,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">conflicting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and changing laws and regulations</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">such as privacy</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regulations,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">tax laws, export</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and import</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">restrictions,</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">employment</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws, regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">requirements,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">governmental approvals,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">permits</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and licenses;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">failure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by us to obtain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and maintain</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">approvals</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for the use of our products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in various countries;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">rejection</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or qualification</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of foreign</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trial</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">data by the competent</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">authorities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of other countries;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">additional</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">potentially</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">relevant</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">third-party</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">patent</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">rights;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">complexities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and difficulties</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in obtaining,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">maintaining,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">protecting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and enforcing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">our intellectual property;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">difficulties</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in staffing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and managing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">foreign</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">operations;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">a shortage</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of high-quality</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">employees;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">laws and business</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">practices</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">favoring</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">local</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">companies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">complexities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">associated</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with managing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">multiple</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">payor reimbursement</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regimes,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">government</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">payors or patient</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">self-pay</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">systems;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">limits</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in our ability</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to penetrate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">international</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">markets;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">financial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">risks,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">such as longer</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">payment</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">cycles,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">difficulty</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">collecting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">accounts</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">receivable,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the impact of local</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and regional</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">financial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">crises</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on demand and payment</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for our products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and exposure</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to foreign</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">currency</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">exchange rate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">fluctuations;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">natural</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">disasters,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">political</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and economic</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">instability,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">wars, terrorism</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and political</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">unrest, actual or potential public health emergencies, including the ongoing COVID-19 pandemic,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">boycotts,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">curtailment</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of trade</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">business</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">restrictions;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the imposition</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of restrictions</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on the activities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of foreign</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">agents</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and representatives;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">certain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">expenses</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">among others,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">expenses</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for travel,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">translation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and insurance;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and compliance</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">risks</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">relate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to anti-corruption</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">compliance</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and record-keeping</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that may fall</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">within the purview of the U.S.</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Foreign Corrupt Practices</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Act, its</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">accounting</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">provisions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or its</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">anti-bribery</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">provisions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or provisions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of anti-corruption</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or anti-bribery</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws in other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">countries.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<font style="letter-spacing:-0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>factors<font style="letter-spacing:0.05pt;"> </font>could harm<font style="letter-spacing:0.05pt;"> </font>our ongoing international<font style="letter-spacing:0.15pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>operations<font style="letter-spacing:0.05pt;"> </font>and supply chain, as well as any future<font style="letter-spacing:0.05pt;"> </font>international<font style="letter-spacing:0.15pt;"> </font>expansion<font style="letter-spacing:0.05pt;"> </font>and operations<font style="letter-spacing:0.05pt;"> </font>and, consequently,<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition, prospects<font style="letter-spacing:0.05pt;"> </font>and results<font style="letter-spacing:0.05pt;"> </font>of operations.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>governing human<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:0.05pt;"> </font>trials<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>marketing approval for drugs, we<font style="letter-spacing:-0.05pt;"> </font>could be prevented<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>selling<font style="letter-spacing:0.05pt;"> </font>our product candidates<font style="letter-spacing:0.05pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>markets,<font style="letter-spacing:0.05pt;"> </font>which<font style="letter-spacing:-0.05pt;"> </font>may adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our operating<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>financial<font style="letter-spacing:0.05pt;"> </font>condition<font style="font-style:normal;">.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The requirements<font style="letter-spacing:0.1pt;"> </font>governing<font style="letter-spacing:0.05pt;"> </font>the conduct of clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>licensing,<font style="letter-spacing:0.05pt;"> </font>pricing,<font style="letter-spacing:0.05pt;"> </font>and reimbursement for marketing<font style="letter-spacing:0.1pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States<font style="letter-spacing:0.05pt;"> </font>vary greatly<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>country<font style="letter-spacing:0.05pt;"> </font>to country<font style="letter-spacing:0.05pt;"> </font>and may require<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>testing.<font style="letter-spacing:0.05pt;"> </font>We expect<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our future<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will involve a number<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions.<font style="letter-spacing:0.15pt;"> </font>We have no direct<font style="letter-spacing:0.05pt;"> </font>experience<font style="letter-spacing:0.05pt;"> </font>as a company in obtaining foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals.<font style="letter-spacing:0.05pt;"> </font>The time<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States<font style="letter-spacing:0.05pt;"> </font>may differ<font style="letter-spacing:0.05pt;"> </font>from that<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>FDA<font style="letter-spacing:-0.05pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>We may not obtain<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>on a timely<font style="letter-spacing:0.05pt;"> </font>basis,<font style="letter-spacing:0.05pt;"> </font>if at all. Approval by the FDA<font style="letter-spacing:-0.05pt;"> </font>does not guarantee<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>by comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities,<font style="letter-spacing:0.1pt;"> </font>and approval<font style="letter-spacing:0.05pt;"> </font>by one foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authority<font style="letter-spacing:0.05pt;"> </font>does not ensure<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>by regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>in other<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>or by the FDA.<font style="letter-spacing:-0.05pt;"> </font>Failure<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with these<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>or obtain<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>could impair<font style="letter-spacing:0.05pt;"> </font>our ability to develop foreign<font style="letter-spacing:0.05pt;"> </font>markets<font style="letter-spacing:0.05pt;"> </font>for our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and may have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>condition.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU42"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Product liability</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">lawsuits</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">against us could cause us to incur substantial</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">liabilities</font><font style="letter-spacing:0.15pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to limit commercialization</font><font style="letter-spacing:0.15pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of any products that we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may develop.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We face<font style="letter-spacing:0.05pt;"> </font>an inherent<font style="letter-spacing:0.05pt;"> </font>risk<font style="letter-spacing:0.05pt;"> </font>of product<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>exposure<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to the testing<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>in human clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and will face<font style="letter-spacing:0.05pt;"> </font>an even greater<font style="letter-spacing:0.05pt;"> </font>risk<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>commercialize<font style="letter-spacing:0.15pt;"> </font>any resulting<font style="letter-spacing:0.1pt;"> </font>products.<font style="letter-spacing:0.05pt;"> </font>Product liability<font style="letter-spacing:0.1pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>may be brought against<font style="letter-spacing:0.05pt;"> </font>us by subjects<font style="letter-spacing:0.05pt;"> </font>enrolled<font style="letter-spacing:0.05pt;"> </font>in our clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>patients,<font style="letter-spacing:0.05pt;"> </font>or others<font style="letter-spacing:0.05pt;"> </font>using our products.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>cannot successfully<font style="letter-spacing:0.1pt;"> </font>defend ourselves<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products<font style="letter-spacing:0.05pt;"> </font>that we<font style="letter-spacing:-0.05pt;"> </font>may develop caused injuries,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>could incur<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>liabilities.<font style="letter-spacing:0.15pt;"> </font>Regardless<font style="letter-spacing:0.05pt;"> </font>of merit<font style="letter-spacing:0.05pt;"> </font>or eventual<font style="letter-spacing:0.05pt;"> </font>outcome, liability<font style="letter-spacing:0.1pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">decreased</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">demand for any product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may develop;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">recalls</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or a change in the indications</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for which products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may be used;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">termination</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trial</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">sites</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or entire</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trial</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">programs;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">injury</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to our reputation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and significant</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">negative</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">media</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">attention;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">withdrawal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trial</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">participants;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">significant</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">costs</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to defend the related</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">litigation;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">substantial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">monetary</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">awards to trial</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">subjects</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or patients;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">loss of revenue;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">diversion</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of management</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and scientific</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">resources</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">our business</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">operations;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the inability</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to commercialize</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may develop.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>may not adequately<font style="letter-spacing:0.05pt;"> </font>cover all<font style="letter-spacing:0.05pt;"> </font>liabilities<font style="letter-spacing:0.15pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur. We may not be able to maintain<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>at a reasonable<font style="letter-spacing:0.05pt;"> </font>cost or in an amount<font style="letter-spacing:0.05pt;"> </font>adequate<font style="letter-spacing:0.05pt;"> </font>to satisfy<font style="letter-spacing:0.05pt;"> </font>any liability<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may arise.<font style="letter-spacing:0.05pt;"> </font>Our inability<font style="letter-spacing:0.1pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>at an acceptable<font style="letter-spacing:0.1pt;"> </font>cost or to otherwise protect<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>could prevent<font style="letter-spacing:0.05pt;"> </font>or delay the commercialization<font style="letter-spacing:0.2pt;"> </font>of any products<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>develop. We intend<font style="letter-spacing:0.05pt;"> </font>to expand our insurance<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>for products<font style="letter-spacing:0.05pt;"> </font>to include<font style="letter-spacing:0.05pt;"> </font>the sale of commercial<font style="letter-spacing:0.1pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>in development,<font style="letter-spacing:0.05pt;"> </font>but we<font style="letter-spacing:-0.05pt;"> </font>may be unable to obtain<font style="letter-spacing:0.05pt;"> </font>commercially<font style="letter-spacing:0.15pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>for any products<font style="letter-spacing:0.05pt;"> </font>approved for marketing. Large judgments<font style="letter-spacing:0.05pt;"> </font>have been awarded in class<font style="letter-spacing:0.05pt;"> </font>action<font style="letter-spacing:0.05pt;"> </font>lawsuits<font style="letter-spacing:0.05pt;"> </font>based on drugs that<font style="letter-spacing:0.05pt;"> </font>had unanticipated<font style="letter-spacing:0.1pt;"> </font>side effects.<font style="letter-spacing:0.1pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are sued for any injury<font style="letter-spacing:0.05pt;"> </font>caused by our products,<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or processes,<font style="letter-spacing:0.05pt;"> </font>our liability<font style="letter-spacing:0.1pt;"> </font>could exceed our product<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>and our total<font style="letter-spacing:0.05pt;"> </font>assets.<font style="letter-spacing:0.05pt;"> </font>Claims<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us, regardless<font style="letter-spacing:0.1pt;"> </font>of their<font style="letter-spacing:0.05pt;"> </font>merit<font style="letter-spacing:0.05pt;"> </font>or potential outcome,<font style="letter-spacing:0.05pt;"> </font>may also generate<font style="letter-spacing:0.05pt;"> </font>negative<font style="letter-spacing:0.05pt;"> </font>publicity<font style="letter-spacing:0.05pt;"> </font>or hurt our ability<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>physician<font style="letter-spacing:0.05pt;"> </font>endorsement<font style="letter-spacing:0.1pt;"> </font>of our products<font style="letter-spacing:0.05pt;"> </font>or expand our business.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>employees,<font style="letter-spacing:0.05pt;"> </font>contractors,<font style="letter-spacing:0.05pt;"> </font>vendors, principal<font style="letter-spacing:0.05pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>consultants<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>future partners<font style="letter-spacing:0.05pt;"> </font>may engage in misconduct<font style="letter-spacing:0.05pt;"> </font>or other improper<font style="letter-spacing:0.05pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>including noncompliance<font style="letter-spacing:0.05pt;"> </font>with regulatory<font style="letter-spacing:0.05pt;"> </font>standards and<font style="letter-spacing:-0.05pt;"> </font>requirements and<font style="letter-spacing:-0.05pt;"> </font>insider<font style="letter-spacing:0.05pt;"> </font>trading.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are exposed to the risk<font style="letter-spacing:0.05pt;"> </font>of fraud<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>misconduct<font style="letter-spacing:0.05pt;"> </font>by our employees,<font style="letter-spacing:0.05pt;"> </font>contractors,<font style="letter-spacing:0.1pt;"> </font>vendors, principal<font style="letter-spacing:0.1pt;"> </font>investigators,<font style="letter-spacing:0.1pt;"> </font>consultants<font style="letter-spacing:0.1pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>partners.<font style="letter-spacing:0.05pt;"> </font>Misconduct<font style="letter-spacing:0.05pt;"> </font>by these<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>could include<font style="letter-spacing:0.05pt;"> </font>failures<font style="letter-spacing:0.1pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with FDA<font style="letter-spacing:-0.05pt;"> </font>regulations,<font style="letter-spacing:0.1pt;"> </font>to provide<font style="letter-spacing:0.05pt;"> </font>accurate<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>to the FDA,<font style="letter-spacing:-0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with federal<font style="letter-spacing:0.05pt;"> </font>and state healthcare<font style="letter-spacing:0.1pt;"> </font>fraud<font style="letter-spacing:0.05pt;"> </font>and abuse laws and regulations,<font style="letter-spacing:0.1pt;"> </font>to report<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>or data timely,<font style="letter-spacing:0.05pt;"> </font>completely<font style="letter-spacing:0.1pt;"> </font>or accurately,<font style="letter-spacing:0.1pt;"> </font>or to disclose<font style="letter-spacing:0.05pt;"> </font>unauthorized<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>to us. In particular,<font style="letter-spacing:0.1pt;"> </font>sales,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>and business<font style="letter-spacing:0.05pt;"> </font>arrangements in the healthcare<font style="letter-spacing:0.1pt;"> </font>industry<font style="letter-spacing:0.05pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to extensive<font style="letter-spacing:0.05pt;"> </font>laws and regulations<font style="letter-spacing:0.1pt;"> </font>intended<font style="letter-spacing:0.05pt;"> </font>to prevent<font style="letter-spacing:0.05pt;"> </font>fraud,<font style="letter-spacing:0.05pt;"> </font>misconduct, kickbacks,<font style="letter-spacing:0.05pt;"> </font>self-dealing<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>abusive<font style="letter-spacing:0.05pt;"> </font>practices.<font style="letter-spacing:0.1pt;"> </font>These laws and regulations<font style="letter-spacing:0.1pt;"> </font>may restrict<font style="letter-spacing:0.1pt;"> </font>or prohibit<font style="letter-spacing:0.05pt;"> </font>a wide range of pricing,<font style="letter-spacing:0.05pt;"> </font>discounting,<font style="letter-spacing:0.05pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>and promotion,<font style="letter-spacing:0.05pt;"> </font>sales<font style="letter-spacing:0.05pt;"> </font>commission,<font style="letter-spacing:0.1pt;"> </font>customer<font style="letter-spacing:0.05pt;"> </font>incentive<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>business<font style="letter-spacing:0.05pt;"> </font>arrangements.<font style="letter-spacing:0.1pt;"> </font>Third-party<font style="letter-spacing:0.1pt;"> </font>misconduct<font style="letter-spacing:0.05pt;"> </font>could also involve<font style="letter-spacing:0.05pt;"> </font>the improper<font style="letter-spacing:0.05pt;"> </font>use of information obtained<font style="letter-spacing:0.05pt;"> </font>in the course<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>which could result<font style="letter-spacing:0.05pt;"> </font>in regulatory<font style="letter-spacing:0.1pt;"> </font>sanctions<font style="letter-spacing:0.05pt;"> </font>and serious<font style="letter-spacing:0.05pt;"> </font>harm<font style="letter-spacing:0.05pt;"> </font>to our reputation.<font style="letter-spacing:0.1pt;"> </font>Although we have adopted a Code<font style="letter-spacing:-0.05pt;"> </font>of Business Conduct and Ethics,<font style="letter-spacing:0.05pt;"> </font>it is not always possible<font style="letter-spacing:0.05pt;"> </font>to identify<font style="letter-spacing:0.05pt;"> </font>and deter<font style="letter-spacing:0.05pt;"> </font>misconduct,<font style="letter-spacing:0.05pt;"> </font>and the precautions we<font style="letter-spacing:-0.05pt;"> </font>take to detect<font style="letter-spacing:0.05pt;"> </font>and prevent<font style="letter-spacing:0.05pt;"> </font>this<font style="letter-spacing:0.05pt;"> </font>activity<font style="letter-spacing:0.1pt;"> </font>may not be effective<font style="letter-spacing:0.1pt;"> </font>in controlling<font style="letter-spacing:0.1pt;"> </font>unknown<font style="letter-spacing:-0.05pt;"> </font>or unmanaged<font style="letter-spacing:0.05pt;"> </font>risks<font style="letter-spacing:0.05pt;"> </font>or losses<font style="letter-spacing:0.05pt;"> </font>or in protecting<font style="letter-spacing:0.1pt;"> </font>us from<font style="letter-spacing:0.05pt;"> </font>governmental<font style="letter-spacing:0.1pt;"> </font>investigations<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>actions<font style="letter-spacing:0.05pt;"> </font>or lawsuits<font style="letter-spacing:0.05pt;"> </font>stemming<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>a failure to comply<font style="letter-spacing:0.05pt;"> </font>with these<font style="letter-spacing:0.05pt;"> </font>laws or regulations.<font style="letter-spacing:0.1pt;"> </font>If any such actions<font style="letter-spacing:0.05pt;"> </font>are instituted<font style="letter-spacing:0.1pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us resulting<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>this misconduct<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>are not successful<font style="letter-spacing:0.1pt;"> </font>in defending<font style="letter-spacing:0.05pt;"> </font>ourselves<font style="letter-spacing:0.05pt;"> </font>or asserting<font style="letter-spacing:0.1pt;"> </font>our rights,<font style="letter-spacing:0.05pt;"> </font>those actions<font style="letter-spacing:0.05pt;"> </font>could have a significant<font style="letter-spacing:0.1pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the imposition<font style="letter-spacing:0.1pt;"> </font>of significant<font style="letter-spacing:0.1pt;"> </font>fines<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>sanctions.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>or our future<font style="letter-spacing:0.05pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>in a manner<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>violates<font style="letter-spacing:0.05pt;"> </font>fraud<font style="letter-spacing:0.05pt;"> </font>and abuse and other<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>laws, or if we<font style="letter-spacing:-0.05pt;"> </font>or our future<font style="letter-spacing:0.05pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>violate<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>laws, we<font style="letter-spacing:-0.05pt;"> </font>or our future<font style="letter-spacing:0.05pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to administrative<font style="letter-spacing:0.15pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>criminal<font style="letter-spacing:0.1pt;"> </font>penalties,<font style="letter-spacing:0.1pt;"> </font>among other<font style="letter-spacing:0.05pt;"> </font>sanctions.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Most states<font style="letter-spacing:0.05pt;"> </font>also have statutes<font style="letter-spacing:0.1pt;"> </font>or regulations<font style="letter-spacing:0.1pt;"> </font>similar<font style="letter-spacing:0.1pt;"> </font>to these<font style="letter-spacing:0.05pt;"> </font>federal<font style="letter-spacing:0.05pt;"> </font>laws, which may apply to items such as pharmaceutical<font style="letter-spacing:0.15pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>and services<font style="letter-spacing:0.05pt;"> </font>reimbursed<font style="letter-spacing:0.1pt;"> </font>by private<font style="letter-spacing:0.05pt;"> </font>insurers.<font style="letter-spacing:0.05pt;"> </font>We and/or<font style="letter-spacing:0.05pt;"> </font>our future<font style="letter-spacing:0.05pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to administrative,<font style="letter-spacing:0.15pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>and criminal<font style="letter-spacing:0.1pt;"> </font>sanctions<font style="letter-spacing:0.05pt;"> </font>for violations<font style="letter-spacing:0.1pt;"> </font>of any of these<font style="letter-spacing:0.05pt;"> </font>federal<font style="letter-spacing:0.05pt;"> </font>and state<font style="letter-spacing:0.05pt;"> </font>laws.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU43"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pharmaceutical</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healt</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">hcare</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">companies</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have been prosecuted</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">under these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laws for a variety</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of promotional</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and marketing</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">activities,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such as: providing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">free</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trips,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">free</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">goods, sham consulting</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fees</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and grants and other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">monetary</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">benefits</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to prescribers;</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to pricing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">services</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inflated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">average</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">wholesale</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prices</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that were then used by federal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">programs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to set reimbursement</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rates;</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">engaging in off-label</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">promotion;</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and submitting inflated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">best price</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">information</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the Medicaid</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rebate Program</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to reduce</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">liability</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for Medicaid</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">r</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ebates.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ensuring that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our internal</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">operations</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">business</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">arrangements</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with third</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">comply</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with applicable</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare laws and regulations</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will involve</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">substantial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It is possible</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">governmental</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorities</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will conclude</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that our </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">business</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">practices</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">do not comply</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">statutes,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulations,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agency guidance</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or case law involving</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">applicable</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fraud</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and abuse or other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laws and regulations.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>business operations<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>relationships<font style="letter-spacing:0.1pt;"> </font>with investigators,<font style="letter-spacing:0.1pt;"> </font>healthcare<font style="letter-spacing:0.05pt;"> </font>professionals,<font style="letter-spacing:0.1pt;"> </font>consultants,<font style="letter-spacing:0.05pt;"> </font>third-party payors, patient<font style="letter-spacing:0.05pt;"> </font>organizations<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>customers<font style="letter-spacing:0.05pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to broadly applicable<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.05pt;"> </font>regulatory laws, which<font style="letter-spacing:-0.05pt;"> </font>could expose us to penalties.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Healthcare<font style="letter-spacing:0.05pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>physicians<font style="letter-spacing:0.05pt;"> </font>and third-party<font style="letter-spacing:0.1pt;"> </font>payors will play a primary<font style="letter-spacing:0.05pt;"> </font>role<font style="letter-spacing:0.05pt;"> </font>in the recommendation and prescription<font style="letter-spacing:0.1pt;"> </font>of any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>for which we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>Our current<font style="letter-spacing:0.05pt;"> </font>and future arrangements<font style="letter-spacing:0.1pt;"> </font>may expose us to broadly<font style="letter-spacing:0.05pt;"> </font>applicable<font style="letter-spacing:0.1pt;"> </font>fraud<font style="letter-spacing:0.05pt;"> </font>and abuse and other<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>laws that<font style="letter-spacing:0.05pt;"> </font>may constrain the business<font style="letter-spacing:0.05pt;"> </font>or financial<font style="letter-spacing:0.1pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>and relationships<font style="letter-spacing:0.1pt;"> </font>through which we<font style="letter-spacing:-0.05pt;"> </font>would research, market,<font style="letter-spacing:0.05pt;"> </font>sell<font style="letter-spacing:0.05pt;"> </font>and distribute<font style="letter-spacing:0.1pt;"> </font>our products.<font style="letter-spacing:0.05pt;"> </font>Even though we<font style="letter-spacing:-0.05pt;"> </font>will not control<font style="letter-spacing:0.05pt;"> </font>referrals<font style="letter-spacing:0.1pt;"> </font>of healthcare<font style="letter-spacing:0.1pt;"> </font>services<font style="letter-spacing:0.05pt;"> </font>or bill<font style="letter-spacing:0.05pt;"> </font>directly<font style="letter-spacing:0.1pt;"> </font>to Medicare,<font style="letter-spacing:0.05pt;"> </font>Medicaid or other<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>payors, federal<font style="letter-spacing:0.05pt;"> </font>and state<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>laws pertaining<font style="letter-spacing:0.1pt;"> </font>to fraud<font style="letter-spacing:0.05pt;"> </font>and abuse are and will be applicable<font style="letter-spacing:0.1pt;"> </font>to our business.<font style="letter-spacing:0.05pt;"> </font>Such laws include,<font style="letter-spacing:0.05pt;"> </font>but are not limited<font style="letter-spacing:0.1pt;"> </font>to, the following:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">Federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">false</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">claims laws,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">civil False Claims</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Act (&#8220;FCA&#8221;), which can be enforced</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">through civil</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">whistleblower</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or qui tam</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">actions, and</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">false</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">statements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and civil</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">monetary</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">penalties</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">law prohibit,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">among others,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any person from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">knowingly presenting,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or causing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to be presented,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a false claim</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for payment</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">government</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or knowingly making,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or causing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to be made, a false statement</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to get a false</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">claim</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">paid.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">The federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Anti-Kickback</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Statute</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">prohibits,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">among other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">things,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">knowingly and willfully</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">offering, paying, soliciting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or receiving</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">remuneration</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to induce, or in return</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for, purchasing,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">leasing,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">ordering or arranging</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for the purchase,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">lease</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or order</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of any healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">item</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or service</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">reimbursable</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">under Medicare,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">federally</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">financed</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">programs.</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">This statute</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">has been interpreted</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to apply to arrangements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">between pharmaceutical</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturers,</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on the one hand, and prescribers,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">purchasers</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and formulary</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">managers,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on the other.</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Although there</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are several</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">statutory exceptions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">safe</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">harbors</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">protecting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">certain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">common</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">activities</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">prosecution,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the exceptions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and safe</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">harbors</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are drawn narrowly,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and practices</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">involve</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">remuneration</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">intended to induce prescribing,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">purchasing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or recommending</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may be subject</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to scrutiny</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">if they do not qualify for an exception</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or safe</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">harbor.</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">In addition,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the intent</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">standard</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">under the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Anti-Kickback Statute</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">was amended</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by the Affordable</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Care Act to a stricter</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">standard</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">such that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a person or entity no longer</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">needs to have actual</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">knowledge of the statute</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or specific</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">intent</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to violate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">it in order</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to have committed</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a violation.</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Moreover,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the government</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may assert</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a claim</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">items</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or services</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">resulting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a violation</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Anti-Kickback</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Statute</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">constitutes</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a false</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or fraudulent</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">claim</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for purposes</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the FCA.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">The federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Health Insurance</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Portability</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and Accountability</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Act of 1996 (&#8220;HIPAA&#8221;), which prohibits,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">among other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">things,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">knowingly and willfully</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">executing,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or attempting</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to execute,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a scheme</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or artifice</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to defraud</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">benefit</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">program</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or obtain,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by means</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of false</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or fraudulent</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">pretenses,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">representations,</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or promises,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any of the money or property</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">owned</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by, or under the custody or control</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of, any healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">benefit</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">program,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regardless</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the payor (e.g., public</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or private),</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">willfully</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">obstructing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a criminal</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">investigation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">offense,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and knowingly and willfully</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">falsifying,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">concealing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or covering</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">up by any trick</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or device</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a material</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">fact</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or making</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">any materially</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">false,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">fictitious</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or fraudulent</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">statements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in connection</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with the delivery</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of, or payment for, healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">benefits,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">items</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or services</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">relating</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">matters.</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Similar</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Anti-Kickback Statute,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a person or entity</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">does not need to have actual</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">knowledge of the statute</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or specific</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">intent</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to violate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">it in order</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to have committed</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a violation.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">Patient</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">data privacy</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and security</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regulation,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in the United States,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">HIPAA,</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as amended</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by the Health Information</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Technology for Clinical</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Health Act of 2009 (&#8220;HITECH&#8221;), and their respective</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">implementing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regulations,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">which impose</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">specified</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">requirements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on &#8220;covered</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">entities,&#8221; including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">providers,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">health</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">plans, and healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">clearinghouses,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as well as their respective</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">&#8220;business</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">associates&#8221;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">perform</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">services</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for them</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">involve</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the use, or disclosure of, individually</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">identifiable</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">health</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">information</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">relating</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to the privacy,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">security</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and transmission</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of individually</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">identifiable</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">health</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">information.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">The federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">transparency</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">requirements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">under the Physician</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Payments</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Sunshine Act, enacted</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as part of the Affordable</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Care Act, that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">applicable</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturers</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of covered</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">drugs, devices, biologics</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and medical</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">supplies</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for which payment</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">is available</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">under Medicare,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Medicaid</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or the Children&#8217;s</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Health Insurance</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Program,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with specific</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">exceptions,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to track</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and annually</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">report</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to CMS payments</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">transfers</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of value provided</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to physicians</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;">, as defined by such law, </font><font style="font-family:Times New Roman;color:#000000;">and teaching</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">hospitals</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and certain ownership and investment</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">interests</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">held by physicians</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or their</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">immediate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">family</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">members</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in the applicable</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturer,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and disclosure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of such information</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">will be made by CMS</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on a publicly available</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">website.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU44"></a><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Times New Roman;color:#000000;">Analogous state,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">local</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or foreign</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws, such as state</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">anti-kickback</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and false</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">claims</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws, which may apply to items</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or services</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">reimbursed</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by any third-party</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">payor, including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">commercial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">insurers;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">state and local</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">marketing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and/or</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">transparency</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws applicable</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to manufacturers</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may be broader</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in scope than the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">requirements;</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">state</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">biopharmaceutical</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">companies</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to comply with the biopharm</font><font style="font-family:Times New Roman;color:#000000;">aceutical</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">industry&#8217;s</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">voluntary</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">compliance</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">guidelines</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and the relevant</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">compliance guidance</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">promulgated</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by the federal</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">government;</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">state</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and local</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">licensure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or registration</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by sales</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and marketing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">agents</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a pharmaceutical</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">company;</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">state</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">require disclosure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of information</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">related</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to drug pricing;</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and state</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and foreign</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">laws governing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the privacy and security</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of health</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">information</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in certain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">circumstances,</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">many of which differ</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">each other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in significant</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">ways and may not have the</font><font style="font-family:Times New Roman;color:#000000;"> same</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">effect</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">as HIPAA.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pharmaceutical<font style="letter-spacing:0.15pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>have been prosecuted<font style="letter-spacing:0.05pt;"> </font>under these<font style="letter-spacing:0.05pt;"> </font>laws for a variety<font style="letter-spacing:0.05pt;"> </font>of promotional<font style="letter-spacing:0.1pt;"> </font>and marketing<font style="letter-spacing:0.1pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>such as: providing<font style="letter-spacing:0.05pt;"> </font>free<font style="letter-spacing:0.05pt;"> </font>trips,<font style="letter-spacing:0.05pt;"> </font>free<font style="letter-spacing:0.05pt;"> </font>goods, sham consulting<font style="letter-spacing:0.05pt;"> </font>fees<font style="letter-spacing:0.05pt;"> </font>and grants and other<font style="letter-spacing:0.05pt;"> </font>monetary<font style="letter-spacing:0.05pt;"> </font>benefits<font style="letter-spacing:0.05pt;"> </font>to prescribers;<font style="letter-spacing:0.15pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>to pricing<font style="letter-spacing:0.05pt;"> </font>services<font style="letter-spacing:0.05pt;"> </font>inflated<font style="letter-spacing:0.1pt;"> </font>average<font style="letter-spacing:0.05pt;"> </font>wholesale<font style="letter-spacing:0.05pt;"> </font>prices<font style="letter-spacing:0.05pt;"> </font>that were then used by federal<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>to set reimbursement<font style="letter-spacing:0.15pt;"> </font>rates;<font style="letter-spacing:0.05pt;"> </font>engaging in off-label<font style="letter-spacing:0.1pt;"> </font>promotion;<font style="letter-spacing:0.1pt;"> </font>and submitting inflated<font style="letter-spacing:0.1pt;"> </font>best price<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>to the Medicaid<font style="letter-spacing:0.05pt;"> </font>Rebate Program<font style="letter-spacing:0.05pt;"> </font>to reduce<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>for Medicaid<font style="letter-spacing:0.05pt;"> </font>rebates.<font style="letter-spacing:0.05pt;"> </font>Ensuring that<font style="letter-spacing:0.05pt;"> </font>our internal<font style="letter-spacing:0.1pt;"> </font>operations<font style="letter-spacing:0.05pt;"> </font>and future<font style="letter-spacing:0.05pt;"> </font>business<font style="letter-spacing:0.05pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>with third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>comply<font style="letter-spacing:0.05pt;"> </font>with applicable<font style="letter-spacing:0.1pt;"> </font>healthcare laws and regulations<font style="letter-spacing:0.1pt;"> </font>will involve<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>costs.<font style="letter-spacing:0.05pt;"> </font>It is possible<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>governmental<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>will conclude<font style="letter-spacing:0.05pt;"> </font>that our business<font style="letter-spacing:0.05pt;"> </font>practices<font style="letter-spacing:0.1pt;"> </font>do not comply<font style="letter-spacing:0.05pt;"> </font>with current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>statutes,<font style="letter-spacing:0.1pt;"> </font>regulations,<font style="letter-spacing:0.1pt;"> </font>agency guidance<font style="letter-spacing:0.05pt;"> </font>or case law involving<font style="letter-spacing:0.05pt;"> </font>applicable<font style="letter-spacing:0.1pt;"> </font>fraud<font style="letter-spacing:0.05pt;"> </font>and abuse or other<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>laws and regulations.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The global<font style="letter-spacing:0.05pt;"> </font>data protection<font style="letter-spacing:0.1pt;"> </font>landscape<font style="letter-spacing:0.05pt;"> </font>is rapidly<font style="letter-spacing:0.05pt;"> </font>evolving,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may be affected<font style="letter-spacing:0.1pt;"> </font>by or subject<font style="letter-spacing:0.05pt;"> </font>to new, amended<font style="letter-spacing:0.05pt;"> </font>or existing<font style="letter-spacing:0.05pt;"> </font>laws and regulations<font style="letter-spacing:0.1pt;"> </font>in the future,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>as our operations<font style="letter-spacing:0.05pt;"> </font>continue<font style="letter-spacing:0.05pt;"> </font>to expand or if we operate<font style="letter-spacing:0.05pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions.<font style="letter-spacing:0.15pt;"> </font>For example,<font style="letter-spacing:0.05pt;"> </font>in June 2018, California<font style="letter-spacing:0.1pt;"> </font>enacted<font style="letter-spacing:0.05pt;"> </font>the California<font style="letter-spacing:0.1pt;"> </font>Consumer Privacy Act of 2018 (the<font style="letter-spacing:0.05pt;"> </font>&#8220;CCPA&#8221;),<font style="letter-spacing:-0.05pt;"> </font>which took<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on January<font style="letter-spacing:0.05pt;"> </font>1, 2020. The CCPA<font style="letter-spacing:-0.1pt;"> </font>gives California<font style="letter-spacing:0.1pt;"> </font>residents<font style="letter-spacing:0.1pt;"> </font>the right to access<font style="letter-spacing:0.05pt;"> </font>and require<font style="letter-spacing:0.05pt;"> </font>deletion<font style="letter-spacing:0.05pt;"> </font>of their<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>the right<font style="letter-spacing:0.05pt;"> </font>to opt out of certain<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>information sharing,<font style="letter-spacing:0.05pt;"> </font>and the right<font style="letter-spacing:0.05pt;"> </font>to detailed<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>about how<font style="letter-spacing:-0.05pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>is collected,<font style="letter-spacing:0.1pt;"> </font>used and shared. The CCPA<font style="letter-spacing:-0.1pt;"> </font>provides<font style="letter-spacing:0.05pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>penalties<font style="letter-spacing:0.1pt;"> </font>for violations,<font style="letter-spacing:0.1pt;"> </font>as well as a private<font style="letter-spacing:0.05pt;"> </font>right<font style="letter-spacing:0.05pt;"> </font>of action<font style="letter-spacing:0.05pt;"> </font>for data breaches<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>is expected<font style="letter-spacing:0.05pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>data breach<font style="letter-spacing:0.05pt;"> </font>litigation.<font style="letter-spacing:0.1pt;"> </font>Although the CCPA<font style="letter-spacing:-0.1pt;"> </font>includes<font style="letter-spacing:0.05pt;"> </font>exemptions<font style="letter-spacing:0.05pt;"> </font>for certain<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials data, the law may increase<font style="letter-spacing:0.05pt;"> </font>our compliance<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and potential<font style="letter-spacing:0.1pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>with respect<font style="letter-spacing:0.05pt;"> </font>to other<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>information we<font style="letter-spacing:-0.05pt;"> </font>collect<font style="letter-spacing:0.05pt;"> </font>about California<font style="letter-spacing:0.1pt;"> </font>residents.<font style="letter-spacing:0.1pt;"> </font>The CCPA<font style="letter-spacing:-0.1pt;"> </font>has prompted<font style="letter-spacing:0.05pt;"> </font>a wave of proposals<font style="letter-spacing:0.05pt;"> </font>for new<font style="letter-spacing:-0.05pt;"> </font>federal<font style="letter-spacing:0.05pt;"> </font>and state privacy<font style="letter-spacing:0.05pt;"> </font>legislation<font style="letter-spacing:0.1pt;"> </font>that,<font style="letter-spacing:0.05pt;"> </font>if passed, could increase<font style="letter-spacing:0.05pt;"> </font>our potential<font style="letter-spacing:0.1pt;"> </font>liability,<font style="letter-spacing:0.1pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>our compliance<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our business.<font style="letter-spacing:0.05pt;"> </font>Several<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions,<font style="letter-spacing:0.15pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the European Union (EU), its<font style="letter-spacing:0.05pt;"> </font>member states,<font style="letter-spacing:0.05pt;"> </font>the United Kingdom, Japan and Australia,<font style="letter-spacing:0.05pt;"> </font>among others,<font style="letter-spacing:0.05pt;"> </font>have adopted legislation<font style="letter-spacing:0.1pt;"> </font>and regulations<font style="letter-spacing:0.1pt;"> </font>that increase<font style="letter-spacing:0.05pt;"> </font>or change the requirements<font style="letter-spacing:0.1pt;"> </font>governing<font style="letter-spacing:0.05pt;"> </font>the collection,<font style="letter-spacing:0.1pt;"> </font>use, disclosure<font style="letter-spacing:0.1pt;"> </font>and transfer<font style="letter-spacing:0.1pt;"> </font>of the personal information<font style="letter-spacing:0.1pt;"> </font>of individuals<font style="letter-spacing:0.1pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>jurisdictions.<font style="letter-spacing:0.15pt;"> </font>Additionally,<font style="letter-spacing:0.05pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>have passed or are considering passing<font style="letter-spacing:0.05pt;"> </font>laws that<font style="letter-spacing:0.05pt;"> </font>require<font style="letter-spacing:0.05pt;"> </font>local<font style="letter-spacing:0.05pt;"> </font>data residency<font style="letter-spacing:0.05pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>restrict<font style="letter-spacing:0.1pt;"> </font>the international<font style="letter-spacing:0.15pt;"> </font>transfer<font style="letter-spacing:0.1pt;"> </font>of data. These laws have the potential<font style="letter-spacing:0.1pt;"> </font>to increase<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>of compliance,<font style="letter-spacing:0.1pt;"> </font>risks<font style="letter-spacing:0.05pt;"> </font>of noncompliance<font style="letter-spacing:0.1pt;"> </font>and penalties<font style="letter-spacing:0.1pt;"> </font>for noncompliance.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If our operations<font style="letter-spacing:0.05pt;"> </font>are found to be in violation<font style="letter-spacing:0.05pt;"> </font>of any of these<font style="letter-spacing:0.05pt;"> </font>laws or any other<font style="letter-spacing:0.05pt;"> </font>governmental<font style="letter-spacing:0.1pt;"> </font>regulations that<font style="letter-spacing:0.05pt;"> </font>may apply to us, we<font style="letter-spacing:-0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to significant<font style="letter-spacing:0.1pt;"> </font>civil,<font style="letter-spacing:0.05pt;"> </font>criminal<font style="letter-spacing:0.1pt;"> </font>and administrative<font style="letter-spacing:0.15pt;"> </font>penalties,<font style="letter-spacing:0.1pt;"> </font>damages, disgorgement,<font style="letter-spacing:0.1pt;"> </font>fines,<font style="letter-spacing:0.05pt;"> </font>imprisonment,<font style="letter-spacing:0.1pt;"> </font>exclusion<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>funded healthcare<font style="letter-spacing:0.1pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>such as Medicare and Medicaid,<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>oversight<font style="letter-spacing:0.05pt;"> </font>and reporting<font style="letter-spacing:0.05pt;"> </font>obligations,<font style="letter-spacing:0.1pt;"> </font>contractual<font style="letter-spacing:0.1pt;"> </font>damages,<font style="letter-spacing:0.05pt;"> </font>reputational<font style="letter-spacing:0.1pt;"> </font>harm,<font style="letter-spacing:0.05pt;"> </font>diminished profits<font style="letter-spacing:0.05pt;"> </font>and future<font style="letter-spacing:0.05pt;"> </font>earnings,<font style="letter-spacing:0.05pt;"> </font>and the curtailment<font style="letter-spacing:0.15pt;"> </font>or restructuring<font style="letter-spacing:0.15pt;"> </font>of our operations.<font style="letter-spacing:0.05pt;"> </font>If any of the physicians<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>healthcare<font style="letter-spacing:0.1pt;"> </font>providers<font style="letter-spacing:0.05pt;"> </font>or entities<font style="letter-spacing:0.1pt;"> </font>with whom we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>to do business<font style="letter-spacing:0.05pt;"> </font>is found not to be in compliance<font style="letter-spacing:0.1pt;"> </font>with applicable<font style="letter-spacing:0.1pt;"> </font>laws, that<font style="letter-spacing:0.05pt;"> </font>person or entity<font style="letter-spacing:0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to significant<font style="letter-spacing:0.1pt;"> </font>criminal,<font style="letter-spacing:0.1pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>or administrative<font style="letter-spacing:0.15pt;"> </font>sanctions, including<font style="letter-spacing:0.05pt;"> </font>exclusions<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>funded healthcare<font style="letter-spacing:0.1pt;"> </font>programs.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We depend on<font style="letter-spacing:-0.05pt;"> </font>our information<font style="letter-spacing:0.05pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>those of our third-party<font style="letter-spacing:0.1pt;"> </font>collaborators,<font style="letter-spacing:0.1pt;"> </font>service providers,<font style="letter-spacing:0.05pt;"> </font>contractors<font style="letter-spacing:0.05pt;"> </font>or consultants.<font style="letter-spacing:0.05pt;"> </font>Our<font style="letter-spacing:-0.05pt;"> </font>internal<font style="letter-spacing:0.05pt;"> </font>computer<font style="letter-spacing:0.05pt;"> </font>systems,<font style="letter-spacing:0.05pt;"> </font>or those of our third-party<font style="letter-spacing:0.1pt;"> </font>collaborators, service<font style="letter-spacing:0.05pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>contractors<font style="letter-spacing:0.05pt;"> </font>or consultants,<font style="letter-spacing:0.05pt;"> </font>may fail<font style="letter-spacing:0.05pt;"> </font>or suffer<font style="letter-spacing:0.05pt;"> </font>security<font style="letter-spacing:0.05pt;"> </font>breaches, disruptions,<font style="letter-spacing:0.05pt;"> </font>or incidents, which<font style="letter-spacing:-0.05pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in a material<font style="letter-spacing:0.1pt;"> </font>disruption<font style="letter-spacing:0.05pt;"> </font>of our development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>or loss of data or compromise<font style="letter-spacing:0.1pt;"> </font>the privacy,<font style="letter-spacing:0.05pt;"> </font>security,<font style="letter-spacing:0.05pt;"> </font>integrity<font style="letter-spacing:0.1pt;"> </font>or confidentiality<font style="letter-spacing:0.15pt;"> </font>of sensitive<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to our business and<font style="letter-spacing:-0.05pt;"> </font>have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on<font style="letter-spacing:-0.05pt;"> </font>our reputation,<font style="letter-spacing:0.05pt;"> </font>business, financial<font style="letter-spacing:0.05pt;"> </font>condition<font style="letter-spacing:0.05pt;"> </font>or results<font style="letter-spacing:0.05pt;"> </font>of operations.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU45"></a>In the ordinary<font style="letter-spacing:0.05pt;"> </font>course<font style="letter-spacing:0.05pt;"> </font>of our business,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>collect,<font style="letter-spacing:0.05pt;"> </font>store<font style="letter-spacing:0.05pt;"> </font>and transmit<font style="letter-spacing:0.1pt;"> </font>large<font style="letter-spacing:0.05pt;"> </font>amounts<font style="letter-spacing:0.05pt;"> </font>of confidential information,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>proprietary<font style="letter-spacing:0.1pt;"> </font>business<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>and personal<font style="letter-spacing:0.05pt;"> </font>information.<font style="letter-spacing:0.1pt;"> </font>Our internal<font style="letter-spacing:0.1pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>and infrastructure,<font style="letter-spacing:0.15pt;"> </font>and those of our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>collaborators, service<font style="letter-spacing:0.05pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>contractors<font style="letter-spacing:0.1pt;"> </font>and consultants<font style="letter-spacing:0.1pt;"> </font>are vulnerable<font style="letter-spacing:0.05pt;"> </font>to damage<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>computer<font style="letter-spacing:0.05pt;"> </font>viruses,<font style="letter-spacing:0.05pt;"> </font>unauthorized access<font style="letter-spacing:0.05pt;"> </font>or use resulting<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>malware,<font style="letter-spacing:0.05pt;"> </font>natural<font style="letter-spacing:0.05pt;"> </font>disasters,<font style="letter-spacing:0.1pt;"> </font>terrorism,<font style="letter-spacing:0.1pt;"> </font>war and telecommunication<font style="letter-spacing:0.15pt;"> </font>and electrical failures,<font style="letter-spacing:0.1pt;"> </font>denial-of-service<font style="letter-spacing:0.2pt;"> </font>attacks,<font style="letter-spacing:0.05pt;"> </font>cyber-attacks<font style="letter-spacing:0.1pt;"> </font>or cyber-intrusions<font style="letter-spacing:0.15pt;"> </font>over the Internet,<font style="letter-spacing:0.1pt;"> </font>hacking, phishing<font style="letter-spacing:0.05pt;"> </font>and other social<font style="letter-spacing:0.05pt;"> </font>engineering<font style="letter-spacing:0.05pt;"> </font>attacks,<font style="letter-spacing:0.05pt;"> </font>persons<font style="letter-spacing:0.05pt;"> </font>inside<font style="letter-spacing:0.05pt;"> </font>our organizations<font style="letter-spacing:0.1pt;"> </font>(including<font style="letter-spacing:0.05pt;"> </font>employees<font style="letter-spacing:0.05pt;"> </font>or contractors),<font style="letter-spacing:0.1pt;"> </font>loss or theft,<font style="letter-spacing:0.05pt;"> </font>or persons<font style="letter-spacing:0.05pt;"> </font>with access<font style="letter-spacing:0.05pt;"> </font>to systems<font style="letter-spacing:0.05pt;"> </font>inside<font style="letter-spacing:0.05pt;"> </font>our organization.<font style="letter-spacing:0.1pt;"> </font>Attacks<font style="letter-spacing:0.05pt;"> </font>on information<font style="letter-spacing:0.1pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>are increasing<font style="letter-spacing:0.1pt;"> </font>in their<font style="letter-spacing:0.05pt;"> </font>frequency,<font style="letter-spacing:0.05pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>of persistence,<font style="letter-spacing:0.1pt;"> </font>sophistication<font style="letter-spacing:0.1pt;"> </font>and intensity,<font style="letter-spacing:0.1pt;"> </font>and they are being conducted<font style="letter-spacing:0.05pt;"> </font>by increasingly<font style="letter-spacing:0.1pt;"> </font>sophisticated<font style="letter-spacing:0.1pt;"> </font>and organized<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>governments,<font style="letter-spacing:0.05pt;"> </font>groups and individuals<font style="letter-spacing:0.1pt;"> </font>with a wide range of motives<font style="letter-spacing:0.05pt;"> </font>and expertise.<font style="letter-spacing:0.1pt;"> </font>In addition<font style="letter-spacing:0.05pt;"> </font>to extracting<font style="letter-spacing:0.1pt;"> </font>or accessing<font style="letter-spacing:0.05pt;"> </font>sensitive<font style="letter-spacing:0.1pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>such attacks<font style="letter-spacing:0.05pt;"> </font>could include<font style="letter-spacing:0.05pt;"> </font>the deployment<font style="letter-spacing:0.05pt;"> </font>of harmful<font style="letter-spacing:0.05pt;"> </font>malware,<font style="letter-spacing:0.05pt;"> </font>ransomware,<font style="letter-spacing:0.05pt;"> </font>denial-of-service<font style="letter-spacing:0.2pt;"> </font>attacks,<font style="letter-spacing:0.05pt;"> </font>social<font style="letter-spacing:0.05pt;"> </font>engineering<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>means<font style="letter-spacing:0.05pt;"> </font>to affect<font style="letter-spacing:0.05pt;"> </font></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;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">service</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reliability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and threaten</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the security,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">confidentiality,</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">integrity</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and availability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of information.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The prevalent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">use of mobile</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">devices</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">access</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sensitive</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">information</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">also </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">increases</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the risk</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of data security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">incidents which could lead to the loss of confidential</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">information</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to our knowledge we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have not experienced</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any material</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">system</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">failure,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">accident</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">breach</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to date, if such </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an event were to occur and cause interruptions</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in our operations</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or the operations</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborators,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">service</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">providers, contractors</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and consultants,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it could result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in a material</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disruption</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">programs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and significant </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reputational,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legal,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">business</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or operational</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harm.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to us to mitigate,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">investigate</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and respond to potential</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">incidents,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">breaches,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disruptions,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">network security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">problems,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">bugs, viruses,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">worms, malicious</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">software</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">progr</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ams</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">vulnerabilities</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could be significant,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and while we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have implemented security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">measures</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to protect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our data security</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and information</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">systems,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our efforts</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to address</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these problems</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may not be successful,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">problems</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in unexpected</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">interruptions,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">delays,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cessation</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of service</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harm</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to our business</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and our competitive</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">position.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For example,<font style="letter-spacing:0.05pt;"> </font>the loss of clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>data from<font style="letter-spacing:0.05pt;"> </font>completed,<font style="letter-spacing:0.05pt;"> </font>ongoing or planned clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>for our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in delays<font style="letter-spacing:0.05pt;"> </font>in our regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>and significantly<font style="letter-spacing:0.15pt;"> </font>increase<font style="letter-spacing:0.05pt;"> </font>our costs<font style="letter-spacing:0.05pt;"> </font>to recover<font style="letter-spacing:0.05pt;"> </font>or reproduce<font style="letter-spacing:0.05pt;"> </font>the data. To<font style="letter-spacing:-0.05pt;"> </font>the extent<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>any real<font style="letter-spacing:0.05pt;"> </font>or perceived<font style="letter-spacing:0.05pt;"> </font>security<font style="letter-spacing:0.05pt;"> </font>breach<font style="letter-spacing:0.05pt;"> </font>affects<font style="letter-spacing:0.1pt;"> </font>our systems<font style="letter-spacing:0.05pt;"> </font>(or those of our third-party<font style="letter-spacing:0.1pt;"> </font>collaborators,<font style="letter-spacing:0.1pt;"> </font>service<font style="letter-spacing:0.05pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>contractors<font style="letter-spacing:0.1pt;"> </font>or consultants),<font style="letter-spacing:0.1pt;"> </font>or results<font style="letter-spacing:0.05pt;"> </font>in the loss of or accidental,<font style="letter-spacing:0.1pt;"> </font>unlawful<font style="letter-spacing:0.05pt;"> </font>or unauthorized<font style="letter-spacing:0.05pt;"> </font>access<font style="letter-spacing:0.05pt;"> </font>to, use of, release<font style="letter-spacing:0.05pt;"> </font>of, or other<font style="letter-spacing:0.05pt;"> </font>processing<font style="letter-spacing:0.05pt;"> </font>of personally<font style="letter-spacing:0.05pt;"> </font>identifiable information<font style="letter-spacing:0.1pt;"> </font>or damage<font style="letter-spacing:0.05pt;"> </font>to our data or applications<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>data or applications<font style="letter-spacing:0.1pt;"> </font>relating<font style="letter-spacing:0.1pt;"> </font>to our technology<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>or inappropriate<font style="letter-spacing:0.1pt;"> </font>disclosure<font style="letter-spacing:0.1pt;"> </font>of confidential<font style="letter-spacing:0.1pt;"> </font>or proprietary<font style="letter-spacing:0.1pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>could incur liabilities<font style="letter-spacing:0.15pt;"> </font>and the further<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>could be delayed.<font style="letter-spacing:0.05pt;"> </font>Such a breach<font style="letter-spacing:0.05pt;"> </font>may require notification<font style="letter-spacing:0.1pt;"> </font>to governmental<font style="letter-spacing:0.1pt;"> </font>agencies,<font style="letter-spacing:0.05pt;"> </font>the media<font style="letter-spacing:0.05pt;"> </font>or individuals<font style="letter-spacing:0.1pt;"> </font>pursuant<font style="letter-spacing:0.05pt;"> </font>to various<font style="letter-spacing:0.05pt;"> </font>foreign,<font style="letter-spacing:0.05pt;"> </font>domestic<font style="letter-spacing:0.05pt;"> </font>(federal<font style="letter-spacing:0.1pt;"> </font>and state)<font style="letter-spacing:0.05pt;"> </font>privacy<font style="letter-spacing:0.05pt;"> </font>and security<font style="letter-spacing:0.05pt;"> </font>laws, if applicable,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>HIPAA,<font style="letter-spacing:-0.05pt;"> </font>as amended<font style="letter-spacing:0.05pt;"> </font>by HITECH,<font style="letter-spacing:-0.1pt;"> </font>and its<font style="letter-spacing:0.05pt;"> </font>implementing rules<font style="letter-spacing:0.05pt;"> </font>and regulations,<font style="letter-spacing:0.1pt;"> </font>as well as regulations<font style="letter-spacing:0.1pt;"> </font>promulgated<font style="letter-spacing:0.1pt;"> </font>by the Federal<font style="letter-spacing:0.05pt;"> </font>Trade Commission<font style="letter-spacing:0.05pt;"> </font>and state<font style="letter-spacing:0.05pt;"> </font>breach notification<font style="letter-spacing:0.1pt;"> </font>laws. In addition,<font style="letter-spacing:0.05pt;"> </font>our liability<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>may not be sufficient<font style="letter-spacing:0.1pt;"> </font>in type or amount<font style="letter-spacing:0.05pt;"> </font>to cover us against claims<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to security<font style="letter-spacing:0.05pt;"> </font>breaches,<font style="letter-spacing:0.05pt;"> </font>cyberattacks<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>incidents.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<font style="letter-spacing:-0.05pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>or perceived<font style="letter-spacing:0.05pt;"> </font>failure<font style="letter-spacing:0.1pt;"> </font>by us or any third-party<font style="letter-spacing:0.1pt;"> </font>collaborators,<font style="letter-spacing:0.1pt;"> </font>service<font style="letter-spacing:0.05pt;"> </font>providers,<font style="letter-spacing:0.05pt;"> </font>contractors<font style="letter-spacing:0.1pt;"> </font>or consultants<font style="letter-spacing:0.1pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with our privacy,<font style="letter-spacing:0.05pt;"> </font>confidentiality,<font style="letter-spacing:0.15pt;"> </font>data security<font style="letter-spacing:0.05pt;"> </font>or similar<font style="letter-spacing:0.1pt;"> </font>obligations,<font style="letter-spacing:0.1pt;"> </font>or any data security incidents<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>security<font style="letter-spacing:0.05pt;"> </font>breaches<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>result<font style="letter-spacing:0.05pt;"> </font>in the accidental,<font style="letter-spacing:0.1pt;"> </font>unlawful<font style="letter-spacing:0.05pt;"> </font>or unauthorized<font style="letter-spacing:0.05pt;"> </font>access<font style="letter-spacing:0.05pt;"> </font>to, use of, release<font style="letter-spacing:0.05pt;"> </font>of, processing<font style="letter-spacing:0.05pt;"> </font>of, or transfer<font style="letter-spacing:0.1pt;"> </font>of sensitive<font style="letter-spacing:0.1pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>personally<font style="letter-spacing:0.05pt;"> </font>identifiable<font style="letter-spacing:0.15pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in negative<font style="letter-spacing:0.05pt;"> </font>publicity,<font style="letter-spacing:0.05pt;"> </font>harm<font style="letter-spacing:0.05pt;"> </font>to our reputation,<font style="letter-spacing:0.1pt;"> </font>governmental<font style="letter-spacing:0.1pt;"> </font>investigations,<font style="letter-spacing:0.1pt;"> </font>enforcement<font style="letter-spacing:0.1pt;"> </font>actions,<font style="letter-spacing:0.05pt;"> </font>regulatory fines,<font style="letter-spacing:0.05pt;"> </font>litigation<font style="letter-spacing:0.1pt;"> </font>or public<font style="letter-spacing:0.05pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us, could cause third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to lose trust<font style="letter-spacing:0.05pt;"> </font>in us or could result<font style="letter-spacing:0.05pt;"> </font>in claims<font style="letter-spacing:0.05pt;"> </font>by third<font style="letter-spacing:0.05pt;"> </font>parties,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>those that<font style="letter-spacing:0.05pt;"> </font>assert<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have breached<font style="letter-spacing:0.05pt;"> </font>our privacy,<font style="letter-spacing:0.05pt;"> </font>confidentiality,<font style="letter-spacing:0.15pt;"> </font>data security<font style="letter-spacing:0.05pt;"> </font>or similar<font style="letter-spacing:0.1pt;"> </font>obligations,<font style="letter-spacing:0.1pt;"> </font>any of which could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our reputation,<font style="letter-spacing:0.1pt;"> </font>business, financial<font style="letter-spacing:0.1pt;"> </font>condition<font style="letter-spacing:0.05pt;"> </font>or results<font style="letter-spacing:0.05pt;"> </font>of operations.<font style="letter-spacing:0.05pt;"> </font>To<font style="letter-spacing:-0.05pt;"> </font>the extent<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>maintain<font style="letter-spacing:0.1pt;"> </font>individually<font style="letter-spacing:0.1pt;"> </font>identifiable<font style="letter-spacing:0.15pt;"> </font>health information,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>could be subject<font style="letter-spacing:0.05pt;"> </font>to fines<font style="letter-spacing:0.05pt;"> </font>and penalties<font style="letter-spacing:0.1pt;"> </font>(including<font style="letter-spacing:0.05pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>and criminal)<font style="letter-spacing:0.1pt;"> </font>under HIPAA<font style="letter-spacing:-0.05pt;"> </font>for any failure<font style="letter-spacing:0.1pt;"> </font>by us or our business<font style="letter-spacing:0.05pt;"> </font>associates<font style="letter-spacing:0.1pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with HIPAA&#8217;s<font style="letter-spacing:-0.05pt;"> </font>requirements.<font style="letter-spacing:0.1pt;"> </font>Moreover,<font style="letter-spacing:0.05pt;"> </font>data security<font style="letter-spacing:0.05pt;"> </font>incidents and other<font style="letter-spacing:0.05pt;"> </font>security<font style="letter-spacing:0.05pt;"> </font>breaches<font style="letter-spacing:0.05pt;"> </font>can be difficult<font style="letter-spacing:0.1pt;"> </font>to detect,<font style="letter-spacing:0.05pt;"> </font>and any delay in identifying<font style="letter-spacing:0.1pt;"> </font>them<font style="letter-spacing:0.05pt;"> </font>may lead to increased harm.<font style="letter-spacing:0.05pt;"> </font>While<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have implemented<font style="letter-spacing:0.1pt;"> </font>data security<font style="letter-spacing:0.05pt;"> </font>measures<font style="letter-spacing:0.05pt;"> </font>intended<font style="letter-spacing:0.05pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>our information,<font style="letter-spacing:0.1pt;"> </font>data, information technology<font style="letter-spacing:0.05pt;"> </font>systems,<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>and infrastructure,<font style="letter-spacing:0.15pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>can be no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>such measures<font style="letter-spacing:0.05pt;"> </font>will successfully<font style="letter-spacing:0.1pt;"> </font>prevent<font style="letter-spacing:0.05pt;"> </font>service<font style="letter-spacing:0.05pt;"> </font>interruptions<font style="letter-spacing:0.1pt;"> </font>or data security<font style="letter-spacing:0.05pt;"> </font>incidents.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">European<font style="letter-spacing:-0.05pt;"> </font>data collection<font style="letter-spacing:0.1pt;"> </font>is governed by restrictive<font style="letter-spacing:0.15pt;"> </font>regulations<font style="letter-spacing:0.05pt;"> </font>governing the collection,<font style="letter-spacing:0.1pt;"> </font>use, processing<font style="letter-spacing:0.05pt;"> </font>and cross-border<font style="letter-spacing:0.05pt;"> </font>transfer<font style="letter-spacing:0.05pt;"> </font>of personal information.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may collect,<font style="letter-spacing:0.05pt;"> </font>process,<font style="letter-spacing:0.05pt;"> </font>use or transfer<font style="letter-spacing:0.1pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>individuals<font style="letter-spacing:0.1pt;"> </font>located<font style="letter-spacing:0.05pt;"> </font>in the European Economic<font style="letter-spacing:0.05pt;"> </font>Area in connection<font style="letter-spacing:0.05pt;"> </font>with our business,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>in connection<font style="letter-spacing:0.05pt;"> </font>with conducting<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>in the European Economic<font style="letter-spacing:0.05pt;"> </font>Area (the &#8220;EEA&#8221;). Additionally,<font style="letter-spacing:0.05pt;"> </font>if any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are approved, we<font style="letter-spacing:-0.05pt;"> </font>may seek to commercialize<font style="letter-spacing:0.15pt;"> </font>those products<font style="letter-spacing:0.05pt;"> </font>in the European Economic<font style="letter-spacing:0.05pt;"> </font>Area. The collection<font style="letter-spacing:0.1pt;"> </font>and use of personal<font style="letter-spacing:0.05pt;"> </font>health<font style="letter-spacing:0.05pt;"> </font>data in the European Economic<font style="letter-spacing:0.05pt;"> </font>Area is governed by the provisions<font style="letter-spacing:0.05pt;"> </font>of the General<font style="letter-spacing:0.05pt;"> </font>Data Protection<font style="letter-spacing:0.05pt;"> </font>Regulation<font style="letter-spacing:0.05pt;"> </font>((EU) 2016/679) (the<font style="letter-spacing:0.05pt;"> </font>&#8220;GDPR&#8221;),<font style="letter-spacing:-0.05pt;"> </font>along with other<font style="letter-spacing:0.05pt;"> </font>European Union and country-specific<font style="letter-spacing:0.15pt;"> </font>laws and regulations.<font style="letter-spacing:0.1pt;"> </font>The United Kingdom and Switzerland<font style="letter-spacing:0.05pt;"> </font>have also adopted data protection<font style="letter-spacing:0.1pt;"> </font>laws and regulations.<font style="letter-spacing:0.1pt;"> </font>These legislative<font style="letter-spacing:0.1pt;"> </font>acts (together<font style="letter-spacing:0.1pt;"> </font>with regulations<font style="letter-spacing:0.1pt;"> </font>and guidelines)<font style="letter-spacing:0.1pt;"> </font>impose<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>relating<font style="letter-spacing:0.1pt;"> </font>to having legal<font style="letter-spacing:0.05pt;"> </font>bases for processing personal<font style="letter-spacing:0.05pt;"> </font>data relating<font style="letter-spacing:0.1pt;"> </font>to identifiable<font style="letter-spacing:0.15pt;"> </font>individuals<font style="letter-spacing:0.1pt;"> </font>and transferring<font style="letter-spacing:0.15pt;"> </font>such data outside<font style="letter-spacing:0.05pt;"> </font>of the European Economic Area, including<font style="letter-spacing:0.05pt;"> </font>to the United States,<font style="letter-spacing:0.05pt;"> </font>providing<font style="letter-spacing:0.05pt;"> </font>details<font style="letter-spacing:0.05pt;"> </font>to those individuals<font style="letter-spacing:0.1pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>the processing<font style="letter-spacing:0.05pt;"> </font>of their personal<font style="letter-spacing:0.05pt;"> </font>data, keeping personal<font style="letter-spacing:0.05pt;"> </font>data secure,<font style="letter-spacing:0.05pt;"> </font>having data processing<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>with third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>who<font style="letter-spacing:-0.05pt;"> </font>process personal<font style="letter-spacing:0.05pt;"> </font>data, responding<font style="letter-spacing:0.05pt;"> </font>to individuals&#8217;<font style="letter-spacing:0.1pt;"> </font>requests<font style="letter-spacing:0.05pt;"> </font>to exercise<font style="letter-spacing:0.05pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>in respect<font style="letter-spacing:0.05pt;"> </font>of their<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>data, reporting<font style="letter-spacing:0.05pt;"> </font>security<font style="letter-spacing:0.05pt;"> </font>breaches<font style="letter-spacing:0.05pt;"> </font>involving<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>data to the competent<font style="letter-spacing:0.05pt;"> </font>national<font style="letter-spacing:0.05pt;"> </font>data protection<font style="letter-spacing:0.1pt;"> </font>authority<font style="letter-spacing:0.05pt;"> </font>and affected<font style="letter-spacing:0.1pt;"> </font>individuals,<font style="letter-spacing:0.1pt;"> </font>appointing<font style="letter-spacing:0.05pt;"> </font>data protection<font style="letter-spacing:0.1pt;"> </font>officers<font style="letter-spacing:0.1pt;"> </font>or corporate<font style="letter-spacing:0.05pt;"> </font>representatives,<font style="letter-spacing:0.15pt;"> </font>conducting<font style="letter-spacing:0.05pt;"> </font>data protection impact<font style="letter-spacing:0.05pt;"> </font>assessments<font style="letter-spacing:0.1pt;"> </font>and record-keeping.<font style="letter-spacing:0.1pt;"> </font>The GDPR<font style="letter-spacing:-0.1pt;"> </font>imposes<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>responsibilities<font style="letter-spacing:0.15pt;"> </font>and liabilities<font style="letter-spacing:0.15pt;"> </font>in relation to personal<font style="letter-spacing:0.05pt;"> </font>data that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may be required<font style="letter-spacing:0.05pt;"> </font>to put in place<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>mechanisms<font style="letter-spacing:0.1pt;"> </font>ensuring compliance<font style="letter-spacing:0.1pt;"> </font>with the new<font style="letter-spacing:-0.05pt;"> </font>data protection<font style="letter-spacing:0.1pt;"> </font>rules.<font style="letter-spacing:0.05pt;"> </font>Failure<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with the requirements<font style="letter-spacing:0.1pt;"> </font>of the GDPR<font style="letter-spacing:-0.1pt;"> </font>and related national<font style="letter-spacing:0.05pt;"> </font>data protection<font style="letter-spacing:0.1pt;"> </font>laws of the member<font style="letter-spacing:0.05pt;"> </font>states<font style="letter-spacing:0.05pt;"> </font>of the European Economic<font style="letter-spacing:0.05pt;"> </font>Area and other<font style="letter-spacing:0.05pt;"> </font>states<font style="letter-spacing:0.05pt;"> </font>in the European Economic<font style="letter-spacing:0.05pt;"> </font>Area may result<font style="letter-spacing:0.05pt;"> </font>in substantial<font style="letter-spacing:0.1pt;"> </font>fines,<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>administrative<font style="letter-spacing:0.15pt;"> </font>penalties<font style="letter-spacing:0.1pt;"> </font>and civil<font style="letter-spacing:0.05pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>being brought against<font style="letter-spacing:0.05pt;"> </font>us, which could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition<font style="letter-spacing:0.05pt;"> </font>and results<font style="letter-spacing:0.05pt;"> </font>of operations.<font style="letter-spacing:0.05pt;"> </font>European data protection<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>may interpret<font style="letter-spacing:0.1pt;"> </font>the GDPR<font style="letter-spacing:-0.1pt;"> </font>and national<font style="letter-spacing:0.05pt;"> </font>laws differently<font style="letter-spacing:0.1pt;"> </font>and may impose<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>requirements,<font style="letter-spacing:0.1pt;"> </font>which adds to the complexity<font style="letter-spacing:0.1pt;"> </font>of processing<font style="letter-spacing:0.05pt;"> </font>personal<font style="letter-spacing:0.05pt;"> </font>data in or from<font style="letter-spacing:0.05pt;"> </font>the EEA<font style="letter-spacing:-0.05pt;"> </font>or United Kingdom. Guidance on implementation<font style="letter-spacing:0.15pt;"> </font>and compliance<font style="letter-spacing:0.1pt;"> </font>practices<font style="letter-spacing:0.1pt;"> </font>are often<font style="letter-spacing:0.05pt;"> </font>updated or otherwise<font style="letter-spacing:0.05pt;"> </font>revised.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU46"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">insurance </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">policies</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">are expensive</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">only protect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">us from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">some business risks,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">leaving</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">us exposed to significant</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">uninsured liabilities.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not carry<font style="letter-spacing:0.05pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>for all<font style="letter-spacing:0.05pt;"> </font>categories<font style="letter-spacing:0.1pt;"> </font>of risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>may encounter.<font style="letter-spacing:0.05pt;"> </font>We believe<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we maintain<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>customary<font style="letter-spacing:0.05pt;"> </font>for businesses<font style="letter-spacing:0.05pt;"> </font>of our size<font style="letter-spacing:0.05pt;"> </font>and type, including<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>insurance.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, there<font style="letter-spacing:0.05pt;"> </font>are types of losses<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>cannot be insured<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>believe<font style="letter-spacing:0.05pt;"> </font>are not economically<font style="letter-spacing:0.1pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>to insure.<font style="letter-spacing:0.05pt;"> </font>Moreover,<font style="letter-spacing:0.05pt;"> </font>any loss incurred<font style="letter-spacing:0.05pt;"> </font>could exceed policy<font style="letter-spacing:0.05pt;"> </font>limits<font style="letter-spacing:0.1pt;"> </font>and policy<font style="letter-spacing:0.05pt;"> </font>payments made to us may not be made on a timely<font style="letter-spacing:0.05pt;"> </font>basis.<font style="letter-spacing:0.05pt;"> </font>Such losses<font style="letter-spacing:0.05pt;"> </font>could adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>prospects,<font style="letter-spacing:0.05pt;"> </font>results of operations,<font style="letter-spacing:0.05pt;"> </font>cash flows and financial<font style="letter-spacing:0.1pt;"> </font>condition.<font style="letter-spacing:0.05pt;"> </font>We do not know<font style="letter-spacing:-0.05pt;"> </font>if our current<font style="letter-spacing:0.05pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>of coverage<font style="letter-spacing:0.05pt;"> </font>are adequate or if we<font style="letter-spacing:-0.05pt;"> </font>will be able to obtain<font style="letter-spacing:0.05pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>with adequate<font style="letter-spacing:0.05pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>of coverage<font style="letter-spacing:0.05pt;"> </font>in the future,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>significant uninsured<font style="letter-spacing:0.05pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>us to pay substantial<font style="letter-spacing:0.1pt;"> </font>amounts,<font style="letter-spacing:0.05pt;"> </font>which could materially<font style="letter-spacing:0.15pt;"> </font>and adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our financial<font style="letter-spacing:0.1pt;"> </font>position<font style="letter-spacing:0.05pt;"> </font>and results<font style="letter-spacing:0.05pt;"> </font>of operations.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Disputes under key agreements<font style="letter-spacing:0.05pt;"> </font>or conflicts<font style="letter-spacing:0.1pt;"> </font>of interest<font style="letter-spacing:0.05pt;"> </font>with our scientific<font style="letter-spacing:0.1pt;"> </font>advisors<font style="letter-spacing:0.05pt;"> </font>or clinical<font style="letter-spacing:0.05pt;"> </font>investigators could delay or prevent<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.15pt;"> </font>of our product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<font style="letter-spacing:-0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have or may enter<font style="letter-spacing:0.05pt;"> </font>into with third<font style="letter-spacing:0.05pt;"> </font>parties,<font style="letter-spacing:0.05pt;"> </font>such as collaboration,<font style="letter-spacing:0.1pt;"> </font>license,<font style="letter-spacing:0.05pt;"> </font>formulation supplier,<font style="letter-spacing:0.05pt;"> </font>manufacturing,<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>organization<font style="letter-spacing:0.1pt;"> </font>or clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>agreements,<font style="letter-spacing:0.1pt;"> </font>may give rise<font style="letter-spacing:0.05pt;"> </font>to disputes regarding<font style="letter-spacing:0.05pt;"> </font>the rights<font style="letter-spacing:0.05pt;"> </font>and obligations<font style="letter-spacing:0.1pt;"> </font>of the parties.<font style="letter-spacing:0.05pt;"> </font>Disagreements<font style="letter-spacing:0.1pt;"> </font>could develop over contract<font style="letter-spacing:0.05pt;"> </font>interpretation, rights<font style="letter-spacing:0.05pt;"> </font>to ownership or use of intellectual<font style="letter-spacing:0.15pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>the scope and direction<font style="letter-spacing:0.1pt;"> </font>of research<font style="letter-spacing:0.05pt;"> </font>and development,<font style="letter-spacing:0.05pt;"> </font>the approach<font style="letter-spacing:0.05pt;"> </font>for regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>or commercialization<font style="letter-spacing:0.2pt;"> </font>strategy.<font style="letter-spacing:0.05pt;"> </font>We intend<font style="letter-spacing:0.05pt;"> </font>to conduct research<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>in a range of therapeutic<font style="letter-spacing:0.1pt;"> </font>areas,<font style="letter-spacing:0.05pt;"> </font>but our pursuit<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>opportunities<font style="letter-spacing:0.1pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in conflicts<font style="letter-spacing:0.1pt;"> </font>with the other<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to these<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>may be developing<font style="letter-spacing:0.05pt;"> </font>or selling<font style="letter-spacing:0.05pt;"> </font>pharmaceuticals<font style="letter-spacing:0.15pt;"> </font>or conducting<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>same therapeutic<font style="letter-spacing:0.1pt;"> </font>areas.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>disputes<font style="letter-spacing:0.05pt;"> </font>or commercial<font style="letter-spacing:0.1pt;"> </font>conflicts<font style="letter-spacing:0.1pt;"> </font>could lead to the termination<font style="letter-spacing:0.1pt;"> </font>of our agreements,<font style="letter-spacing:0.1pt;"> </font>delay progress<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>programs,<font style="letter-spacing:0.05pt;"> </font>compromise<font style="letter-spacing:0.1pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to renew agreements<font style="letter-spacing:0.1pt;"> </font>or obtain<font style="letter-spacing:0.05pt;"> </font>future agreements,<font style="letter-spacing:0.1pt;"> </font>lead to the loss of intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>result<font style="letter-spacing:0.05pt;"> </font>in increased<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>for us or result in costly<font style="letter-spacing:0.05pt;"> </font>litigation.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We work with outside<font style="letter-spacing:0.05pt;"> </font>scientific<font style="letter-spacing:0.1pt;"> </font>advisors<font style="letter-spacing:0.05pt;"> </font>and collaborators<font style="letter-spacing:0.1pt;"> </font>at academic<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>institutions<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>assist us in our research<font style="letter-spacing:0.05pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>efforts.<font style="letter-spacing:0.1pt;"> </font>Our scientific<font style="letter-spacing:0.1pt;"> </font>advisors<font style="letter-spacing:0.05pt;"> </font>are not our employees<font style="letter-spacing:0.05pt;"> </font>and may have other commitments<font style="letter-spacing:0.15pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>limit<font style="letter-spacing:0.1pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>availability<font style="letter-spacing:0.15pt;"> </font>to us. If a conflict<font style="letter-spacing:0.1pt;"> </font>of interest<font style="letter-spacing:0.1pt;"> </font>between their<font style="letter-spacing:0.05pt;"> </font>work for us and their<font style="letter-spacing:0.05pt;"> </font>work for another<font style="letter-spacing:0.05pt;"> </font>entity<font style="letter-spacing:0.05pt;"> </font>arises,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may lose their<font style="letter-spacing:0.05pt;"> </font>services.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If the market<font style="letter-spacing:0.05pt;"> </font>opportunities<font style="letter-spacing:0.05pt;"> </font>for any product that we<font style="letter-spacing:-0.05pt;"> </font>or our strategic<font style="letter-spacing:0.1pt;"> </font>collaborators<font style="letter-spacing:0.1pt;"> </font>develop<font style="letter-spacing:0.05pt;"> </font>are smaller<font style="letter-spacing:0.05pt;"> </font>than we believe<font style="letter-spacing:0.05pt;"> </font>they are, our revenue may be adversely<font style="letter-spacing:0.05pt;"> </font>affected<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>our business may suffer.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We intend<font style="letter-spacing:0.05pt;"> </font>to initially<font style="letter-spacing:0.1pt;"> </font>focus our product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>on therapies<font style="letter-spacing:0.1pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of liver and cardio-metabolic<font style="letter-spacing:0.15pt;"> </font>diseases.<font style="letter-spacing:0.05pt;"> </font>Our projections<font style="letter-spacing:0.1pt;"> </font>of addressable<font style="letter-spacing:0.1pt;"> </font>patient<font style="letter-spacing:0.05pt;"> </font>populations<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have the potential<font style="letter-spacing:0.1pt;"> </font>to benefit<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>treatment<font style="letter-spacing:0.1pt;"> </font>with our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>are based on estimates.<font style="letter-spacing:0.1pt;"> </font>These estimates<font style="letter-spacing:0.1pt;"> </font>have been derived from<font style="letter-spacing:0.05pt;"> </font>a variety<font style="letter-spacing:0.05pt;"> </font>of sources,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the scientific<font style="letter-spacing:0.1pt;"> </font>literature,<font style="letter-spacing:0.15pt;"> </font>surveys<font style="letter-spacing:0.05pt;"> </font>of clinics,<font style="letter-spacing:0.05pt;"> </font>patient<font style="letter-spacing:0.05pt;"> </font>foundations<font style="letter-spacing:0.05pt;"> </font>or market research,<font style="letter-spacing:0.05pt;"> </font>and may prove to be incorrect.<font style="letter-spacing:0.1pt;"> </font>Further,<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>may change the estimated<font style="letter-spacing:0.1pt;"> </font>incidence<font style="letter-spacing:0.05pt;"> </font>or prevalence of these<font style="letter-spacing:0.05pt;"> </font>diseases.<font style="letter-spacing:0.05pt;"> </font>The number<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>may turn out to be lower than expected.<font style="letter-spacing:0.05pt;"> </font>Additionally,<font style="letter-spacing:0.05pt;"> </font>the potentially addressable<font style="letter-spacing:0.1pt;"> </font>patient<font style="letter-spacing:0.05pt;"> </font>population<font style="letter-spacing:0.05pt;"> </font>for our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may not ultimately<font style="letter-spacing:0.1pt;"> </font>be amenable<font style="letter-spacing:0.05pt;"> </font>to treatment<font style="letter-spacing:0.1pt;"> </font>with our product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>Our market<font style="letter-spacing:0.05pt;"> </font>opportunity<font style="letter-spacing:0.05pt;"> </font>may also be limited<font style="letter-spacing:0.1pt;"> </font>by future<font style="letter-spacing:0.05pt;"> </font>competitor<font style="letter-spacing:0.1pt;"> </font>treatments<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>enter<font style="letter-spacing:0.05pt;"> </font>the market.<font style="letter-spacing:0.05pt;"> </font>If any of our estimates<font style="letter-spacing:0.1pt;"> </font>are inaccurate,<font style="letter-spacing:0.1pt;"> </font>the market<font style="letter-spacing:0.05pt;"> </font>opportunities<font style="letter-spacing:0.1pt;"> </font>for any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>could be significantly<font style="letter-spacing:0.15pt;"> </font>diminished<font style="letter-spacing:0.1pt;"> </font>and have an adverse<font style="letter-spacing:0.05pt;"> </font>material<font style="letter-spacing:0.1pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>on our business.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Monitoring<font style="letter-spacing:0.05pt;"> </font>safety<font style="letter-spacing:0.05pt;"> </font>of patients<font style="letter-spacing:0.05pt;"> </font>receiving<font style="letter-spacing:0.05pt;"> </font>our product candidates<font style="letter-spacing:0.05pt;"> </font>is challenging,<font style="letter-spacing:0.05pt;"> </font>which<font style="letter-spacing:-0.05pt;"> </font>could adversely<font style="letter-spacing:0.05pt;"> </font>affect our ability<font style="letter-spacing:0.05pt;"> </font>to obtain regulatory<font style="letter-spacing:0.05pt;"> </font>approval and<font style="letter-spacing:-0.05pt;"> </font>commercialize.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For our ongoing clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>and planned clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have and expect<font style="letter-spacing:0.05pt;"> </font>to contract<font style="letter-spacing:0.05pt;"> </font>with CROs<font style="letter-spacing:-0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>sites<font style="letter-spacing:0.05pt;"> </font>experienced<font style="letter-spacing:0.05pt;"> </font>in the assessment<font style="letter-spacing:0.1pt;"> </font>and management<font style="letter-spacing:0.1pt;"> </font>of toxicities<font style="letter-spacing:0.1pt;"> </font>arising<font style="letter-spacing:0.05pt;"> </font>during clinical<font style="letter-spacing:0.1pt;"> </font>trials.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Nonetheless,<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>CROs<font style="letter-spacing:-0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trial<font style="letter-spacing:0.05pt;"> </font>sites<font style="letter-spacing:0.05pt;"> </font>may have difficulty<font style="letter-spacing:0.1pt;"> </font>observing<font style="letter-spacing:0.05pt;"> </font>patients<font style="letter-spacing:0.05pt;"> </font>and treating<font style="letter-spacing:0.1pt;"> </font>toxicities, which may be more<font style="letter-spacing:0.05pt;"> </font>challenging<font style="letter-spacing:0.05pt;"> </font>due to personnel<font style="letter-spacing:0.05pt;"> </font>changes, inexperience,<font style="letter-spacing:0.1pt;"> </font>shift<font style="letter-spacing:0.05pt;"> </font>changes, house staff<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>or related<font style="letter-spacing:0.05pt;"> </font>issues.<font style="letter-spacing:0.05pt;"> </font>This could lead to more<font style="letter-spacing:0.05pt;"> </font>severe<font style="letter-spacing:0.05pt;"> </font>or prolonged<font style="letter-spacing:0.05pt;"> </font>toxicities<font style="letter-spacing:0.1pt;"> </font>or even patient<font style="letter-spacing:0.05pt;"> </font>deaths,<font style="letter-spacing:0.05pt;"> </font>which could result<font style="letter-spacing:0.05pt;"> </font>in us or the FDA<font style="letter-spacing:-0.05pt;"> </font>delaying,<font style="letter-spacing:0.05pt;"> </font>suspending<font style="letter-spacing:0.05pt;"> </font>or terminating<font style="letter-spacing:0.1pt;"> </font>one or more<font style="letter-spacing:0.05pt;"> </font>of our clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>and which could jeopardize regulatory<font style="letter-spacing:0.1pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>We also expect<font style="letter-spacing:0.05pt;"> </font>the health care centers<font style="letter-spacing:0.05pt;"> </font>using our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>if approved, on a commercial<font style="letter-spacing:0.1pt;"> </font>basis could similarly<font style="letter-spacing:0.1pt;"> </font>have difficulty<font style="letter-spacing:0.1pt;"> </font>in managing<font style="letter-spacing:0.05pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>events.<font style="letter-spacing:0.05pt;"> </font>Medicines<font style="letter-spacing:0.05pt;"> </font>used at these centers<font style="letter-spacing:0.05pt;"> </font>to help manage<font style="letter-spacing:0.05pt;"> </font>adverse side effects<font style="letter-spacing:0.1pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may not adequately<font style="letter-spacing:0.05pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>the side effects<font style="letter-spacing:0.1pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>may have a detrimental impact<font style="letter-spacing:0.05pt;"> </font>on the efficacy<font style="letter-spacing:0.1pt;"> </font>of the treatment.<font style="letter-spacing:0.1pt;"> </font>Use of these<font style="letter-spacing:0.05pt;"> </font>medicines<font style="letter-spacing:0.1pt;"> </font>may increase<font style="letter-spacing:0.05pt;"> </font>with new<font style="letter-spacing:-0.05pt;"> </font>physicians<font style="letter-spacing:0.05pt;"> </font>and health care centers administering<font style="letter-spacing:0.15pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU47"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We are subject</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to U.S.</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">certain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">foreign</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">export and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">import</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">controls,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">sanctions,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">embargoes,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">anti-corruption laws, and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">anti-money</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">laundering laws and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">regulations.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Compliance</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">with these legal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">standards </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could impair our ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to compete</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in domestic</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">international</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">markets.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We can face criminal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">liability</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">other serious consequences for violations,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">which</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">can harm our business.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are subject<font style="letter-spacing:0.05pt;"> </font>to export<font style="letter-spacing:0.05pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>and import<font style="letter-spacing:0.05pt;"> </font>laws and regulations,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the U.S.<font style="letter-spacing:-0.05pt;"> </font>Export Administration<font style="letter-spacing:0.1pt;"> </font>Regulations,<font style="letter-spacing:0.05pt;"> </font>U.S.<font style="letter-spacing:-0.05pt;"> </font>Customs regulations,<font style="letter-spacing:0.1pt;"> </font>various<font style="letter-spacing:0.05pt;"> </font>economic<font style="letter-spacing:0.05pt;"> </font>and trade<font style="letter-spacing:0.05pt;"> </font>sanctions<font style="letter-spacing:0.05pt;"> </font>regulations administered<font style="letter-spacing:0.1pt;"> </font>by the U.S.<font style="letter-spacing:-0.05pt;"> </font>Treasury<font style="letter-spacing:0.05pt;"> </font>Department&#8217;s<font style="letter-spacing:0.1pt;"> </font>Office<font style="letter-spacing:0.05pt;"> </font>of Foreign Assets Controls,<font style="letter-spacing:0.05pt;"> </font>the U.S.<font style="letter-spacing:-0.05pt;"> </font>Foreign Corrupt Practices<font style="letter-spacing:0.1pt;"> </font>Act of 1977, as amended,<font style="letter-spacing:0.05pt;"> </font>the U.S.<font style="letter-spacing:-0.05pt;"> </font>domestic<font style="letter-spacing:0.05pt;"> </font>bribery<font style="letter-spacing:0.05pt;"> </font>statute<font style="letter-spacing:0.05pt;"> </font>contained<font style="letter-spacing:0.05pt;"> </font>in 18 U.S.C.<font style="letter-spacing:-0.05pt;"> </font>&#167; 201, the U.S. Travel<font style="letter-spacing:0.05pt;"> </font>Act, the USA<font style="letter-spacing:-0.05pt;"> </font>PATRIOT<font style="letter-spacing:-0.1pt;"> </font>Act, and other<font style="letter-spacing:0.05pt;"> </font>state<font style="letter-spacing:0.05pt;"> </font>and national<font style="letter-spacing:0.05pt;"> </font>anti-bribery<font style="letter-spacing:0.1pt;"> </font>and anti-money<font style="letter-spacing:0.1pt;"> </font>laundering<font style="letter-spacing:0.05pt;"> </font>laws in the countries<font style="letter-spacing:0.05pt;"> </font>in which we<font style="letter-spacing:-0.05pt;"> </font>conduct activities.<font style="letter-spacing:0.1pt;"> </font>Anti-corruption<font style="letter-spacing:0.1pt;"> </font>laws are interpreted<font style="letter-spacing:0.1pt;"> </font>broadly<font style="letter-spacing:0.05pt;"> </font>and prohibit<font style="letter-spacing:0.05pt;"> </font>companies and their<font style="letter-spacing:0.05pt;"> </font>employees,<font style="letter-spacing:0.05pt;"> </font>agents,<font style="letter-spacing:0.05pt;"> </font>contractors,<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>collaborators<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>authorizing,<font style="letter-spacing:0.1pt;"> </font>promising,<font style="letter-spacing:0.05pt;"> </font>offering,<font style="letter-spacing:0.05pt;"> </font>or providing,<font style="letter-spacing:0.05pt;"> </font>directly<font style="letter-spacing:0.1pt;"> </font>or indirectly,<font style="letter-spacing:0.1pt;"> </font>improper<font style="letter-spacing:0.05pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>or anything<font style="letter-spacing:0.05pt;"> </font>else<font style="letter-spacing:0.05pt;"> </font>of value to recipients<font style="letter-spacing:0.1pt;"> </font>in the public<font style="letter-spacing:0.05pt;"> </font>or private<font style="letter-spacing:0.05pt;"> </font>sector.<font style="letter-spacing:0.05pt;"> </font>We may engage third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to sell<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>sell<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States,<font style="letter-spacing:0.05pt;"> </font>to conduct clinical<font style="letter-spacing:0.1pt;"> </font>trials,<font style="letter-spacing:0.1pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>permits,<font style="letter-spacing:0.1pt;"> </font>licenses,<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>registrations,<font style="letter-spacing:0.15pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>regulatory approvals.<font style="letter-spacing:0.05pt;"> </font>We have direct<font style="letter-spacing:0.05pt;"> </font>or indirect<font style="letter-spacing:0.1pt;"> </font>interactions<font style="letter-spacing:0.1pt;"> </font>with officials<font style="letter-spacing:0.1pt;"> </font>and employees<font style="letter-spacing:0.05pt;"> </font>of government<font style="letter-spacing:0.05pt;"> </font>agencies<font style="letter-spacing:0.05pt;"> </font>or government-affiliated<font style="letter-spacing:0.25pt;"> </font>hospitals,<font style="letter-spacing:0.05pt;"> </font>universities,<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>organizations.<font style="letter-spacing:0.1pt;"> </font>We can be held liable<font style="letter-spacing:0.05pt;"> </font>for the corrupt<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>illegal<font style="letter-spacing:0.1pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>of our employees,<font style="letter-spacing:0.05pt;"> </font>agents,<font style="letter-spacing:0.05pt;"> </font>contractors,<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>collaborators,<font style="letter-spacing:0.1pt;"> </font>even if we<font style="letter-spacing:-0.05pt;"> </font>do not explicitly authorize<font style="letter-spacing:0.05pt;"> </font>or have actual<font style="letter-spacing:0.05pt;"> </font>knowledge of such activities.<font style="letter-spacing:0.1pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>violations<font style="letter-spacing:0.1pt;"> </font>of the laws and regulations<font style="letter-spacing:0.1pt;"> </font>described<font style="letter-spacing:0.05pt;"> </font>above may result<font style="letter-spacing:0.05pt;"> </font>in substantial<font style="letter-spacing:0.1pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>and criminal<font style="letter-spacing:0.1pt;"> </font>fines<font style="letter-spacing:0.05pt;"> </font>and penalties,<font style="letter-spacing:0.1pt;"> </font>imprisonment,<font style="letter-spacing:0.1pt;"> </font>the loss of export<font style="letter-spacing:0.05pt;"> </font>or import privileges,<font style="letter-spacing:0.1pt;"> </font>debarment,<font style="letter-spacing:0.05pt;"> </font>tax reassessments,<font style="letter-spacing:0.15pt;"> </font>breach<font style="letter-spacing:0.05pt;"> </font>of contract<font style="letter-spacing:0.05pt;"> </font>and fraud<font style="letter-spacing:0.05pt;"> </font>litigation,<font style="letter-spacing:0.1pt;"> </font>reputational<font style="letter-spacing:0.1pt;"> </font>harm,<font style="letter-spacing:0.05pt;"> </font>and other consequences.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Changes<font style="letter-spacing:-0.05pt;"> </font>in our effective<font style="letter-spacing:0.1pt;"> </font>income<font style="letter-spacing:0.05pt;"> </font>tax rate could adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our results<font style="letter-spacing:0.05pt;"> </font>of operations.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As an international company, we are subject to taxation in numerous countries, states and other jurisdictions. Our effective tax rate is derived from a combination of statutory tax rates in the various jurisdictions in which we operate. In preparing our financial statements, our effective tax rate is based on estimates of the amount of tax that will become payable in each of these jurisdictions. Our effective tax rate may, however, differ from estimates due to numerous factors, including a change in the mix of our profitability from country to country and changes in tax laws. The fluctuations in our effective tax rate could have an adverse effect on our business, financial condition and results of operations and cash flows.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;color:#auto;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;text-transform:none;font-variant: normal;">Risks Related to Regulatory Approvals</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">BIO89-100<font style="letter-spacing:-0.05pt;"> </font>has not received<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>approval. If we<font style="letter-spacing:-0.05pt;"> </font>are unable to obtain regulatory<font style="letter-spacing:0.05pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>to market BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or any future product candidates,<font style="letter-spacing:0.05pt;"> </font>our business will be adversely<font style="letter-spacing:0.05pt;"> </font>affected.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not expect<font style="letter-spacing:0.05pt;"> </font>BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>to be commercially<font style="letter-spacing:0.15pt;"> </font>available<font style="letter-spacing:0.1pt;"> </font>for several years,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>BIO89-100 is and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>will be subject<font style="letter-spacing:0.05pt;"> </font>to strict<font style="letter-spacing:0.1pt;"> </font>regulation<font style="letter-spacing:0.1pt;"> </font>by regulatory authorities<font style="letter-spacing:0.1pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>and in other<font style="letter-spacing:0.05pt;"> </font>countries.<font style="letter-spacing:0.05pt;"> </font>We cannot market<font style="letter-spacing:0.05pt;"> </font>any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>until<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have completed<font style="letter-spacing:0.05pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and have obtained<font style="letter-spacing:0.05pt;"> </font>the necessary<font style="letter-spacing:0.05pt;"> </font>regulatory approvals.<font style="letter-spacing:0.05pt;"> </font>We do not know<font style="letter-spacing:-0.05pt;"> </font>whether regulatory<font style="letter-spacing:0.1pt;"> </font>agencies<font style="letter-spacing:0.05pt;"> </font>will grant<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product candidate.<font style="letter-spacing:0.05pt;"> </font>Even if we<font style="letter-spacing:-0.05pt;"> </font>complete<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>successfully,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to obtain regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>or we<font style="letter-spacing:-0.05pt;"> </font>may not receive<font style="letter-spacing:0.05pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>to make claims<font style="letter-spacing:0.05pt;"> </font>about our products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>believe<font style="letter-spacing:0.05pt;"> </font>to be necessary<font style="letter-spacing:0.05pt;"> </font>to effectively<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>our products.<font style="letter-spacing:0.05pt;"> </font>Data obtained<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>is subject to varying<font style="letter-spacing:0.05pt;"> </font>interpretations<font style="letter-spacing:0.15pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could delay, limit<font style="letter-spacing:0.1pt;"> </font>or prevent<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval,<font style="letter-spacing:0.05pt;"> </font>and failure<font style="letter-spacing:0.1pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>or inadequate<font style="letter-spacing:0.05pt;"> </font>manufacturing<font style="letter-spacing:0.1pt;"> </font>processes<font style="letter-spacing:0.05pt;"> </font>are examples<font style="letter-spacing:0.05pt;"> </font>of other<font style="letter-spacing:0.05pt;"> </font>problems<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could prevent<font style="letter-spacing:0.05pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>The regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>and the EU<font style="letter-spacing:-0.05pt;"> </font>have not approved any products<font style="letter-spacing:0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH,<font style="letter-spacing:-0.1pt;"> </font>and while there<font style="letter-spacing:0.05pt;"> </font>are recent<font style="letter-spacing:0.05pt;"> </font>guidelines<font style="letter-spacing:0.05pt;"> </font>issued<font style="letter-spacing:0.05pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>for the development<font style="letter-spacing:0.05pt;"> </font>of drugs for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH<font style="letter-spacing:-0.1pt;"> </font>and a FDA<font style="letter-spacing:-0.05pt;"> </font>surrogate<font style="letter-spacing:0.05pt;"> </font>endpoint<font style="letter-spacing:0.05pt;"> </font>table<font style="letter-spacing:0.05pt;"> </font>for drug approval<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>includes<font style="letter-spacing:0.05pt;"> </font><font style="letter-spacing:-0.05pt;">SHTG,</font> it is unclear<font style="letter-spacing:1.15pt;"> </font>whether the requirements<font style="letter-spacing:0.1pt;"> </font>for approval<font style="letter-spacing:0.05pt;"> </font>will change in the future.<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>such changes may require<font style="letter-spacing:0.05pt;"> </font>us to conduct new<font style="letter-spacing:-0.05pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could delay our timeframe<font style="letter-spacing:0.15pt;"> </font>and increase<font style="letter-spacing:0.05pt;"> </font>the costs<font style="letter-spacing:0.05pt;"> </font>of our programs<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>for the treatment<font style="letter-spacing:0.1pt;"> </font>of NASH<font style="letter-spacing:-0.1pt;"> </font>or <font style="letter-spacing:-0.05pt;">SHTG.</font> While<font style="letter-spacing:0.05pt;"> </font>the FDA<font style="letter-spacing:-0.05pt;"> </font>has approved reduction<font style="letter-spacing:0.05pt;"> </font>in<font style="letter-spacing:1.15pt;"> </font>triglycerides<font style="letter-spacing:0.15pt;"> </font>levels<font style="letter-spacing:0.05pt;"> </font>as a surrogate<font style="letter-spacing:0.05pt;"> </font>endpoint<font style="letter-spacing:0.05pt;"> </font>for the full<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of drugs for the treatment<font style="letter-spacing:0.1pt;"> </font>of SHTG,<font style="letter-spacing:-0.1pt;"> </font>it is unclear whether this<font style="letter-spacing:0.05pt;"> </font>endpoint<font style="letter-spacing:0.05pt;"> </font>will apply to any product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>develop. If such endpoint<font style="letter-spacing:0.05pt;"> </font>is not deemed<font style="letter-spacing:0.05pt;"> </font>to apply to our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>it would delay our development<font style="letter-spacing:0.05pt;"> </font>timeline<font style="letter-spacing:0.1pt;"> </font>and increase<font style="letter-spacing:0.05pt;"> </font>the costs<font style="letter-spacing:0.05pt;"> </font>of our programs for the treatment<font style="letter-spacing:0.1pt;"> </font>of <font style="letter-spacing:-0.05pt;">SHTG.</font> We have not had any discussions with the FDA<font style="letter-spacing:-0.05pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>a surrogate<font style="letter-spacing:0.05pt;"> </font>endpoint<font style="letter-spacing:0.05pt;"> </font>or<font style="letter-spacing:1.2pt;"> </font>accelerated<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>regulations.<font style="letter-spacing:0.1pt;"> </font>However, we<font style="letter-spacing:-0.05pt;"> </font>currently<font style="letter-spacing:0.1pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our SHTG<font style="letter-spacing:-0.1pt;"> </font>program<font style="letter-spacing:0.05pt;"> </font>would be subject<font style="letter-spacing:0.05pt;"> </font>to smaller<font style="letter-spacing:0.1pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may expect<font style="letter-spacing:0.05pt;"> </font>a relatively<font style="letter-spacing:0.1pt;"> </font>quick overall<font style="letter-spacing:0.05pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>timeline<font style="letter-spacing:0.1pt;"> </font>for this<font style="letter-spacing:0.05pt;"> </font>indication. These expectations<font style="letter-spacing:0.1pt;"> </font>are based on a published<font style="letter-spacing:0.05pt;"> </font>FDA<font style="letter-spacing:-0.05pt;"> </font>surrogate<font style="letter-spacing:0.05pt;"> </font>endpoint<font style="letter-spacing:0.05pt;"> </font>table<font style="letter-spacing:0.05pt;"> </font>for drug approval<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>includes <font style="letter-spacing:-0.05pt;">SHTG,</font> as well as the development<font style="letter-spacing:0.05pt;"> </font>path followed<font style="letter-spacing:0.05pt;"> </font>by other<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>developed<font style="letter-spacing:0.05pt;"> </font>an SHTG<font style="letter-spacing:-0.1pt;"> </font>therapy.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, we<font style="letter-spacing:-0.05pt;"> </font>do not have a Special<font style="letter-spacing:0.05pt;"> </font>Protocol<font style="letter-spacing:0.05pt;"> </font>Assessment<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>agreement<font style="letter-spacing:0.1pt;"> </font>with the FDA<font style="letter-spacing:-0.05pt;"> </font>on the required clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>needed to support<font style="letter-spacing:0.05pt;"> </font>an application<font style="letter-spacing:0.1pt;"> </font>for approval<font style="letter-spacing:0.05pt;"> </font>of BIO89-100 in SHTG,<font style="letter-spacing:-0.1pt;"> </font>and the overall<font style="letter-spacing:0.05pt;"> </font>clinical requirements<font style="letter-spacing:0.1pt;"> </font>and development<font style="letter-spacing:0.05pt;"> </font>timeline<font style="letter-spacing:0.1pt;"> </font>may be greater<font style="letter-spacing:0.05pt;"> </font>than expected.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may encounter<font style="letter-spacing:0.05pt;"> </font>delays<font style="letter-spacing:0.05pt;"> </font>or rejections<font style="letter-spacing:0.1pt;"> </font>due to additional<font style="letter-spacing:0.1pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>regulation<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>future<font style="letter-spacing:0.05pt;"> </font>legislation,<font style="letter-spacing:0.1pt;"> </font>administrative<font style="letter-spacing:0.15pt;"> </font>action<font style="letter-spacing:0.05pt;"> </font>or changes in the policies<font style="letter-spacing:0.05pt;"> </font>of the FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.<font style="letter-spacing:0.1pt;"> </font>Even if the FDA<font style="letter-spacing:-0.05pt;"> </font>or a comparable<font style="letter-spacing:0.1pt;"> </font>foreign regulatory<font style="letter-spacing:0.1pt;"> </font>authority<font style="letter-spacing:0.05pt;"> </font>approves<font style="letter-spacing:0.05pt;"> </font>a product,<font style="letter-spacing:0.05pt;"> </font>the approval<font style="letter-spacing:0.05pt;"> </font>will be limited<font style="letter-spacing:0.1pt;"> </font>to those indications<font style="letter-spacing:0.1pt;"> </font>covered<font style="letter-spacing:0.05pt;"> </font>in the 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;">47</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU48"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">are able to obtain regulatory</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">approvals</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">for BIO89-100</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or any future product candidate,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">if they </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">exhibit</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">harmful</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">side effects</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">after</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">approval, our regulatory</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">approvals</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could be revoked or otherwise</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">negatively impacted,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could be subject</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to costly</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">damaging product liability</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">claims.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;letter-spacing:-0.1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even<font style="letter-spacing:-0.05pt;"> if we </font>receive<font style="letter-spacing:-0.05pt;"> </font>regulatory<font style="letter-spacing:-0.05pt;"> </font>approval<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>BIO89-100<font style="letter-spacing:-0.05pt;"> or </font>any future<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:-0.05pt;"> </font>candidates, <font style="letter-spacing:-0.05pt;">we </font>will<font style="letter-spacing:-0.05pt;"> </font>have<font style="letter-spacing:2.2pt;"> </font>tested<font style="letter-spacing:-0.05pt;"> </font>them<font style="letter-spacing:-0.05pt;"> in </font>only<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>small<font style="letter-spacing:-0.05pt;"> </font>number<font style="letter-spacing:-0.05pt;"> of </font>patients<font style="letter-spacing:-0.05pt;"> </font>during<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:-0.05pt;"> </font>trials.<font style="letter-spacing:-0.05pt;"> If </font>our<font style="letter-spacing:-0.05pt;"> </font>applications<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>marketing<font style="letter-spacing:-0.05pt;"> </font>are<font style="letter-spacing:2.8pt;"> </font>approved<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>more<font style="letter-spacing:-0.05pt;"> </font>patients<font style="letter-spacing:-0.05pt;"> </font>begin<font style="letter-spacing:-0.05pt;"> to </font>use<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>product,<font style="letter-spacing:-0.05pt;"> </font>new risks<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>side<font style="letter-spacing:-0.05pt;"> </font>effects<font style="letter-spacing:-0.05pt;"> </font>associated<font style="letter-spacing:-0.05pt;"> </font>with<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>products<font style="letter-spacing:-0.05pt;"> </font>may<font style="letter-spacing:3.4pt;"> </font><font style="letter-spacing:-0.05pt;">be </font>discovered.<font style="letter-spacing:-0.05pt;"> As </font>a<font style="letter-spacing:-0.05pt;"> </font>result,<font style="letter-spacing:-0.05pt;"> </font>regulatory<font style="letter-spacing:-0.05pt;"> </font>authorities<font style="letter-spacing:-0.05pt;"> </font>may<font style="letter-spacing:-0.05pt;"> </font>revoke<font style="letter-spacing:-0.05pt;"> </font>their<font style="letter-spacing:-0.05pt;"> </font>approvals.<font style="letter-spacing:-0.05pt;"> We </font>have<font style="letter-spacing:-0.05pt;"> </font>not<font style="letter-spacing:-0.05pt;"> </font>had<font style="letter-spacing:-0.05pt;"> </font>any<font style="letter-spacing:-0.05pt;"> </font>discussions<font style="letter-spacing:-0.05pt;"> </font>with<font style="letter-spacing:2.6pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>FDA regarding<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>surrogate<font style="letter-spacing:-0.05pt;"> </font>endpoint<font style="letter-spacing:-0.05pt;"> or </font>accelerated<font style="letter-spacing:-0.05pt;"> </font>approval<font style="letter-spacing:-0.05pt;"> </font>regulations.<font style="letter-spacing:-0.05pt;"> </font>However,<font style="letter-spacing:-0.05pt;"> </font>based<font style="letter-spacing:-0.05pt;"> on </font>recent<font style="letter-spacing:-0.05pt;"> </font>guidelines<font style="letter-spacing:2pt;"> </font>issued<font style="letter-spacing:-0.05pt;"> by </font>the<font style="letter-spacing:-0.05pt;"> </font>FDA for<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>development<font style="letter-spacing:-0.05pt;"> of </font>drugs<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>treatment<font style="letter-spacing:-0.05pt;"> of </font>NASH,<font style="letter-spacing:-0.05pt;"> if </font>BIO89-100<font style="letter-spacing:-0.05pt;"> is </font>approved<font style="letter-spacing:-0.05pt;"> by </font>the<font style="letter-spacing:-0.05pt;"> </font>FDA<font style="letter-spacing:2.7pt;"> </font>based<font style="letter-spacing:-0.05pt;"> on </font>a<font style="letter-spacing:-0.05pt;"> </font>surrogate<font style="letter-spacing:-0.05pt;"> </font>endpoint<font style="letter-spacing:-0.05pt;"> </font>pursuant<font style="letter-spacing:-0.05pt;"> to </font>section<font style="letter-spacing:-0.05pt;"> </font>506(c)<font style="letter-spacing:-0.05pt;"> of </font>the<font style="letter-spacing:-0.05pt;"> </font>Federal<font style="letter-spacing:-0.05pt;"> </font>Food,<font style="letter-spacing:-0.05pt;"> </font>Drug,<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>Cosmetic<font style="letter-spacing:-0.05pt;"> </font>Act<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:2.6pt;"> </font>accelerated<font style="letter-spacing:-0.05pt;"> </font>approval<font style="letter-spacing:-0.05pt;"> </font>regulations<font style="letter-spacing:-0.05pt;"> </font>(21<font style="letter-spacing:-0.05pt;"> </font>C.F.R.<font style="letter-spacing:-0.05pt;"> </font>part<font style="letter-spacing:-0.05pt;"> </font>314,<font style="letter-spacing:-0.05pt;"> </font>subpart<font style="letter-spacing:-0.05pt;"> H; 21 </font>C.F.R.<font style="letter-spacing:-0.05pt;"> </font>part<font style="letter-spacing:-0.05pt;"> </font>601,<font style="letter-spacing:-0.05pt;"> </font>subpart<font style="letter-spacing:-0.05pt;"> </font>E),<font style="letter-spacing:-0.05pt;"> </font>consistent<font style="letter-spacing:-0.05pt;"> </font>with<font style="letter-spacing:2.7pt;"> </font>FDA guidance,<font style="letter-spacing:-0.05pt;"> we </font>will<font style="letter-spacing:-0.05pt;"> be </font>required<font style="letter-spacing:-0.05pt;"> to </font>conduct<font style="letter-spacing:-0.05pt;"> </font>additional<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:-0.05pt;"> </font>trials<font style="letter-spacing:-0.05pt;"> </font>establishing<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:-0.05pt;"> </font>benefit<font style="letter-spacing:-0.05pt;"> on </font>the<font style="letter-spacing:-0.05pt;"> </font>ultimate<font style="letter-spacing:2.4pt;"> </font>outcome<font style="letter-spacing:-0.05pt;"> of </font>NASH.<font style="letter-spacing:-0.05pt;"> If </font>BIO89-100<font style="letter-spacing:-0.05pt;"> is </font>approved<font style="letter-spacing:-0.05pt;"> by </font>the<font style="letter-spacing:-0.05pt;"> </font>FDA for<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>treatment<font style="letter-spacing:-0.05pt;"> of </font>SHTG based<font style="letter-spacing:-0.05pt;"> on an </font>endpoint<font style="letter-spacing:-0.05pt;"> of </font>the<font style="letter-spacing:2.4pt;"> </font>reduction<font style="letter-spacing:-0.05pt;"> of </font>triglycerides,<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>FDA may<font style="letter-spacing:-0.05pt;"> </font>still<font style="letter-spacing:-0.05pt;"> </font>require<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>cardiovascular<font style="letter-spacing:-0.05pt;"> </font>outcomes<font style="letter-spacing:-0.05pt;"> </font>study<font style="letter-spacing:-0.05pt;"> as </font>part<font style="letter-spacing:-0.05pt;"> of </font>a<font style="letter-spacing:-0.05pt;"> </font>post-marketing<font style="letter-spacing:2.1pt;"> </font>authorization<font style="letter-spacing:-0.05pt;"> </font>commitment.<font style="letter-spacing:-0.05pt;"> </font>Such<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>study<font style="letter-spacing:-0.05pt;"> </font>would<font style="letter-spacing:-0.05pt;"> be </font>time<font style="letter-spacing:-0.05pt;"> </font>consuming<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>costly<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot<font style="letter-spacing:-0.05pt;"> </font>guarantee<font style="letter-spacing:-0.05pt;"> </font>that<font style="letter-spacing:-0.05pt;"> we </font>will<font style="letter-spacing:2.6pt;"> </font>see<font style="letter-spacing:-0.05pt;"> </font>positive<font style="letter-spacing:-0.05pt;"> </font>results, which could result<font style="letter-spacing:-0.05pt;"> in</font> the<font style="letter-spacing:-0.05pt;"> </font>revocation <font style="letter-spacing:-0.05pt;">of </font>the<font style="letter-spacing:-0.05pt;"> </font>approval. Additionally, we<font style="letter-spacing:-0.05pt;"> </font>may <font style="letter-spacing:-0.05pt;">be </font>required <font style="letter-spacing:-0.05pt;">to</font><font style="letter-spacing:2.7pt;"> </font>conduct<font style="letter-spacing:-0.05pt;"> </font>additional<font style="letter-spacing:-0.05pt;"> </font>clinical<font style="letter-spacing:-0.05pt;"> </font>trials, make<font style="letter-spacing:-0.05pt;"> </font>changes<font style="letter-spacing:-0.05pt;"> in </font>labeling <font style="letter-spacing:-0.05pt;">of </font>our<font style="letter-spacing:-0.05pt;"> </font>product, reformulate<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:-0.05pt;"> or </font>make<font style="letter-spacing:2.4pt;"> </font>changes<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:-0.05pt;"> </font>new approvals<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>suppliers&#8217;<font style="letter-spacing:-0.05pt;"> </font>manufacturing<font style="letter-spacing:-0.05pt;"> </font>facilities<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>BIO89-100<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>any<font style="letter-spacing:-0.05pt;"> </font>future<font style="letter-spacing:3.2pt;"> </font>product<font style="letter-spacing:-0.05pt;"> </font>candidates. <font style="letter-spacing:-0.05pt;">We </font>might<font style="letter-spacing:-0.05pt;"> </font>have<font style="letter-spacing:-0.05pt;"> to</font> withdraw <font style="letter-spacing:-0.05pt;">or </font>recall<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>products<font style="letter-spacing:-0.05pt;"> </font>from<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>marketplace. <font style="letter-spacing:-0.05pt;">We </font>may also<font style="letter-spacing:2.4pt;"> </font>experience<font style="letter-spacing:-0.05pt;"> </font>a<font style="letter-spacing:-0.05pt;"> </font>significant<font style="letter-spacing:-0.05pt;"> </font>drop<font style="letter-spacing:-0.05pt;"> in </font>the<font style="letter-spacing:-0.05pt;"> </font>potential<font style="letter-spacing:-0.05pt;"> </font>sales<font style="letter-spacing:-0.05pt;"> of </font>our<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:-0.05pt;"> if </font>and<font style="letter-spacing:-0.05pt;"> </font>when<font style="letter-spacing:-0.05pt;"> </font>regulatory<font style="letter-spacing:-0.05pt;"> </font>approvals<font style="letter-spacing:-0.05pt;"> </font>for<font style="letter-spacing:-0.05pt;"> </font>such<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:2.8pt;"> </font>are<font style="letter-spacing:-0.05pt;"> </font>revoked.<font style="letter-spacing:-0.05pt;"> As </font>a<font style="letter-spacing:-0.05pt;"> </font>result,<font style="letter-spacing:-0.05pt;"> we </font>may<font style="letter-spacing:-0.05pt;"> </font>experience<font style="letter-spacing:-0.05pt;"> </font>harm<font style="letter-spacing:-0.05pt;"> to </font>our<font style="letter-spacing:-0.05pt;"> </font>reputation<font style="letter-spacing:-0.05pt;"> in </font>the<font style="letter-spacing:-0.05pt;"> </font>marketplace<font style="letter-spacing:-0.05pt;"> or </font>become<font style="letter-spacing:-0.05pt;"> </font>subject<font style="letter-spacing:-0.05pt;"> </font>to lawsuits,<font style="letter-spacing:-0.05pt;"> </font>including<font style="letter-spacing:-0.05pt;"> </font>class<font style="letter-spacing:-0.05pt;"> </font>actions.<font style="letter-spacing:-0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> of </font>these<font style="letter-spacing:-0.05pt;"> </font>results<font style="letter-spacing:-0.05pt;"> </font>could<font style="letter-spacing:-0.05pt;"> </font>decrease<font style="letter-spacing:-0.05pt;"> or </font>prevent<font style="letter-spacing:-0.05pt;"> </font>any<font style="letter-spacing:-0.05pt;"> </font>sales<font style="letter-spacing:-0.05pt;"> of </font>our<font style="letter-spacing:-0.05pt;"> </font>approved<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:2.7pt;"> </font><font style="letter-spacing:-0.05pt;">or </font>substantially<font style="letter-spacing:-0.05pt;"> </font>increase<font style="letter-spacing:-0.05pt;"> </font>the<font style="letter-spacing:-0.05pt;"> </font>costs<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>expenses<font style="letter-spacing:-0.05pt;"> of </font>commercializing<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>marketing<font style="letter-spacing:-0.05pt;"> </font>our<font style="letter-spacing:-0.05pt;"> </font>product.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">The<font style="letter-spacing:-0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>approval processes<font style="letter-spacing:0.05pt;"> </font>of the FDA<font style="letter-spacing:-0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>comparable<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>authorities<font style="letter-spacing:0.05pt;"> </font>are lengthy, time-consuming<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>inherently<font style="letter-spacing:0.05pt;"> </font>unpredictable.<font style="letter-spacing:0.05pt;"> </font>Our<font style="letter-spacing:-0.05pt;"> </font>inability<font style="letter-spacing:0.1pt;"> </font>to obtain regulatory<font style="letter-spacing:0.05pt;"> </font>approval for BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or any future product candidates<font style="letter-spacing:0.05pt;"> </font>would<font style="letter-spacing:-0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>harm our business.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Currently,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do not have any product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have received<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>The time required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the FDA<font style="letter-spacing:-0.05pt;"> </font>and comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>is unpredictable<font style="letter-spacing:0.1pt;"> </font>but typically<font style="letter-spacing:0.1pt;"> </font>takes<font style="letter-spacing:0.05pt;"> </font>many years<font style="letter-spacing:0.05pt;"> </font>following<font style="letter-spacing:0.05pt;"> </font>the commencement<font style="letter-spacing:0.1pt;"> </font>of preclinical<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>and clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>and depends upon numerous<font style="letter-spacing:0.05pt;"> </font>factors,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the substantial<font style="letter-spacing:0.1pt;"> </font>discretion<font style="letter-spacing:0.1pt;"> </font>of the regulatory<font style="letter-spacing:0.1pt;"> </font>authorities.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>approval policies,<font style="letter-spacing:0.05pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>or the type and amount<font style="letter-spacing:0.05pt;"> </font>of clinical<font style="letter-spacing:0.1pt;"> </font>data necessary<font style="letter-spacing:0.05pt;"> </font>to gain approval<font style="letter-spacing:0.05pt;"> </font>may change during the course<font style="letter-spacing:0.05pt;"> </font>of a product<font style="letter-spacing:0.05pt;"> </font>candidate&#8217;s<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>and may vary among jurisdictions.<font style="letter-spacing:0.15pt;"> </font>It is possible<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>none of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will ever obtain<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>could fail<font style="letter-spacing:0.05pt;"> </font>to receive<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>for many reasons,<font style="letter-spacing:0.05pt;"> </font>including:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">disagreement</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with the design or implementation</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of our clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">failure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to demonstrate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">is safe</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and effective</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for its</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">proposed indication;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">failure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to meet</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the level</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of statistical</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">significance</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">required</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for approval;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">failure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to demonstrate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate&#8217;s</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">benefits</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">outweigh its</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">safety risks;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">disagreement</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with our interpretation</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of data from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">preclinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">studies</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the insufficiency</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of data collected</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">from</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">trials</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">candidate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to support</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the submission</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and filing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of a BLA</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">submission</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or to obtain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">approval;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">failure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to obtain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">approval</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the manufacturing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">processes</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or facilities</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of third-party</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturers with whom we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">contract</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and commercial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">supplies;</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">changes in the approval</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">policies</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or regulations</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">render</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">our preclinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">data insufficient</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for approval.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The FDA<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>including additional<font style="letter-spacing:0.1pt;"> </font>preclinical<font style="letter-spacing:0.1pt;"> </font>or clinical<font style="letter-spacing:0.1pt;"> </font>data to support<font style="letter-spacing:0.05pt;"> </font>approval,<font style="letter-spacing:0.05pt;"> </font>which may delay or prevent<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>and our commercialization<font style="letter-spacing:0.2pt;"> </font>plans, or we<font style="letter-spacing:-0.05pt;"> </font>may decide<font style="letter-spacing:0.05pt;"> </font>to abandon the development<font style="letter-spacing:0.05pt;"> </font>program<font style="letter-spacing:0.05pt;"> </font>for other<font style="letter-spacing:0.05pt;"> </font>reasons.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>were to obtain<font style="letter-spacing:0.05pt;"> </font>approval,<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>may approve any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>for fewer or more<font style="letter-spacing:0.05pt;"> </font>limited indications<font style="letter-spacing:0.1pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>request,<font style="letter-spacing:0.05pt;"> </font>may grant<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>contingent<font style="letter-spacing:0.05pt;"> </font>on the performance<font style="letter-spacing:0.1pt;"> </font>of costly<font style="letter-spacing:0.05pt;"> </font>post-marketing<font style="letter-spacing:0.15pt;"> </font>clinical trials<font style="letter-spacing:0.1pt;"> </font>or may approve a product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>with a label<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>does not include<font style="letter-spacing:0.05pt;"> </font>the labeling<font style="letter-spacing:0.05pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>or desirable<font style="letter-spacing:0.1pt;"> </font>for the successful<font style="letter-spacing:0.1pt;"> </font>commercialization<font style="letter-spacing:0.2pt;"> </font>of that<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU49"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">failure</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to obtain regulatory</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">approval in international</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">jurisdictions</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">would</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">prevent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">us from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">marketing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our product candidate</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">s</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">outside</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the United States.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we<font style="letter-spacing:-0.05pt;"> </font>succeed<font style="letter-spacing:0.05pt;"> </font>in developing<font style="letter-spacing:0.05pt;"> </font>any products,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>intend<font style="letter-spacing:0.05pt;"> </font>to market<font style="letter-spacing:0.05pt;"> </font>them<font style="letter-spacing:0.05pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>in addition to the United States.<font style="letter-spacing:0.05pt;"> </font>In order<font style="letter-spacing:0.05pt;"> </font>to market<font style="letter-spacing:0.05pt;"> </font>and sell<font style="letter-spacing:0.05pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>in other<font style="letter-spacing:0.05pt;"> </font>jurisdictions,<font style="letter-spacing:0.15pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>must<font style="letter-spacing:0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>separate marketing<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>and comply<font style="letter-spacing:0.05pt;"> </font>with numerous<font style="letter-spacing:0.05pt;"> </font>and varying<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>requirements.<font style="letter-spacing:0.1pt;"> </font>We may not obtain<font style="letter-spacing:0.05pt;"> </font>foreign regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>on a timely<font style="letter-spacing:0.05pt;"> </font>basis,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>Approval by the FDA<font style="letter-spacing:-0.05pt;"> </font>does not ensure<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>by regulatory authorities<font style="letter-spacing:0.1pt;"> </font>in other<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>or jurisdictions.<font style="letter-spacing:0.15pt;"> </font>Approval by one regulatory<font style="letter-spacing:0.1pt;"> </font>authority<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States<font style="letter-spacing:0.05pt;"> </font>does not ensure<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>by regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>in other<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>or jurisdictions<font style="letter-spacing:0.15pt;"> </font>or by the FDA.<font style="letter-spacing:-0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to obtain approval<font style="letter-spacing:0.05pt;"> </font>of any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>by regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>in another<font style="letter-spacing:0.05pt;"> </font>country<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will be unable to commercialize<font style="letter-spacing:0.15pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>in that<font style="letter-spacing:0.05pt;"> </font>country,<font style="letter-spacing:0.05pt;"> </font>and the commercial<font style="letter-spacing:0.1pt;"> </font>prospects<font style="letter-spacing:0.05pt;"> </font>of that<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>and our business<font style="letter-spacing:0.05pt;"> </font>prospects<font style="letter-spacing:0.05pt;"> </font>could decline.<font style="letter-spacing:0.05pt;"> </font>The approval<font style="letter-spacing:0.05pt;"> </font>procedure<font style="letter-spacing:0.05pt;"> </font>varies<font style="letter-spacing:0.05pt;"> </font>among countries<font style="letter-spacing:0.05pt;"> </font>and can involve<font style="letter-spacing:0.05pt;"> </font>additional testing.<font style="letter-spacing:0.05pt;"> </font>The time<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>may differ<font style="letter-spacing:0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>FDA<font style="letter-spacing:-0.05pt;"> </font>approval. The regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States<font style="letter-spacing:0.05pt;"> </font>generally<font style="letter-spacing:0.05pt;"> </font>includes<font style="letter-spacing:0.05pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>of the risks<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with obtaining<font style="letter-spacing:0.05pt;"> </font>FDA<font style="letter-spacing:-0.05pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>in many countries<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>must<font style="letter-spacing:0.05pt;"> </font>secure<font style="letter-spacing:0.05pt;"> </font>product reimbursement<font style="letter-spacing:0.15pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>before<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>will approve the product<font style="letter-spacing:0.05pt;"> </font>for sale<font style="letter-spacing:0.05pt;"> </font>in that<font style="letter-spacing:0.05pt;"> </font>country.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Obtaining<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approvals<font style="letter-spacing:0.05pt;"> </font>and compliance<font style="letter-spacing:0.1pt;"> </font>with foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in significant<font style="letter-spacing:0.1pt;"> </font>delays,<font style="letter-spacing:0.05pt;"> </font>difficulties<font style="letter-spacing:0.15pt;"> </font>and costs<font style="letter-spacing:0.05pt;"> </font>for us and could delay or prevent<font style="letter-spacing:0.05pt;"> </font>the introduction<font style="letter-spacing:0.1pt;"> </font>of our products<font style="letter-spacing:0.05pt;"> </font>in certain<font style="letter-spacing:0.05pt;"> </font>countries.<font style="letter-spacing:0.05pt;"> </font>Further,<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>trials<font style="letter-spacing:0.1pt;"> </font>conducted<font style="letter-spacing:0.05pt;"> </font>in one country<font style="letter-spacing:0.05pt;"> </font>may not be accepted<font style="letter-spacing:0.05pt;"> </font>by regulatory<font style="letter-spacing:0.1pt;"> </font>authorities in other<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>and regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>in one country<font style="letter-spacing:0.05pt;"> </font>does not ensure<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>in any other<font style="letter-spacing:0.05pt;"> </font>country,<font style="letter-spacing:0.05pt;"> </font>while a failure<font style="letter-spacing:0.1pt;"> </font>or delay in obtaining<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>in one country<font style="letter-spacing:0.05pt;"> </font>may have a negative<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on the regulatory approval<font style="letter-spacing:0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>in others.<font style="letter-spacing:0.05pt;"> </font>Also, regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>may be withdrawn if we fail<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with regulatory<font style="letter-spacing:0.1pt;"> </font>requirements,<font style="letter-spacing:0.1pt;"> </font>if problems<font style="letter-spacing:0.05pt;"> </font>occur after<font style="letter-spacing:0.05pt;"> </font>the product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>reaches<font style="letter-spacing:0.05pt;"> </font>the market<font style="letter-spacing:0.05pt;"> </font>or for other<font style="letter-spacing:0.05pt;"> </font>reasons.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with the regulatory<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>in international<font style="letter-spacing:0.15pt;"> </font>markets<font style="letter-spacing:0.05pt;"> </font>and fail<font style="letter-spacing:0.05pt;"> </font>to receive<font style="letter-spacing:0.05pt;"> </font>applicable<font style="letter-spacing:0.1pt;"> </font>marketing<font style="letter-spacing:0.1pt;"> </font>approvals,<font style="letter-spacing:0.05pt;"> </font>our target<font style="letter-spacing:0.05pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>will be reduced<font style="letter-spacing:0.05pt;"> </font>and our ability<font style="letter-spacing:0.05pt;"> </font>to realize<font style="letter-spacing:0.1pt;"> </font>the full market<font style="letter-spacing:0.05pt;"> </font>potential<font style="letter-spacing:0.1pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will be harmed<font style="letter-spacing:0.05pt;"> </font>and our business<font style="letter-spacing:0.05pt;"> </font>will be adversely<font style="letter-spacing:0.05pt;"> </font>affected.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even<font style="letter-spacing:-0.05pt;"> </font>if BIO89-100<font style="letter-spacing:-0.05pt;"> </font>or any future product candidate<font style="letter-spacing:0.05pt;"> </font>receives<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>approval, it may still<font style="letter-spacing:0.05pt;"> </font>face future development<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>regulatory<font style="letter-spacing:0.05pt;"> </font>difficulties.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if we<font style="letter-spacing:-0.05pt;"> </font>obtained<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>for a product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>it would be subject<font style="letter-spacing:0.05pt;"> </font>to ongoing requirements<font style="letter-spacing:0.1pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>and comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>governing<font style="letter-spacing:0.05pt;"> </font>the manufacture,<font style="letter-spacing:0.1pt;"> </font>quality control,<font style="letter-spacing:0.05pt;"> </font>further<font style="letter-spacing:0.05pt;"> </font>development,<font style="letter-spacing:0.05pt;"> </font>labeling,<font style="letter-spacing:0.05pt;"> </font>packaging,<font style="letter-spacing:0.05pt;"> </font>storage,<font style="letter-spacing:0.05pt;"> </font>distribution,<font style="letter-spacing:0.1pt;"> </font>safety<font style="letter-spacing:0.05pt;"> </font>surveillance,<font style="letter-spacing:0.1pt;"> </font>import,<font style="letter-spacing:0.05pt;"> </font>export, advertising,<font style="letter-spacing:0.1pt;"> </font>promotion,<font style="letter-spacing:0.05pt;"> </font>recordkeeping<font style="letter-spacing:0.1pt;"> </font>and reporting<font style="letter-spacing:0.05pt;"> </font>of safety<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>post-market<font style="letter-spacing:0.1pt;"> </font>information.<font style="letter-spacing:0.1pt;"> </font>The FDA<font style="letter-spacing:-0.05pt;"> </font>and comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>will continue<font style="letter-spacing:0.05pt;"> </font>to closely<font style="letter-spacing:0.05pt;"> </font>monitor<font style="letter-spacing:0.05pt;"> </font>the safety<font style="letter-spacing:0.05pt;"> </font>profile<font style="letter-spacing:0.05pt;"> </font>of any product<font style="letter-spacing:0.05pt;"> </font>even after<font style="letter-spacing:0.05pt;"> </font>approval.<font style="letter-spacing:0.05pt;"> </font>If the FDA,<font style="letter-spacing:-0.05pt;"> </font>or comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities,<font style="letter-spacing:0.1pt;"> </font>become<font style="letter-spacing:0.05pt;"> </font>aware of new<font style="letter-spacing:-0.05pt;"> </font>safety information<font style="letter-spacing:0.1pt;"> </font>after<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of any of our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>it may require<font style="letter-spacing:0.05pt;"> </font>labeling<font style="letter-spacing:0.05pt;"> </font>changes or establishment<font style="letter-spacing:0.15pt;"> </font>of a risk<font style="letter-spacing:0.05pt;"> </font>evaluation<font style="letter-spacing:0.05pt;"> </font>and mitigation<font style="letter-spacing:0.1pt;"> </font>strategy<font style="letter-spacing:0.05pt;"> </font>or similar<font style="letter-spacing:0.1pt;"> </font>strategy,<font style="letter-spacing:0.05pt;"> </font>impose<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>restrictions<font style="letter-spacing:0.15pt;"> </font>on a product&#8217;s<font style="letter-spacing:0.05pt;"> </font>indicated uses or marketing<font style="letter-spacing:0.1pt;"> </font>or impose<font style="letter-spacing:0.05pt;"> </font>ongoing requirements<font style="letter-spacing:0.1pt;"> </font>for potentially<font style="letter-spacing:0.1pt;"> </font>costly<font style="letter-spacing:0.05pt;"> </font>post-approval<font style="letter-spacing:0.1pt;"> </font>studies<font style="letter-spacing:0.05pt;"> </font>or post-market surveillance.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>manufacturers<font style="letter-spacing:0.15pt;"> </font>of drug products<font style="letter-spacing:0.05pt;"> </font>and their<font style="letter-spacing:0.05pt;"> </font>facilities<font style="letter-spacing:0.15pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to continual<font style="letter-spacing:0.05pt;"> </font>review and periodic<font style="letter-spacing:0.05pt;"> </font>inspections<font style="letter-spacing:0.1pt;"> </font>by the FDA<font style="letter-spacing:-0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>for compliance<font style="letter-spacing:0.1pt;"> </font>with cGMP,<font style="letter-spacing:-0.05pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>and standards.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>or a regulatory<font style="letter-spacing:0.1pt;"> </font>agency discover<font style="letter-spacing:0.05pt;"> </font>previously<font style="letter-spacing:0.05pt;"> </font>unknown<font style="letter-spacing:-0.05pt;"> </font>problems<font style="letter-spacing:0.05pt;"> </font>with a product,<font style="letter-spacing:0.05pt;"> </font>such as adverse events<font style="letter-spacing:0.05pt;"> </font>of unanticipated<font style="letter-spacing:0.1pt;"> </font>severity<font style="letter-spacing:0.05pt;"> </font>or frequency,<font style="letter-spacing:0.05pt;"> </font>or problems<font style="letter-spacing:0.05pt;"> </font>with the facility<font style="letter-spacing:0.1pt;"> </font>where the product<font style="letter-spacing:0.05pt;"> </font>is manufactured,<font style="letter-spacing:0.1pt;"> </font>a regulatory<font style="letter-spacing:0.1pt;"> </font>agency may impose<font style="letter-spacing:0.05pt;"> </font>restrictions<font style="letter-spacing:0.15pt;"> </font>on that<font style="letter-spacing:0.05pt;"> </font>product,<font style="letter-spacing:0.05pt;"> </font>the manufacturing<font style="letter-spacing:0.1pt;"> </font>facility<font style="letter-spacing:0.1pt;"> </font>or us, including<font style="letter-spacing:0.05pt;"> </font>requiring recall<font style="letter-spacing:0.05pt;"> </font>or withdrawal<font style="letter-spacing:0.05pt;"> </font>of the product<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the market<font style="letter-spacing:0.05pt;"> </font>or suspension<font style="letter-spacing:0.05pt;"> </font>of manufacturing.<font style="letter-spacing:0.1pt;"> </font>If we,<font style="letter-spacing:-0.05pt;"> </font>our product candidates<font style="letter-spacing:0.05pt;"> </font>or the manufacturing<font style="letter-spacing:0.1pt;"> </font>facilities<font style="letter-spacing:0.15pt;"> </font>for our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with applicable<font style="letter-spacing:0.1pt;"> </font>regulatory requirements,<font style="letter-spacing:0.1pt;"> </font>or undesirable<font style="letter-spacing:0.1pt;"> </font>side effects<font style="letter-spacing:0.1pt;"> </font>caused by such products<font style="letter-spacing:0.05pt;"> </font>are identified,<font style="letter-spacing:0.1pt;"> </font>a regulatory<font style="letter-spacing:0.1pt;"> </font>agency may:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">issue</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">safety</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">alerts,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Dear Healthcare</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Provider</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">letters,</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">press</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">releases</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or other</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">communications containing</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">warnings about such product;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">mandate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">modifications</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to promotional</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">materials</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">us to provide</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">corrective</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">information</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to healthcare</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">practitioners;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">conduct post-marketing</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">studies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">us to enter</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">into a consent</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">decree,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">which can include</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">imposition</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of various</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">fines, reimbursements</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for inspection</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">costs,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">required</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">due dates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for specific</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">actions</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and penalties</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for noncompliance;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">seek an injunction</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or impose</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">civil</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or criminal</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">penalties</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or monetary</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">fines;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">suspend marketing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of, withdraw regulatory</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">approval</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of or recall</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">such product;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">suspend any ongoing clinical</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">studies;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">refuse</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to approve pending applications</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or supplements</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to applications</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">filed</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by us;</font></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;">49</a></p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><a name="_AEIOULastRenderedPageBreakAEIOU50"></a><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-family:Times New Roman;color:#000000;">suspend or</font><font style="font-family:Times New Roman;color:#000000;"> impose</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">restrictions</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">on operations,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">including</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">costly</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">new</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">manufacturing</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">requirements;</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">seize</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or detain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">products,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">refuse</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to permit</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">the import</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or export</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or require</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">us to initiate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">a product</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">recall.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The occurrence<font style="letter-spacing:0.05pt;"> </font>of any event or penalty<font style="letter-spacing:0.05pt;"> </font>described<font style="letter-spacing:0.05pt;"> </font>above may inhibit<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>our products<font style="letter-spacing:0.05pt;"> </font>and generate<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>revenue.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advertising<font style="letter-spacing:0.05pt;"> </font>and promotion<font style="letter-spacing:0.05pt;"> </font>of any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>obtains<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>will be heavily<font style="letter-spacing:0.05pt;"> </font>scrutinized<font style="letter-spacing:0.1pt;"> </font>by the FDA,<font style="letter-spacing:-0.05pt;"> </font>the Department<font style="letter-spacing:0.05pt;"> </font>of Justice,<font style="letter-spacing:0.05pt;"> </font>the Department<font style="letter-spacing:0.05pt;"> </font>of Health and Human Services&#8217; Office<font style="letter-spacing:0.05pt;"> </font>of Inspector<font style="letter-spacing:0.05pt;"> </font>General,<font style="letter-spacing:0.05pt;"> </font>state<font style="letter-spacing:0.05pt;"> </font>attorneys<font style="letter-spacing:0.05pt;"> </font>general,<font style="letter-spacing:0.05pt;"> </font>members<font style="letter-spacing:0.05pt;"> </font>of Congress and the public.<font style="letter-spacing:0.05pt;"> </font>Violations,<font style="letter-spacing:0.05pt;"> </font>including promotion<font style="letter-spacing:0.05pt;"> </font>of our products<font style="letter-spacing:0.05pt;"> </font>for unapproved (or off-label)<font style="letter-spacing:0.1pt;"> </font>uses, are subject<font style="letter-spacing:0.05pt;"> </font>to enforcement<font style="letter-spacing:0.1pt;"> </font>letters,<font style="letter-spacing:0.1pt;"> </font>inquiries<font style="letter-spacing:0.1pt;"> </font>and investigations,<font style="letter-spacing:0.1pt;"> </font>and significant<font style="letter-spacing:0.1pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>and criminal<font style="letter-spacing:0.1pt;"> </font>sanctions<font style="letter-spacing:0.05pt;"> </font>by the government.<font style="letter-spacing:0.05pt;"> </font>In the United States,<font style="letter-spacing:0.05pt;"> </font>engaging in the impermissible<font style="letter-spacing:0.15pt;"> </font>promotion<font style="letter-spacing:0.05pt;"> </font>of our products<font style="letter-spacing:0.05pt;"> </font>for off-label<font style="letter-spacing:0.1pt;"> </font>uses can also subject<font style="letter-spacing:0.05pt;"> </font>us to false<font style="letter-spacing:0.05pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>litigation<font style="letter-spacing:0.1pt;"> </font>under federal<font style="letter-spacing:0.05pt;"> </font>and state<font style="letter-spacing:0.05pt;"> </font>statutes,<font style="letter-spacing:0.1pt;"> </font>which can lead to significant<font style="letter-spacing:0.1pt;"> </font>civil<font style="letter-spacing:0.05pt;"> </font>and criminal<font style="letter-spacing:0.1pt;"> </font>penalties.<font style="letter-spacing:0.1pt;"> </font>Additionally,<font style="letter-spacing:0.05pt;"> </font>comparable foreign<font style="letter-spacing:0.05pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>authorities<font style="letter-spacing:0.1pt;"> </font>will heavily<font style="letter-spacing:0.05pt;"> </font>scrutinize<font style="letter-spacing:0.1pt;"> </font>advertising<font style="letter-spacing:0.1pt;"> </font>and promotion<font style="letter-spacing:0.05pt;"> </font>of any product<font style="letter-spacing:0.05pt;"> </font>candidate<font style="letter-spacing:0.05pt;"> </font>that obtains<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>of the United States.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The FDA&#8217;s<font style="letter-spacing:-0.05pt;"> </font>policies<font style="letter-spacing:0.05pt;"> </font>may change and additional<font style="letter-spacing:0.1pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>may be enacted<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could prevent,<font style="letter-spacing:0.05pt;"> </font>limit<font style="letter-spacing:0.1pt;"> </font>or delay regulatory<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are slow or unable to adapt to changes in existing<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>or the adoption<font style="letter-spacing:0.05pt;"> </font>of new<font style="letter-spacing:-0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>or policies,<font style="letter-spacing:0.05pt;"> </font>or if we<font style="letter-spacing:-0.05pt;"> </font>are not able to maintain<font style="letter-spacing:0.1pt;"> </font>regulatory<font style="letter-spacing:0.1pt;"> </font>compliance,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may lose any marketing<font style="letter-spacing:0.1pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may have obtained,<font style="letter-spacing:0.05pt;"> </font>which would adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our business,<font style="letter-spacing:0.05pt;"> </font>prospects<font style="letter-spacing:0.05pt;"> </font>and ability<font style="letter-spacing:0.05pt;"> </font>to achieve<font style="letter-spacing:0.05pt;"> </font>or sustain<font style="letter-spacing:0.05pt;"> </font>profitability.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;;color:#auto;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;text-transform:none;font-variant: normal;">Risks Relating to Intellectual<font style="letter-spacing:0.1pt;"> </font>Property</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>depends upon<font style="letter-spacing:-0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to obtain and<font style="letter-spacing:-0.05pt;"> </font>maintain<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.1pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.05pt;"> </font>for our products and<font style="letter-spacing:-0.05pt;"> </font>technologies.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our success<font style="letter-spacing:0.05pt;"> </font>will depend in significant<font style="letter-spacing:0.1pt;"> </font>part<font style="letter-spacing:0.05pt;"> </font>on our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors&#8217;,<font style="letter-spacing:0.1pt;"> </font>licensees&#8217;<font style="letter-spacing:0.1pt;"> </font>or collaborators&#8217;<font style="letter-spacing:0.15pt;"> </font>ability<font style="letter-spacing:0.05pt;"> </font>to establish<font style="letter-spacing:0.1pt;"> </font>and maintain<font style="letter-spacing:0.1pt;"> </font>adequate<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>of our owned<font style="letter-spacing:-0.05pt;"> </font>and licensed<font style="letter-spacing:0.05pt;"> </font>intellectual property<font style="letter-spacing:0.05pt;"> </font>covering<font style="letter-spacing:0.05pt;"> </font>the product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>plan to develop, and the ability<font style="letter-spacing:0.05pt;"> </font>to develop these<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates and commercialize<font style="letter-spacing:0.15pt;"> </font>the products<font style="letter-spacing:0.05pt;"> </font>resulting<font style="letter-spacing:0.1pt;"> </font>therefrom,<font style="letter-spacing:0.1pt;"> </font>without infringing<font style="letter-spacing:0.1pt;"> </font>the intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>of others. In addition<font style="letter-spacing:0.05pt;"> </font>to taking<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>steps<font style="letter-spacing:0.05pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>our intellectual<font style="letter-spacing:0.15pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>hold issued<font style="letter-spacing:0.05pt;"> </font>patents,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have applied<font style="letter-spacing:0.05pt;"> </font>for patents,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>intend<font style="letter-spacing:0.05pt;"> </font>to continue<font style="letter-spacing:0.05pt;"> </font>to apply for, patents<font style="letter-spacing:0.05pt;"> </font>with claims<font style="letter-spacing:0.05pt;"> </font>covering<font style="letter-spacing:0.05pt;"> </font>our technologies,<font style="letter-spacing:0.1pt;"> </font>processes<font style="letter-spacing:0.05pt;"> </font>and product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>when<font style="letter-spacing:-0.05pt;"> </font>and where we<font style="letter-spacing:-0.05pt;"> </font>deem it appropriate<font style="letter-spacing:0.1pt;"> </font>to do so. We have filed<font style="letter-spacing:0.05pt;"> </font>numerous<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>applications both in the United States<font style="letter-spacing:0.05pt;"> </font>and in certain<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to inventions<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have discovered,<font style="letter-spacing:0.05pt;"> </font>with claims<font style="letter-spacing:0.05pt;"> </font>directed<font style="letter-spacing:0.05pt;"> </font>to compositions<font style="letter-spacing:0.1pt;"> </font>of matter,<font style="letter-spacing:0.1pt;"> </font>methods<font style="letter-spacing:0.05pt;"> </font>of use and other<font style="letter-spacing:0.05pt;"> </font>technologies<font style="letter-spacing:0.1pt;"> </font>relating<font style="letter-spacing:0.1pt;"> </font>to our programs.<font style="letter-spacing:0.05pt;"> </font>There can be no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>any of these<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>will issue<font style="letter-spacing:0.05pt;"> </font>as patents<font style="letter-spacing:0.05pt;"> </font>or, for those applications<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>do mature<font style="letter-spacing:0.05pt;"> </font>into patents,<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the claims<font style="letter-spacing:0.05pt;"> </font>of the patents<font style="letter-spacing:0.05pt;"> </font>will exclude<font style="letter-spacing:0.05pt;"> </font>others<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>making,<font style="letter-spacing:0.05pt;"> </font>using or selling<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>compete<font style="letter-spacing:0.05pt;"> </font>with or are similar<font style="letter-spacing:0.1pt;"> </font>to our product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>In countries where we<font style="letter-spacing:-0.05pt;"> </font>have not sought and do not seek patent<font style="letter-spacing:0.05pt;"> </font>protection,<font style="letter-spacing:0.1pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may be able to manufacture<font style="letter-spacing:0.1pt;"> </font>and sell<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>without our permission,<font style="letter-spacing:0.1pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may not be able to stop them<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>doing so.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With<font style="letter-spacing:0.05pt;"> </font>respect<font style="letter-spacing:0.05pt;"> </font>to patent<font style="letter-spacing:0.05pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do not know<font style="letter-spacing:-0.05pt;"> </font>whether any of the pending patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>for any of our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>will result<font style="letter-spacing:0.05pt;"> </font>in the issuance<font style="letter-spacing:0.05pt;"> </font>of patents<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>effectively<font style="letter-spacing:0.1pt;"> </font>protect<font style="letter-spacing:0.05pt;"> </font>our technologies,<font style="letter-spacing:0.1pt;"> </font>processes and product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>or if any of our issued<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>or our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors&#8217;,<font style="letter-spacing:0.1pt;"> </font>licensees&#8217;<font style="letter-spacing:0.1pt;"> </font>or collaborators&#8217;<font style="letter-spacing:0.15pt;"> </font>issued<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>will effectively<font style="letter-spacing:0.1pt;"> </font>prevent<font style="letter-spacing:0.05pt;"> </font>others<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>commercializing<font style="letter-spacing:0.15pt;"> </font>competitive<font style="letter-spacing:0.1pt;"> </font>technologies, processes<font style="letter-spacing:0.05pt;"> </font>and products.<font style="letter-spacing:0.05pt;"> </font>Publications<font style="letter-spacing:0.1pt;"> </font>of discoveries<font style="letter-spacing:0.1pt;"> </font>in the scientific<font style="letter-spacing:0.1pt;"> </font>literature<font style="letter-spacing:0.15pt;"> </font>often<font style="letter-spacing:0.05pt;"> </font>lag behind the actual discoveries,<font style="letter-spacing:0.1pt;"> </font>and patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>are typically<font style="letter-spacing:0.1pt;"> </font>not published<font style="letter-spacing:0.05pt;"> </font>until 18 months<font style="letter-spacing:0.05pt;"> </font>after<font style="letter-spacing:0.05pt;"> </font>filing<font style="letter-spacing:0.05pt;"> </font>or in some cases<font style="letter-spacing:0.05pt;"> </font>not at all,<font style="letter-spacing:0.05pt;"> </font>until<font style="letter-spacing:0.05pt;"> </font>they are issued<font style="letter-spacing:0.05pt;"> </font>as a patent.<font style="letter-spacing:0.05pt;"> </font>Therefore,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot be certain that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>or our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors,<font style="letter-spacing:0.1pt;"> </font>licensees<font style="letter-spacing:0.1pt;"> </font>or collaborators<font style="letter-spacing:0.1pt;"> </font>were the first<font style="letter-spacing:0.05pt;"> </font>to make the inventions<font style="letter-spacing:0.05pt;"> </font>claimed in our owned<font style="letter-spacing:-0.05pt;"> </font>or licensed<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>or pending patent<font style="letter-spacing:0.05pt;"> </font>applications,<font style="letter-spacing:0.1pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>or our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors, licensees<font style="letter-spacing:0.1pt;"> </font>or collaborators<font style="letter-spacing:0.1pt;"> </font>were the first<font style="letter-spacing:0.05pt;"> </font>to file<font style="letter-spacing:0.05pt;"> </font>for patent<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>of such inventions.<font style="letter-spacing:0.05pt;"> </font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<font style="letter-spacing:-0.05pt;"> </font>changes we<font style="letter-spacing:-0.05pt;"> </font>make to our BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>to cause them<font style="letter-spacing:0.05pt;"> </font>to have what we<font style="letter-spacing:-0.05pt;"> </font>view as more<font style="letter-spacing:0.05pt;"> </font>advantageous<font style="letter-spacing:0.05pt;"> </font>properties<font style="letter-spacing:0.1pt;"> </font>may not be covered<font style="letter-spacing:0.05pt;"> </font>by our existing<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>and patent<font style="letter-spacing:0.05pt;"> </font>applications, and we<font style="letter-spacing:-0.05pt;"> </font>may be required<font style="letter-spacing:0.05pt;"> </font>to file<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>seek other<font style="letter-spacing:0.05pt;"> </font>forms<font style="letter-spacing:0.05pt;"> </font>of protection<font style="letter-spacing:0.1pt;"> </font>for any such altered product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>The patent<font style="letter-spacing:0.05pt;"> </font>landscape<font style="letter-spacing:0.05pt;"> </font>surrounding<font style="letter-spacing:0.05pt;"> </font>the technology<font style="letter-spacing:0.05pt;"> </font>underlying<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>is crowded, and there<font style="letter-spacing:0.05pt;"> </font>can be no assurance<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>would be able to secure<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>would adequately cover an alternative<font style="letter-spacing:0.1pt;"> </font>to BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</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;">50</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU51"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prosecution</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">process</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is expensive</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and time-consuming,</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and our current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future licensors,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensees</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or collaborators</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may not be able to prepare,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">file</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prosecute</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">all</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">necessary</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or desirable patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">applications</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at a reasonable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cost or in a timely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manner.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It is also possible</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or our current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future licensors,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensees</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or collaborators</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will fail</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to identify</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patentable</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">aspects</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of inventions</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">made in </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the course</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and commercialization</font><font style="letter-spacing:0.2pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">activities</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">before</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it is too late</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to obtain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">protection</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for them.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Moreover, in some circumstances,</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may not have the right</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to control</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the preparation,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">filing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and prosecution</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of patent applications,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to maintain</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or enforce</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the patents,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">covering</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">license</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or license</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to third parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and may be reliant</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on our current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensors,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensees</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or collaborators</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to perform</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">activities, which means</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">applications</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may not be prosecuted,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">enforced,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in a manner consistent</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with the best interests</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our business.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If our current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensors,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensees</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or collaborators</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fail to establish,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">maintain,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">protect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or enforce</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may be reduced</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or eliminated.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If our current</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensors,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensees</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or collaborators</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are not fully</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cooperative</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or disagree</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with us as to the prosecution,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">maintenance</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or enforcement</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could be compromised.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Similar<font style="letter-spacing:0.1pt;"> </font>to the patent<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>of other<font style="letter-spacing:0.05pt;"> </font>biotechnology<font style="letter-spacing:0.05pt;"> </font>companies,<font style="letter-spacing:0.05pt;"> </font>the scope, validity<font style="letter-spacing:0.05pt;"> </font>and enforceability<font style="letter-spacing:0.15pt;"> </font>of our owned<font style="letter-spacing:-0.05pt;"> </font>and licensed<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>generally<font style="letter-spacing:0.05pt;"> </font>are highly uncertain<font style="letter-spacing:0.05pt;"> </font>and involve<font style="letter-spacing:0.05pt;"> </font>complex<font style="letter-spacing:0.05pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>and factual questions.<font style="letter-spacing:0.05pt;"> </font>The issuance<font style="letter-spacing:0.05pt;"> </font>of a patent<font style="letter-spacing:0.05pt;"> </font>is not conclusive<font style="letter-spacing:0.05pt;"> </font>as to its<font style="letter-spacing:0.05pt;"> </font>inventorship,<font style="letter-spacing:0.1pt;"> </font>scope, validity<font style="letter-spacing:0.05pt;"> </font>or enforceability,<font style="letter-spacing:0.15pt;"> </font>and our patents<font style="letter-spacing:0.05pt;"> </font>may be challenged<font style="letter-spacing:0.05pt;"> </font>in the courts<font style="letter-spacing:0.05pt;"> </font>or patent<font style="letter-spacing:0.05pt;"> </font>offices<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>and abroad. In recent<font style="letter-spacing:0.05pt;"> </font>years, these<font style="letter-spacing:0.05pt;"> </font>areas<font style="letter-spacing:0.05pt;"> </font>have been the subject<font style="letter-spacing:0.05pt;"> </font>of much litigation<font style="letter-spacing:0.1pt;"> </font>in the industry.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>the issuance,<font style="letter-spacing:0.05pt;"> </font>scope, validity, enforceability<font style="letter-spacing:0.15pt;"> </font>and commercial<font style="letter-spacing:0.1pt;"> </font>value of our and our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors&#8217;,<font style="letter-spacing:0.1pt;"> </font>licensees&#8217;<font style="letter-spacing:0.1pt;"> </font>or collaborators&#8217; patent<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>are highly uncertain.<font style="letter-spacing:0.05pt;"> </font>Our and our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors&#8217;,<font style="letter-spacing:0.1pt;"> </font>licensees&#8217;<font style="letter-spacing:0.1pt;"> </font>or collaborators&#8217;<font style="letter-spacing:0.15pt;"> </font>pending and future<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>may not result<font style="letter-spacing:0.05pt;"> </font>in patents<font style="letter-spacing:0.05pt;"> </font>being issued<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>protect<font style="letter-spacing:0.05pt;"> </font>our technology<font style="letter-spacing:0.05pt;"> </font>or product candidates,<font style="letter-spacing:0.05pt;"> </font>or products<font style="letter-spacing:0.05pt;"> </font>resulting<font style="letter-spacing:0.1pt;"> </font>therefrom,<font style="letter-spacing:0.1pt;"> </font>in whole or in part,<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>effectively<font style="letter-spacing:0.1pt;"> </font>prevent<font style="letter-spacing:0.05pt;"> </font>others<font style="letter-spacing:0.05pt;"> </font>from commercializing<font style="letter-spacing:0.15pt;"> </font>competitive<font style="letter-spacing:0.1pt;"> </font>technologies<font style="letter-spacing:0.1pt;"> </font>and products.<font style="letter-spacing:0.05pt;"> </font>The patent<font style="letter-spacing:0.05pt;"> </font>examination<font style="letter-spacing:0.1pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>may require<font style="letter-spacing:0.05pt;"> </font>us or our current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>licensors,<font style="letter-spacing:0.1pt;"> </font>licensees<font style="letter-spacing:0.1pt;"> </font>or collaborators<font style="letter-spacing:0.1pt;"> </font>to narrow the scope of the claims<font style="letter-spacing:0.05pt;"> </font>of pending and future patent<font style="letter-spacing:0.05pt;"> </font>applications,<font style="letter-spacing:0.1pt;"> </font>which would limit<font style="letter-spacing:0.1pt;"> </font>the scope of patent<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>is obtained,<font style="letter-spacing:0.05pt;"> </font>if any. Our and our current or future<font style="letter-spacing:0.05pt;"> </font>licensors&#8217;,<font style="letter-spacing:0.1pt;"> </font>licensees&#8217;<font style="letter-spacing:0.1pt;"> </font>or collaborators&#8217;<font style="letter-spacing:0.15pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>cannot be enforced<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties practicing<font style="letter-spacing:0.1pt;"> </font>the technology<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>is currently<font style="letter-spacing:0.1pt;"> </font>claimed<font style="letter-spacing:0.05pt;"> </font>in such applications<font style="letter-spacing:0.1pt;"> </font>unless<font style="letter-spacing:0.05pt;"> </font>and until<font style="letter-spacing:0.05pt;"> </font>a patent<font style="letter-spacing:0.05pt;"> </font>issues<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>such applications,<font style="letter-spacing:0.1pt;"> </font>and then only to the extent<font style="letter-spacing:0.05pt;"> </font>the claims<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>issue<font style="letter-spacing:0.05pt;"> </font>are broad enough to cover the technology<font style="letter-spacing:0.05pt;"> </font>being practiced<font style="letter-spacing:0.1pt;"> </font>by those third<font style="letter-spacing:0.05pt;"> </font>parties.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<font style="letter-spacing:0.1pt;"> </font>given the amount<font style="letter-spacing:0.05pt;"> </font>of time<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>for the development,<font style="letter-spacing:0.05pt;"> </font>testing<font style="letter-spacing:0.05pt;"> </font>and regulatory<font style="letter-spacing:0.1pt;"> </font>review of new<font style="letter-spacing:-0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>protecting<font style="letter-spacing:0.1pt;"> </font>such candidates<font style="letter-spacing:0.05pt;"> </font>might<font style="letter-spacing:0.05pt;"> </font>expire<font style="letter-spacing:0.05pt;"> </font>before<font style="letter-spacing:0.05pt;"> </font>or shortly<font style="letter-spacing:0.05pt;"> </font>after<font style="letter-spacing:0.05pt;"> </font>the resulting products<font style="letter-spacing:0.05pt;"> </font>are commercialized.<font style="letter-spacing:0.15pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>our owned<font style="letter-spacing:-0.05pt;"> </font>and in-licensed<font style="letter-spacing:0.1pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>may not provide<font style="letter-spacing:0.05pt;"> </font>us with sufficient rights<font style="letter-spacing:0.05pt;"> </font>to exclude<font style="letter-spacing:0.05pt;"> </font>others<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>commercializing<font style="letter-spacing:0.15pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>similar<font style="letter-spacing:0.1pt;"> </font>or identical<font style="letter-spacing:0.1pt;"> </font>to ours. We expect<font style="letter-spacing:0.05pt;"> </font>to seek extensions of patent<font style="letter-spacing:0.05pt;"> </font>terms<font style="letter-spacing:0.05pt;"> </font>for our issued<font style="letter-spacing:0.05pt;"> </font>patents,<font style="letter-spacing:0.05pt;"> </font>where available.<font style="letter-spacing:0.1pt;"> </font>This includes<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>under the Hatch-Waxman<font style="letter-spacing:0.05pt;"> </font>Act, which permits<font style="letter-spacing:0.1pt;"> </font>a patent<font style="letter-spacing:0.05pt;"> </font>term<font style="letter-spacing:0.05pt;"> </font>extension<font style="letter-spacing:0.05pt;"> </font>of up to five<font style="letter-spacing:0.05pt;"> </font>years<font style="letter-spacing:0.05pt;"> </font>beyond the original<font style="letter-spacing:0.05pt;"> </font>expiration<font style="letter-spacing:0.1pt;"> </font>date of the patent<font style="letter-spacing:0.05pt;"> </font>as compensation<font style="letter-spacing:0.1pt;"> </font>for regulatory<font style="letter-spacing:0.1pt;"> </font>delays.<font style="letter-spacing:0.05pt;"> </font>However, such a patent<font style="letter-spacing:0.05pt;"> </font>term<font style="letter-spacing:0.05pt;"> </font>extension<font style="letter-spacing:0.05pt;"> </font>cannot lengthen<font style="letter-spacing:0.05pt;"> </font>the remaining<font style="letter-spacing:0.1pt;"> </font>term<font style="letter-spacing:0.05pt;"> </font>of a patent<font style="letter-spacing:0.05pt;"> </font>beyond a total<font style="letter-spacing:0.05pt;"> </font>of 14 years<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the product&#8217;s<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>date. Only one patent applicable<font style="letter-spacing:0.1pt;"> </font>to an approved drug is eligible<font style="letter-spacing:0.1pt;"> </font>for the extension<font style="letter-spacing:0.05pt;"> </font>and the application<font style="letter-spacing:0.1pt;"> </font>for the extension<font style="letter-spacing:0.05pt;"> </font>must<font style="letter-spacing:0.05pt;"> </font>be submitted<font style="letter-spacing:0.1pt;"> </font>prior<font style="letter-spacing:0.05pt;"> </font>to the expiration<font style="letter-spacing:0.1pt;"> </font>of the patent.<font style="letter-spacing:0.05pt;"> </font>During the period<font style="letter-spacing:0.05pt;"> </font>of patent<font style="letter-spacing:0.05pt;"> </font>term<font style="letter-spacing:0.05pt;"> </font>extension,<font style="letter-spacing:0.05pt;"> </font>the claims<font style="letter-spacing:0.05pt;"> </font>of a patent are not enforceable<font style="letter-spacing:0.1pt;"> </font>for their<font style="letter-spacing:0.05pt;"> </font>full<font style="letter-spacing:0.05pt;"> </font>scope, but are instead<font style="letter-spacing:0.05pt;"> </font>limited<font style="letter-spacing:0.1pt;"> </font>to the scope of the approved product.<font style="letter-spacing:0.05pt;"> </font>In addition, the applicable<font style="letter-spacing:0.1pt;"> </font>authorities,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the FDA<font style="letter-spacing:-0.05pt;"> </font>in the United States,<font style="letter-spacing:0.05pt;"> </font>and any comparable<font style="letter-spacing:0.1pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>regulatory authorities,<font style="letter-spacing:0.1pt;"> </font>may not agree<font style="letter-spacing:0.05pt;"> </font>with our assessment<font style="letter-spacing:0.1pt;"> </font>of whether such extensions<font style="letter-spacing:0.05pt;"> </font>are available,<font style="letter-spacing:0.1pt;"> </font>and may refuse<font style="letter-spacing:0.05pt;"> </font>to grant extensions<font style="letter-spacing:0.05pt;"> </font>to our patents,<font style="letter-spacing:0.05pt;"> </font>or may grant<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>limited<font style="letter-spacing:0.1pt;"> </font>extensions<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>request.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be granted<font style="letter-spacing:0.05pt;"> </font>an extension<font style="letter-spacing:0.05pt;"> </font>because<font style="letter-spacing:0.05pt;"> </font>of, for example,<font style="letter-spacing:0.05pt;"> </font>failing<font style="letter-spacing:0.05pt;"> </font>to apply within applicable<font style="letter-spacing:0.1pt;"> </font>deadlines,<font style="letter-spacing:0.05pt;"> </font>failing<font style="letter-spacing:0.05pt;"> </font>to apply prior to the expiration<font style="letter-spacing:0.1pt;"> </font>of relevant<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>failing<font style="letter-spacing:0.05pt;"> </font>to satisfy<font style="letter-spacing:0.05pt;"> </font>applicable<font style="letter-spacing:0.1pt;"> </font>requirements.<font style="letter-spacing:0.1pt;"> </font>If this<font style="letter-spacing:0.05pt;"> </font>occurs,<font style="letter-spacing:0.05pt;"> </font>any period<font style="letter-spacing:0.05pt;"> </font>during which we<font style="letter-spacing:-0.05pt;"> </font>have the right<font style="letter-spacing:0.05pt;"> </font>to exclusively<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>will be shorter<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>would otherwise expect,<font style="letter-spacing:0.05pt;"> </font>and our competitors<font style="letter-spacing:0.1pt;"> </font>may obtain<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of and launch products<font style="letter-spacing:0.05pt;"> </font>earlier<font style="letter-spacing:0.1pt;"> </font>than might<font style="letter-spacing:0.05pt;"> </font>otherwise<font style="letter-spacing:0.05pt;"> </font>be the case.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may not be able to protect<font style="letter-spacing:0.05pt;"> </font>our intellectual<font style="letter-spacing:0.1pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>throughout the world.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The legal<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>afforded<font style="letter-spacing:0.05pt;"> </font>to inventors<font style="letter-spacing:0.05pt;"> </font>and owners of intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>in countries<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>of the United States<font style="letter-spacing:0.05pt;"> </font>may not be as protective<font style="letter-spacing:0.1pt;"> </font>or effective<font style="letter-spacing:0.1pt;"> </font>as that<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may, therefore,<font style="letter-spacing:0.1pt;"> </font>be unable to acquire<font style="letter-spacing:0.05pt;"> </font>and enforce<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>the United States<font style="letter-spacing:0.05pt;"> </font>to the same<font style="letter-spacing:0.05pt;"> </font>extent<font style="letter-spacing:0.05pt;"> </font>as in the United States.<font style="letter-spacing:0.05pt;"> </font>Whether<font style="letter-spacing:0.05pt;"> </font>filed<font style="letter-spacing:0.05pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>or abroad, our patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>may be challenged<font style="letter-spacing:0.05pt;"> </font>or may fail<font style="letter-spacing:0.05pt;"> </font>to result<font style="letter-spacing:0.05pt;"> </font>in issued<font style="letter-spacing:0.05pt;"> </font>patents.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>our existing<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>and any future<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>may not be sufficiently<font style="letter-spacing:0.15pt;"> </font>broad to prevent<font style="letter-spacing:0.05pt;"> </font>others<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>practicing<font style="letter-spacing:0.1pt;"> </font>our technologies<font style="letter-spacing:0.1pt;"> </font>or from<font style="letter-spacing:0.05pt;"> </font>developing<font style="letter-spacing:0.05pt;"> </font>or commercializing<font style="letter-spacing:0.15pt;"> </font>competing<font style="letter-spacing:0.05pt;"> </font>products. Furthermore,<font style="letter-spacing:0.1pt;"> </font>others<font style="letter-spacing:0.05pt;"> </font>may independently<font style="letter-spacing:0.05pt;"> </font>develop or commercialize<font style="letter-spacing:0.15pt;"> </font>similar<font style="letter-spacing:0.1pt;"> </font>or alternative<font style="letter-spacing:0.1pt;"> </font>technologies<font style="letter-spacing:0.1pt;"> </font>or drugs, or design around our patents.<font style="letter-spacing:0.05pt;"> </font>Our patents<font style="letter-spacing:0.05pt;"> </font>may be challenged,<font style="letter-spacing:0.05pt;"> </font>invalidated,<font style="letter-spacing:0.1pt;"> </font>circumvented<font style="letter-spacing:0.1pt;"> </font>or narrowed, or fail<font style="letter-spacing:0.05pt;"> </font>to provide<font style="letter-spacing:0.05pt;"> </font>us with any competitive<font style="letter-spacing:0.1pt;"> </font>advantages.<font style="letter-spacing:0.05pt;"> </font>In many foreign<font style="letter-spacing:0.05pt;"> </font>countries,<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>and/or<font style="letter-spacing:0.05pt;"> </font>issued<font style="letter-spacing:0.05pt;"> </font>patents, or parts<font style="letter-spacing:0.05pt;"> </font>thereof,<font style="letter-spacing:0.05pt;"> </font>must<font style="letter-spacing:0.05pt;"> </font>be translated<font style="letter-spacing:0.1pt;"> </font>into the native<font style="letter-spacing:0.05pt;"> </font>language.<font style="letter-spacing:0.05pt;"> </font>If our patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>or issued<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>are translated<font style="letter-spacing:0.1pt;"> </font>incorrectly,<font style="letter-spacing:0.1pt;"> </font>they may not adequately<font style="letter-spacing:0.05pt;"> </font>cover our technologies;<font style="letter-spacing:0.1pt;"> </font>in some countries,<font style="letter-spacing:0.05pt;"> </font>it may not be possible to rectify<font style="letter-spacing:0.1pt;"> </font>an incorrect<font style="letter-spacing:0.1pt;"> </font>translation,<font style="letter-spacing:0.1pt;"> </font>which may result<font style="letter-spacing:0.05pt;"> </font>in patent<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>does not adequately<font style="letter-spacing:0.05pt;"> </font>cover our technologies<font style="letter-spacing:0.1pt;"> </font>in those countries.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU52"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Filing,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prosecuting,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">enforcing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and defending</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in all</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">countries</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">throughout the world would be prohibitively</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">expensive,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> our intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in some countries</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">outside</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the United States</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are less</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">extensive</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">than those in the United States.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the laws of some foreign</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">countries</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">do not protect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the same</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">extent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as federal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">state</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laws in the United States.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Consequently,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to prevent<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>practicing<font style="letter-spacing:0.1pt;"> </font>our inventions<font style="letter-spacing:0.05pt;"> </font>in all<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>outside the United States,<font style="letter-spacing:0.05pt;"> </font>or from<font style="letter-spacing:0.05pt;"> </font>selling<font style="letter-spacing:0.05pt;"> </font>or importing<font style="letter-spacing:0.1pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>made using our inventions<font style="letter-spacing:0.05pt;"> </font>in and into the United States or other<font style="letter-spacing:0.05pt;"> </font>jurisdictions.<font style="letter-spacing:0.15pt;"> </font>Competitors<font style="letter-spacing:0.1pt;"> </font>may use technologies<font style="letter-spacing:0.1pt;"> </font>in jurisdictions<font style="letter-spacing:0.15pt;"> </font>where we<font style="letter-spacing:-0.05pt;"> </font>have not obtained<font style="letter-spacing:0.05pt;"> </font>patent protection<font style="letter-spacing:0.1pt;"> </font>to develop their<font style="letter-spacing:0.05pt;"> </font>own<font style="letter-spacing:-0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>and, further,<font style="letter-spacing:0.05pt;"> </font>may export<font style="letter-spacing:0.05pt;"> </font>otherwise<font style="letter-spacing:0.05pt;"> </font>infringing<font style="letter-spacing:0.1pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>to territories where we<font style="letter-spacing:-0.05pt;"> </font>have patent<font style="letter-spacing:0.05pt;"> </font>protection,<font style="letter-spacing:0.1pt;"> </font>but enforcement<font style="letter-spacing:0.1pt;"> </font>is not as strong<font style="letter-spacing:0.05pt;"> </font>as that<font style="letter-spacing:0.05pt;"> </font>in the United States.<font style="letter-spacing:0.05pt;"> </font>These products may compete<font style="letter-spacing:0.05pt;"> </font>with BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and our patents<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property rights<font style="letter-spacing:0.05pt;"> </font>may not be effective<font style="letter-spacing:0.1pt;"> </font>or sufficient<font style="letter-spacing:0.1pt;"> </font>to prevent<font style="letter-spacing:0.05pt;"> </font>them<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>competing.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many companies<font style="letter-spacing:0.05pt;"> </font>have encountered<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>problems<font style="letter-spacing:0.05pt;"> </font>in protecting<font style="letter-spacing:0.1pt;"> </font>and defending<font style="letter-spacing:0.05pt;"> </font>intellectual property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions.<font style="letter-spacing:0.15pt;"> </font>The legal<font style="letter-spacing:0.05pt;"> </font>systems<font style="letter-spacing:0.05pt;"> </font>of certain<font style="letter-spacing:0.05pt;"> </font>countries,<font style="letter-spacing:0.05pt;"> </font>particularly<font style="letter-spacing:0.15pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>developing countries,<font style="letter-spacing:0.05pt;"> </font>do not favor<font style="letter-spacing:0.05pt;"> </font>the enforcement<font style="letter-spacing:0.1pt;"> </font>of patents<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>protection,<font style="letter-spacing:0.1pt;"> </font>particularly<font style="letter-spacing:0.15pt;"> </font>those relating<font style="letter-spacing:0.1pt;"> </font>to biopharmaceuticals.<font style="letter-spacing:0.15pt;"> </font>This could make it difficult<font style="letter-spacing:0.1pt;"> </font>for us to stop the infringement<font style="letter-spacing:0.1pt;"> </font>of our patents<font style="letter-spacing:0.05pt;"> </font>or the marketing<font style="letter-spacing:0.1pt;"> </font>of competing<font style="letter-spacing:0.05pt;"> </font>products<font style="letter-spacing:0.05pt;"> </font>in violation<font style="letter-spacing:0.05pt;"> </font>of our proprietary<font style="letter-spacing:0.1pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>generally.<font style="letter-spacing:0.05pt;"> </font>Proceedings<font style="letter-spacing:0.05pt;"> </font>to enforce<font style="letter-spacing:0.05pt;"> </font>our patent<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in substantial<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and divert<font style="letter-spacing:0.05pt;"> </font>our efforts<font style="letter-spacing:0.1pt;"> </font>and attention<font style="letter-spacing:0.1pt;"> </font>from other<font style="letter-spacing:0.05pt;"> </font>aspects<font style="letter-spacing:0.05pt;"> </font>of our business,<font style="letter-spacing:0.05pt;"> </font>could put our patents<font style="letter-spacing:0.05pt;"> </font>at risk<font style="letter-spacing:0.05pt;"> </font>of being invalidated<font style="letter-spacing:0.1pt;"> </font>or interpreted<font style="letter-spacing:0.1pt;"> </font>narrowly,<font style="letter-spacing:0.05pt;"> </font>could place<font style="letter-spacing:0.05pt;"> </font>our patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>at risk<font style="letter-spacing:0.05pt;"> </font>of not issuing<font style="letter-spacing:0.05pt;"> </font>and could provoke third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to assert<font style="letter-spacing:0.05pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us or our collaborator.<font style="letter-spacing:0.1pt;"> </font>We may not prevail<font style="letter-spacing:0.05pt;"> </font>in any lawsuits<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>initiate<font style="letter-spacing:0.1pt;"> </font>and the damages<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>remedies<font style="letter-spacing:0.1pt;"> </font>awarded, if any, may not be commercially<font style="letter-spacing:0.15pt;"> </font>meaningful.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The requirements<font style="letter-spacing:0.1pt;"> </font>for patentability<font style="letter-spacing:0.15pt;"> </font>differ<font style="letter-spacing:0.05pt;"> </font>and certain<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>have heightened<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>for patentability,<font style="letter-spacing:0.15pt;"> </font>requiring<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>disclosure<font style="letter-spacing:0.1pt;"> </font>in the patent<font style="letter-spacing:0.05pt;"> </font>application.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>countries<font style="letter-spacing:0.05pt;"> </font>have compulsory licensing<font style="letter-spacing:0.05pt;"> </font>laws under which a patent<font style="letter-spacing:0.05pt;"> </font>owner may be compelled<font style="letter-spacing:0.05pt;"> </font>to grant<font style="letter-spacing:0.05pt;"> </font>licenses<font style="letter-spacing:0.05pt;"> </font>to third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>In those countries, we<font style="letter-spacing:-0.05pt;"> </font>may have limited<font style="letter-spacing:0.1pt;"> </font>remedies<font style="letter-spacing:0.1pt;"> </font>if patents<font style="letter-spacing:0.05pt;"> </font>are infringed<font style="letter-spacing:0.05pt;"> </font>or if we<font style="letter-spacing:-0.05pt;"> </font>are compelled<font style="letter-spacing:0.05pt;"> </font>to grant<font style="letter-spacing:0.05pt;"> </font>a license<font style="letter-spacing:0.05pt;"> </font>to a third<font style="letter-spacing:0.05pt;"> </font>party, which could materially<font style="letter-spacing:0.15pt;"> </font>diminish<font style="letter-spacing:0.05pt;"> </font>the value of those patents.<font style="letter-spacing:0.05pt;"> </font>This could limit<font style="letter-spacing:0.1pt;"> </font>our potential<font style="letter-spacing:0.1pt;"> </font>revenue<font style="letter-spacing:0.05pt;"> </font>opportunities. In addition,<font style="letter-spacing:0.05pt;"> </font>many countries<font style="letter-spacing:0.05pt;"> </font>limit<font style="letter-spacing:0.1pt;"> </font>the enforceability<font style="letter-spacing:0.15pt;"> </font>of patents<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>government<font style="letter-spacing:0.05pt;"> </font>agencies<font style="letter-spacing:0.05pt;"> </font>or government contractors.<font style="letter-spacing:0.1pt;"> </font>In these<font style="letter-spacing:0.05pt;"> </font>countries,<font style="letter-spacing:0.05pt;"> </font>the patent<font style="letter-spacing:0.05pt;"> </font>owner may have limited<font style="letter-spacing:0.1pt;"> </font>remedies,<font style="letter-spacing:0.1pt;"> </font>which could materially<font style="letter-spacing:0.15pt;"> </font>diminish<font style="letter-spacing:0.05pt;"> </font>the value of such patent.<font style="letter-spacing:0.05pt;"> </font>Accordingly,<font style="letter-spacing:0.05pt;"> </font>our efforts<font style="letter-spacing:0.1pt;"> </font>to enforce<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>around the world may be inadequate<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>a significant<font style="letter-spacing:0.1pt;"> </font>commercial<font style="letter-spacing:0.1pt;"> </font>advantage<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>own<font style="letter-spacing:-0.05pt;"> </font>or license.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We rely<font style="letter-spacing:0.05pt;"> </font>on<font style="letter-spacing:-0.05pt;"> </font>a license<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>Teva and<font style="letter-spacing:-0.05pt;"> </font>a sublicense<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>ratiopharm<font style="letter-spacing:0.05pt;"> </font>to patents<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>know-how<font style="letter-spacing:-0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>that are used in the development,<font style="letter-spacing:0.05pt;"> </font>manufacture<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>commercialization<font style="letter-spacing:0.15pt;"> </font>of BIO89-100.<font style="letter-spacing:-0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>termination<font style="letter-spacing:0.1pt;"> </font>or loss of significant<font style="letter-spacing:0.1pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>including the right to glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>technology, or breach, under these agreements<font style="letter-spacing:0.05pt;"> </font>or any future license<font style="letter-spacing:0.05pt;"> </font>agreement<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to our product candidates,<font style="letter-spacing:0.05pt;"> </font>would materially<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to continue the development<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>commercialization<font style="letter-spacing:0.15pt;"> </font>of the related product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2018, we<font style="letter-spacing:-0.05pt;"> </font>entered<font style="letter-spacing:0.05pt;"> </font>into an Asset Transfer<font style="letter-spacing:0.05pt;"> </font>and License<font style="letter-spacing:0.05pt;"> </font>Agreement<font style="letter-spacing:0.05pt;"> </font>(the<font style="letter-spacing:0.05pt;"> </font>&#8220;FGF21<font style="letter-spacing:-0.05pt;"> </font>Agreement&#8221;) with Teva under which we<font style="letter-spacing:-0.05pt;"> </font>acquired<font style="letter-spacing:0.05pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>patents,<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>assets<font style="letter-spacing:0.05pt;"> </font>relating<font style="letter-spacing:0.1pt;"> </font>to Teva&#8217;s glycoPEGylated<font style="letter-spacing:0.05pt;"> </font>FGF21<font style="letter-spacing:-0.05pt;"> </font>program,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>BIO89-100. Under this<font style="letter-spacing:0.05pt;"> </font>agreement, we<font style="letter-spacing:-0.05pt;"> </font>were granted<font style="letter-spacing:0.05pt;"> </font>a perpetual,<font style="letter-spacing:1.1pt;"> </font>non-exclusive<font style="letter-spacing:0.1pt;"> </font>(but exclusive<font style="letter-spacing:0.05pt;"> </font>as to BIO89-100), non-transferable,<font style="letter-spacing:0.15pt;"> </font>worldwide license<font style="letter-spacing:0.05pt;"> </font>to patents<font style="letter-spacing:0.05pt;"> </font>and know-how related<font style="letter-spacing:0.05pt;"> </font>to glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>used in the development,<font style="letter-spacing:0.05pt;"> </font>manufacture<font style="letter-spacing:0.1pt;"> </font>and commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100 and products<font style="letter-spacing:0.05pt;"> </font>containing<font style="letter-spacing:0.05pt;"> </font>BIO89-100. The FGF21<font style="letter-spacing:-0.05pt;"> </font>Agreement<font style="letter-spacing:0.05pt;"> </font>also contains<font style="letter-spacing:0.05pt;"> </font>numerous<font style="letter-spacing:0.05pt;"> </font>covenants<font style="letter-spacing:0.05pt;"> </font>with which we<font style="letter-spacing:-0.05pt;"> </font>must<font style="letter-spacing:0.05pt;"> </font>comply,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>the utilization<font style="letter-spacing:0.1pt;"> </font>of commercially<font style="letter-spacing:0.15pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>to develop and ultimately commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100, as well as certain<font style="letter-spacing:0.05pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>covenants<font style="letter-spacing:0.05pt;"> </font>and the obligation<font style="letter-spacing:0.05pt;"> </font>to make royalty<font style="letter-spacing:0.05pt;"> </font>payments,<font style="letter-spacing:0.05pt;"> </font>if and when<font style="letter-spacing:-0.05pt;"> </font>BIO89-100 is approved for commercialization.<font style="letter-spacing:0.2pt;"> </font>Our failure<font style="letter-spacing:0.1pt;"> </font>to satisfy<font style="letter-spacing:0.05pt;"> </font>any of these<font style="letter-spacing:0.05pt;"> </font>covenants<font style="letter-spacing:0.05pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in the termination<font style="letter-spacing:0.1pt;"> </font>of the FGF21<font style="letter-spacing:-0.05pt;"> </font>Agreement.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>entered<font style="letter-spacing:0.05pt;"> </font>into a Sublicense<font style="letter-spacing:0.05pt;"> </font>Agreement<font style="letter-spacing:0.05pt;"> </font>with ratiopharm<font style="letter-spacing:0.1pt;"> </font>(the<font style="letter-spacing:0.05pt;"> </font>&#8220;ratiopharm<font style="letter-spacing:0.1pt;"> </font>Sublicense&#8221;),<font style="letter-spacing:0.1pt;"> </font>under which we<font style="letter-spacing:-0.05pt;"> </font>were granted<font style="letter-spacing:0.05pt;"> </font>a perpetual,<font style="letter-spacing:0.05pt;"> </font>exclusive,<font style="letter-spacing:0.05pt;"> </font>worldwide sublicense<font style="letter-spacing:0.05pt;"> </font>to patents<font style="letter-spacing:0.05pt;"> </font>and know-how<font style="letter-spacing:-0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>used in the development, manufacture<font style="letter-spacing:0.1pt;"> </font>and commercialization<font style="letter-spacing:0.2pt;"> </font>of BIO89-100 and products<font style="letter-spacing:0.05pt;"> </font>containing<font style="letter-spacing:0.05pt;"> </font>BIO89-100. Termination<font style="letter-spacing:0.1pt;"> </font>of the FGF21<font style="letter-spacing:-0.05pt;"> </font>Agreement<font style="letter-spacing:0.05pt;"> </font>or the ratiopharm<font style="letter-spacing:0.1pt;"> </font>Sublicense<font style="letter-spacing:0.05pt;"> </font>will impact<font style="letter-spacing:0.05pt;"> </font>our rights<font style="letter-spacing:0.05pt;"> </font>under the intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>licensed<font style="letter-spacing:0.05pt;"> </font>to us by Teva and ratiopharm,<font style="letter-spacing:0.1pt;"> </font>respectively, including<font style="letter-spacing:0.05pt;"> </font>our license<font style="letter-spacing:0.05pt;"> </font>to glycoPEGylation<font style="letter-spacing:0.05pt;"> </font>technology,<font style="letter-spacing:0.05pt;"> </font>but will not affect<font style="letter-spacing:1.1pt;"> </font>our rights<font style="letter-spacing:0.05pt;"> </font>under the assets<font style="letter-spacing:0.05pt;"> </font>assigned<font style="letter-spacing:0.05pt;"> </font>to us.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beyond<font style="letter-spacing:-0.05pt;"> </font>this<font style="letter-spacing:0.05pt;"> </font>agreement,<font style="letter-spacing:0.1pt;"> </font>our commercial<font style="letter-spacing:0.1pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>will also depend upon our ability,<font style="letter-spacing:0.05pt;"> </font>and the ability<font style="letter-spacing:0.05pt;"> </font>of our licensors,<font style="letter-spacing:0.1pt;"> </font>to develop, manufacture,<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>and sell<font style="letter-spacing:0.05pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>and use our proprietary<font style="letter-spacing:0.1pt;"> </font>technologies without infringing<font style="letter-spacing:0.1pt;"> </font>the proprietary<font style="letter-spacing:0.1pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>of third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>A<font style="letter-spacing:-0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>may hold intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights, including<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are important<font style="letter-spacing:0.1pt;"> </font>or necessary<font style="letter-spacing:0.05pt;"> </font>to the development<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result, we<font style="letter-spacing:-0.05pt;"> </font>may enter<font style="letter-spacing:0.05pt;"> </font>into additional<font style="letter-spacing:0.1pt;"> </font>license<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>in the future.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with the obligations<font style="letter-spacing:0.1pt;"> </font>under these<font style="letter-spacing:0.05pt;"> </font>agreements,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>payment<font style="letter-spacing:0.05pt;"> </font>and diligence<font style="letter-spacing:0.05pt;"> </font>obligations,<font style="letter-spacing:0.1pt;"> </font>our licensors<font style="letter-spacing:0.1pt;"> </font>may have the right<font style="letter-spacing:0.05pt;"> </font>to terminate these<font style="letter-spacing:0.05pt;"> </font>agreements,<font style="letter-spacing:0.1pt;"> </font>in which event we<font style="letter-spacing:-0.05pt;"> </font>may not be able to develop, manufacture,<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>or sell<font style="letter-spacing:0.05pt;"> </font>any product<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>is covered<font style="letter-spacing:0.05pt;"> </font>by these<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>or to engage in any other<font style="letter-spacing:0.05pt;"> </font>activities<font style="letter-spacing:0.1pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>to our business<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>require<font style="letter-spacing:0.05pt;"> </font>the freedom<font style="letter-spacing:0.05pt;"> </font>to operate<font style="letter-spacing:0.05pt;"> </font>afforded<font style="letter-spacing:0.05pt;"> </font>by the agreements,<font style="letter-spacing:0.1pt;"> </font>or we<font style="letter-spacing:-0.05pt;"> </font>may face<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>penalties<font style="letter-spacing:0.1pt;"> </font>under the agreements.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU53"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the foregoing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could materially</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and adversely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the value of the product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">being developed</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">under any such agreement.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Termination</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agreements</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or reduction</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or elimination</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our rights under these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agreements</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in our having to negotiate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">new</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or amended</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agreements,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which may not be available</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to us on equally</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">favorable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">terms,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or at all,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or cause us to lose ou</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">r rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">under these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agreements, including</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or technology</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">important</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to our development</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">programs.</font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Changes<font style="letter-spacing:-0.05pt;"> </font>in patent law could diminish<font style="letter-spacing:0.05pt;"> </font>the value of patents<font style="letter-spacing:0.05pt;"> </font>in general, thereby<font style="letter-spacing:0.05pt;"> </font>impairing<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to protect BIO89-100<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>any future product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>is the case with other<font style="letter-spacing:0.05pt;"> </font>biotechnology<font style="letter-spacing:0.05pt;"> </font>and pharmaceutical<font style="letter-spacing:0.15pt;"> </font>companies,<font style="letter-spacing:0.05pt;"> </font>our success<font style="letter-spacing:0.05pt;"> </font>is heavily<font style="letter-spacing:0.05pt;"> </font>dependent on intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>particularly<font style="letter-spacing:0.15pt;"> </font>patents.<font style="letter-spacing:0.05pt;"> </font>Obtaining<font style="letter-spacing:0.05pt;"> </font>and enforcing<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>in the biopharmaceutical industry<font style="letter-spacing:0.05pt;"> </font>involves<font style="letter-spacing:0.05pt;"> </font>technological<font style="letter-spacing:0.1pt;"> </font>and legal<font style="letter-spacing:0.05pt;"> </font>complexity,<font style="letter-spacing:0.1pt;"> </font>and obtaining<font style="letter-spacing:0.05pt;"> </font>and enforcing<font style="letter-spacing:0.05pt;"> </font>biopharmaceutical<font style="letter-spacing:0.15pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>is costly,<font style="letter-spacing:0.05pt;"> </font>time-consuming<font style="letter-spacing:0.15pt;"> </font>and inherently<font style="letter-spacing:0.1pt;"> </font>uncertain.<font style="letter-spacing:0.05pt;"> </font>The U.S.<font style="letter-spacing:-0.05pt;"> </font>Supreme<font style="letter-spacing:0.05pt;"> </font>Court in recent<font style="letter-spacing:0.05pt;"> </font>years<font style="letter-spacing:0.05pt;"> </font>has issued<font style="letter-spacing:0.05pt;"> </font>rulings either<font style="letter-spacing:0.05pt;"> </font>narrowing<font style="letter-spacing:0.05pt;"> </font>the scope of patent<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>available<font style="letter-spacing:0.1pt;"> </font>in certain<font style="letter-spacing:0.05pt;"> </font>circumstances<font style="letter-spacing:0.15pt;"> </font>or weakening the rights<font style="letter-spacing:0.05pt;"> </font>of patent<font style="letter-spacing:0.05pt;"> </font>owners in certain<font style="letter-spacing:0.05pt;"> </font>situations<font style="letter-spacing:0.1pt;"> </font>or ruling<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>subject<font style="letter-spacing:0.05pt;"> </font>matter<font style="letter-spacing:0.1pt;"> </font>is not eligible<font style="letter-spacing:0.1pt;"> </font>for patent<font style="letter-spacing:0.05pt;"> </font>protection.<font style="letter-spacing:0.1pt;"> </font>In addition<font style="letter-spacing:0.05pt;"> </font>to increasing<font style="letter-spacing:0.1pt;"> </font>uncertainty<font style="letter-spacing:0.1pt;"> </font>with regard<font style="letter-spacing:0.05pt;"> </font>to our ability<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>in the future,<font style="letter-spacing:0.05pt;"> </font>this<font style="letter-spacing:0.05pt;"> </font>combination<font style="letter-spacing:0.1pt;"> </font>of events<font style="letter-spacing:0.05pt;"> </font>has created<font style="letter-spacing:0.05pt;"> </font>uncertainty<font style="letter-spacing:0.1pt;"> </font>with respect<font style="letter-spacing:0.05pt;"> </font>to the value of patents,<font style="letter-spacing:0.05pt;"> </font>once obtained.<font style="letter-spacing:0.05pt;"> </font>Depending on decisions<font style="letter-spacing:0.05pt;"> </font>by Congress, the federal<font style="letter-spacing:0.05pt;"> </font>courts,<font style="letter-spacing:0.05pt;"> </font>the USPTO<font style="letter-spacing:-0.1pt;"> </font>and equivalent<font style="letter-spacing:0.05pt;"> </font>bodies in foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions,<font style="letter-spacing:0.15pt;"> </font>the laws and regulations governing<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>could change in unpredictable<font style="letter-spacing:0.1pt;"> </font>ways that<font style="letter-spacing:0.05pt;"> </font>would weaken our ability<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>or to enforce<font style="letter-spacing:0.05pt;"> </font>existing<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>and patents<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may obtain<font style="letter-spacing:0.05pt;"> </font>in the future.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patent<font style="letter-spacing:0.05pt;"> </font>reform<font style="letter-spacing:0.05pt;"> </font>laws, such as the Leahy-Smith<font style="letter-spacing:0.05pt;"> </font>America<font style="letter-spacing:0.05pt;"> </font>Invents<font style="letter-spacing:0.05pt;"> </font>Act (the<font style="letter-spacing:0.05pt;"> </font>&#8220;Leahy-Smith<font style="letter-spacing:0.05pt;"> </font>Act&#8221;), as well as changes in how<font style="letter-spacing:-0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>laws are interpreted,<font style="letter-spacing:0.1pt;"> </font>could increase<font style="letter-spacing:0.05pt;"> </font>the uncertainties<font style="letter-spacing:0.15pt;"> </font>and costs<font style="letter-spacing:0.05pt;"> </font>surrounding<font style="letter-spacing:0.05pt;"> </font>the prosecution<font style="letter-spacing:0.05pt;"> </font>of our patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>and the enforcement<font style="letter-spacing:0.1pt;"> </font>or defense<font style="letter-spacing:0.05pt;"> </font>of our issued<font style="letter-spacing:0.05pt;"> </font>patents.<font style="letter-spacing:0.05pt;"> </font>The Leahy-Smith Act made a number<font style="letter-spacing:0.05pt;"> </font>of significant<font style="letter-spacing:0.1pt;"> </font>changes to U.S.<font style="letter-spacing:-0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>law. These include<font style="letter-spacing:0.05pt;"> </font>provisions<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>the filing<font style="letter-spacing:0.05pt;"> </font>and prosecution<font style="letter-spacing:0.05pt;"> </font>strategies<font style="letter-spacing:0.1pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with patent<font style="letter-spacing:0.05pt;"> </font>applications,<font style="letter-spacing:0.1pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>a change from<font style="letter-spacing:0.05pt;"> </font>a &#8220;first-to-invent&#8221;<font style="letter-spacing:0.2pt;"> </font>to a &#8220;first-inventor-to-file&#8221;<font style="letter-spacing:0.2pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>system,<font style="letter-spacing:0.05pt;"> </font>and a change allowing<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>submission<font style="letter-spacing:0.05pt;"> </font>of prior<font style="letter-spacing:0.05pt;"> </font>art<font style="letter-spacing:0.05pt;"> </font>to the USPTO<font style="letter-spacing:-0.1pt;"> </font>during patent<font style="letter-spacing:0.05pt;"> </font>prosecution<font style="letter-spacing:0.05pt;"> </font>and additional<font style="letter-spacing:0.1pt;"> </font>procedures<font style="letter-spacing:0.05pt;"> </font>to attack<font style="letter-spacing:0.05pt;"> </font>the validity<font style="letter-spacing:0.05pt;"> </font>of a patent<font style="letter-spacing:0.05pt;"> </font>by USPTO-administered<font style="letter-spacing:0.05pt;"> </font>post-grant proceedings,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>post-grant<font style="letter-spacing:0.1pt;"> </font>review, <font style="font-style:italic;">inter</font><font style="font-style:italic;letter-spacing:0.05pt;"> </font><font style="font-style:italic;">partes</font><font style="font-style:italic;letter-spacing:0.05pt;"> </font>review and derivation<font style="letter-spacing:0.1pt;"> </font>proceedings.<font style="letter-spacing:0.05pt;"> </font>The USPTO<font style="letter-spacing:-0.1pt;"> </font>has developed<font style="letter-spacing:0.05pt;"> </font>regulations<font style="letter-spacing:0.1pt;"> </font>and procedures<font style="letter-spacing:0.05pt;"> </font>to govern administration<font style="letter-spacing:0.15pt;"> </font>of the Leahy-Smith<font style="letter-spacing:0.05pt;"> </font>Act, and many of the substantive<font style="letter-spacing:0.1pt;"> </font>changes to patent<font style="letter-spacing:0.05pt;"> </font>law associated<font style="letter-spacing:0.1pt;"> </font>with the Leahy-Smith<font style="letter-spacing:0.05pt;"> </font>Act and, in particular,<font style="letter-spacing:0.1pt;"> </font>the &#8220;first-inventor-to-file&#8221;<font style="letter-spacing:0.2pt;"> </font>provisions,<font style="letter-spacing:0.05pt;"> </font>became<font style="letter-spacing:0.05pt;"> </font>effective<font style="letter-spacing:0.1pt;"> </font>in 2013. The Leahy-Smith<font style="letter-spacing:0.05pt;"> </font>Act and its<font style="letter-spacing:0.05pt;"> </font>implementation<font style="letter-spacing:0.15pt;"> </font>may increase<font style="letter-spacing:0.05pt;"> </font>the uncertainties<font style="letter-spacing:0.15pt;"> </font>and costs<font style="letter-spacing:0.05pt;"> </font>surrounding<font style="letter-spacing:0.05pt;"> </font>the prosecution<font style="letter-spacing:0.05pt;"> </font>of our patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>and the enforcement<font style="letter-spacing:0.1pt;"> </font>or defense<font style="letter-spacing:0.05pt;"> </font>of our issued<font style="letter-spacing:0.05pt;"> </font>patents,<font style="letter-spacing:0.05pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>of which could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>financial condition<font style="letter-spacing:0.05pt;"> </font>and results<font style="letter-spacing:0.05pt;"> </font>of operations.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may be unable to obtain intellectual<font style="letter-spacing:0.1pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>or technology<font style="letter-spacing:0.05pt;"> </font>necessary<font style="letter-spacing:0.05pt;"> </font>to develop<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>commercialize BIO89-100<font style="letter-spacing:-0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>any future product candidates.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The patent<font style="letter-spacing:0.05pt;"> </font>landscape<font style="letter-spacing:0.05pt;"> </font>around our programs<font style="letter-spacing:0.05pt;"> </font>is complex,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>are aware of several<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>patents and patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>containing<font style="letter-spacing:0.05pt;"> </font>subject<font style="letter-spacing:0.05pt;"> </font>matter<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>might<font style="letter-spacing:0.05pt;"> </font>be relevant<font style="letter-spacing:0.05pt;"> </font>to BIO89-100. Depending on what claims<font style="letter-spacing:0.05pt;"> </font>ultimately<font style="letter-spacing:0.1pt;"> </font>issue<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>applications,<font style="letter-spacing:0.1pt;"> </font>and how<font style="letter-spacing:-0.05pt;"> </font>courts<font style="letter-spacing:0.05pt;"> </font>construe<font style="letter-spacing:0.05pt;"> </font>the issued<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>claims,<font style="letter-spacing:0.05pt;"> </font>as well as depending on the ultimate<font style="letter-spacing:0.1pt;"> </font>formulation<font style="letter-spacing:0.1pt;"> </font>and method<font style="letter-spacing:0.05pt;"> </font>of use of BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>we may need to obtain<font style="letter-spacing:0.05pt;"> </font>a license<font style="letter-spacing:0.05pt;"> </font>to practice<font style="letter-spacing:0.1pt;"> </font>the technology<font style="letter-spacing:0.05pt;"> </font>claimed<font style="letter-spacing:0.05pt;"> </font>in such patents.<font style="letter-spacing:0.05pt;"> </font>There can be no assurance<font style="letter-spacing:0.05pt;"> </font>that such licenses<font style="letter-spacing:0.05pt;"> </font>will be available<font style="letter-spacing:0.1pt;"> </font>on commercially<font style="letter-spacing:0.15pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>If a third<font style="letter-spacing:0.05pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>does not offer<font style="letter-spacing:0.05pt;"> </font>us a necessary<font style="letter-spacing:0.05pt;"> </font>license<font style="letter-spacing:0.05pt;"> </font>or offers<font style="letter-spacing:0.05pt;"> </font>a license<font style="letter-spacing:0.05pt;"> </font>only on terms<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are unattractive<font style="letter-spacing:0.1pt;"> </font>or unacceptable<font style="letter-spacing:0.1pt;"> </font>to us, we<font style="letter-spacing:-0.05pt;"> </font>might<font style="letter-spacing:0.05pt;"> </font>be unable to develop and commercialize<font style="letter-spacing:0.15pt;"> </font>one or more<font style="letter-spacing:0.05pt;"> </font>of our product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>which would have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect on our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition<font style="letter-spacing:0.05pt;"> </font>and results<font style="letter-spacing:0.05pt;"> </font>of operations.<font style="letter-spacing:0.05pt;"> </font>Moreover,<font style="letter-spacing:0.05pt;"> </font>even if we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>licenses<font style="letter-spacing:0.05pt;"> </font>to such intellectual<font style="letter-spacing:0.15pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>but subsequently<font style="letter-spacing:0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to meet<font style="letter-spacing:0.05pt;"> </font>our obligations<font style="letter-spacing:0.1pt;"> </font>under the relevant<font style="letter-spacing:0.05pt;"> </font>license<font style="letter-spacing:0.05pt;"> </font>agreements,<font style="letter-spacing:0.1pt;"> </font>or such license<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>are terminated<font style="letter-spacing:0.1pt;"> </font>for any other<font style="letter-spacing:0.05pt;"> </font>reasons,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may lose our rights<font style="letter-spacing:0.05pt;"> </font>to the technologies<font style="letter-spacing:0.1pt;"> </font>licensed under those agreements.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The licensing<font style="letter-spacing:0.05pt;"> </font>or acquisition<font style="letter-spacing:0.1pt;"> </font>of third-party<font style="letter-spacing:0.1pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>is an area<font style="letter-spacing:0.05pt;"> </font>in which many companies<font style="letter-spacing:0.05pt;"> </font>operate<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>have interests<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are in conflict<font style="letter-spacing:0.1pt;"> </font>with ours, and several<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>established<font style="letter-spacing:0.1pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>may pursue strategies<font style="letter-spacing:0.1pt;"> </font>to license<font style="letter-spacing:0.05pt;"> </font>or acquire<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may consider<font style="letter-spacing:0.05pt;"> </font>attractive<font style="letter-spacing:0.1pt;"> </font>or necessary.<font style="letter-spacing:0.05pt;"> </font>These established<font style="letter-spacing:0.1pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>may have a competitive<font style="letter-spacing:0.1pt;"> </font>advantage<font style="letter-spacing:0.05pt;"> </font>over us due to their<font style="letter-spacing:0.05pt;"> </font>size,<font style="letter-spacing:0.05pt;"> </font>capital resources<font style="letter-spacing:0.05pt;"> </font>and greater<font style="letter-spacing:0.05pt;"> </font>clinical<font style="letter-spacing:0.1pt;"> </font>development<font style="letter-spacing:0.05pt;"> </font>and commercialization<font style="letter-spacing:0.2pt;"> </font>capabilities.<font style="letter-spacing:0.15pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that perceive<font style="letter-spacing:0.05pt;"> </font>us to be a competitor<font style="letter-spacing:0.1pt;"> </font>may be unwilling<font style="letter-spacing:0.05pt;"> </font>to assign<font style="letter-spacing:0.05pt;"> </font>or license<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to us. We also may be unable to license<font style="letter-spacing:0.05pt;"> </font>or acquire<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>on terms<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>would allow us to make an appropriate return<font style="letter-spacing:0.05pt;"> </font>on our investment,<font style="letter-spacing:0.1pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to successfully<font style="letter-spacing:0.1pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to required<font style="letter-spacing:0.05pt;"> </font>third-party intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>or maintain<font style="letter-spacing:0.1pt;"> </font>the existing<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have, we<font style="letter-spacing:-0.05pt;"> </font>may have to abandon development<font style="letter-spacing:0.05pt;"> </font>of the relevant<font style="letter-spacing:0.05pt;"> </font>program<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidate,<font style="letter-spacing:0.05pt;"> </font>which could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may become<font style="letter-spacing:0.05pt;"> </font>involved<font style="letter-spacing:0.05pt;"> </font>in lawsuits<font style="letter-spacing:0.05pt;"> </font>or other proceedings<font style="letter-spacing:0.05pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>or enforce<font style="letter-spacing:0.05pt;"> </font>our intellectual<font style="letter-spacing:0.1pt;"> </font>property, which<font style="letter-spacing:-0.05pt;"> </font>could be expensive,<font style="letter-spacing:0.05pt;"> </font>time-consuming<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>unsuccessful<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on<font style="letter-spacing:-0.05pt;"> </font>the success of our business.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU54"></a>Third parties<font style="letter-spacing:0.05pt;"> </font>may infringe<font style="letter-spacing:0.05pt;"> </font>our patents<font style="letter-spacing:0.05pt;"> </font>or misappropriate<font style="letter-spacing:0.15pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>violate<font style="letter-spacing:0.05pt;"> </font>our intellectual<font style="letter-spacing:0.15pt;"> </font>property rights.<font style="letter-spacing:0.05pt;"> </font>In the future,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may initiate<font style="letter-spacing:0.1pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>to enforce<font style="letter-spacing:0.05pt;"> </font>or defend our intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights,<font style="letter-spacing:0.05pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>our trade<font style="letter-spacing:0.05pt;"> </font>secrets<font style="letter-spacing:0.05pt;"> </font>or to determine<font style="letter-spacing:0.1pt;"> </font>the validity<font style="letter-spacing:0.05pt;"> </font>or scope of intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>own<font style="letter-spacing:-0.05pt;"> </font>or control. Also, third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may initiate<font style="letter-spacing:0.1pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us to challenge<font style="letter-spacing:0.05pt;"> </font>the validity<font style="letter-spacing:0.05pt;"> </font>or scope of intellectual property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>own,<font style="letter-spacing:-0.05pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>or to which we<font style="letter-spacing:-0.05pt;"> </font>have rights.<font style="letter-spacing:0.05pt;"> </font>For example,<font style="letter-spacing:0.05pt;"> </font>generic<font style="letter-spacing:0.05pt;"> </font>or biosimilar<font style="letter-spacing:0.1pt;"> </font>drug manufacturers<font style="letter-spacing:0.15pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>competitors<font style="letter-spacing:0.1pt;"> </font>or third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may challenge<font style="letter-spacing:0.05pt;"> </font>the scope, validity<font style="letter-spacing:0.05pt;"> </font>or enforceability<font style="letter-spacing:0.15pt;"> </font>of our patents,<font style="letter-spacing:0.05pt;"> </font>requiring<font style="letter-spacing:0.05pt;"> </font>us to engage in complex,<font style="letter-spacing:0.05pt;"> </font>lengthy<font style="letter-spacing:0.05pt;"> </font>and costly<font style="letter-spacing:0.05pt;"> </font>litigation<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>proceedings.<font style="letter-spacing:0.05pt;"> </font>These proceedings can be expensive<font style="letter-spacing:0.05pt;"> </font>and time-</p>
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<p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">consuming</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and many of our adversaries</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">proceedings</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may have the ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to dedicate</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">substantially</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">greater</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">resources</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to prosecuting</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">actions</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">than we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">can. Accordingly,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">despite</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our efforts,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may not be able to prevent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infringing</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">upon or misappropriating</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">own,</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">control</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or have rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to, particularly</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in countries</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">where the laws may not protect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">those rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as fully</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as in the United States.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Litigation</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in substantial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and diversion</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of management</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">resources, which could harm</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our business</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and financial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">initiated</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">proceedings</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">against</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a third party</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to enforce</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">covering</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidate,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the defendant</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could counterclaim</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is invalid</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or unenforceable.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">litigation</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the United States,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">defendants</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">usually</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">assert</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">counterclaims </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">alleging</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">invalidity</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or unenforceability.</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Grounds for a validity</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">challenge</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could be an alleged</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">failure</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to meet</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any of several</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">statutory</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requirements,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">lack of novelty,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">obviousness</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or non-enablement.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Grounds for an unenforceability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">assertion</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could b</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e an allegation</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">someone</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">connected</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with prosecution</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">withheld relevant</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">information</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the USPTO,</font><font style="letter-spacing:-0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or made a misleading</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">statement,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">during prosecution.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In an infringement</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or declaratory</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">judgment</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">proceeding,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a court</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may decide</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">owned</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by or licensed</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to us is invalid</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or unenforceable,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or may refuse</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to stop the other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">party</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">using the subject</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">matter</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">alleged</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to be infringing</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on the grounds that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">do not cover that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">subject</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">matter.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">An</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in any litigation</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">proce</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">eding</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could put one or more</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at risk</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of being invalidated,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">narrowed, held unenforceable</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or interpreted</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in such a manner</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would not preclude</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">entering</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the market</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with competing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">products.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Third-party<font style="letter-spacing:0.1pt;"> </font>pre-issuance<font style="letter-spacing:0.1pt;"> </font>submission<font style="letter-spacing:0.05pt;"> </font>of prior<font style="letter-spacing:0.05pt;"> </font>art<font style="letter-spacing:0.05pt;"> </font>to the USPTO,<font style="letter-spacing:-0.1pt;"> </font>or opposition,<font style="letter-spacing:0.05pt;"> </font>derivation,<font style="letter-spacing:0.1pt;"> </font>revocation, reexamination,<font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;">inter</font><font style="font-style:italic;letter-spacing:0.05pt;"> </font><font style="font-style:italic;">partes</font><font style="font-style:italic;letter-spacing:0.05pt;"> </font>review or interference<font style="letter-spacing:0.15pt;"> </font>proceedings,<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>pre-issuance<font style="letter-spacing:0.1pt;"> </font>or post-grant<font style="letter-spacing:0.1pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>office<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>or litigation<font style="letter-spacing:0.1pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>provoked by third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>or brought by us, may be necessary<font style="letter-spacing:0.05pt;"> </font>to determine<font style="letter-spacing:0.1pt;"> </font>the inventorship,<font style="letter-spacing:0.1pt;"> </font>priority,<font style="letter-spacing:0.1pt;"> </font>patentability<font style="letter-spacing:0.15pt;"> </font>or validity<font style="letter-spacing:0.05pt;"> </font>of inventions with respect<font style="letter-spacing:0.05pt;"> </font>to our patents<font style="letter-spacing:0.05pt;"> </font>or patent<font style="letter-spacing:0.05pt;"> </font>applications.<font style="letter-spacing:0.1pt;"> </font>An<font style="letter-spacing:-0.05pt;"> </font>unfavorable<font style="letter-spacing:0.05pt;"> </font>outcome<font style="letter-spacing:0.05pt;"> </font>could leave<font style="letter-spacing:0.05pt;"> </font>our technology<font style="letter-spacing:0.05pt;"> </font>or product candidates<font style="letter-spacing:0.05pt;"> </font>without patent<font style="letter-spacing:0.05pt;"> </font>protection,<font style="letter-spacing:0.1pt;"> </font>allow third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>our technology<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates and compete<font style="letter-spacing:0.05pt;"> </font>directly<font style="letter-spacing:0.1pt;"> </font>with us, without payment<font style="letter-spacing:0.05pt;"> </font>to us, or could require<font style="letter-spacing:0.05pt;"> </font>us to obtain<font style="letter-spacing:0.05pt;"> </font>license<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the prevailing<font style="letter-spacing:0.1pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>in order<font style="letter-spacing:0.05pt;"> </font>to be able to manufacture<font style="letter-spacing:0.1pt;"> </font>or commercialize<font style="letter-spacing:0.15pt;"> </font>our product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>without infringing third-party<font style="letter-spacing:0.1pt;"> </font>patent<font style="letter-spacing:0.05pt;"> </font>rights.<font style="letter-spacing:0.05pt;"> </font>Our business<font style="letter-spacing:0.05pt;"> </font>could be harmed<font style="letter-spacing:0.05pt;"> </font>if the prevailing<font style="letter-spacing:0.1pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>in such a case does not offer<font style="letter-spacing:0.05pt;"> </font>us a license<font style="letter-spacing:0.05pt;"> </font>on commercially<font style="letter-spacing:0.15pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>Even if we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>a license,<font style="letter-spacing:0.05pt;"> </font>it may be non-exclusive,<font style="letter-spacing:0.1pt;"> </font>thereby giving our competitors<font style="letter-spacing:0.1pt;"> </font>access<font style="letter-spacing:0.05pt;"> </font>to the same<font style="letter-spacing:0.05pt;"> </font>technologies<font style="letter-spacing:0.1pt;"> </font>licensed<font style="letter-spacing:0.05pt;"> </font>to us. In addition,<font style="letter-spacing:0.05pt;"> </font>if the breadth<font style="letter-spacing:0.05pt;"> </font>or strength<font style="letter-spacing:0.05pt;"> </font>of protection<font style="letter-spacing:0.1pt;"> </font>provided<font style="letter-spacing:0.05pt;"> </font>by our patents<font style="letter-spacing:0.05pt;"> </font>and patent<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>is threatened,<font style="letter-spacing:0.1pt;"> </font>it could dissuade<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>from collaborating<font style="letter-spacing:0.1pt;"> </font>with us to license,<font style="letter-spacing:0.05pt;"> </font>develop or commercialize<font style="letter-spacing:0.15pt;"> </font>current<font style="letter-spacing:0.05pt;"> </font>or future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.<font style="letter-spacing:0.05pt;"> </font>Even if we successfully<font style="letter-spacing:0.1pt;"> </font>defend such litigation<font style="letter-spacing:0.1pt;"> </font>or proceeding,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur<font style="letter-spacing:0.05pt;"> </font>substantial<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and our defense<font style="letter-spacing:0.05pt;"> </font>may distract our management<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>employees.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<font style="letter-spacing:0.1pt;"> </font>because<font style="letter-spacing:0.05pt;"> </font>of the substantial<font style="letter-spacing:0.1pt;"> </font>amount<font style="letter-spacing:0.05pt;"> </font>of discovery<font style="letter-spacing:0.05pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>in connection<font style="letter-spacing:0.05pt;"> </font>with intellectual property<font style="letter-spacing:0.05pt;"> </font>litigation,<font style="letter-spacing:0.1pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>is a risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>some of our confidential<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>could be compromised<font style="letter-spacing:0.1pt;"> </font>by disclosure during this<font style="letter-spacing:0.05pt;"> </font>type of litigation.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>many foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>have rules<font style="letter-spacing:0.05pt;"> </font>of discovery<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are different than those in the United States<font style="letter-spacing:0.05pt;"> </font>and that<font style="letter-spacing:0.05pt;"> </font>may make defending<font style="letter-spacing:0.05pt;"> </font>or enforcing<font style="letter-spacing:0.05pt;"> </font>our patents<font style="letter-spacing:0.05pt;"> </font>extremely<font style="letter-spacing:0.1pt;"> </font>difficult.<font style="letter-spacing:0.1pt;"> </font>There could also be public<font style="letter-spacing:0.05pt;"> </font>announcements<font style="letter-spacing:0.05pt;"> </font>of the results<font style="letter-spacing:0.05pt;"> </font>of hearings,<font style="letter-spacing:0.05pt;"> </font>motions<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>interim<font style="letter-spacing:0.1pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>or developments.<font style="letter-spacing:0.1pt;"> </font>If securities<font style="letter-spacing:0.1pt;"> </font>analysts<font style="letter-spacing:0.05pt;"> </font>or investors<font style="letter-spacing:0.05pt;"> </font>perceive<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>to be negative,<font style="letter-spacing:0.05pt;"> </font>it could have a material adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on the price<font style="letter-spacing:0.05pt;"> </font>of shares<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Third parties<font style="letter-spacing:0.05pt;"> </font>may initiate<font style="letter-spacing:0.1pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>against us alleging<font style="letter-spacing:0.05pt;"> </font>that we<font style="letter-spacing:-0.05pt;"> </font>infringe<font style="letter-spacing:0.05pt;"> </font>their<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.1pt;"> </font>property rights<font style="letter-spacing:0.05pt;"> </font>or we<font style="letter-spacing:-0.05pt;"> </font>may initiate<font style="letter-spacing:0.1pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>against third parties<font style="letter-spacing:0.05pt;"> </font>to challenge<font style="letter-spacing:0.05pt;"> </font>the validity<font style="letter-spacing:0.1pt;"> </font>or scope of intellectual<font style="letter-spacing:0.1pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>controlled<font style="letter-spacing:0.05pt;"> </font>by third parties,<font style="letter-spacing:0.05pt;"> </font>the outcome<font style="letter-spacing:0.05pt;"> </font>of which<font style="letter-spacing:-0.05pt;"> </font>would<font style="letter-spacing:-0.05pt;"> </font>be uncertain and<font style="letter-spacing:-0.05pt;"> </font>could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on<font style="letter-spacing:-0.05pt;"> </font>our business.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our commercial<font style="letter-spacing:0.1pt;"> </font>success<font style="letter-spacing:0.05pt;"> </font>depends upon our ability<font style="letter-spacing:0.05pt;"> </font>to develop, manufacture,<font style="letter-spacing:0.1pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>and sell<font style="letter-spacing:0.05pt;"> </font>BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may develop and use our proprietary<font style="letter-spacing:0.1pt;"> </font>technologies<font style="letter-spacing:0.1pt;"> </font>without infringing, misappropriating<font style="letter-spacing:0.15pt;"> </font>or otherwise<font style="letter-spacing:0.05pt;"> </font>violating<font style="letter-spacing:0.05pt;"> </font>the intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>and proprietary<font style="letter-spacing:0.1pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>of third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>The biotechnology<font style="letter-spacing:0.05pt;"> </font>and pharmaceutical<font style="letter-spacing:0.15pt;"> </font>industries<font style="letter-spacing:0.1pt;"> </font>are characterized<font style="letter-spacing:0.15pt;"> </font>by extensive<font style="letter-spacing:0.05pt;"> </font>litigation<font style="letter-spacing:0.1pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>and other intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights.<font style="letter-spacing:0.05pt;"> </font>Third parties<font style="letter-spacing:0.05pt;"> </font>may initiate<font style="letter-spacing:0.1pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us alleging<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>infringe<font style="letter-spacing:0.05pt;"> </font>their intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>or we<font style="letter-spacing:-0.05pt;"> </font>may initiate<font style="letter-spacing:0.1pt;"> </font>legal<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>to challenge<font style="letter-spacing:0.05pt;"> </font>the validity<font style="letter-spacing:0.05pt;"> </font>or scope of intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>controlled<font style="letter-spacing:0.1pt;"> </font>by third<font style="letter-spacing:0.05pt;"> </font>parties,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>in oppositions,<font style="letter-spacing:0.05pt;"> </font>interferences, revocations,<font style="letter-spacing:0.1pt;"> </font>reexaminations,<font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;">inter</font><font style="font-style:italic;letter-spacing:0.05pt;"> </font><font style="font-style:italic;">partes</font><font style="font-style:italic;letter-spacing:0.05pt;"> </font>review or derivation<font style="letter-spacing:0.1pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>before<font style="letter-spacing:0.05pt;"> </font>the USPTO<font style="letter-spacing:-0.1pt;"> </font>or its<font style="letter-spacing:0.05pt;"> </font>counterparts in other<font style="letter-spacing:0.05pt;"> </font>jurisdictions.<font style="letter-spacing:0.15pt;"> </font>These proceedings<font style="letter-spacing:0.05pt;"> </font>can be expensive<font style="letter-spacing:0.05pt;"> </font>and time-consuming<font style="letter-spacing:0.15pt;"> </font>and many of our adversaries<font style="letter-spacing:0.1pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>proceedings<font style="letter-spacing:0.05pt;"> </font>may have the ability<font style="letter-spacing:0.05pt;"> </font>to dedicate<font style="letter-spacing:0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>greater<font style="letter-spacing:0.05pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>to prosecuting<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>legal actions<font style="letter-spacing:0.05pt;"> </font>than we<font style="letter-spacing:-0.05pt;"> </font>can.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We could be found liable<font style="letter-spacing:0.05pt;"> </font>for monetary<font style="letter-spacing:0.05pt;"> </font>damages,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>treble<font style="letter-spacing:0.05pt;"> </font>damages<font style="letter-spacing:0.05pt;"> </font>and attorneys&#8217;<font style="letter-spacing:0.1pt;"> </font>fees,<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>are found to have willfully<font style="letter-spacing:0.1pt;"> </font>infringed<font style="letter-spacing:0.05pt;"> </font>a patent<font style="letter-spacing:0.05pt;"> </font>of a third<font style="letter-spacing:0.05pt;"> </font>party.<font style="letter-spacing:0.05pt;"> </font>A<font style="letter-spacing:-0.05pt;"> </font>finding<font style="letter-spacing:0.05pt;"> </font>of infringement<font style="letter-spacing:0.1pt;"> </font>could prevent<font style="letter-spacing:0.05pt;"> </font>us from commercializing<font style="letter-spacing:0.15pt;"> </font>our BIO89-100 or any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or force<font style="letter-spacing:0.05pt;"> </font>us to cease<font style="letter-spacing:0.05pt;"> </font>some of our business operations,<font style="letter-spacing:0.05pt;"> </font>which could materially<font style="letter-spacing:0.15pt;"> </font>harm<font style="letter-spacing:0.05pt;"> </font>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;">54</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU55"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may not be aware of all</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">potentially</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">relating</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to BIO89-100 or any future</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and technologies.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are not</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> aware of any facts</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would lead us to conclude</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that the valid</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and enforceable</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claims</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would reasonably</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be interpreted</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to cover our product candidates.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to pending third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">applications,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cannot predict</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with any </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certainty</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which claims</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will issue, if any, or the scope of such issued</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claims.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">believe</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claims</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are without merit,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">there</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is no assurance</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a court</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would find in our favor</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on questions</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of infringement,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">validity,</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> enforceability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or priority.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">court</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of competent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">jurisdiction</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could hold that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are valid, enforceable</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and infringed,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which could materially</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and adversely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to commercialize</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any product candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may develop </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and any other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or technologies</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">covered</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by the asserted</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party patents.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In order</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to successfully</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">challenge</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the validity</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any such U.S.</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in federal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">court,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would need to overcome</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a presumption</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of validity.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">burden is a</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> high one requiring</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us to present</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">clear</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and convincing evidence</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as to the invalidity</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any such U.S.</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claim,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">there</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is no assurance</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a court</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of competent jurisdiction</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would invalidate</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the claims</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any such U.S.</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If any such third-party</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(including</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">those that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may issue</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such applications)</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">were successfully</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">asserted</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">against</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us or other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercialization</font><font style="letter-spacing:0.2pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">partners and we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">were unable to successfully</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">challenge</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the validity</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or enforceability</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any such asserted</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">then we and </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercialization</font><font style="letter-spacing:0.2pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">partners</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may be prevented</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercializing</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our product</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or may be required</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to pay significant</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">damages,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">treble</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">damages</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and attorneys&#8217;</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fees</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are found to willfully infringe</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the asserted</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or obtain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a license</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to such patents,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which may not be available</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on commercially reasonable</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">terms,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or at all.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">were able to obtain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a license,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it could be non-exclusive,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thereby</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">giving our competitors</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and other</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">access</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the same</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technologies</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensed</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to us, and it could require</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us to make substantial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and royalty</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">payments.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the foregoing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would have a material</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on our business,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and operating</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although we<font style="letter-spacing:-0.05pt;"> </font>have reviewed<font style="letter-spacing:0.05pt;"> </font>certain<font style="letter-spacing:0.05pt;"> </font>third-party<font style="letter-spacing:0.1pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>and patent<font style="letter-spacing:0.05pt;"> </font>filings<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>believe<font style="letter-spacing:0.05pt;"> </font>may be relevant<font style="letter-spacing:0.05pt;"> </font>to our therapeutic<font style="letter-spacing:0.1pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>have not conducted<font style="letter-spacing:0.05pt;"> </font>a freedom-to-operate<font style="letter-spacing:0.2pt;"> </font>search<font style="letter-spacing:0.05pt;"> </font>or analysis for any of our therapeutic<font style="letter-spacing:0.1pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may not be aware of patents<font style="letter-spacing:0.05pt;"> </font>or pending or future<font style="letter-spacing:0.05pt;"> </font>patent applications<font style="letter-spacing:0.1pt;"> </font>that,<font style="letter-spacing:0.05pt;"> </font>if issued,<font style="letter-spacing:0.05pt;"> </font>would block us from<font style="letter-spacing:0.05pt;"> </font>commercializing<font style="letter-spacing:0.15pt;"> </font>our therapeutic<font style="letter-spacing:0.1pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products.<font style="letter-spacing:0.05pt;"> </font>Thus, we<font style="letter-spacing:-0.05pt;"> </font>cannot guarantee<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our therapeutic<font style="letter-spacing:0.1pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products,<font style="letter-spacing:0.05pt;"> </font>or our commercialization<font style="letter-spacing:0.2pt;"> </font>thereof,<font style="letter-spacing:0.05pt;"> </font>do not and will not infringe<font style="letter-spacing:0.05pt;"> </font>any third<font style="letter-spacing:0.05pt;"> </font>party&#8217;s<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may be subject<font style="letter-spacing:0.05pt;"> </font>to claims<font style="letter-spacing:0.05pt;"> </font>by third parties<font style="letter-spacing:0.05pt;"> </font>asserting<font style="letter-spacing:0.05pt;"> </font>misappropriation<font style="letter-spacing:0.1pt;"> </font>of intellectual<font style="letter-spacing:0.1pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>or claiming ownership of what<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>regard as our own<font style="letter-spacing:-0.05pt;"> </font>intellectual<font style="letter-spacing:0.1pt;"> </font>property.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although we<font style="letter-spacing:-0.05pt;"> </font>seek to ensure<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our employees<font style="letter-spacing:0.05pt;"> </font>do not use the proprietary<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>or know-how<font style="letter-spacing:-0.05pt;"> </font>of others<font style="letter-spacing:0.05pt;"> </font>in their<font style="letter-spacing:0.05pt;"> </font>work for us, we<font style="letter-spacing:-0.05pt;"> </font>may be subject<font style="letter-spacing:0.05pt;"> </font>to claims<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>or these<font style="letter-spacing:0.05pt;"> </font>employees<font style="letter-spacing:0.05pt;"> </font>have used or disclosed confidential<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>or intellectual<font style="letter-spacing:0.15pt;"> </font>property,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>trade<font style="letter-spacing:0.05pt;"> </font>secrets<font style="letter-spacing:0.05pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>proprietary<font style="letter-spacing:0.1pt;"> </font>information,<font style="letter-spacing:0.1pt;"> </font>of any such employee&#8217;s<font style="letter-spacing:0.1pt;"> </font>former<font style="letter-spacing:0.05pt;"> </font>employer,<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>have an interest<font style="letter-spacing:0.1pt;"> </font>in our patents<font style="letter-spacing:0.05pt;"> </font>as an inventor<font style="letter-spacing:0.05pt;"> </font>or co-inventor.<font style="letter-spacing:0.1pt;"> </font>Litigation<font style="letter-spacing:0.1pt;"> </font>may be necessary<font style="letter-spacing:0.05pt;"> </font>to defend against<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>claims.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>in prosecuting<font style="letter-spacing:0.05pt;"> </font>or defending any such claims,<font style="letter-spacing:0.05pt;"> </font>in addition<font style="letter-spacing:0.05pt;"> </font>to paying monetary<font style="letter-spacing:0.05pt;"> </font>damages,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may lose valuable<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>or the services<font style="letter-spacing:0.05pt;"> </font>of personnel<font style="letter-spacing:0.05pt;"> </font>or sustain<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>damages.<font style="letter-spacing:0.05pt;"> </font>Such intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>could be awarded to a third party,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>could be required<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>a license<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>such third<font style="letter-spacing:0.05pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>to commercialize<font style="letter-spacing:0.15pt;"> </font>our technology<font style="letter-spacing:0.05pt;"> </font>or products.<font style="letter-spacing:0.05pt;"> </font>Such a license<font style="letter-spacing:0.05pt;"> </font>may not be available<font style="letter-spacing:0.1pt;"> </font>on commercially<font style="letter-spacing:0.15pt;"> </font>reasonable<font style="letter-spacing:0.05pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>or at all.<font style="letter-spacing:0.05pt;"> </font>Even if we successfully<font style="letter-spacing:0.1pt;"> </font>prosecute<font style="letter-spacing:0.05pt;"> </font>or defend against<font style="letter-spacing:0.05pt;"> </font>such claims,<font style="letter-spacing:0.05pt;"> </font>litigation<font style="letter-spacing:0.1pt;"> </font>could result<font style="letter-spacing:0.05pt;"> </font>in substantial<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and distract management.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>while it is our policy<font style="letter-spacing:0.05pt;"> </font>to require<font style="letter-spacing:0.05pt;"> </font>our employees<font style="letter-spacing:0.05pt;"> </font>and contractors<font style="letter-spacing:0.1pt;"> </font>who<font style="letter-spacing:-0.05pt;"> </font>may be involved<font style="letter-spacing:0.05pt;"> </font>in the conception<font style="letter-spacing:0.05pt;"> </font>or development<font style="letter-spacing:0.05pt;"> </font>of intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>to execute<font style="letter-spacing:0.05pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>assigning<font style="letter-spacing:0.05pt;"> </font>such intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>to us, we<font style="letter-spacing:-0.05pt;"> </font>may be unsuccessful<font style="letter-spacing:0.1pt;"> </font>in executing<font style="letter-spacing:0.05pt;"> </font>such an agreement<font style="letter-spacing:0.1pt;"> </font>with each party<font style="letter-spacing:0.05pt;"> </font>who,<font style="letter-spacing:-0.05pt;"> </font>in fact,<font style="letter-spacing:0.05pt;"> </font>conceives<font style="letter-spacing:0.05pt;"> </font>or develops intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>regard<font style="letter-spacing:0.05pt;"> </font>as our own.<font style="letter-spacing:-0.05pt;"> </font>The assignment<font style="letter-spacing:0.1pt;"> </font>of intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>may not be self-executing,<font style="letter-spacing:0.05pt;"> </font>or the assignment<font style="letter-spacing:0.1pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>may be breached,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may be forced<font style="letter-spacing:0.05pt;"> </font>to bring claims<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>third parties,<font style="letter-spacing:0.05pt;"> </font>or defend claims<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>they may bring against<font style="letter-spacing:0.05pt;"> </font>us, to determine<font style="letter-spacing:0.1pt;"> </font>the ownership of what we<font style="letter-spacing:-0.05pt;"> </font>regard<font style="letter-spacing:0.05pt;"> </font>as our intellectual<font style="letter-spacing:0.15pt;"> </font>property.<font style="letter-spacing:0.05pt;"> </font>Such claims<font style="letter-spacing:0.05pt;"> </font>could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>condition, results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>inability<font style="letter-spacing:0.1pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>our confidential<font style="letter-spacing:0.1pt;"> </font>information<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>trade secrets<font style="letter-spacing:0.05pt;"> </font>would<font style="letter-spacing:-0.05pt;"> </font>harm our business and competitive<font style="letter-spacing:0.1pt;"> </font>position.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition<font style="letter-spacing:0.05pt;"> </font>to seeking<font style="letter-spacing:0.05pt;"> </font>patents<font style="letter-spacing:0.05pt;"> </font>for some of our technology<font style="letter-spacing:0.05pt;"> </font>and product<font style="letter-spacing:0.05pt;"> </font>candidates,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>also rely substantially<font style="letter-spacing:0.1pt;"> </font>on trade<font style="letter-spacing:0.05pt;"> </font>secrets,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>unpatented<font style="letter-spacing:0.05pt;"> </font>know-how,<font style="letter-spacing:-0.05pt;"> </font>technology<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>proprietary<font style="letter-spacing:0.1pt;"> </font>materials<font style="letter-spacing:0.1pt;"> </font>and information,<font style="letter-spacing:0.1pt;"> </font>to maintain<font style="letter-spacing:0.1pt;"> </font>our competitive<font style="letter-spacing:0.1pt;"> </font>position.<font style="letter-spacing:0.05pt;"> </font>We seek to protect<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>trade<font style="letter-spacing:0.05pt;"> </font>secrets,<font style="letter-spacing:0.05pt;"> </font>in part,<font style="letter-spacing:0.05pt;"> </font>by entering<font style="letter-spacing:0.05pt;"> </font>into non-disclosure<font style="letter-spacing:0.1pt;"> </font>and confidentiality<font style="letter-spacing:0.15pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>with parties<font style="letter-spacing:0.05pt;"> </font>who<font style="letter-spacing:-0.05pt;"> </font>have access<font style="letter-spacing:0.05pt;"> </font>to them,<font style="letter-spacing:0.05pt;"> </font>such as our employees, corporate<font style="letter-spacing:0.05pt;"> </font>collaborators,<font style="letter-spacing:0.1pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>scientific<font style="letter-spacing:0.1pt;"> </font>collaborators,<font style="letter-spacing:0.1pt;"> </font>contract<font style="letter-spacing:0.05pt;"> </font>manufacturers,<font style="letter-spacing:0.15pt;"> </font>consultants,<font style="letter-spacing:0.1pt;"> </font>advisors<font style="letter-spacing:0.05pt;"> </font>and other third<font style="letter-spacing:0.05pt;"> </font>parties.<font style="letter-spacing:0.05pt;"> </font>We also enter<font style="letter-spacing:0.05pt;"> </font>into confidentiality<font style="letter-spacing:0.15pt;"> </font>and invention<font style="letter-spacing:0.05pt;"> </font>or patent<font style="letter-spacing:0.05pt;"> </font>assignment<font style="letter-spacing:0.1pt;"> </font>agreements<font style="letter-spacing:0.1pt;"> </font>with our employees<font style="letter-spacing:0.05pt;"> </font>and consultants.<font style="letter-spacing:0.1pt;"> </font>However, these<font style="letter-spacing:0.05pt;"> </font>steps<font style="letter-spacing:0.05pt;"> </font>may be inadequate,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may fail<font style="letter-spacing:0.05pt;"> </font>to enter<font style="letter-spacing:0.05pt;"> </font>into agreements<font style="letter-spacing:0.1pt;"> </font>with all<font style="letter-spacing:0.05pt;"> </font>such parties<font style="letter-spacing:0.05pt;"> </font>or any of these<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may breach<font style="letter-spacing:0.05pt;"> </font>the agreements<font style="letter-spacing:0.1pt;"> </font>and disclose<font style="letter-spacing:0.05pt;"> </font>our trade<font style="letter-spacing:0.05pt;"> </font>secrets<font style="letter-spacing:0.05pt;"> </font>and there<font style="letter-spacing:0.05pt;"> </font>may be no adequate<font style="letter-spacing:0.05pt;"> </font>remedy<font style="letter-spacing:0.05pt;"> </font>available<font style="letter-spacing:0.1pt;"> </font>for such breach<font style="letter-spacing:0.05pt;"> </font>of an agreement.<font style="letter-spacing:0.1pt;"> </font>We cannot assure<font style="letter-spacing:0.05pt;"> </font>you that<font style="letter-spacing:0.05pt;"> </font>our trade<font style="letter-spacing:0.05pt;"> </font>secrets<font style="letter-spacing:0.05pt;"> </font>will not be disclosed<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>can meaningfully<font style="letter-spacing:0.1pt;"> </font>protect<font style="letter-spacing:0.05pt;"> </font>our trade<font style="letter-spacing:0.05pt;"> </font>secrets.<font style="letter-spacing:0.05pt;"> </font>Enforcing<font style="letter-spacing:0.05pt;"> </font>a claim<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>a party<font style="letter-spacing:0.05pt;"> </font>illegally disclosed<font style="letter-spacing:0.05pt;"> </font>or misappropriated<font style="letter-spacing:0.15pt;"> </font>a trade<font style="letter-spacing:0.05pt;"> </font>secret<font style="letter-spacing:0.05pt;"> </font>is difficult,<font style="letter-spacing:0.1pt;"> </font>expensive<font style="letter-spacing:0.05pt;"> </font>and time<font style="letter-spacing:0.05pt;"> </font>consuming,<font style="letter-spacing:0.05pt;"> </font>and the outcome<font style="letter-spacing:0.05pt;"> </font>is unpredictable.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>some courts<font style="letter-spacing:0.05pt;"> </font>both within and outside<font style="letter-spacing:0.05pt;"> </font>the United States<font style="letter-spacing:0.05pt;"> </font>may be less<font style="letter-spacing:0.05pt;"> </font>willing,<font style="letter-spacing:0.05pt;"> </font>or unwilling,<font style="letter-spacing:0.05pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>trade<font style="letter-spacing:0.05pt;"> </font>secrets.<font style="letter-spacing:0.05pt;"> </font>If a competitor<font style="letter-spacing:0.1pt;"> </font>lawfully<font style="letter-spacing:0.05pt;"> </font>obtained<font style="letter-spacing:0.05pt;"> </font>or independently<font style="letter-spacing:0.05pt;"> </font>developed<font style="letter-spacing:0.05pt;"> </font>any technology or information<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>protect<font style="letter-spacing:0.05pt;"> </font>as trade<font style="letter-spacing:0.05pt;"> </font>secret,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>would have no right<font style="letter-spacing:0.05pt;"> </font>to prevent<font style="letter-spacing:0.05pt;"> </font>such competitor<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>using that technology<font style="letter-spacing:0.05pt;"> </font>or information<font style="letter-spacing:0.1pt;"> </font>to compete<font style="letter-spacing:0.05pt;"> </font>with us, which could harm<font style="letter-spacing:0.05pt;"> </font>our competitive<font style="letter-spacing:0.1pt;"> </font>position.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU56"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Intellectual</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">property</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">rights</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">do not necessarily</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">address all potential</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">threats.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The degree<font style="letter-spacing:0.05pt;"> </font>of future<font style="letter-spacing:0.05pt;"> </font>protection<font style="letter-spacing:0.1pt;"> </font>afforded<font style="letter-spacing:0.05pt;"> </font>by our intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>is uncertain<font style="letter-spacing:0.05pt;"> </font>because intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>have limitations<font style="letter-spacing:0.15pt;"> </font>and may not adequately<font style="letter-spacing:0.05pt;"> </font>protect<font style="letter-spacing:0.05pt;"> </font>our business<font style="letter-spacing:0.05pt;"> </font>or permit<font style="letter-spacing:0.05pt;"> </font>us to maintain our competitive<font style="letter-spacing:0.1pt;"> </font>advantage.<font style="letter-spacing:0.05pt;"> </font>For example:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">others</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may be able to make products</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are similar</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to BIO89-100 and any future</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">product candidates</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may develop or utilize</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">similar</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">technology</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">but that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">are not covered</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">by the claims</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of the patents</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">exclusively</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">license</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">or may own in the future;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we, or our future collaborators, might not have been the first to make the inventions covered by the issued patents and pending patent applications that we exclusively license or may own in the future;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we, or our future collaborators, might not have been the first to file patent applications covering certain of our or their inventions;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our owned or exclusively licensed intellectual property rights;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">it is possible that our pending patent applications or those that we may file in the future will not result in issued patents;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">issued patents that we hold rights to may be held invalid or unenforceable, including as a result of legal challenges by our competitors;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">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 major commercial markets in which we do not have sufficient patent rights to stop such sales;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may not develop additional proprietary technologies that are patentable;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">the patents of others may be asserted against our product candidates and technologies in a manner that harms our business; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">we may choose not to file a patent application in order to maintain certain trade secrets or know-how, and a third party may subsequently file a patent covering</font><font style="letter-spacing:-0.2pt;font-family:Times New Roman;color:#000000;"> </font><font style="letter-spacing:-0.1pt;font-family:Times New Roman;color:#000000;">such</font><font style="letter-spacing:-0.2pt;font-family:Times New Roman;color:#000000;"> </font><font style="letter-spacing:-0.1pt;font-family:Times New Roman;color:#000000;">trade</font><font style="letter-spacing:-0.2pt;font-family:Times New Roman;color:#000000;"> </font><font style="letter-spacing:-0.1pt;font-family:Times New Roman;color:#000000;">secrets</font><font style="letter-spacing:-0.2pt;font-family:Times New Roman;color:#000000;"> </font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;">or</font><font style="letter-spacing:-0.2pt;font-family:Times New Roman;color:#000000;"> </font><font style="letter-spacing:-0.1pt;font-family:Times New Roman;color:#000000;">know-how.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Should any of these<font style="letter-spacing:0.05pt;"> </font>events<font style="letter-spacing:0.05pt;"> </font>occur, they could have a material<font style="letter-spacing:0.1pt;"> </font>adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our business,<font style="letter-spacing:0.05pt;"> </font>financial condition,<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If our trademarks<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>trade names are not maintained<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>adequately<font style="letter-spacing:0.05pt;"> </font>protected,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may not be able to build name recognition<font style="letter-spacing:0.05pt;"> </font>in our markets<font style="letter-spacing:0.05pt;"> </font>of interest,<font style="letter-spacing:0.05pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>our business may be adversely<font style="letter-spacing:0.05pt;"> </font>affected.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Failure<font style="letter-spacing:0.05pt;"> </font>to obtain<font style="letter-spacing:0.05pt;"> </font>trademark<font style="letter-spacing:0.1pt;"> </font>registrations<font style="letter-spacing:0.15pt;"> </font>in the future,<font style="letter-spacing:0.05pt;"> </font>could limit<font style="letter-spacing:0.1pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to protect<font style="letter-spacing:0.05pt;"> </font>and enforce<font style="letter-spacing:0.05pt;"> </font>our trademarks<font style="letter-spacing:0.1pt;"> </font>and impede<font style="letter-spacing:0.05pt;"> </font>our marketing<font style="letter-spacing:0.1pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>in the countries<font style="letter-spacing:0.05pt;"> </font>in which we<font style="letter-spacing:-0.05pt;"> </font>operate.<font style="letter-spacing:0.05pt;"> </font>We may not be able to protect our rights<font style="letter-spacing:0.05pt;"> </font>to trademarks<font style="letter-spacing:0.1pt;"> </font>and trade<font style="letter-spacing:0.05pt;"> </font>names<font style="letter-spacing:0.05pt;"> </font>which we<font style="letter-spacing:-0.05pt;"> </font>may need to build name recognition<font style="letter-spacing:0.1pt;"> </font>with potential<font style="letter-spacing:0.1pt;"> </font>partners<font style="letter-spacing:0.05pt;"> </font>or customers<font style="letter-spacing:0.1pt;"> </font>in our markets<font style="letter-spacing:0.05pt;"> </font>of interest.<font style="letter-spacing:0.1pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a means<font style="letter-spacing:0.05pt;"> </font>to enforce<font style="letter-spacing:0.05pt;"> </font>any future<font style="letter-spacing:0.05pt;"> </font>trademark<font style="letter-spacing:0.1pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>and prevent infringement,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be required<font style="letter-spacing:0.05pt;"> </font>to file<font style="letter-spacing:0.05pt;"> </font>trademark<font style="letter-spacing:0.1pt;"> </font>claims<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>or initiate<font style="letter-spacing:0.1pt;"> </font>trademark<font style="letter-spacing:0.1pt;"> </font>opposition proceedings.<font style="letter-spacing:0.05pt;"> </font>This can be expensive,<font style="letter-spacing:0.05pt;"> </font>and strain<font style="letter-spacing:0.05pt;"> </font>the financial<font style="letter-spacing:0.1pt;"> </font>resources<font style="letter-spacing:0.05pt;"> </font>of a company of our size,<font style="letter-spacing:0.05pt;"> </font>and time-consuming,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may not be successful<font style="letter-spacing:0.1pt;"> </font>in enforcing<font style="letter-spacing:0.05pt;"> </font>our trademark<font style="letter-spacing:0.1pt;"> </font>rights.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>our registered<font style="letter-spacing:0.1pt;"> </font>or unregistered<font style="letter-spacing:0.1pt;"> </font>trademarks<font style="letter-spacing:0.1pt;"> </font>or trade<font style="letter-spacing:0.05pt;"> </font>names<font style="letter-spacing:0.05pt;"> </font>may be challenged,<font style="letter-spacing:0.05pt;"> </font>infringed,<font style="letter-spacing:0.05pt;"> </font>circumvented,<font style="letter-spacing:0.1pt;"> </font>declared<font style="letter-spacing:0.05pt;"> </font>generic<font style="letter-spacing:0.05pt;"> </font>or determined<font style="letter-spacing:0.1pt;"> </font>to be infringing<font style="letter-spacing:0.1pt;"> </font>on other<font style="letter-spacing:0.05pt;"> </font>marks.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Future trademark<font style="letter-spacing:0.1pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>in the United States<font style="letter-spacing:0.05pt;"> </font>and in other<font style="letter-spacing:0.05pt;"> </font>foreign<font style="letter-spacing:0.05pt;"> </font>jurisdictions<font style="letter-spacing:0.15pt;"> </font>where we<font style="letter-spacing:-0.05pt;"> </font>may file may not be allowed or may subsequently<font style="letter-spacing:0.05pt;"> </font>be opposed. Even if these<font style="letter-spacing:0.05pt;"> </font>applications<font style="letter-spacing:0.1pt;"> </font>result<font style="letter-spacing:0.05pt;"> </font>in registration<font style="letter-spacing:0.15pt;"> </font>of trademarks,<font style="letter-spacing:0.1pt;"> </font>third<font style="letter-spacing:0.05pt;"> </font>parties<font style="letter-spacing:0.05pt;"> </font>may challenge<font style="letter-spacing:0.05pt;"> </font>our use or registration<font style="letter-spacing:0.15pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>trademarks<font style="letter-spacing:0.1pt;"> </font>in the future.<font style="letter-spacing:0.05pt;"> </font>Over the long term,<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>are unable to establish<font style="letter-spacing:0.1pt;"> </font>name recognition<font style="letter-spacing:0.1pt;"> </font>based on our trademarks<font style="letter-spacing:0.1pt;"> </font>and trade<font style="letter-spacing:0.05pt;"> </font>names,<font style="letter-spacing:0.05pt;"> </font>then we<font style="letter-spacing:-0.05pt;"> </font>may not be able to compete<font style="letter-spacing:0.05pt;"> </font>effectively<font style="letter-spacing:0.1pt;"> </font>and our business<font style="letter-spacing:0.05pt;"> </font>may be adversely<font style="letter-spacing:0.05pt;"> </font>affected.</p>
<p style="margin-top:18pt;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;">Risks Related to Ownership of Our Common Stock</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">The<font style="letter-spacing:-0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of our common stock may be volatile,<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>you may lose all or part of your investment.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The market<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock could fluctuate<font style="letter-spacing:0.1pt;"> </font>significantly,<font style="letter-spacing:0.15pt;"> </font>and you may not be able to resell your shares<font style="letter-spacing:0.05pt;"> </font>at or above the price you paid for your shares.<font style="letter-spacing:0.05pt;"> </font>Those fluctuations<font style="letter-spacing:0.1pt;"> </font>could be based on various<font style="letter-spacing:0.05pt;"> </font>factors<font style="letter-spacing:0.05pt;"> </font>in addition<font style="letter-spacing:0.05pt;"> </font>to those otherwise<font style="letter-spacing:0.05pt;"> </font>described<font style="letter-spacing:0.05pt;"> </font>in this<font style="letter-spacing:0.05pt;"> </font>prospectus,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>those described<font style="letter-spacing:0.05pt;"> </font>in these<font style="letter-spacing:0.05pt;"> </font>&#8220;Risk Factors.&#8221;<font style="letter-spacing:0.05pt;"> </font>Any<font style="letter-spacing:-0.05pt;"> </font>of these factors<font style="letter-spacing:0.05pt;"> </font>may result<font style="letter-spacing:0.05pt;"> </font>in large<font style="letter-spacing:0.05pt;"> </font>and sudden changes in the volume<font style="letter-spacing:0.05pt;"> </font>and trading<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock. In the past, following<font style="letter-spacing:0.05pt;"> </font>periods<font style="letter-spacing:0.05pt;"> </font>of volatility<font style="letter-spacing:0.1pt;"> </font>in the market<font style="letter-spacing:0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>of a company&#8217;s<font style="letter-spacing:0.05pt;"> </font>securities,<font style="letter-spacing:0.1pt;"> </font>stockholders<font style="letter-spacing:0.1pt;"> </font>have often<font style="letter-spacing:0.05pt;"> </font>instituted securities<font style="letter-spacing:0.1pt;"> </font>class<font style="letter-spacing:0.05pt;"> </font>action<font style="letter-spacing:0.05pt;"> </font>litigation<font style="letter-spacing:0.1pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>company. If we<font style="letter-spacing:-0.05pt;"> </font>were involved<font style="letter-spacing:0.05pt;"> </font>in a class<font style="letter-spacing:0.05pt;"> </font>action<font style="letter-spacing:0.05pt;"> </font>suit,<font style="letter-spacing:0.05pt;"> </font>it could divert the attention<font style="letter-spacing:0.1pt;"> </font>of management,<font style="letter-spacing:0.1pt;"> </font>result<font style="letter-spacing:0.05pt;"> </font>in negative<font style="letter-spacing:0.05pt;"> </font>press<font style="letter-spacing:0.05pt;"> </font>reports<font style="letter-spacing:0.05pt;"> </font>and, if adversely<font style="letter-spacing:0.05pt;"> </font>determined,<font style="letter-spacing:0.1pt;"> </font>have a material adverse<font style="letter-spacing:0.05pt;"> </font>effect<font style="letter-spacing:0.05pt;"> </font>on our results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>condition.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU57"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the stock market,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in general,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and the stocks</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of many small</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and biotechnology companies,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in particular,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have experienced</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">extreme</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and volume</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fluctuations</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have often</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">been unrelated or disproportionate</font><font style="letter-spacing:0.15pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the operating</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">performance</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of these</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">companies.</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Broad market</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and industry</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">factors</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may negatively</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affect</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the market</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our common</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">stock, regardless</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our actual</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">operating</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">performance.</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Further, a decline</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the broader</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</font><font style="letter-spacing:0.1pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">markets</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and related</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">factors</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">beyond our control</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may cause the price</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our common</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">stock to decline</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rapidly</font><font style="letter-spacing:0.05pt;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and unexpectedly.</font></p>
<p style="margin-top:18pt;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;">Sales of our common stock, or the perception that such sales may occur, could depress the price of our common stock. </p>
<p style="margin-top:6pt;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;">Sales of a substantial number of shares of our common stock in the public market, or the perception that such sales may occur, could depress the market price of our common stock. Holders of an aggregate of 7,077,366 shares of our common stock have rights, subject to certain 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. In addition, we have filed a registration statement registering under the Securities Act the shares of our common stock reserved for issuance under our 2019 Equity Incentive Plan, including shares issuable upon exercise of outstanding options. These shares can be freely sold in the public market upon issuance, subject to volume limitations applicable to affiliates. Further, as opportunities present themselves, we may enter into financing or similar arrangements in the future, including the issuance of debt or equity securities. If we issue common stock or securities convertible into our common stock, our common stockholders would experience additional dilution and, as a result, the price of our common stock may decline. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Raising additional<font style="letter-spacing:0.05pt;"> </font>capital<font style="letter-spacing:0.05pt;"> </font>may cause dilution<font style="letter-spacing:0.05pt;"> </font>to existing stockholders,<font style="letter-spacing:0.05pt;"> </font>restrict<font style="letter-spacing:0.1pt;"> </font>our operations<font style="letter-spacing:0.05pt;"> </font>or require<font style="letter-spacing:0.05pt;"> </font>us to relinquish<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to our technologies.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Existing stockholders<font style="letter-spacing:0.05pt;"> </font>could suffer<font style="letter-spacing:0.05pt;"> </font>dilution<font style="letter-spacing:0.05pt;"> </font>or be negatively<font style="letter-spacing:0.05pt;"> </font>affected<font style="letter-spacing:0.1pt;"> </font>by fixed payment<font style="letter-spacing:0.05pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur<font style="letter-spacing:0.05pt;"> </font>if we<font style="letter-spacing:-0.05pt;"> </font>raise<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>funds through the issuance<font style="letter-spacing:0.05pt;"> </font>of additional<font style="letter-spacing:0.1pt;"> </font>equity securities<font style="letter-spacing:0.1pt;"> </font>or debt or the Loan Agreement. Furthermore,<font style="letter-spacing:1.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>securities<font style="letter-spacing:0.1pt;"> </font>may have rights<font style="letter-spacing:0.05pt;"> </font>senior<font style="letter-spacing:0.05pt;"> </font>to those of our common<font style="letter-spacing:0.05pt;"> </font>stock and could contain<font style="letter-spacing:0.05pt;"> </font>covenants<font style="letter-spacing:0.05pt;"> </font>or protective rights<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>would restrict<font style="letter-spacing:0.1pt;"> </font>our operations<font style="letter-spacing:0.05pt;"> </font>and potentially<font style="letter-spacing:0.1pt;"> </font>impair<font style="letter-spacing:0.05pt;"> </font>our competitiveness,<font style="letter-spacing:0.15pt;"> </font>such as limitations<font style="letter-spacing:0.15pt;"> </font>on our ability<font style="letter-spacing:0.05pt;"> </font>to incur<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>debt, limitations<font style="letter-spacing:0.15pt;"> </font>on our ability<font style="letter-spacing:0.05pt;"> </font>to acquire,<font style="letter-spacing:0.05pt;"> </font>sell<font style="letter-spacing:0.05pt;"> </font>or license<font style="letter-spacing:0.05pt;"> </font>intellectual<font style="letter-spacing:0.15pt;"> </font>property<font style="letter-spacing:0.05pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>restrictions<font style="letter-spacing:0.15pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>could adversely<font style="letter-spacing:0.05pt;"> </font>impact<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to conduct our business.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>need to secure additional<font style="letter-spacing:0.1pt;"> </font>financing,<font style="letter-spacing:0.05pt;"> </font>such additional<font style="letter-spacing:0.1pt;"> </font>fundraising<font style="letter-spacing:0.1pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>may divert<font style="letter-spacing:0.05pt;"> </font>our management<font style="letter-spacing:0.1pt;"> </font>and research<font style="letter-spacing:0.05pt;"> </font>efforts<font style="letter-spacing:0.1pt;"> </font>from our day-to-day<font style="letter-spacing:0.05pt;"> </font>activities,<font style="letter-spacing:0.1pt;"> </font>which may adversely<font style="letter-spacing:0.05pt;"> </font>affect<font style="letter-spacing:0.05pt;"> </font>our ability<font style="letter-spacing:0.05pt;"> </font>to develop and commercialize<font style="letter-spacing:0.15pt;"> </font>BIO89-100 and any future<font style="letter-spacing:0.05pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">To<font style="letter-spacing:-0.05pt;"> </font>the extent<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>obtain<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>funding through product<font style="letter-spacing:0.05pt;"> </font>collaborations,<font style="letter-spacing:0.1pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>arrangements<font style="letter-spacing:0.1pt;"> </font>would generally<font style="letter-spacing:0.05pt;"> </font>require<font style="letter-spacing:0.05pt;"> </font>us to relinquish<font style="letter-spacing:0.1pt;"> </font>rights<font style="letter-spacing:0.05pt;"> </font>to some of our technologies,<font style="letter-spacing:0.1pt;"> </font>product<font style="letter-spacing:0.05pt;"> </font>candidates<font style="letter-spacing:0.05pt;"> </font>or products,<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may not be able to enter<font style="letter-spacing:0.05pt;"> </font>into such agreements,<font style="letter-spacing:0.1pt;"> </font>on acceptable<font style="letter-spacing:0.1pt;"> </font>terms,<font style="letter-spacing:0.05pt;"> </font>if at all.<font style="letter-spacing:0.05pt;"> </font>If we<font style="letter-spacing:-0.05pt;"> </font>are unable to obtain<font style="letter-spacing:0.05pt;"> </font>additional funding on a timely<font style="letter-spacing:0.05pt;"> </font>basis,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may be required<font style="letter-spacing:0.05pt;"> </font>to curtail<font style="letter-spacing:0.1pt;"> </font>or terminate<font style="letter-spacing:0.1pt;"> </font>some or all<font style="letter-spacing:0.05pt;"> </font>of our development<font style="letter-spacing:0.05pt;"> </font>programs<font style="letter-spacing:0.05pt;"> </font>or product<font style="letter-spacing:0.05pt;"> </font>candidates.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>directors,<font style="letter-spacing:0.05pt;"> </font>executive<font style="letter-spacing:0.05pt;"> </font>officers<font style="letter-spacing:0.1pt;"> </font>and<font style="letter-spacing:-0.05pt;"> </font>current holders of 5% or more of our capital<font style="letter-spacing:0.05pt;"> </font>stock have substantial<font style="letter-spacing:0.05pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over our company,<font style="letter-spacing:0.05pt;"> </font>which<font style="letter-spacing:-0.05pt;"> </font>could limit<font style="letter-spacing:0.1pt;"> </font>your ability<font style="letter-spacing:0.05pt;"> </font>to influence<font style="letter-spacing:0.05pt;"> </font>the outcome<font style="letter-spacing:0.05pt;"> </font>of matters<font style="letter-spacing:0.05pt;"> </font>subject<font style="letter-spacing:0.05pt;"> </font>to stockholder<font style="letter-spacing:0.05pt;"> </font>approval, including a change of control.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;letter-spacing:0.05pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of March 31, 2020, our executive officers, directors and other holders of 5% or more of our common stock beneficially owned a majority of our outstanding common stock. As<font style="letter-spacing:-0.05pt;"> </font>a result, our executive officers,<font style="letter-spacing:0.1pt;"> </font>directors<font style="letter-spacing:0.1pt;"> </font>and other holders of 5% or more of our common stock, if they act, will be able to influence or control matters<font style="letter-spacing:0.1pt;"> </font>requiring approval by our stockholders,<font style="letter-spacing:0.1pt;"> </font>including the election of directors<font style="letter-spacing:0.1pt;"> </font>and the approval of mergers, acquisitions<font style="letter-spacing:0.1pt;"> </font>or other extraordinary<font style="letter-spacing:0.1pt;"> </font>transactions.<font style="letter-spacing:0.1pt;"> </font>In addition, our current directors,<font style="letter-spacing:0.1pt;"> </font>executive officers<font style="letter-spacing:0.1pt;"> </font>and other holders of 5% or more of our common stock, acting together, would have the ability to control the management<font style="letter-spacing:0.1pt;"> </font>and affairs<font style="letter-spacing:0.1pt;"> </font>of our company. They may also have interests<font style="letter-spacing:0.1pt;"> </font>that differ from yours and may vote in a way<font style="letter-spacing:-0.05pt;"> </font>with which you disagree and that may be adverse to your interests.<font style="letter-spacing:0.1pt;"> </font>This concentration<font style="letter-spacing:0.1pt;"> </font>of ownership may have the effect of delaying, preventing or deterring<font style="letter-spacing:0.1pt;"> </font>a change of control of our company, could deprive our stockholders<font style="letter-spacing:0.1pt;"> </font>of an opportunity to receive a premium for their shares of our common stock as part of a sale of our company and could affect the market price of our common stock.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If securities<font style="letter-spacing:0.1pt;"> </font>or industry<font style="letter-spacing:0.05pt;"> </font>analysts<font style="letter-spacing:0.05pt;"> </font>do not publish research,<font style="letter-spacing:0.05pt;"> </font>or publish inaccurate<font style="letter-spacing:0.05pt;"> </font>or unfavorable<font style="letter-spacing:0.05pt;"> </font>research,<font style="letter-spacing:0.05pt;"> </font>about our stock or business, the price<font style="letter-spacing:0.05pt;"> </font>of our common stock and<font style="letter-spacing:-0.05pt;"> </font>trading volume<font style="letter-spacing:0.05pt;"> </font>could decline.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The trading<font style="letter-spacing:0.05pt;"> </font>market<font style="letter-spacing:0.05pt;"> </font>for our common<font style="letter-spacing:0.05pt;"> </font>stock depends, in part,<font style="letter-spacing:0.05pt;"> </font>on the research<font style="letter-spacing:0.05pt;"> </font>and reports<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>securities or industry<font style="letter-spacing:0.05pt;"> </font>analysts<font style="letter-spacing:0.05pt;"> </font>publish<font style="letter-spacing:0.05pt;"> </font>about us or our business. If one or more<font style="letter-spacing:0.05pt;"> </font>of the analysts<font style="letter-spacing:0.05pt;"> </font>who cover us downgrade our stock or publish<font style="letter-spacing:0.05pt;"> </font>inaccurate<font style="letter-spacing:0.1pt;"> </font>or unfavorable<font style="letter-spacing:0.05pt;"> </font>research<font style="letter-spacing:0.05pt;"> </font>about our business,<font style="letter-spacing:0.05pt;"> </font>demand for our common<font style="letter-spacing:0.05pt;"> </font>stock could decrease<font style="letter-spacing:0.05pt;"> </font>and the price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock could decline.<font style="letter-spacing:0.05pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>if our operating results<font style="letter-spacing:0.05pt;"> </font>fail<font style="letter-spacing:0.05pt;"> </font>to meet<font style="letter-spacing:0.05pt;"> </font>the forecast<font style="letter-spacing:0.1pt;"> </font>of analysts,<font style="letter-spacing:0.05pt;"> </font>the price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock would likely<font style="letter-spacing:0.05pt;"> </font>decline.<font style="letter-spacing:0.05pt;"> </font>If one or more<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>analysts<font style="letter-spacing:0.05pt;"> </font>cease<font style="letter-spacing:0.05pt;"> </font>coverage<font style="letter-spacing:0.05pt;"> </font>of our company or fail<font style="letter-spacing:0.05pt;"> </font>to publish<font style="letter-spacing:0.05pt;"> </font>reports<font style="letter-spacing:0.05pt;"> </font>on us regularly,<font style="letter-spacing:0.1pt;"> </font>demand for our stock could decrease,<font style="letter-spacing:0.05pt;"> </font>which might<font style="letter-spacing:0.05pt;"> </font>cause the price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock and trading<font style="letter-spacing:0.05pt;"> </font>volume<font style="letter-spacing:0.05pt;"> </font>to decline.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU58"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We have </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">identified</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">material</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">weaknesses in our internal</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">control</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">over financial</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">reporting. If our remediation of the material weaknesses is not effective, or if we experience additional material weaknesses or otherwise fail to maintain</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">an</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">effective</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">system</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of interna</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">l</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">controls in the future, we</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may not be </font><font style="letter-spacing:-0.1pt;">able</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> to produce timely and accurate financial</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">statements, and we or our independent registered public accounting firm may conclude that our internal control over financial reporting is not effective,</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">which</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could adve</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">rsely</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">affect</font><font style="letter-spacing:0.05pt;"> our </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">investors&#8217;</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">confidence and our stock price.</font><font style="font-weight:normal;"> </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prior to our initial public offering in November 2019, we were a private company and were not required to test our internal controls on a systematic basis. As an emerging growth company under the JOBS Act, our management will be required to report upon the effectiveness of our internal control over financial reporting under Section<font style="letter-spacing:0.05pt;"> </font>404 of the Sarbanes-Oxley<font style="letter-spacing:0.05pt;"> </font>Act beginning with our Annual Report on Form 10-K for the year ending December 31, 2020. Our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal control over financial reporting until the date we are no longer an emerging growth company and reach accelerated filer status.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective<font style="letter-spacing:0.1pt;"> </font>internal<font style="letter-spacing:0.1pt;"> </font>controls<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>are necessary<font style="letter-spacing:0.05pt;"> </font>for us to provide<font style="letter-spacing:0.05pt;"> </font>reliable<font style="letter-spacing:0.1pt;"> </font>financial information<font style="letter-spacing:0.1pt;"> </font>and, together<font style="letter-spacing:0.05pt;"> </font>with adequate<font style="letter-spacing:0.05pt;"> </font>disclosure<font style="letter-spacing:0.1pt;"> </font>controls<font style="letter-spacing:0.05pt;"> </font>and procedures,<font style="letter-spacing:0.05pt;"> </font>are designed<font style="letter-spacing:0.05pt;"> </font>to prevent<font style="letter-spacing:0.05pt;"> </font>fraud.<font style="letter-spacing:0.05pt;"> </font>Any failure<font style="letter-spacing:0.1pt;"> </font>to implement<font style="letter-spacing:0.1pt;"> </font>required<font style="letter-spacing:0.05pt;"> </font>new<font style="letter-spacing:-0.05pt;"> </font>or improved<font style="letter-spacing:0.05pt;"> </font>controls,<font style="letter-spacing:0.05pt;"> </font>or difficulties<font style="letter-spacing:0.15pt;"> </font>encountered<font style="letter-spacing:0.05pt;"> </font>in their<font style="letter-spacing:0.05pt;"> </font>implementation, could cause us to fail<font style="letter-spacing:0.05pt;"> </font>to meet<font style="letter-spacing:0.05pt;"> </font>our reporting<font style="letter-spacing:0.05pt;"> </font>obligations.<font style="letter-spacing:0.1pt;"> </font>In addition,<font style="letter-spacing:0.05pt;"> </font>any testing<font style="letter-spacing:0.05pt;"> </font>by us conducted<font style="letter-spacing:0.05pt;"> </font>in connection with Section<font style="letter-spacing:0.05pt;"> </font>404, or any subsequent<font style="letter-spacing:0.05pt;"> </font>testing<font style="letter-spacing:0.05pt;"> </font>by our independent<font style="letter-spacing:0.05pt;"> </font>registered<font style="letter-spacing:0.1pt;"> </font>public<font style="letter-spacing:0.05pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>firm,<font style="letter-spacing:0.05pt;"> </font>may reveal<font style="letter-spacing:0.05pt;"> </font>deficiencies<font style="letter-spacing:0.1pt;"> </font>in our internal<font style="letter-spacing:0.1pt;"> </font>controls<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are deemed<font style="letter-spacing:0.05pt;"> </font>to be material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>may require prospective<font style="letter-spacing:0.1pt;"> </font>or retroactive<font style="letter-spacing:0.1pt;"> </font>changes to our consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>or identify<font style="letter-spacing:0.05pt;"> </font>other<font style="letter-spacing:0.05pt;"> </font>areas<font style="letter-spacing:0.05pt;"> </font>for further attention<font style="letter-spacing:0.1pt;"> </font>or improvement.<font style="letter-spacing:0.1pt;"> </font>A<font style="letter-spacing:-0.05pt;"> </font>material<font style="letter-spacing:0.1pt;"> </font>weakness is a deficiency,<font style="letter-spacing:0.1pt;"> </font>or a combination<font style="letter-spacing:0.1pt;"> </font>of deficiencies,<font style="letter-spacing:0.1pt;"> </font>in internal control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting,<font style="letter-spacing:0.05pt;"> </font>such that<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>is a reasonable<font style="letter-spacing:0.05pt;"> </font>possibility<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>a material<font style="letter-spacing:0.1pt;"> </font>misstatement<font style="letter-spacing:0.15pt;"> </font>of our annual or interim<font style="letter-spacing:0.1pt;"> </font>consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>will not be prevented<font style="letter-spacing:0.05pt;"> </font>or detected<font style="letter-spacing:0.05pt;"> </font>on a timely<font style="letter-spacing:0.05pt;"> </font>basis.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection<font style="letter-spacing:0.05pt;"> </font>with our financial<font style="letter-spacing:0.1pt;"> </font>statement<font style="letter-spacing:0.1pt;"> </font>close<font style="letter-spacing:0.05pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>for 2018, we<font style="letter-spacing:-0.05pt;"> </font>identified<font style="letter-spacing:0.1pt;"> </font>material<font style="letter-spacing:0.1pt;"> </font>weaknesses in the design and operating<font style="letter-spacing:0.05pt;"> </font>effectiveness<font style="letter-spacing:0.15pt;"> </font>of our internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>related<font style="letter-spacing:0.05pt;"> </font>to the following:</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">We did not have an internal</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">finance</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">department.</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">Consequently,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">we</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">lacked</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">sufficient</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">personnel</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with an appropriate</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">level</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of knowledge and requisite</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">U.S.</font><font style="letter-spacing:-0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">generally</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">accepted</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">accounting</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">principles expertise</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to identify,</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">evaluate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and account</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">for complex</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and non-routine</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">transaction</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and an adequate supervisory</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">review structure</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">is needed to comply</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">with financial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">reporting</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">requirements.</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">We did not have an adequate</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">assessment</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of risks</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">that</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">could significantly</font><font style="letter-spacing:0.15pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">impact</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">internal</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">control over financial</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">reporting</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">and did not effectively</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">design and monitor controls</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">in response</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">to the risks</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">of material misstatement.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have implemented and are in the process of implementing measures designed to improve our disclosure controls and procedures and internal control over financial reporting to address the underlying causes of these material weaknesses, including the implementation<font style="letter-spacing:0.15pt;"> </font>of appropriate segregation<font style="letter-spacing:0.1pt;"> </font>of duties,<font style="letter-spacing:0.05pt;"> </font>formalization<font style="letter-spacing:0.15pt;"> </font>of accounting<font style="letter-spacing:0.05pt;"> </font>policies<font style="letter-spacing:0.05pt;"> </font>and controls, implementation of accounting systems to automate manual processes, formalization of our hiring practices,<font style="letter-spacing:0.05pt;"> </font>hiring<font style="letter-spacing:0.05pt;"> </font>of our Chief Financial<font style="letter-spacing:0.05pt;"> </font>Officer, principal accounting officer<font style="letter-spacing:0.05pt;"> </font>and additional<font style="letter-spacing:0.1pt;"> </font>qualified<font style="letter-spacing:0.1pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>and finance<font style="letter-spacing:0.05pt;"> </font>personnel, recruitment of a new audit committee chair and financial expert (following the resignation of Tomer Kariv, our audit committee chair and financial expert, from our board of directors in December 2019)<font style="letter-spacing:0.05pt;"> </font>and engagement<font style="letter-spacing:0.05pt;"> </font>of financial<font style="letter-spacing:0.1pt;"> </font>consultants<font style="letter-spacing:0.1pt;"> </font>to enable<font style="letter-spacing:0.05pt;"> </font>the implementation<font style="letter-spacing:0.15pt;"> </font>of internal<font style="letter-spacing:0.1pt;"> </font>controls<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting.<font style="letter-spacing:0.05pt;"> </font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our remediation efforts are ongoing. While we believe that these efforts have improved and will continue to improve our internal control over financial reporting, remediation of the material weaknesses will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles. We<font style="letter-spacing:-0.05pt;"> </font>cannot assure<font style="letter-spacing:0.05pt;"> </font>you that these<font style="letter-spacing:0.05pt;"> </font>measures<font style="letter-spacing:0.05pt;"> </font>will significantly<font style="letter-spacing:0.15pt;"> </font>improve<font style="letter-spacing:0.05pt;"> </font>or remediate<font style="letter-spacing:0.1pt;"> </font>the material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>described<font style="letter-spacing:0.05pt;"> </font>above. We, and our independent<font style="letter-spacing:0.05pt;"> </font>registered<font style="letter-spacing:0.1pt;"> </font>public<font style="letter-spacing:0.05pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>firm, were not required<font style="letter-spacing:0.05pt;"> </font>to perform<font style="letter-spacing:0.05pt;"> </font>an evaluation<font style="letter-spacing:0.05pt;"> </font>of our internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>as of December<font style="letter-spacing:0.05pt;"> </font>31, 2019 in accordance<font style="letter-spacing:0.05pt;"> </font>with the provisions<font style="letter-spacing:0.05pt;"> </font>of the Sarbanes-Oxley<font style="letter-spacing:0.05pt;"> </font>Act. Accordingly,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot assure<font style="letter-spacing:0.05pt;"> </font>you that<font style="letter-spacing:0.05pt;"> </font>we have identified<font style="letter-spacing:0.1pt;"> </font>all<font style="letter-spacing:0.05pt;"> </font>material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>will not be additional<font style="letter-spacing:0.1pt;"> </font>material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>or deficiencies that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will identify.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are required<font style="letter-spacing:0.05pt;"> </font>to comply<font style="letter-spacing:0.05pt;"> </font>with Section<font style="letter-spacing:0.05pt;"> </font>404, which requires management<font style="letter-spacing:0.1pt;"> </font>to certify<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>information<font style="letter-spacing:0.1pt;"> </font>in our quarterly<font style="letter-spacing:0.1pt;"> </font>and annual reports<font style="letter-spacing:0.05pt;"> </font>and provide<font style="letter-spacing:0.05pt;"> </font>an annual management<font style="letter-spacing:0.1pt;"> </font>report<font style="letter-spacing:0.05pt;"> </font>on the effectiveness<font style="letter-spacing:0.15pt;"> </font>of our internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>commencing<font style="letter-spacing:0.05pt;"> </font>with our second annual report.<font style="letter-spacing:0.05pt;"> </font>To<font style="letter-spacing:-0.05pt;"> </font>achieve<font style="letter-spacing:0.05pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>with Section<font style="letter-spacing:0.05pt;"> </font>404 we<font style="letter-spacing:-0.05pt;"> </font>will need to continue<font style="letter-spacing:0.05pt;"> </font>to dedicate<font style="letter-spacing:0.05pt;"> </font>internal<font style="letter-spacing:0.1pt;"> </font>resources,<font style="letter-spacing:0.05pt;"> </font>outside<font style="letter-spacing:0.05pt;"> </font>consultants<font style="letter-spacing:0.1pt;"> </font>and continue<font style="letter-spacing:0.05pt;"> </font>to execute<font style="letter-spacing:0.05pt;"> </font>a detailed<font style="letter-spacing:0.05pt;"> </font>work plan to assess and document<font style="letter-spacing:0.05pt;"> </font>the adequacy of internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting,<font style="letter-spacing:0.05pt;"> </font>continue<font style="letter-spacing:0.05pt;"> </font>steps<font style="letter-spacing:0.05pt;"> </font>to improve<font style="letter-spacing:0.05pt;"> </font>control processes,<font style="letter-spacing:0.05pt;"> </font>as appropriate,<font style="letter-spacing:0.1pt;"> </font>validate<font style="letter-spacing:0.05pt;"> </font>through testing<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>controls<font style="letter-spacing:0.05pt;"> </font>are functioning<font style="letter-spacing:0.05pt;"> </font>as documented<font style="letter-spacing:0.05pt;"> </font>and implement<font style="letter-spacing:0.1pt;"> </font>a continuous<font style="letter-spacing:0.05pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>and improvement<font style="letter-spacing:0.1pt;"> </font>process<font style="letter-spacing:0.05pt;"> </font>for internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting.<font style="letter-spacing:0.05pt;"> </font>Despite<font style="letter-spacing:0.05pt;"> </font>our efforts, there<font style="letter-spacing:0.05pt;"> </font>is a risk<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>will not be able to conclude,<font style="letter-spacing:0.05pt;"> </font>within the prescribed<font style="letter-spacing:0.1pt;"> </font>timeframe<font style="letter-spacing:0.15pt;"> </font>or at all,<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>our internal control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>is effective<font style="letter-spacing:0.1pt;"> </font>as required<font style="letter-spacing:0.05pt;"> </font>by Section<font style="letter-spacing:0.05pt;"> </font>404 and material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>may still<font style="letter-spacing:0.05pt;"> </font>exist.<font style="letter-spacing:1.05pt;"> </font>We also cannot assure<font style="letter-spacing:0.05pt;"> </font>you that<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>will not be additional<font style="letter-spacing:0.1pt;"> </font>material<font style="letter-spacing:0.1pt;"> </font>weaknesses<font style="letter-spacing:0.05pt;"> </font>or significant<font style="letter-spacing:0.1pt;"> </font>deficiencies<font style="letter-spacing:0.1pt;"> </font>in our internal<font style="letter-spacing:0.1pt;"> </font>controls<font style="letter-spacing:0.05pt;"> </font>in the future.<font style="letter-spacing:0.05pt;"> </font>In the event that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are not able to successfully<font style="letter-spacing:0.1pt;"> </font>remediate<font style="letter-spacing:0.1pt;"> </font>the existing<font style="letter-spacing:0.05pt;"> </font>material weaknesses<font style="letter-spacing:0.05pt;"> </font>in our internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>or demonstrate<font style="letter-spacing:0.1pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>with the Sarbanes-Oxley Act, that<font style="letter-spacing:0.05pt;"> </font>our internal<font style="letter-spacing:0.1pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>over financial<font style="letter-spacing:0.1pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>is perceived<font style="letter-spacing:0.05pt;"> </font>as inadequate<font style="letter-spacing:0.05pt;"> </font>or that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are unable to produce timely<font style="letter-spacing:0.05pt;"> </font>or accurate<font style="letter-spacing:0.05pt;"> </font>consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements,<font style="letter-spacing:0.1pt;"> </font>investors<font style="letter-spacing:0.05pt;"> </font>may lose confidence<font style="letter-spacing:0.05pt;"> </font>in our operating<font style="letter-spacing:0.05pt;"> </font>results, our stock price could decline<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may not be able to remain<font style="letter-spacing:0.05pt;"> </font>listed<font style="letter-spacing:0.05pt;"> </font>on The Nasdaq Global Market.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU59"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We have and will continue to incur increased</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">costs</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">as a result</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of operating</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">as a public company, and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our management</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">will devote substantial</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">time</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to new</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">compliance</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">initiatives.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>a public<font style="letter-spacing:0.05pt;"> </font>company, we<font style="letter-spacing:-0.05pt;"> have and </font>will continue to incur<font style="letter-spacing:0.05pt;"> </font>significant<font style="letter-spacing:0.1pt;"> </font>legal,<font style="letter-spacing:0.05pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>did not incur<font style="letter-spacing:0.05pt;"> </font>as a private<font style="letter-spacing:0.05pt;"> </font>company, and these<font style="letter-spacing:0.05pt;"> </font>expenses<font style="letter-spacing:0.05pt;"> </font>may increase<font style="letter-spacing:0.05pt;"> </font>even more<font style="letter-spacing:0.05pt;"> </font>after<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are no longer<font style="letter-spacing:0.05pt;"> </font>an emerging growth company.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a public<font style="letter-spacing:0.05pt;"> </font>company, we<font style="letter-spacing:-0.05pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to the reporting<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>of the Exchange Act, the Sarbanes-Oxley<font style="letter-spacing:0.05pt;"> </font>Act, the Dodd-Frank Wall<font style="letter-spacing:0.05pt;"> </font>Street<font style="letter-spacing:0.05pt;"> </font>Reform<font style="letter-spacing:0.05pt;"> </font>and Protection<font style="letter-spacing:0.05pt;"> </font>Act, as well as rules<font style="letter-spacing:0.05pt;"> </font>adopted, and to be adopted, by the SEC<font style="letter-spacing:-0.05pt;"> </font>and Nasdaq. Our management<font style="letter-spacing:0.1pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>personnel<font style="letter-spacing:0.05pt;"> </font>will need to devote a substantial amount<font style="letter-spacing:0.05pt;"> </font>of time<font style="letter-spacing:0.05pt;"> </font>to these<font style="letter-spacing:0.05pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>initiatives.<font style="letter-spacing:0.15pt;"> </font>Moreover,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>rules<font style="letter-spacing:0.05pt;"> </font>and regulations<font style="letter-spacing:0.1pt;"> </font>to substantially increase<font style="letter-spacing:0.05pt;"> </font>our legal<font style="letter-spacing:0.05pt;"> </font>and financial<font style="letter-spacing:0.1pt;"> </font>compliance<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>and to make some activities<font style="letter-spacing:0.1pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>time-consuming<font style="letter-spacing:0.15pt;"> </font>and costly.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The increased<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>will increase<font style="letter-spacing:0.05pt;"> </font>our net loss. For example,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>expect<font style="letter-spacing:0.05pt;"> </font>these<font style="letter-spacing:0.05pt;"> </font>rules<font style="letter-spacing:0.05pt;"> </font>and regulations<font style="letter-spacing:0.1pt;"> </font>to make it more<font style="letter-spacing:0.05pt;"> </font>difficult<font style="letter-spacing:0.1pt;"> </font>and more<font style="letter-spacing:0.05pt;"> </font>expensive<font style="letter-spacing:0.05pt;"> </font>for us to obtain<font style="letter-spacing:0.05pt;"> </font>director<font style="letter-spacing:0.1pt;"> </font>and officer<font style="letter-spacing:0.1pt;"> </font>liability<font style="letter-spacing:0.1pt;"> </font>insurance<font style="letter-spacing:0.05pt;"> </font>and we<font style="letter-spacing:-0.05pt;"> </font>may be forced to accept<font style="letter-spacing:0.05pt;"> </font>reduced<font style="letter-spacing:0.05pt;"> </font>policy<font style="letter-spacing:0.05pt;"> </font>limits<font style="letter-spacing:0.1pt;"> </font>or incur<font style="letter-spacing:0.05pt;"> </font>substantially<font style="letter-spacing:0.1pt;"> </font>higher<font style="letter-spacing:0.05pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>to maintain<font style="letter-spacing:0.1pt;"> </font>the same<font style="letter-spacing:0.05pt;"> </font>or similar<font style="letter-spacing:0.1pt;"> </font>coverage.<font style="letter-spacing:0.05pt;"> </font>We cannot predict<font style="letter-spacing:0.05pt;"> </font>or estimate<font style="letter-spacing:0.1pt;"> </font>the amount<font style="letter-spacing:0.05pt;"> </font>or timing<font style="letter-spacing:0.05pt;"> </font>of additional<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur<font style="letter-spacing:0.05pt;"> </font>to respond to these requirements.<font style="letter-spacing:0.1pt;"> </font>The impact<font style="letter-spacing:0.05pt;"> </font>of these<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>could also make it more<font style="letter-spacing:0.05pt;"> </font>difficult<font style="letter-spacing:0.1pt;"> </font>for us to attract<font style="letter-spacing:0.1pt;"> </font>and retain qualified<font style="letter-spacing:0.1pt;"> </font>persons<font style="letter-spacing:0.05pt;"> </font>to serve<font style="letter-spacing:0.05pt;"> </font>on our board of directors,<font style="letter-spacing:0.1pt;"> </font>our board committees<font style="letter-spacing:0.1pt;"> </font>or as executive<font style="letter-spacing:0.05pt;"> </font>officers.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We are an<font style="letter-spacing:-0.05pt;"> </font>emerging<font style="letter-spacing:0.05pt;"> </font>growth company, as defined<font style="letter-spacing:0.05pt;"> </font>in the Securities<font style="letter-spacing:0.05pt;"> </font>Act, and<font style="letter-spacing:-0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>cannot be certain<font style="letter-spacing:0.05pt;"> </font>if the reduced disclosure<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>applicable<font style="letter-spacing:0.05pt;"> </font>to emerging<font style="letter-spacing:0.05pt;"> </font>growth companies<font style="letter-spacing:0.05pt;"> </font>will make our common stock less<font style="letter-spacing:0.05pt;"> </font>attractive to investors.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are an emerging<font style="letter-spacing:0.05pt;"> </font>growth company, as defined<font style="letter-spacing:0.05pt;"> </font>in Section<font style="letter-spacing:0.05pt;"> </font>2(a)<font style="letter-spacing:0.05pt;"> </font>of the Securities<font style="letter-spacing:0.1pt;"> </font>Act, as modified<font style="letter-spacing:0.05pt;"> </font>by the JOBS<font style="letter-spacing:-0.05pt;"> </font>Act, and we<font style="letter-spacing:-0.05pt;"> </font>may take advantage<font style="letter-spacing:0.05pt;"> </font>of certain<font style="letter-spacing:0.05pt;"> </font>exemptions<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>various<font style="letter-spacing:0.05pt;"> </font>reporting<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are applicable<font style="letter-spacing:0.1pt;"> </font>to other<font style="letter-spacing:0.05pt;"> </font>public<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are not emerging<font style="letter-spacing:0.05pt;"> </font>growth companies,<font style="letter-spacing:0.05pt;"> </font>including<font style="letter-spacing:0.05pt;"> </font>relief<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the auditor attestation<font style="letter-spacing:0.1pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>of Section<font style="letter-spacing:0.05pt;"> </font>404 less<font style="letter-spacing:0.05pt;"> </font>extensive<font style="letter-spacing:0.05pt;"> </font>disclosure<font style="letter-spacing:0.1pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>regarding<font style="letter-spacing:0.05pt;"> </font>executive<font style="letter-spacing:0.05pt;"> </font>compensation<font style="letter-spacing:0.1pt;"> </font>in our registration<font style="letter-spacing:0.15pt;"> </font>statements,<font style="letter-spacing:0.1pt;"> </font>periodic<font style="letter-spacing:0.05pt;"> </font>reports<font style="letter-spacing:0.05pt;"> </font>and proxy statements,<font style="letter-spacing:0.1pt;"> </font>exemptions<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>the requirements<font style="letter-spacing:0.1pt;"> </font>to hold a nonbinding advisory<font style="letter-spacing:0.05pt;"> </font>vote on executive<font style="letter-spacing:0.05pt;"> </font>compensation,<font style="letter-spacing:0.1pt;"> </font>and exemptions<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>stockholder<font style="letter-spacing:0.05pt;"> </font>approval<font style="letter-spacing:0.05pt;"> </font>of any golden parachute<font style="letter-spacing:0.05pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>not previously<font style="letter-spacing:0.05pt;"> </font>approved. As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>our stockholders<font style="letter-spacing:0.1pt;"> </font>may not have access<font style="letter-spacing:0.05pt;"> </font>to certain information<font style="letter-spacing:0.1pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>they may deem important.<font style="letter-spacing:0.1pt;"> </font>We could be an emerging<font style="letter-spacing:0.05pt;"> </font>growth company for up to five<font style="letter-spacing:0.05pt;"> </font>years, although<font style="letter-spacing:0.05pt;"> </font>circumstances<font style="letter-spacing:0.15pt;"> </font>could cause us to lose that<font style="letter-spacing:0.05pt;"> </font>status<font style="letter-spacing:0.05pt;"> </font>earlier.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<font style="letter-spacing:0.05pt;"> </font>the JOBS<font style="letter-spacing:-0.05pt;"> </font>Act also provides<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>an emerging<font style="letter-spacing:0.05pt;"> </font>growth company can take advantage<font style="letter-spacing:0.05pt;"> </font>of the extended<font style="letter-spacing:0.05pt;"> </font>transition<font style="letter-spacing:0.1pt;"> </font>period<font style="letter-spacing:0.05pt;"> </font>provided<font style="letter-spacing:0.05pt;"> </font>in the Securities<font style="letter-spacing:0.1pt;"> </font>Act for complying<font style="letter-spacing:0.05pt;"> </font>with new<font style="letter-spacing:-0.05pt;"> </font>or revised<font style="letter-spacing:0.05pt;"> </font>accounting standards.<font style="letter-spacing:0.05pt;"> </font>An<font style="letter-spacing:-0.05pt;"> </font>emerging<font style="letter-spacing:0.05pt;"> </font>growth company can therefore<font style="letter-spacing:0.1pt;"> </font>delay the adoption<font style="letter-spacing:0.05pt;"> </font>of certain<font style="letter-spacing:0.05pt;"> </font>accounting<font style="letter-spacing:0.05pt;"> </font>standards<font style="letter-spacing:0.05pt;"> </font>until those standards<font style="letter-spacing:0.05pt;"> </font>would otherwise<font style="letter-spacing:0.05pt;"> </font>apply to private<font style="letter-spacing:0.05pt;"> </font>companies.<font style="letter-spacing:0.05pt;"> </font>We have elected<font style="letter-spacing:0.05pt;"> </font>to avail<font style="letter-spacing:0.05pt;"> </font>ourselves<font style="letter-spacing:0.05pt;"> </font>of this exemption<font style="letter-spacing:0.05pt;"> </font>and, as a result,<font style="letter-spacing:0.05pt;"> </font>will not be subject<font style="letter-spacing:0.05pt;"> </font>to the same<font style="letter-spacing:0.05pt;"> </font>implementation<font style="letter-spacing:0.15pt;"> </font>timing<font style="letter-spacing:0.05pt;"> </font>for new<font style="letter-spacing:-0.05pt;"> </font>or revised<font style="letter-spacing:0.05pt;"> </font>accounting standards<font style="letter-spacing:0.05pt;"> </font>as for other<font style="letter-spacing:0.05pt;"> </font>public<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>are not emerging<font style="letter-spacing:0.05pt;"> </font>growth companies,<font style="letter-spacing:0.05pt;"> </font>which may make comparison of our consolidated<font style="letter-spacing:0.1pt;"> </font>financial<font style="letter-spacing:0.1pt;"> </font>statements<font style="letter-spacing:0.1pt;"> </font>to those of other<font style="letter-spacing:0.05pt;"> </font>public<font style="letter-spacing:0.05pt;"> </font>companies<font style="letter-spacing:0.05pt;"> </font>more<font style="letter-spacing:0.05pt;"> </font>difficult.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We cannot predict<font style="letter-spacing:0.05pt;"> </font>if investors<font style="letter-spacing:0.05pt;"> </font>will find our common<font style="letter-spacing:0.05pt;"> </font>stock less<font style="letter-spacing:0.05pt;"> </font>attractive<font style="letter-spacing:0.1pt;"> </font>because<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may rely<font style="letter-spacing:0.05pt;"> </font>on these exemptions.<font style="letter-spacing:0.05pt;"> </font>If some investors<font style="letter-spacing:0.05pt;"> </font>find our common<font style="letter-spacing:0.05pt;"> </font>stock less<font style="letter-spacing:0.05pt;"> </font>attractive<font style="letter-spacing:0.1pt;"> </font>as a result,<font style="letter-spacing:0.05pt;"> </font>there<font style="letter-spacing:0.05pt;"> </font>may be a less<font style="letter-spacing:0.05pt;"> </font>active<font style="letter-spacing:0.05pt;"> </font>trading market<font style="letter-spacing:0.05pt;"> </font>for our common<font style="letter-spacing:0.05pt;"> </font>stock and the price<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock may be more<font style="letter-spacing:0.05pt;"> </font>volatile.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Because we<font style="letter-spacing:-0.05pt;"> </font>do not expect<font style="letter-spacing:0.05pt;"> </font>to pay dividends<font style="letter-spacing:0.05pt;"> </font>in the foreseeable<font style="letter-spacing:0.1pt;"> </font>future, you must rely<font style="letter-spacing:0.05pt;"> </font>on<font style="letter-spacing:-0.05pt;"> </font>price<font style="letter-spacing:0.05pt;"> </font>appreciation<font style="letter-spacing:0.05pt;"> </font>of our common stock for return on<font style="letter-spacing:-0.05pt;"> </font>your investment.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We intend<font style="letter-spacing:0.05pt;"> </font>to retain<font style="letter-spacing:0.05pt;"> </font>most,<font style="letter-spacing:0.05pt;"> </font>if not all,<font style="letter-spacing:0.05pt;"> </font>of our available<font style="letter-spacing:0.1pt;"> </font>funds and earnings<font style="letter-spacing:0.05pt;"> </font>to fund the development<font style="letter-spacing:0.05pt;"> </font>and growth of our business.<font style="letter-spacing:0.05pt;"> </font>As<font style="letter-spacing:-0.05pt;"> </font>a result,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>do not expect<font style="letter-spacing:0.05pt;"> </font>to pay any cash dividends<font style="letter-spacing:0.05pt;"> </font>in the foreseeable<font style="letter-spacing:0.1pt;"> </font>future. In addition, the terms of our Loan Agreement with Silicon Valley Bank restrict our ability to pay dividends to limited circumstances. As a result, investors in our common stock may only receive a return if the market price of our common stock increases.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Therefore,<font style="letter-spacing:0.05pt;"> </font>you should not rely<font style="letter-spacing:0.05pt;"> </font>on an investment<font style="letter-spacing:0.1pt;"> </font>in our common<font style="letter-spacing:0.05pt;"> </font>stock as a source<font style="letter-spacing:0.05pt;"> </font>for any future<font style="letter-spacing:0.05pt;"> </font>dividend income.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our board of directors<font style="letter-spacing:0.1pt;"> </font>has significant<font style="letter-spacing:0.1pt;"> </font>discretion<font style="letter-spacing:0.1pt;"> </font>as to whether to distribute<font style="letter-spacing:0.1pt;"> </font>dividends<font style="letter-spacing:0.05pt;"> </font>and in what amounts, subject to the restrictions in the Loan Agreement.<font style="letter-spacing:0.05pt;"> </font>Even if our board of directors<font style="letter-spacing:0.1pt;"> </font>decides<font style="letter-spacing:0.05pt;"> </font>to declare<font style="letter-spacing:0.05pt;"> </font>and pay dividends,<font style="letter-spacing:0.05pt;"> </font>the timing,<font style="letter-spacing:0.05pt;"> amount </font>and form<font style="letter-spacing:0.05pt;"> </font>of future<font style="letter-spacing:0.05pt;"> </font>dividends,<font style="letter-spacing:0.05pt;"> </font>if any, will depend on, among other<font style="letter-spacing:0.05pt;"> </font>matters,<font style="letter-spacing:0.1pt;"> </font>our future<font style="letter-spacing:0.05pt;"> </font>results<font style="letter-spacing:0.05pt;"> </font>of operations<font style="letter-spacing:0.05pt;"> </font>and cash flow, our capital<font style="letter-spacing:0.05pt;"> </font>requirements<font style="letter-spacing:0.1pt;"> </font>and surplus,<font style="letter-spacing:0.05pt;"> </font>the amount<font style="letter-spacing:0.05pt;"> </font>of distributions,<font style="letter-spacing:0.1pt;"> </font>if any, received<font style="letter-spacing:0.05pt;"> </font>by us from<font style="letter-spacing:0.05pt;"> </font>our subsidiaries,<font style="letter-spacing:0.1pt;"> </font>our financial<font style="letter-spacing:0.1pt;"> </font>condition,<font style="letter-spacing:0.05pt;"> </font>contractual<font style="letter-spacing:0.1pt;"> </font>restrictions<font style="letter-spacing:0.15pt;"> </font>and other<font style="letter-spacing:0.05pt;"> </font>factors<font style="letter-spacing:0.05pt;"> </font>deemed<font style="letter-spacing:0.05pt;"> </font>relevant<font style="letter-spacing:0.05pt;"> </font>by our board of directors.</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU60"></a><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">amended and restated certificate of incorporation,</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">amended and restated bylaws and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Delaware law could prevent</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">a third party from</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">acquiring us (even if an</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">a</font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">cquisition</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">would</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">benefit</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our stockholders),</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may limit</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the ability</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of our stockholders to replace</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our management</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</font><font style="letter-spacing:-0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">limit</font><font style="letter-spacing:0.1pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the price</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">that investors</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">might</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">be willing</font><font style="letter-spacing:0.05pt;"> </font><font style="font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to pay for shares of our common stock.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our amended and restated certificate of incorporation<font style="letter-spacing:0.1pt;"> </font>and our amended and restated bylaws could have the effect<font style="letter-spacing:0.05pt;"> </font>of making<font style="letter-spacing:0.05pt;"> </font>it more<font style="letter-spacing:0.05pt;"> </font>difficult<font style="letter-spacing:0.1pt;"> </font>for a third<font style="letter-spacing:0.05pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>to acquire,<font style="letter-spacing:0.05pt;"> </font>or of discouraging<font style="letter-spacing:0.05pt;"> </font>a third<font style="letter-spacing:0.05pt;"> </font>party<font style="letter-spacing:0.05pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>attempting<font style="letter-spacing:0.1pt;"> </font>to acquire,<font style="letter-spacing:0.05pt;"> </font>control<font style="letter-spacing:0.05pt;"> </font>of us. These provisions<font style="letter-spacing:0.05pt;"> </font>could delay or prevent<font style="letter-spacing:0.05pt;"> </font>a change in control<font style="letter-spacing:0.05pt;"> </font>of the company and could limit<font style="letter-spacing:0.1pt;"> </font>the price<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>investors might<font style="letter-spacing:0.05pt;"> </font>be willing<font style="letter-spacing:0.05pt;"> </font>to pay in the future<font style="letter-spacing:0.05pt;"> </font>for shares<font style="letter-spacing:0.05pt;"> </font>of our common<font style="letter-spacing:0.05pt;"> </font>stock. These provisions,<font style="letter-spacing:0.05pt;"> </font>among other<font style="letter-spacing:0.05pt;"> </font>things.</p>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">establish a staggered board of directors divided into three classes serving staggered three-year terms, such that not all members of the board will be elected at one time;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">authorize our board of directors to issue new series of preferred stock without stockholder approval and create, subject to applicable law, a series of preferred stock with preferential rights to dividends or our assets upon liquidation, or with superior voting rights to our existing common stock;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">eliminate the ability of our stockholders to call special meetings of stockholders;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">eliminate the ability of our stockholders to fill vacancies on our board of directors;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">establish advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at our annual stockholder meetings;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">permit our board of directors to establish the number of directors;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">provide that our board of directors is expressly authorized to make, alter or repeal our amended and restated bylaws;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">provide that shareholders can remove directors only for cause and only upon the approval of not less than 66<sup style="font-size:85%;line-height:120%;vertical-align:top">2/3</sup> of all outstanding shares of our voting stock;</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">require the approval of not less than </font><font style="letter-spacing:0.25pt;font-family:Times New Roman;color:#000000;">66</font><font style="font-family:Times New Roman;color:#000000;"><sup style="font-size:85%;line-height:120%;vertical-align:top">2/3</sup> of all outstanding shares of our voting stock to amend our bylaws and specific provisions of our certificate of incorporation; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#231F20;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:6pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="font-family:Times New Roman;color:#000000;">limit the jurisdictions in which certain</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">stockholder</font><font style="letter-spacing:0.05pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">litigation</font><font style="letter-spacing:0.1pt;font-family:Times New Roman;color:#000000;"> </font><font style="font-family:Times New Roman;color:#000000;">may be brought.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<font style="letter-spacing:-0.05pt;"> </font>a Delaware corporation,<font style="letter-spacing:0.1pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>are subject<font style="letter-spacing:0.05pt;"> </font>to the anti-takeover<font style="letter-spacing:0.1pt;"> </font>provisions<font style="letter-spacing:0.05pt;"> </font>of Section<font style="letter-spacing:0.05pt;"> </font>203 of the Delaware General<font style="letter-spacing:0.05pt;"> </font>Corporation<font style="letter-spacing:0.05pt;"> </font>Law,<font style="letter-spacing:-0.05pt;"> </font>which prohibits<font style="letter-spacing:0.05pt;"> </font>a Delaware corporation<font style="letter-spacing:0.1pt;"> </font>from<font style="letter-spacing:0.05pt;"> </font>engaging in a business combination<font style="letter-spacing:0.1pt;"> </font>specified<font style="letter-spacing:0.1pt;"> </font>in the statute<font style="letter-spacing:0.05pt;"> </font>with an interested<font style="letter-spacing:0.1pt;"> </font>stockholder<font style="letter-spacing:0.05pt;"> </font>(as defined<font style="letter-spacing:0.05pt;"> </font>in the statute)<font style="letter-spacing:0.1pt;"> </font>for a period<font style="letter-spacing:0.05pt;"> </font>of three years<font style="letter-spacing:0.05pt;"> </font>after<font style="letter-spacing:0.05pt;"> </font>the date of the transaction<font style="letter-spacing:0.1pt;"> </font>in which the person first<font style="letter-spacing:0.05pt;"> </font>becomes<font style="letter-spacing:0.05pt;"> </font>an interested<font style="letter-spacing:0.1pt;"> </font>stockholder,<font style="letter-spacing:0.05pt;"> </font>unless<font style="letter-spacing:0.05pt;"> </font>the business<font style="letter-spacing:0.05pt;"> </font>combination<font style="letter-spacing:0.1pt;"> </font>is approved in advance by a majority<font style="letter-spacing:0.1pt;"> </font>of the independent<font style="letter-spacing:0.05pt;"> </font>directors<font style="letter-spacing:0.1pt;"> </font>or by the holders<font style="letter-spacing:0.05pt;"> </font>of at least<font style="letter-spacing:0.05pt;"> </font>two-thirds<font style="letter-spacing:0.05pt;"> </font>of the outstanding<font style="letter-spacing:0.05pt;"> </font>disinterested<font style="letter-spacing:0.15pt;"> </font>shares.<font style="letter-spacing:0.05pt;"> </font>The application<font style="letter-spacing:0.1pt;"> </font>of Section<font style="letter-spacing:0.05pt;"> </font>203 of the Delaware General Corporation<font style="letter-spacing:0.05pt;"> </font>Law<font style="letter-spacing:-0.05pt;"> </font>could also have the effect<font style="letter-spacing:0.05pt;"> </font>of delaying<font style="letter-spacing:0.05pt;"> </font>or preventing<font style="letter-spacing:0.05pt;"> </font>a change of control<font style="letter-spacing:0.05pt;"> </font>of us.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<font style="letter-spacing:-0.05pt;"> </font>amended and restated certificate of incorporation provides<font style="letter-spacing:0.05pt;"> </font>that the Court of Chancery of the State of Delaware and<font style="letter-spacing:-0.05pt;"> </font>the federal<font style="letter-spacing:0.05pt;"> </font>district<font style="letter-spacing:0.1pt;"> </font>courts of the United States<font style="letter-spacing:0.05pt;"> </font>will be the exclusive<font style="letter-spacing:0.05pt;"> </font>forum for substantially<font style="letter-spacing:0.1pt;"> </font>all disputes<font style="letter-spacing:0.05pt;"> </font>between us and<font style="letter-spacing:-0.05pt;"> </font>our stockholders,<font style="letter-spacing:0.05pt;"> </font>which<font style="letter-spacing:-0.05pt;"> </font>could limit<font style="letter-spacing:0.1pt;"> </font>our stockholders&#8217;<font style="letter-spacing:0.1pt;"> </font>ability<font style="letter-spacing:0.05pt;"> </font>to obtain a favorable<font style="letter-spacing:0.05pt;"> </font>judicial<font style="letter-spacing:0.05pt;"> </font>forum for disputes<font style="letter-spacing:0.05pt;"> </font>with us or our directors,<font style="letter-spacing:0.05pt;"> </font>officers<font style="letter-spacing:0.1pt;"> </font>or employees.</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our amended and restated certificate of incorporation<font style="letter-spacing:0.1pt;"> </font>provides<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the Court of Chancery of the State<font style="letter-spacing:0.05pt;"> </font>of Delaware is the exclusive<font style="letter-spacing:0.05pt;"> </font>forum<font style="letter-spacing:0.05pt;"> </font>for the following<font style="letter-spacing:0.05pt;"> </font>types of actions<font style="letter-spacing:0.05pt;"> </font>or proceedings<font style="letter-spacing:0.05pt;"> </font>under Delaware statutory<font style="letter-spacing:0.1pt;"> </font>or common<font style="letter-spacing:0.05pt;"> </font>law: any derivative<font style="letter-spacing:0.1pt;"> </font>action<font style="letter-spacing:0.05pt;"> </font>or proceeding<font style="letter-spacing:0.05pt;"> </font>brought on our behalf;<font style="letter-spacing:0.05pt;"> </font>any action asserting<font style="letter-spacing:0.1pt;"> </font>a breach<font style="letter-spacing:0.05pt;"> </font>of a fiduciary<font style="letter-spacing:0.1pt;"> </font>duty; any action<font style="letter-spacing:0.05pt;"> </font>asserting<font style="letter-spacing:0.1pt;"> </font>a claim<font style="letter-spacing:0.05pt;"> </font>against<font style="letter-spacing:0.05pt;"> </font>us arising<font style="letter-spacing:0.05pt;"> </font>pursuant<font style="letter-spacing:0.05pt;"> </font>to the Delaware General<font style="letter-spacing:0.05pt;"> </font>Corporation<font style="letter-spacing:0.05pt;"> </font>Law,<font style="letter-spacing:-0.05pt;"> </font>our amended and restated certificate of incorporation<font style="letter-spacing:0.1pt;"> </font>or our amended and restated bylaws; or any action<font style="letter-spacing:0.05pt;"> </font>asserting<font style="letter-spacing:0.1pt;"> </font>a claim against<font style="letter-spacing:0.05pt;"> </font>us that<font style="letter-spacing:0.05pt;"> </font>is governed by the Delaware internal<font style="letter-spacing:0.1pt;"> </font>affairs<font style="letter-spacing:0.1pt;"> </font>doctrine.<font style="letter-spacing:0.05pt;"> </font>This provision<font style="letter-spacing:0.05pt;"> </font>would not apply to claims brought to enforce<font style="letter-spacing:0.05pt;"> </font>a duty or liability<font style="letter-spacing:0.1pt;"> </font>created<font style="letter-spacing:0.05pt;"> </font>by the Exchange Act or any other<font style="letter-spacing:0.05pt;"> </font>claim<font style="letter-spacing:0.05pt;"> </font>for which the federal<font style="letter-spacing:0.05pt;"> </font>courts have exclusive<font style="letter-spacing:0.05pt;"> </font>jurisdiction.<font style="letter-spacing:0.1pt;"> </font>Our amended and restated certificate of incorporation<font style="letter-spacing:0.1pt;"> </font>provides further<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>the federal<font style="letter-spacing:0.05pt;"> </font>district<font style="letter-spacing:0.1pt;"> </font>courts<font style="letter-spacing:0.05pt;"> </font>of the United States<font style="letter-spacing:0.05pt;"> </font>will be the exclusive<font style="letter-spacing:0.05pt;"> </font>forum<font style="letter-spacing:0.05pt;"> </font>for resolving<font style="letter-spacing:0.05pt;"> </font>any complaint<font style="letter-spacing:0.1pt;"> </font>asserting<font style="letter-spacing:0.1pt;"> </font>a cause of action<font style="letter-spacing:0.05pt;"> </font>arising<font style="letter-spacing:0.05pt;"> </font>under the Securities<font style="letter-spacing:0.1pt;"> </font>Act.<font style="letter-spacing:0.05pt;"> </font>These choice<font style="letter-spacing:0.05pt;"> </font>of forum<font style="letter-spacing:0.05pt;"> </font>provisions<font style="letter-spacing:0.05pt;"> </font>may limit<font style="letter-spacing:0.1pt;"> </font>a stockholder&#8217;s ability<font style="letter-spacing:0.05pt;"> </font>to bring a claim<font style="letter-spacing:0.05pt;"> </font>in a judicial<font style="letter-spacing:0.1pt;"> </font>forum<font style="letter-spacing:0.05pt;"> </font>that<font style="letter-spacing:0.05pt;"> </font>it finds<font style="letter-spacing:0.05pt;"> </font>favorable<font style="letter-spacing:0.05pt;"> </font>for disputes<font style="letter-spacing:0.05pt;"> </font>with us or our directors,<font style="letter-spacing:0.1pt;"> </font>officers<font style="letter-spacing:0.1pt;"> </font>or other<font style="letter-spacing:0.05pt;"> </font>employees.<font style="letter-spacing:0.05pt;"> </font>If a court<font style="letter-spacing:0.05pt;"> </font>were to find the choice<font style="letter-spacing:0.05pt;"> </font>of forum<font style="letter-spacing:0.05pt;"> </font>provision<font style="letter-spacing:0.05pt;"> </font>contained<font style="letter-spacing:0.05pt;"> </font>in our amended and restated certificate of incorporation<font style="letter-spacing:0.1pt;"> </font>to be inapplicable<font style="letter-spacing:0.1pt;"> </font>or unenforceable<font style="letter-spacing:0.1pt;"> </font>in an action,<font style="letter-spacing:0.05pt;"> </font>we<font style="letter-spacing:-0.05pt;"> </font>may incur<font style="letter-spacing:0.05pt;"> </font>additional<font style="letter-spacing:0.1pt;"> </font>costs<font style="letter-spacing:0.05pt;"> </font>associated<font style="letter-spacing:0.1pt;"> </font>with resolving<font style="letter-spacing:0.05pt;"> </font>such action<font style="letter-spacing:0.05pt;"> </font>in other<font style="letter-spacing:0.05pt;"> </font>jurisdictions,<font style="letter-spacing:0.15pt;"> </font>which could harm<font style="letter-spacing:0.05pt;"> </font>our business.<font style="letter-spacing:0.05pt;"> </font>For example,<font style="letter-spacing:0.05pt;"> </font>under the Securities<font style="letter-spacing:0.1pt;"> </font>Act, federal courts<font style="letter-spacing:0.05pt;"> </font>have concurrent<font style="letter-spacing:0.05pt;"> </font>jurisdiction<font style="letter-spacing:0.1pt;"> </font>over all<font style="letter-spacing:0.05pt;"> </font>suits<font style="letter-spacing:0.05pt;"> </font>brought to enforce<font style="letter-spacing:0.05pt;"> </font>any duty or liability<font style="letter-spacing:0.1pt;"> </font>created<font style="letter-spacing:0.05pt;"> </font>by the Securities Act, and investors<font style="letter-spacing:0.05pt;"> </font>cannot waive compliance<font style="letter-spacing:0.1pt;"> </font>with the federal<font style="letter-spacing:0.05pt;"> </font>securities<font style="letter-spacing:0.1pt;"> </font>laws and the rules<font style="letter-spacing:0.05pt;"> </font>and regulations thereunder<font style="color:#231F20;">.</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:18pt;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;"><a name="_AEIOULastRenderedPageBreakAEIOU61"></a><a name="ITEM_2_UNREGISTERED_SALES_EQUITY_SECURIT"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Item 2.</font><font style="font-weight:normal;"> </font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="ITEM_2_UNREGISTERED_SALES_EQUITY_SECURIT"></a>Unregistered Sales of Equity </font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Securities and Use of Proceeds.</font></p>
<p style="margin-top:6pt;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;">On November 13, 2019, we completed our initial public offering (&#8220;IPO&#8221;), pursuant to which we issued and sold an aggregate of 6,100,390 shares of common stock at the IPO price of $16.00 per share. The aggregate gross proceeds from our IPO were $97.6 million, and the net proceeds were $87.7 million after deducting underwriting discounts and commissions of $6.8 million and other offering expenses of $3.1 million. The offer and sale of the shares of common stock in the IPO were registered pursuant to registration statements on Form S-1 (File Nos. 333-234174 and 333-234617), which the SEC declared effective on November&#160;8, 2019. No offering expenses were paid directly or indirectly to any of our directors or officers (or their associates) or persons owning 10% or more of any class of our equity securities or to any other affiliates. The underwriters for our IPO were BofA Securities, Inc., SVB Leerink LLC, RBC Capital Markets, LLC, and Oppenheimer &amp; Co. Inc.</p>
<p style="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;">The net proceeds from our IPO have been used and will be used, together with our cash and cash equivalents to complete our ongoing POC Phase 1b/2a clinical trial and initiate our subsequent Phase 2b clinical trial of BIO89-100 in patients with NASH, fund our Phase 2 trial of BIO89-100 in patients with SHTG as well as evaluate potential new indications for BIO89-100, and BIO89-100 manufacturing and scale up, with the balance to be used to fund working capital and other general corporate purposes, which may include licensing, acquiring or investing in complementary businesses, technologies, products or assets, the acquisition or licensing of other products, businesses or technologies.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-weight:normal;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">There has been no material change in the intended use of proceeds from our IPO as described in our final prospectus filed with the SEC pursuant to Rule 424(b)(4) on November 12, 2019.</p>
<p style="margin-top:18pt;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;"><a name="ITEM_3_DEFAULTS_UPON_SENIOR_SECURITIES"></a><a name="ITEM_3_DEFAULTS_UPON_SENIOR_SECURITIES"></a>Item 3. Defaults Upon Senior Securities. </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">None.<font style="color:#000000;"> </font></p>
<p style="margin-top:18pt;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;"><a name="ITEM_4_MINE_SAFETY_DISCLOSURES"></a><a name="ITEM_4_MINE_SAFETY_DISCLOSURES"></a>Item 4. Mine Safety Disclosures.</p>
<p style="margin-top:6pt;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;">Not applicable.</p>
<p style="margin-top:18pt;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;"><a name="ITEM_5_OR_INFORMATION"></a><a name="ITEM_5_OR_INFORMATION"></a>Item 5. Other Information.</p>
<p style="margin-top:6pt;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="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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="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;"><a name="_AEIOULastRenderedPageBreakAEIOU62"></a><a name="ITEM_6_EXHIBITS"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="ITEM_6_EXHIBITS"></a>Item 6. E</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">xhib</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">its.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<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;">&nbsp;</p></td>
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<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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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">&#160;&#160;2.1</font></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;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:91.22%;">
<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/0001785173/000119312519266760/d743471dex21.htm"><font style="text-decoration:underline;">Contribution and Exchange Agreement, dated as of September 17, 2019, by and among 89Bio Ltd., the Company and its shareholders (filed with the SEC as Exhibit 2.1 to the Company&#8217;s Form S-1 filed on October 11, 2019)</font></a><font style="text-decoration:underline;">.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">&#160;&#160;3.1</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#FF0000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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="http://www.sec.gov/Archives/edgar/data/0001785173/000119312519292680/d829788dex31.htm"><font style="text-decoration:underline;">Second Amended and Restated Certificate of Incorporation (filed with the SEC as Exhibit 3.1 to the Company&#8217;s Form 8-K filed on November 15, 2019)</font></a><font style="text-decoration:underline;">.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;">&#160;&#160;3.2 </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;">&nbsp;</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="http://www.sec.gov/Archives/edgar/data/0001785173/000119312519292680/d829788dex32.htm"><font style="text-decoration:underline;">Second Amended and Restated Bylaws (filed with the SEC as Exhibit 3.2 to the Company&#8217;s Form 8-K filed on November 15, 2019)</font></a><font style="text-decoration:underline;">.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;">&#160;&#160;4.1</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;">&nbsp;</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="http://www.sec.gov/Archives/edgar/data/0001785173/000119312519275407/d743471dex41.htm"><font style="text-decoration:underline;">Specimen common stock certificate of the registrant (filed with the SEC as Exhibit 4.1 to the Company&#8217;s Form S-1/A filed on October 28, 2019)</font></a><font style="text-decoration:underline;">.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;">&#160;&#160;4.2</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;">&nbsp;</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="http://www.sec.gov/Archives/edgar/data/0001785173/000119312519266760/d743471dex42.htm"><font style="text-decoration:underline;">Investors&#8217; Rights Agreement, dated as of September 17, 2019, by and among the Company and certain of its shareholders (filed with the SEC as Exhibit 4.2 to the Company&#8217;s Form S-1 filed on October 11, 2019)</font></a><font style="text-decoration:underline;">.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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;">&nbsp;</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="http://www.sec.gov/Archives/edgar/data/1785173/000119312520104858/d912211dex41.htm"><font style="text-decoration:underline;">Form of Warrant to Purchase Common Stock for Silicon Valley Bank (filed with SEC as Exhibit 4.1 to the Company&#8217;s Form 8-K filed on April 13, 2020).</font></a><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4pt;;text-indent:-4pt;;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;">&nbsp;</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="http://www.sec.gov/Archives/edgar/data/1785173/000119312520104858/d912211dex101.htm"><font style="text-decoration:underline;">Loan and Security Agreement, dated as of April 7, 2020, among Silicon Valley Bank, the Lenders party thereto, 89bio, Inc., 89bio Management, Inc. and 89Bio Ltd. (filed with the SEC as Exhibit 10.1 to the Company&#8217;s Form 8-K filed on April 13, 2020).</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;">10.2*+</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;">&nbsp;</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="etnb-ex102_184.htm"><font style="text-decoration:underline;">Non-Employee Director Compensation Policy.</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">31.1*</font></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;">&nbsp;</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="etnb-ex311_8.htm"><font 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.</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">31.2*</font></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;">&nbsp;</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="etnb-ex312_7.htm"><font 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.</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">32#</font></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;">&nbsp;</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="etnb-ex32_6.htm"><font style="text-decoration:underline;">Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350.</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">101.INS</font></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;">&nbsp;</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;">XBRL Instance Document</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">101.SCH</font></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;">&nbsp;</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;">XBRL Taxonomy Extension Schema Document</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">101.CAL</font></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;">&nbsp;</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;">XBRL Taxonomy Extension Calculation Linkbase Document</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">101.DEF</font></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;">&nbsp;</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;">XBRL Taxonomy Extension Definition Linkbase Document</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">101.LAB</font></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;">&nbsp;</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;">XBRL Taxonomy Extension Label Linkbase Document</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:6pt;">&nbsp;</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;"><font style="Background-color:#FFFFFF;">101.PRE</font></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;">&nbsp;</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;">XBRL Taxonomy Extension Presentation Linkbase 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;">&nbsp;</p>
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<p style="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-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;">Indicates management contract or compensatory plan.</p></td></tr></table></div>
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<p style="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;"><font style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">#</font></p></td>
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<p style="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;">Furnished herewith and not deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.</p></td></tr></table></div>
<p style="margin-top:2pt;margin-bottom:0pt;margin-left:4.54%;text-indent:-4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;"><a name="_AEIOULastRenderedPageBreakAEIOU63"></a><a name="SIGNATURES"></a><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="SIGNATURES"></a>SIGNA</font><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">TURES</font></p>
<p style="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;">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>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style="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;">89bio, 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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:48.88%; 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;">Date: May 13, 2020</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;">&nbsp;</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"  BGCOLOR="#FFFFFF" style="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;Rohan Palekar</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rohan Palekar</p></td>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:48.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight: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;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.04%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:48.88%; 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;">Date: May 13, 2020</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;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:3.04%; 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;">By:</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;Ryan Martins</p></td>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:48.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ryan Martins</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;">Chief Financial Officer</p></td>
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<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:48.88%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">(principal financial and accounting officer)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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</a></p></body>
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<FILENAME>etnb-ex102_184.htm
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">NON-EMPLOYEE DIRECTOR COMPENSATION POLICY </font></p>
<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The purpose of this Non-Employee Director Compensation Policy (the &#8220;<font style="text-decoration:underline;">Policy</font>&#8221;) of 89bio, Inc. (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), is to provide a compensation package that enables the Company to attract and retain high-caliber directors and aligns their interests with the interests of the Company&#8217;s stockholders. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="font-weight:normal;margin-left:36pt;"></font>E<font style="font-size:7.5pt;">LIGIBILITY</font> </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Policy applies to all members of the Company&#8217;s Board of Directors (the &#8220;<font style="text-decoration:underline;">Board</font>&#8221;) who are not employees or officers of the Company or its subsidiaries. Directors who are employees or officers of the Company or its subsidiaries do not receive compensation for their service on the Board. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="font-weight:normal;margin-left:36pt;"></font>C<font style="font-size:7.5pt;">ASH</font> R<font style="font-size:7.5pt;">ETAINERS</font> </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company shall pay cash retainers as set forth below, such retainers to be: (i)&#160;paid for the directors&#8217; general availability and participation in regularly scheduled and specially called meetings and conference calls; (ii)&#160;paid quarterly in arrears; and (iii)&#160;pro-rated based on the number of actual days served by the director on the Board or applicable committee during such calendar quarter or year. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual retainer for Board membership (other than the chairman)</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,000</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual retainer for Chairman of the Board</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,000</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Additional annual retainers</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 1pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%; border-bottom:solid 1pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%; border-bottom:solid 1pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:18pt;;text-indent:-18pt;;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;<font style="font-family:Times New Roman;">Chair of the Audit Committee</font></p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,000</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:18pt;;text-indent:-18pt;;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;<font style="font-family:Times New Roman;">Chair of the Compensation and Nominating and Corporate Governance Committees</font></p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,000</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:18pt;;text-indent:-18pt;;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;<font style="font-family:Times New Roman;">Member of the Audit Committee</font></p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,500</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:18pt;;text-indent:-18pt;;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;<font style="font-family:Times New Roman;">Member of the Compensation Committee</font></p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:10pt;">&nbsp;</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,000</p></td>
<td valign="top"  BGCOLOR="#CCECFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:78.24%; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:18pt;;text-indent:-18pt;;color:#000000;font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;<font style="font-family:Times New Roman;color:#000000;">Member of the Nominating and Corporate Governance Committee</font></p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%; border-bottom:solid 1pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.98%; border-bottom:solid 1pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 1pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.86%; border-bottom:solid 1pt #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:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,000</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.96%; border-bottom:solid 1pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="font-weight:normal;margin-left:36pt;"></font>E<font style="font-size:7.5pt;">QUITY</font> A<font style="font-size:7.5pt;">WARDS</font> </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Compensation Committee of the Board may in its discretion grant equity awards to any or all non-employee directors under the 89bio, Inc. 2019 Equity Incentive Plan. Such awards may include: (i)&#160;an initial, one-time equity award granted to a new non-employee director upon his or her election to the Board; (ii)&#160;equity awards granted to non-employee directors on an annual basis for their service on the Board; and/or (iii)&#160;equity awards granted to non-employee directors on an annual basis for their service in a Board leadership role or on a committee. Pursuant to its charter, the Compensation Committee may engage outside compensation consultants to assist in determining the appropriate form, amounts and terms of any such equity awards. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">4.<font style="font-weight:normal;margin-left:36pt;"></font>E<font style="font-size:7.5pt;">XPENSES</font> </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company shall reimburse all necessary and reasonable out-of-pocket expenses (including, but not limited to, travel, food and lodging) incurred by non-employee directors in attending meetings of the Board or any committee or otherwise in connection with their service on the Board, subject to any applicable Company policies that may be in effect from time to time. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">5.<font style="font-weight:normal;margin-left:36pt;"></font>A<font style="font-size:7.5pt;">DMINISTRATION</font> </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Board, with the assistance of the Compensation Committee, administers the Policy and may amend the Policy at any time in its sole discretion. A non-employee director may decline all or any portion of his or her compensation by giving notice to the Company prior to, as the case may be, the date cash is to be paid or equity awards are to be granted. </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Policy adopted on February 11, 2020 </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></body>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>etnb-ex311_8.htm
<DESCRIPTION>EX-31.1
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<p style="text-align:right;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 31.1</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CERTIFICATION PURSUANT TO</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I, Rohan Palekar, certify that:</p>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">I have reviewed this Quarterly Report on Form 10-Q of 89bio, Inc.;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">b</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">c</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</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;">Date: May 13, 2020</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>
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<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;Rohan Palekar</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;">&nbsp;</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;">&nbsp;</p></td>
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<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;">Rohan Palekar</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;">&nbsp;</p></td>
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<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;">Chief Executive Officer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">(principal executive officer)</p></td>
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<p style="text-align:right;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 31.2</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CERTIFICATION PURSUANT TO</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I, Ryan Martins, certify that:</p>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">I have reviewed this Quarterly Report on Form 10-Q of 89bio, Inc.;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">b</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">c</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50%; 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;">Date: May 13, 2020</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"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:47%; 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;Ryan Martins</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:47%; 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;">Ryan Martins</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;">Chief Financial 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;">&nbsp;</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;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">(principal financial and accounting officer)</p></td>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>etnb-ex32_6.htm
<DESCRIPTION>EX-32
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
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etnb-ex32_6.htm
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<p style="text-align:right;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 32</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CERTIFICATION PURSUANT TO</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the Quarterly Report on Form 10-Q of 89bio, Inc. (the &#8220;Company&#8221;) for the period ending March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the &#8220;Report&#8221;), each of the undersigned officers of the Company hereby certifies, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:</p>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</p></td></tr></table></div>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2)</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.54%;text-indent:-4.54%;font-family:Times New Roman;font-size:11pt;">&nbsp;</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;">Date: May 13, 2020</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;">&nbsp;</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>
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<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;Rohan Palekar</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">Rohan Palekar</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
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<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;">Chief Executive Officer<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(principal executive officer)</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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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;">&nbsp;</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;">&nbsp;</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"  BGCOLOR="#FFFFFF" style="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;Ryan Martins</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;">Ryan Martins</p></td>
</tr>
<tr>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:45.46%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.04%;">
<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;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="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;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Chief Financial Officer<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(principal financial and accounting officer)</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. &#167;1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Note: A signed original of this written statement required by &#167;906 has been provided to 89bio, Inc. and will be retained by 89bio, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</p>
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&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;1. Organization and Basis of Presentation &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Description of Business &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;89bio, Inc. (&amp;#8220;89bio&amp;#8221; or the &amp;#8220;Company&amp;#8221;) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company&amp;#8217;s lead product candidate, BIO89-100, a specifically engineered glycoPEGylated analog of fibroblast growth factor 21, is currently being developed for the treatment of nonalcoholic steatohepatitis. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;89bio, Inc. was formed as a Delaware corporation on June 28, 2019, for the purpose of completing an initial public offering (&amp;#8220;IPO&amp;#8221;) and related transactions in order to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company completed an internal reorganization transaction in September 2019, pursuant to which 89Bio Ltd. became a wholly owned subsidiary of 89bio, Inc. (the &amp;#8220;Reorganization&amp;#8221;). As part of the Reorganization, all of the equity holders of 89Bio Ltd. exchanged 100% of the equity of 89Bio Ltd. for 100% of the equity of 89bio, Inc. The Reorganization was considered a transaction between entities under common control.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Initial Public Offering&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;On November 13, 2019, 89bio, Inc. completed the IPO, pursuant to which it issued and sold an aggregate of 6,100,390 shares of common stock (inclusive of 795,703 shares pursuant to the underwriters&amp;#8217; option to purchase additional shares) at the IPO price of $16.00 per share, &lt;font style="Background-color:#FFFFFF;color:#000000;"&gt;resulting in net proceeds of $87.7 million after deducting underwriting discounts and commissions of $6.8 million and other offering expenses of $3.1 million. Upon the closing of the IPO, the Company&amp;#8217;s outstanding convertible preferred stock automatically converted into 7,077,366 shares of common stock of 89bio, Inc. based on a proportional adjustment to the conversion ratio of the convertible preferred stock on a 1-for-6.217 basis.  &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Liquidity &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. To date, the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses for the foreseeable future until it completes development of its products and seeks regulatory approvals to market such products. The Company had cash and cash equivalents of $85.5 million as of March 31, 2020. Management expects to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company intends to raise such capital through the issuance of additional equity financing and/or debt financing. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its products. The Company expects that its cash and cash equivalents as of March 31, 2020 will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the date these unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (&amp;#8220;SEC&amp;#8221;).&lt;/p&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock id="F_000157" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;2. Summary of Significant Accounting Policies &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Unaudited Condensed Consolidated Financial Statements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&amp;#8220;U.S. GAAP&amp;#8221;) and applicable rules and regulations of the SEC regarding interim financial reporting. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December&amp;#160;31, 2019 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company&amp;#8217;s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December&amp;#160;31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company&amp;#8217;s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 18, 2020. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Principles of Consolidation&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Use of Estimates &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, the convertible preferred stock liability and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Fair Value Measurements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Financial assets and liabilities are recorded at fair value on a recurring basis in the balance sheets. The carrying values of Company&amp;#8217;s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;Level 1&lt;font style="font-weight:normal;"&gt;&amp;#8212;Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;Level 2&lt;font style="font-weight:normal;"&gt;&amp;#8212;Inputs (other than quoted prices included in Level&amp;#160;1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;Level 3&lt;font style="font-weight:normal;"&gt;&amp;#8212;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Convertible Preferred Stock Liability &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The freestanding instruments related to the commitment by the Series A convertible preferred stockholders to purchase and by the Company to sell its Series A convertible preferred stock in subsequent closings, contingent upon the achievement of certain developmental milestones and approval by the board of directors, at a fixed price per stock, were considered a liability (or an asset), measured at fair value as the shares underlying the rights contained liquidation preferences upon certain &amp;#8220;deemed liquidation events&amp;#8221; that were not solely within the Company&amp;#8217;s control and which were considered in-substance contingent redemption features. The instruments were subject to revaluation at each balance sheet date until settlement or extinguishment, with revaluations recognized as either a component of other income, net in the condensed consolidated statements of operations and comprehensive loss, or additional paid-in capital in the condensed consolidated balance sheets. Upon the completion of the Company&amp;#8217;s IPO, the remaining shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Risk and Uncertainties&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In December 2019, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread to other countries, including the United States, and has been declared a pandemic by the World Health Organization.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;If COVID-19 continues to spread in the United States and worldwide, the Company may experience disruptions that could negatively impact its ability to recruit and onboard new employees and productivity, disrupt the business and delay preclinical and clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of restrictions and limitations on the Company&amp;#8217;s ability to conduct business in the ordinary course. At this point, the extent to which COVID-19 may impact the Company&amp;#8217;s operating results and financial condition is uncertain.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Recently Adopted Accounting Pronouncement&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In August 2018, the FASB issued ASU No. 2018-13, &lt;font style="font-style:italic;"&gt;Disclosure Framework &amp;#8211; Changes to the Disclosure Requirements for Fair Value Measurement&lt;/font&gt;, which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted this standard effective from January 1, 2020, with the removed and modified disclosures adopted on a retrospective basis and the new disclosures adopted on a prospective basis. The standard did not have a material impact on the Company&amp;#8217;s consolidated financial statements and related disclosures.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Recent Accounting Pronouncements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In February 2016, the FASB issued ASU 2016-02&amp;#8212;&lt;font style="font-style:italic;"&gt;Leases &lt;/font&gt;(&amp;#8220;ASU 2016-02&amp;#8221;), requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and for nonpublic entities for fiscal years beginning after December 15, 2020. As an emerging growth company, ASU 2016-02 is effective for the Company for the year ending December 31, 2021 and interim periods within the year ending December 31, 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In December 2019, the FASB issued ASU 2019-12, &lt;font style="font-style:italic;"&gt;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&lt;/font&gt; (&amp;#8220;ASU 2019-12&amp;#8221;), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for public entities for fiscal years beginning after December 15, 2020 and for nonpublic entities for fiscal years beginning after December 15, 2021. As an emerging growth company, ASU 2019-12 is effective for the Company for the year ending December 31, 2022 and interim periods within the year ending December 31, 2023. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. &lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock id="F_000158" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;3. Fair Value Measurements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company&amp;#8217;s convertible preferred stock liability represented a Level 3 financial liability measured at fair value on a recurring basis prior to its extinguishment as of December 31, 2019. Accordingly, there was no Level 3 financial liability as of March 31, 2020. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;For the three months ended March 31, 2019, changes in the fair value of the Company&amp;#8217;s Level&amp;#160;3 financial liability were measured on a recurring basis as follows (in thousands): &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31, 2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Beginning balance&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,671&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Revaluation of convertible preferred stock liability recorded in&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&amp;nbsp; other income, net&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;(437&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;)&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Ending balance&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,234&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style="margin-top:2pt;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;"&gt;The Company&amp;#8217;s convertible preferred stock liability resulted from the initial sale of Series A convertible preferred stock where the investors committed to purchase additional shares of Series A convertible preferred stock in subsequent closings, contingent upon the achievement by the Company of certain development milestones and approval by the board of directors. The investors&amp;#8217; commitment to purchase and the Company&amp;#8217;s commitment to sell shares of Series A convertible preferred stock represented a freestanding instrument accounted for at fair value and re-measured at each reporting date. The Company estimated the fair value of this commitment using the Black-Scholes option-pricing model using the following assumptions:&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.78%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31, 2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Stock price&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;0.99&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Exercise price&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1.00&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected term (years)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;0.24-2.25&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected volatility&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;72.0&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Risk-free interest rate&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.3-2.4&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:SupplementalBalanceSheetDisclosuresTextBlock id="F_000159" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;4. Consolidated Balance Sheet Components &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:6pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Accrued Expenses &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued expenses consist of the following (in thousands): &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"&gt;
&lt;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;"&gt;December 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued research and development expense&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2,169&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2,326&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued employee and related expenses&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;730&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,396&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued professional and legal fees&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;552&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;573&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued other&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;281&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;325&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total accrued expenses&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;3,732&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;4,620&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:SupplementalBalanceSheetDisclosuresTextBlock>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock id="F_000160" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;5. Commitments and Contingencies &lt;/p&gt;
&lt;p style="margin-top:6pt;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;"&gt;Leases&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Future minimum&lt;font style="letter-spacing:0.1pt;"&gt; &lt;/font&gt;lease&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;payments&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;under the Company&amp;#8217;s non-cancellable&lt;font style="letter-spacing:0.1pt;"&gt; &lt;/font&gt;operating&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;lease&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;obligations&lt;font style="letter-spacing:0.1pt;"&gt; &lt;/font&gt;as of March 31, 2020, are as follows&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;(in thousands):&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Remainder of 2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;161&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2021&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;216&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2022&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;8&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total future minimum annual payments&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;385&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top: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;"&gt;Rent expense was $60,000 and $27,000 for the three months ended March 31, 2020 and 2019, respectively.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the &amp;#8220;Teva Agreements&amp;#8221;) with Teva Pharmaceutical Industries Ltd (&amp;#8220;Teva&amp;#8221;) under which it acquired certain patents and intellectual property relating to two programs: (1)&amp;#160;Teva&amp;#8217;s glycoPEGylated FGF21 program, including the compound TEV-47948 (BIO89-100), a glycoPEGylated long-acting FGF21 and (2)&amp;#160;Teva&amp;#8217;s development program of small molecule inhibitors of Fatty Acid Synthase. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $6.0&amp;#160;million and the Company could be obligated to pay Teva up to $67.5&amp;#160;million under each program, for a total of $135.0&amp;#160;million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Teva Agreements can be terminated (i)&amp;#160;by the Company without cause, after the first anniversary of the effective date, upon 120 days&amp;#8217; written notice to Teva, (ii)&amp;#160;by either party, if the other party materially breaches any of its obligations under the Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii)&amp;#160;by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company&amp;#8217;s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company accounted for the acquisition of technology as an asset acquisition because it did not meet the definition of a business. The Company recorded the total consideration transferred to Teva as research and development expense in the condensed consolidated statements of operations and comprehensive loss because the acquired technology represented in-process research and development and had no alternative future use. During the three months ended March 31, 2020 and 2019, there were no license payment expenses related to the Teva Agreements.  &lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <etnb:ConvertiblePreferredStockDisclosureTextBlock id="F_000161" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;6. Convertible Preferred Stock &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In April 2018, the Company entered into the Series A Share Purchase Agreement (the &amp;#8220;Series A SPA&amp;#8221;), pursuant to which the investors committed to invest an aggregate amount of up to $60.0&amp;#160;million for the issuance of shares of Series A convertible preferred stock at a price of $1.00 per share. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The initial closing occurred on April&amp;#160;16, 2018, and the Company issued 14,900,000 shares of Series A convertible preferred stock at a price per share of $1.00 for net cash proceeds of $14.7&amp;#160;million. In addition, a convertible note in the amount of $100,000 that was outstanding and automatically convertible in the Company&amp;#8217;s next equity financing, converted into 100,000 shares of Series A convertible preferred stock upon the initial closing of the Series A financing. The investors also committed to purchase 15,000,000 and 30,000,000 shares of Series A convertible preferred stock at a price of $1.00 per share in second and third closings, respectively, contingent upon the achievement by the Company of certain development milestones and approval by the board of directors. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The investors&amp;#8217; commitment to purchase and the Company&amp;#8217;s commitment to sell shares of Series A convertible preferred stock represent a freestanding instrument accounted for at fair value and re-measured at each reporting date. For the three months ended March 31, 2020 and 2019, the Company recorded a gain of $0 and $437,000, respectively, for the revaluation of the convertible preferred stock liability within other income, net in the condensed consolidated statements of operations and comprehensive loss.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In December 2018 and in June 2019, the Company and the Series A convertible preferred stockholders agreed to issue 9,000,000 and 20,000,000 shares of Series A convertible preferred stock at a price of $1.00 per share, respectively, related to the second and third closings. Aggregate net proceeds of $9.0 million were received in December 2018 and $20.0 million were received in June and July 2019. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;On October 25, 2019, the Company and the Series A preferred stockholders amended the Series A SPA, and the parties agreed that the Series A SPA would terminate upon consummation of the Company&amp;#8217;s IPO. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Upon the completion of the Company&amp;#8217;s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders.&lt;font style="font-size:12pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Additionally, immediately prior to the completion of the Company&amp;#8217;s IPO, all outstanding shares of convertible preferred stock automatically converted into 7,077,366 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. Accordingly, there were no shares of convertible preferred stock outstanding as of March 31, 2020 and December 31, 2019.&lt;/p&gt;</etnb:ConvertiblePreferredStockDisclosureTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock id="F_000162" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;7. Share-Based Compensation &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Equity Incentive Plans&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In 2018, the Company&amp;#8217;s board of directors adopted the 89Bio Ltd. 2018 Equity Incentive Plan (the &amp;#8220;2018 Plan&amp;#8221;). In connection with the Reorganization, in September 2019, the Company&amp;#8217;s board of directors approved the 2019 Equity Incentive Plan (the &amp;#8220;2019 Plan&amp;#8221;), which became effective on September 17, 2019. From and after the effective date of the 2019 Plan, the Company will no longer be making any future awards under the 2018 Plan. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company initially reserved 2,844,193 shares of common stock for issuance under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2020, in an amount equal to 4% of the total number of shares of the Company&amp;#8217;s capital stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company&amp;#8217;s board of directors. As of March 31, 2020, there were 1,676,191 shares of common stock available for issuance as future option grants under the 2019 Plan. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Employee Stock Purchase Plan (ESPP)&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In October 2019, the Company adopted the 2019 Employee Stock Purchase Plan (&amp;#8220;ESPP&amp;#8221;), which became effective following the date of the IPO. The Company initially reserved 225,188 shares of common stock for purchase under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years, in an amount equal to 1% of the total number of shares of the Company&amp;#8217;s common stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company&amp;#8217;s board of directors. Purchases will be accomplished through the participation of discrete offering periods. Each offering will be no more than 27 months long. For each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of the fair market value of the Company&amp;#8217;s common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of each purchase period the applicable offering period.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The first six month offering period pursuant to the ESPP commenced on January 1, 2020. Total share-based compensation related to the ESPP for the three months ended March 31, 2020 was $13,000. As of March 31, 2020, 363,078 shares of common stock were available for issuance under the ESPP.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company recorded share-based compensation for the periods indicated as follows (in thousands): &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Research and development&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;192&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;7&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;General and administrative&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;301&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;28&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total share-based compensation&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;493&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;35&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"&gt;Stock Options&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected term (years)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;6.00-6.11&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;6.11&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected volatility&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;86.4-87.5&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;61.8&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Risk-free interest rate&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;0.5-1.5&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.5-2.6&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected dividend&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The following table summarizes stock option activity for the three months ended March 31, 2020: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Weighted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Weighted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Average&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Average&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Remaining&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Aggregate&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Number of&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Exercise&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Contractual&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Intrinsic&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Options&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Price&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Term&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Value&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;(In years)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;(In&amp;#160;thousands)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Balance outstanding as of December 31, 2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,320,243&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;3.34&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;9.23&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;30,353&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Granted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;439,800&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;31.66&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Exercised&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;(4,876&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1.93&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Cancelled&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;(40,482&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.87&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Balance outstanding as of March 31, 2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,714,685&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;10.62&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;9.21&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;28,115&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Exercisable as of March 31, 2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;299,571&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.00&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;8.69&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;6,850&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:EarningsPerShareTextBlock id="F_000163" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;8. Net Loss Per Share &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Stock options to purchase common stock&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,714,685&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;734,569&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Employee stock purchase plan&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,735&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Convertible preferred stock, as converted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;3,860,383&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,716,420&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;4,594,952&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock id="F_000164" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;9. Related Party Transactions &lt;/p&gt;
&lt;p style="margin-top:6pt;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;"&gt;The Company incurred $4,000 and $33,000 in professional consulting services expense related to certain members of the board of directors for the three months ended March 31, 2020 and 2019, respectively, which is recorded within research and development expenses in the Company&amp;#8217;s condensed consolidated statements of operations and comprehensive loss. The related party liability balance was $0 as of March 31, 2020 and $11,000 as of December 31, 2019, respectively, which is recorded within accounts payable and accrued expenses in the Company&amp;#8217;s condensed consolidated balance sheets.&lt;/p&gt;
&lt;p style="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;"&gt;The Company and the Series A preferred stockholders amended the Series A SPA on October 25, 2019, and the parties agreed that the Series A SPA would terminate upon consummation of the Company&amp;#8217;s IPO. Upon the completion of the Company&amp;#8217;s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were issuable were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders and recorded as part of additional paid-in capital in the condensed consolidated balance sheets (see Note 6).&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:SubsequentEventsTextBlock id="F_000165" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;10. Subsequent Event&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;On April 7, 2020, the Company and certain of its subsidiaries entered into a Loan and Security Agreement (the &amp;#8220;Loan Agreement&amp;#8221;) with the lenders referred to therein (the &amp;#8220;Lenders&amp;#8221;), and Silicon Valley Bank, as collateral agent. The Loan Agreement provides for (i) a secured term A loan facility (the &amp;#8220;Term A Loan Facility&amp;#8221;) of up to $10.0 million and (ii) a secured term B loan facility (the &amp;#8220;Term B Loan Facility&amp;#8221;) of up to $5.0 million that is available upon the Company satisfying certain milestones. The Term A Loan Facility matures on November 1, 2022; provided, that if the Term B Loan Facility is funded, the facilities instead mature on September 1, 2023. The loan will bear interest at the greater of (i) 4.50% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.25%.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In addition, under the Loan Agreement, the Company agreed to issue the Lenders warrants to purchase shares of the Company&amp;#8217;s common stock. On April 7, 2020, warrants to purchase 25,000 shares of the Company&amp;#8217;s common stock were issued with a warrant exercise price of $22.06 per share. Additional warrants exercisable for 8,333 shares of common stock will be issued in connection with the Term B Loan Facility, if funded.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
  <us-gaap:BasisOfAccountingPolicyPolicyTextBlock id="F_000166" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Unaudited Condensed Consolidated Financial Statements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&amp;#8220;U.S. GAAP&amp;#8221;) and applicable rules and regulations of the SEC regarding interim financial reporting. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December&amp;#160;31, 2019 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company&amp;#8217;s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December&amp;#160;31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company&amp;#8217;s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 18, 2020. &lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
  <us-gaap:ConsolidationPolicyTextBlock id="F_000167" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Principles of Consolidation&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
  <us-gaap:UseOfEstimates id="F_000168" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Use of Estimates &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, the convertible preferred stock liability and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:UseOfEstimates>
  <us-gaap:FairValueMeasurementPolicyPolicyTextBlock id="F_000169" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Fair Value Measurements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Financial assets and liabilities are recorded at fair value on a recurring basis in the balance sheets. The carrying values of Company&amp;#8217;s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;Level 1&lt;font style="font-weight:normal;"&gt;&amp;#8212;Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;Level 2&lt;font style="font-weight:normal;"&gt;&amp;#8212;Inputs (other than quoted prices included in Level&amp;#160;1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"&gt;Level 3&lt;font style="font-weight:normal;"&gt;&amp;#8212;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. &lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
  <etnb:ConvertiblePreferredStockLiabilityPolicyTextBlock id="F_000170" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Convertible Preferred Stock Liability &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The freestanding instruments related to the commitment by the Series A convertible preferred stockholders to purchase and by the Company to sell its Series A convertible preferred stock in subsequent closings, contingent upon the achievement of certain developmental milestones and approval by the board of directors, at a fixed price per stock, were considered a liability (or an asset), measured at fair value as the shares underlying the rights contained liquidation preferences upon certain &amp;#8220;deemed liquidation events&amp;#8221; that were not solely within the Company&amp;#8217;s control and which were considered in-substance contingent redemption features. The instruments were subject to revaluation at each balance sheet date until settlement or extinguishment, with revaluations recognized as either a component of other income, net in the condensed consolidated statements of operations and comprehensive loss, or additional paid-in capital in the condensed consolidated balance sheets. Upon the completion of the Company&amp;#8217;s IPO, the remaining shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders. &lt;/p&gt;</etnb:ConvertiblePreferredStockLiabilityPolicyTextBlock>
  <etnb:RiskAndUncertaintiesPolicyPolicyTextBlock id="F_000171" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Risk and Uncertainties&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In December 2019, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread to other countries, including the United States, and has been declared a pandemic by the World Health Organization.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;If COVID-19 continues to spread in the United States and worldwide, the Company may experience disruptions that could negatively impact its ability to recruit and onboard new employees and productivity, disrupt the business and delay preclinical and clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of restrictions and limitations on the Company&amp;#8217;s ability to conduct business in the ordinary course. At this point, the extent to which COVID-19 may impact the Company&amp;#8217;s operating results and financial condition is uncertain.&lt;/p&gt;</etnb:RiskAndUncertaintiesPolicyPolicyTextBlock>
  <etnb:RecentlyAdoptedAccountingPronouncementPolicyTextBlock id="F_000172" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Recently Adopted Accounting Pronouncement&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In August 2018, the FASB issued ASU No. 2018-13, &lt;font style="font-style:italic;"&gt;Disclosure Framework &amp;#8211; Changes to the Disclosure Requirements for Fair Value Measurement&lt;/font&gt;, which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted this standard effective from January 1, 2020, with the removed and modified disclosures adopted on a retrospective basis and the new disclosures adopted on a prospective basis. The standard did not have a material impact on the Company&amp;#8217;s consolidated financial statements and related disclosures.&lt;/p&gt;</etnb:RecentlyAdoptedAccountingPronouncementPolicyTextBlock>
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="F_000173" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"&gt;Recent Accounting Pronouncements &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In February 2016, the FASB issued ASU 2016-02&amp;#8212;&lt;font style="font-style:italic;"&gt;Leases &lt;/font&gt;(&amp;#8220;ASU 2016-02&amp;#8221;), requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and for nonpublic entities for fiscal years beginning after December 15, 2020. As an emerging growth company, ASU 2016-02 is effective for the Company for the year ending December 31, 2021 and interim periods within the year ending December 31, 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;In December 2019, the FASB issued ASU 2019-12, &lt;font style="font-style:italic;"&gt;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&lt;/font&gt; (&amp;#8220;ASU 2019-12&amp;#8221;), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for public entities for fiscal years beginning after December 15, 2020 and for nonpublic entities for fiscal years beginning after December 15, 2021. As an emerging growth company, ASU 2019-12 is effective for the Company for the year ending December 31, 2022 and interim periods within the year ending December 31, 2023. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. &lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock id="F_000174" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;For the three months ended March 31, 2019, changes in the fair value of the Company&amp;#8217;s Level&amp;#160;3 financial liability were measured on a recurring basis as follows (in thousands): &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31, 2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Beginning balance&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,671&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Revaluation of convertible preferred stock liability recorded in&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&amp;nbsp; other income, net&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;(437&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;)&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Ending balance&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,234&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
  <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock id="F_000175" contextRef="C_0001785173_20200101_20200331">The Company estimated the fair value of this commitment using the Black-Scholes option-pricing model using the following assumptions:
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.78%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31, 2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Stock price&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;0.99&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Exercise price&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1.00&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected term (years)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;0.24-2.25&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected volatility&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;72.0&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Risk-free interest rate&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.3-2.4&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock id="F_000176" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued expenses consist of the following (in thousands): &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;"&gt;
&lt;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;"&gt;December 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued research and development expense&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2,169&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2,326&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued employee and related expenses&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;730&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,396&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued professional and legal fees&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;552&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;573&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Accrued other&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;281&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;325&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total accrued expenses&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;3,732&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;4,620&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock id="F_000177" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Future minimum&lt;font style="letter-spacing:0.1pt;"&gt; &lt;/font&gt;lease&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;payments&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;under the Company&amp;#8217;s non-cancellable&lt;font style="letter-spacing:0.1pt;"&gt; &lt;/font&gt;operating&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;lease&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;obligations&lt;font style="letter-spacing:0.1pt;"&gt; &lt;/font&gt;as of March 31, 2020, are as follows&lt;font style="letter-spacing:0.05pt;"&gt; &lt;/font&gt;(in thousands):&lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Remainder of 2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;161&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2021&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;216&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2022&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;8&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total future minimum annual payments&lt;/p&gt;&lt;/td&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;385&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
  <us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock id="F_000178" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The Company recorded share-based compensation for the periods indicated as follows (in thousands): &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Research and development&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;192&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;7&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;General and administrative&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;301&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;28&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total share-based compensation&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;493&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;35&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock>
  <us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock id="F_000179" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"&gt;Stock Options&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; border-top:solid 0.75pt #000000;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected term (years)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;6.00-6.11&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;6.11&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected volatility&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;86.4-87.5&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;61.8&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Risk-free interest rate&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;0.5-1.5&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.5-2.6&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;%&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Expected dividend&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
  <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock id="F_000180" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The following table summarizes stock option activity for the three months ended March 31, 2020: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Weighted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Weighted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Average&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Average&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Remaining&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Aggregate&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Number of&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Exercise&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Contractual&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;"&gt;
&lt;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;"&gt;Intrinsic&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Options&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Price&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Term&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;Value&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;(In years)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;(In&amp;#160;thousands)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Balance outstanding as of December 31, 2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,320,243&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;3.34&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;9.23&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;30,353&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Granted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;439,800&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;31.66&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Exercised&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;(4,876&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1.93&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Cancelled&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;(40,482&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;)&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.87&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Balance outstanding as of March 31, 2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,714,685&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;10.62&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;9.21&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;28,115&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Exercisable as of March 31, 2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;299,571&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;2.00&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;8.69&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;$&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;6,850&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
  <us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock id="F_000181" contextRef="C_0001785173_20200101_20200331">
&lt;p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: &lt;/p&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"&gt;&amp;nbsp;&lt;/p&gt;
&lt;div&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;"&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;"&gt;
&lt;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;"&gt;Three Months Ended&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; border-bottom:solid 0.75pt #000000;"&gt;
&lt;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;"&gt;March 31,&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2020&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;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;"&gt;2019&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Stock options to purchase common stock&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,714,685&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;734,569&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Employee stock purchase plan&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,735&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Convertible preferred stock, as converted&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;#8212;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;3,860,383&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;Total&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;1,716,420&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="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;"&gt;
&lt;p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"&gt;4,594,952&lt;/p&gt;&lt;/td&gt;
&lt;td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;"&gt;
&lt;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;"&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock>
  <dei:EntityIncorporationDateOfIncorporation id="F_000182" contextRef="C_0001785173_20200101_20200331">2019-06-28</dei:EntityIncorporationDateOfIncorporation>
  <etnb:ReorganizationExchangeOfEquityPercentageOfCommonStockIssuedUponExchange id="F_000183" contextRef="C_0001785173_20200101_20200331" decimals="INF" unitRef="U_xbrlipure">1.00</etnb:ReorganizationExchangeOfEquityPercentageOfCommonStockIssuedUponExchange>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>etnb-20200331.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
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<!-- DFIN ActiveDisclosure(SM) XBRL Schema Document - http://www.dfinsolutions.com/ -->
<!-- Creation Date      : 2020-05-13T18:05:50.7186967+00:00 -->
<!-- Version            : 5.0.1.385 -->
<!-- Package ID         : b4451e5ef4d8454188e8e3f5fdebf90f -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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  <xsd:element id="etnb_TevaAgreementMember" name="TevaAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="etnb_TevasGlycoPEGylatedFGF21ProgramMember" name="TevasGlycoPEGylatedFGF21ProgramMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="etnb_TevasDevelopmentProgramMember" name="TevasDevelopmentProgramMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment" name="AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit" />
  <xsd:element id="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones" name="ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="credit" />
  <xsd:element id="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice" name="AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" />
  <xsd:element id="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure" name="AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" />
  <xsd:element id="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled" name="AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" />
  <xsd:element id="etnb_UpFrontLicensePayment" name="UpFrontLicensePayment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" xbrli:balance="debit" />
  <xsd:element id="etnb_AmountOfPreferredSharesIssuableByEntity" name="AmountOfPreferredSharesIssuableByEntity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" abstract="false" xbrli:balance="debit" />
  <xsd:element id="etnb_SeriesASharePurchaseAgreementMember" name="SeriesASharePurchaseAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xsd:element id="etnb_SeriesAConvertiblePreferredStockMember" name="SeriesAConvertiblePreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
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  <xsd:element id="etnb_SecondClosingMember" name="SecondClosingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
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  <xsd:element id="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance" name="PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="false" />
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  <xsd:element id="etnb_TermALoanFacilityMember" name="TermALoanFacilityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
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</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>etnb-20200331_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- DFIN ActiveDisclosure(SM) XBRL Linkbase Document - http://www.dfinsolutions.com/ -->
<!-- Creation Date      : 2020-05-13T18:05:50.7186967+00:00 -->
<!-- Version            : 5.0.1.385 -->
<!-- Package ID         : b4451e5ef4d8454188e8e3f5fdebf90f -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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<SEQUENCE>9
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<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentNameDomain_2" order="10290.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentNameDomain" order="10310.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="etnb_TermALoanFacilityMember" order="10330.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="etnb_TermBLoanFacilityMember" order="10350.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTypeAxis" order="10440.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeDomain_2" order="10450.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeDomain" order="10470.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventMember" order="10490.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_SubsequentEventTable" xlink:to="srt_RangeAxis" order="10680.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="srt_RangeAxis" xlink:to="srt_RangeMember" order="10710.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MinimumMember" order="10730.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="srt_RangeMember" xlink:to="srt_MaximumMember" order="10750.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="us-gaap_SubsequentEventTable" xlink:to="us-gaap_VariableRateAxis" order="10760.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateDomain_2" order="10770.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateDomain" order="10790.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_PrimeRateMember" order="10810.00" priority="2" use="optional" />
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    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SubsequentEventLineItems" xlink:to="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" order="10980.00" priority="2" use="optional" />
    <link:definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_SubsequentEventLineItems" xlink:to="us-gaap_LineOfCreditFacilityDescription" order="11020.00" priority="2" use="optional" />
  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>etnb-20200331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN ActiveDisclosure(SM) XBRL Linkbase Document - http://www.dfinsolutions.com/ -->
<!-- Creation Date      : 2020-05-13T18:05:50.7186967+00:00 -->
<!-- Version            : 5.0.1.385 -->
<!-- Package ID         : b4451e5ef4d8454188e8e3f5fdebf90f -->
<!-- Copyright (c) 2020 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" xlink:type="simple" />
  <link:roleRef roleURI="http://fasb.org/us-gaap/role/label/axisDefault" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd#axisDefault" xlink:type="simple" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Year Focus</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Fiscal Period Focus</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Current Reporting Status</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:type="locator" xlink:label="dei_EntityInteractiveDataCurrent" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Interactive Data Current</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" />
    <link:label xml:lang="en-US" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Current Fiscal Year End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:type="locator" xlink:label="dei_EntityFilerCategory" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFilerCategory_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFilerCategory_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Filer Category</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Common Stock Shares Outstanding</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:type="locator" xlink:label="dei_EntityShellCompany" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityShellCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Shell Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityShellCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Shell Company</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:type="locator" xlink:label="dei_EntitySmallBusiness" />
    <link:label xml:lang="en-US" xlink:label="dei_EntitySmallBusiness_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Small Business</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntitySmallBusiness_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Small Business</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:type="locator" xlink:label="dei_EntityExTransitionPeriod" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Ex Transition Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Ex Transition Period</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Title of 12(b) Security</link:label>
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    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security12b Title</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
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    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentQuarterlyReport" xlink:type="locator" xlink:label="dei_DocumentQuarterlyReport" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Accrued Liabilities Current</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:type="locator" xlink:label="us-gaap_LiabilitiesCurrent" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total current liabilities</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities Current</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingencies" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:type="locator" xlink:label="us-gaap_StockholdersEquityAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stockholders&#8217; equity:</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockValue" xlink:type="locator" xlink:label="us-gaap_CommonStockValue" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockValue_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Value</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional paid-in capital</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total stockholders&#8217; equity</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Stockholders Equity</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total liabilities and stockholders&#8217; equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Liabilities And Stockholders Equity</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:type="locator" xlink:label="us-gaap_IncomeStatementAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:type="locator" xlink:label="us-gaap_OperatingExpensesAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating expenses:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract_lbl" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:type="locator" xlink:label="us-gaap_ResearchAndDevelopmentExpense" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ResearchAndDevelopmentExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Research and development</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and administrative</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">General And Administrative Expense</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_OperatingExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total operating expenses</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:type="locator" xlink:label="us-gaap_OperatingIncomeLoss" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Loss from operations</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Operating Income Loss</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Other Nonoperating Income Expense</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:type="locator" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Components</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Statement Equity Components [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityComponentDomain" xlink:type="locator" xlink:label="us-gaap_EquityComponentDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Equity Component</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Equity Component [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockMember" xlink:type="locator" xlink:label="us-gaap_CommonStockMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additional Paid-in Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Additional Paid In Capital [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:type="locator" xlink:label="us-gaap_RetainedEarningsMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Accumulated Deficit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Retained Earnings [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementLineItems" xlink:type="locator" xlink:label="us-gaap_StatementLineItems" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Statement [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:type="locator" xlink:label="us-gaap_TemporaryEquitySharesOutstanding" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesOutstanding" xlink:to="us-gaap_TemporaryEquitySharesOutstanding_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Shares Outstanding</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TemporaryEquityCarryingAmountAttributableToParent" xlink:type="locator" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmountAttributableToParent" xlink:to="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Carrying Amount Attributable To Parent</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SharesOutstanding" xlink:type="locator" xlink:label="us-gaap_SharesOutstanding" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Beginning balance, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Shares Outstanding</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of common stock upon exercise of stock options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Value Stock Options Exercised</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Issuance of common stock upon exercise of stock options, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Stock Issued During Period Shares Stock Options Exercised</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:type="locator" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net loss and comprehensive loss</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance, shares</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Ending balance, shares</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_DeferredTaxAssets" xlink:type="locator" xlink:label="etnb_DeferredTaxAssets" />
    <link:label xml:lang="en-US" xlink:label="etnb_DeferredTaxAssets_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Deferred tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_DeferredTaxAssets" xlink:to="etnb_DeferredTaxAssets_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_RevaluationOfConvertiblePreferredStockLiability" xlink:type="locator" xlink:label="etnb_RevaluationOfConvertiblePreferredStockLiability" />
    <link:label xml:lang="en-US" xlink:label="etnb_RevaluationOfConvertiblePreferredStockLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Revaluation of convertible preferred stock liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_RevaluationOfConvertiblePreferredStockLiability" xlink:to="etnb_RevaluationOfConvertiblePreferredStockLiability_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses" xlink:type="locator" xlink:label="etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses" />
    <link:label xml:lang="en-US" xlink:label="etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Property and equipment purchases included in accounts payable and accrued expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses" xlink:to="etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:type="locator" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Statement Of Cash Flows [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from operating activities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Net Cash Provided By Used In Operating Activities [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProfitLoss" xlink:type="locator" xlink:label="us-gaap_ProfitLoss" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ProfitLoss_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ProfitLoss_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Profit Loss</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Adjustments to reconcile net loss to net cash used in operating activities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_Depreciation" xlink:type="locator" xlink:label="us-gaap_Depreciation" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_Depreciation_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_Depreciation_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Depreciation</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensation" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_DeferredTaxAssets_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Deferred tax assets</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_DeferredTaxAssets_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Deferred Tax Assets</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_RevaluationOfConvertiblePreferredStockLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Revaluation of convertible preferred stock liability</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_RevaluationOfConvertiblePreferredStockLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Revaluation Of Convertible Preferred Stock Liability</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Changes in operating assets and liabilities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Increase Decrease In Operating Capital [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Prepaids and other current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cash flows from financing activities:</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" xlink:type="locator" xlink:label="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="locator" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="locator" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash and cash equivalents, and restricted cash at end of period</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" xlink:type="locator" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract" />
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    <link:label xml:lang="en-US" xlink:label="etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Property and equipment purchases included in accounts payable and accrued expenses</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Measurement Input</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTerm" xlink:to="us-gaap_DebtInstrumentTerm_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Debt Instrument Term</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccruedProfessionalFeesCurrent" xlink:type="locator" xlink:label="us-gaap_AccruedProfessionalFeesCurrent" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="locator" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2022</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LossContingenciesTable" xlink:type="locator" xlink:label="us-gaap_LossContingenciesTable" />
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    <link:loc xlink:href="etnb-20200331.xsd#etnb_TevaAgreementMember" xlink:type="locator" xlink:label="etnb_TevaAgreementMember" />
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    <link:loc xlink:href="etnb-20200331.xsd#etnb_TevasGlycoPEGylatedFGF21ProgramMember" xlink:type="locator" xlink:label="etnb_TevasGlycoPEGylatedFGF21ProgramMember" />
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    <link:loc xlink:href="etnb-20200331.xsd#etnb_TevasDevelopmentProgramMember" xlink:type="locator" xlink:label="etnb_TevasDevelopmentProgramMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_TevasDevelopmentProgramMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Tevas development program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_TevasDevelopmentProgramMember" xlink:to="etnb_TevasDevelopmentProgramMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_TevasDevelopmentProgramMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Teva&#8217;s Development Program</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_TevasDevelopmentProgramMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Tevas Development Program [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:type="locator" xlink:label="us-gaap_IncomeStatementLocationAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Statement Location</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement Location [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:type="locator" xlink:label="us-gaap_IncomeStatementLocationDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Income Statement Location</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationDomain" xlink:to="us-gaap_IncomeStatementLocationDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Income Statement Location [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ResearchAndDevelopmentExpenseMember" xlink:type="locator" xlink:label="us-gaap_ResearchAndDevelopmentExpenseMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ResearchAndDevelopmentExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Research and Development Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpenseMember" xlink:to="us-gaap_ResearchAndDevelopmentExpenseMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ResearchAndDevelopmentExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Research And Development Expense [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LossContingenciesLineItems" xlink:type="locator" xlink:label="us-gaap_LossContingenciesLineItems" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LossContingenciesLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Loss Contingencies [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesLineItems" xlink:to="us-gaap_LossContingenciesLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LossContingenciesLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Loss Contingencies [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:type="locator" xlink:label="us-gaap_LeaseAndRentalExpense" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Operating leases, rent expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="us-gaap_LeaseAndRentalExpense_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Lease And Rental Expense</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment" xlink:type="locator" xlink:label="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment" />
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Asset transfer and license agreements initial nonrefundable upfront payment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment" xlink:to="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones" xlink:type="locator" xlink:label="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones" />
    <link:label xml:lang="en-US" xlink:label="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Obligation to payment upon maximum achievement of certain clinical and commercial milestones.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones" xlink:to="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Nonrefundable upfront payment</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Asset Transfer And License Agreement Initial Nonrefundable Upfront Payment</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Payment upon achievement of certain clinical and commercial milestones</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Obligation To Payment Upon Maximum Achievement Of Certain Clinical And Commercial Milestones</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice" xlink:type="locator" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice" />
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Asset transfer and license agreement termination period after written notice.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice" xlink:to="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure" xlink:type="locator" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure" />
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Asset transfer and license agreement termination period notice of failure.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure" xlink:to="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled" xlink:type="locator" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled" />
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Asset transfer and license agreement termination notice period if bankruptcy petition filed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled" xlink:to="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset transfer and license agreement, termination period after written notice</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Asset Transfer And License Agreement Termination Period After Written Notice</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset transfer and license agreement, termination period notice of breach</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Asset Transfer And License Agreement Termination Period Notice Of Failure</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Asset transfer and license agreement termination notice period if bankruptcy petition filed</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Asset Transfer And License Agreement Termination Notice Period If Bankruptcy Petition Filed</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_UpFrontLicensePayment" xlink:type="locator" xlink:label="etnb_UpFrontLicensePayment" />
    <link:label xml:lang="en-US" xlink:label="etnb_UpFrontLicensePayment_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Upfront license payment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_UpFrontLicensePayment" xlink:to="etnb_UpFrontLicensePayment_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_UpFrontLicensePayment_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Up-front license payment</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_UpFrontLicensePayment_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Up Front License Payment</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_AmountOfPreferredSharesIssuableByEntity" xlink:type="locator" xlink:label="etnb_AmountOfPreferredSharesIssuableByEntity" />
    <link:label xml:lang="en-US" xlink:label="etnb_AmountOfPreferredSharesIssuableByEntity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Total amount of preferred shares issuable by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_AmountOfPreferredSharesIssuableByEntity" xlink:to="etnb_AmountOfPreferredSharesIssuableByEntity_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TemporaryEquityByClassOfStockTable" xlink:type="locator" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Temporary Equity By Class Of Stock [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityByClassOfStockTable" xlink:to="us-gaap_TemporaryEquityByClassOfStockTable_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity By Class Of Stock [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:type="locator" xlink:label="us-gaap_FinancialInstrumentAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instrument</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentAxis" xlink:to="us-gaap_FinancialInstrumentAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_FinancialInstrumentAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Financial Instrument [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="locator" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Financial Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Transfers And Servicing Of Financial Instruments Types Of Financial Instruments [Domain]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_SeriesASharePurchaseAgreementMember" xlink:type="locator" xlink:label="etnb_SeriesASharePurchaseAgreementMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_SeriesASharePurchaseAgreementMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Series A share purchase agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_SeriesASharePurchaseAgreementMember" xlink:to="etnb_SeriesASharePurchaseAgreementMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_SeriesASharePurchaseAgreementMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series A Share Purchase Agreement</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_SeriesASharePurchaseAgreementMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Series A Share Purchase Agreement [Member]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_SeriesAConvertiblePreferredStockMember" xlink:type="locator" xlink:label="etnb_SeriesAConvertiblePreferredStockMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_SeriesAConvertiblePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Series A convertible preferred stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_SeriesAConvertiblePreferredStockMember" xlink:to="etnb_SeriesAConvertiblePreferredStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_SeriesAConvertiblePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Series A Convertible Preferred Stock</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_SeriesAConvertiblePreferredStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Series A Convertible Preferred Stock [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:type="locator" xlink:label="us-gaap_ConversionOfStockByUniqueDescriptionAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ConversionOfStockByUniqueDescriptionAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock Conversion Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:to="us-gaap_ConversionOfStockByUniqueDescriptionAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ConversionOfStockByUniqueDescriptionAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Conversion Of Stock By Unique Description [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConversionOfStockNameDomain" xlink:type="locator" xlink:label="us-gaap_ConversionOfStockNameDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ConversionOfStockNameDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Conversion of Stock, Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockNameDomain" xlink:to="us-gaap_ConversionOfStockNameDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ConversionOfStockNameDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Conversion Of Stock Name [Domain]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_InitialClosingMember" xlink:type="locator" xlink:label="etnb_InitialClosingMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_InitialClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Initial closing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_InitialClosingMember" xlink:to="etnb_InitialClosingMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_InitialClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Initial Closing</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_InitialClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Initial Closing [Member]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_SecondClosingMember" xlink:type="locator" xlink:label="etnb_SecondClosingMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_SecondClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Second closing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_SecondClosingMember" xlink:to="etnb_SecondClosingMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_SecondClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Second Closing</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_SecondClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Second Closing [Member]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_ThirdClosingMember" xlink:type="locator" xlink:label="etnb_ThirdClosingMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_ThirdClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Third closing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_ThirdClosingMember" xlink:to="etnb_ThirdClosingMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_ThirdClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Third Closing</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_ThirdClosingMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Third Closing [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherOperatingIncomeExpenseMember" xlink:type="locator" xlink:label="us-gaap_OtherOperatingIncomeExpenseMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_OtherOperatingIncomeExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other Income, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeExpenseMember" xlink:to="us-gaap_OtherOperatingIncomeExpenseMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_OtherOperatingIncomeExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Other Operating Income Expense [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TemporaryEquityLineItems" xlink:type="locator" xlink:label="us-gaap_TemporaryEquityLineItems" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Temporary Equity [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityLineItems" xlink:to="us-gaap_TemporaryEquityLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AmountOfPreferredSharesIssuableByEntity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Total amount of preferred shares issuable by the entity</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_AmountOfPreferredSharesIssuableByEntity_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amount Of Preferred Shares Issuable By Entity</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:type="locator" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Per share price of issuance of shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityParOrStatedValuePerShare" xlink:to="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquityParOrStatedValuePerShare_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Par Or Stated Value Per Share</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_NumberOfSharesCommittedToPurchase" xlink:type="locator" xlink:label="etnb_NumberOfSharesCommittedToPurchase" />
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesCommittedToPurchase_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of shares committed to purchase.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_NumberOfSharesCommittedToPurchase" xlink:to="etnb_NumberOfSharesCommittedToPurchase_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TemporaryEquitySharesIssued" xlink:type="locator" xlink:label="us-gaap_TemporaryEquitySharesIssued" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesIssued" xlink:to="us-gaap_TemporaryEquitySharesIssued_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesIssued_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Temporary Equity Shares Issued</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:type="locator" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Net cash proceeds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:to="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Proceeds From Issuance Of Convertible Preferred Stock</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:type="locator" xlink:label="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_DebtConversionConvertedInstrumentSharesIssued1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Convertible note outstanding amount converted into shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:to="us-gaap_DebtConversionConvertedInstrumentSharesIssued1_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_DebtConversionConvertedInstrumentSharesIssued1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Debt Conversion Converted Instrument Shares Issued1</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesCommittedToPurchase_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of shares committed to purchase</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesCommittedToPurchase_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Shares Committed To Purchase</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability" xlink:type="locator" xlink:label="etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability" />
    <link:label xml:lang="en-US" xlink:label="etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Gain recorded for revaluation of convertible preferred stock liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability" xlink:to="etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Gain recorded for revaluation of convertible preferred stock liability</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Gain Recorded For Revaluation Of Convertible Preferred Stock Liability</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable" xlink:type="locator" xlink:label="etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable" />
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of shares committed to purchase, no longer issuable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable" xlink:to="etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of shares committed to purchase, no longer issuable</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Shares Committed To Purchase No Longer Issuable</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_TemporaryEquitySharesOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Convertible preferred stock outstanding</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance" xlink:type="locator" xlink:label="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance" />
    <link:label xml:lang="en-US" xlink:label="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Period for increase in number of shares of common stock reserved for issuance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance" xlink:to="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding" xlink:type="locator" xlink:label="etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding" />
    <link:label xml:lang="en-US" xlink:label="etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of increase in number of shares of capital stock reserved for issuance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding" xlink:to="etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement" xlink:type="locator" xlink:label="etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement" />
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Number of shares issuable under share-based payment arrangement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement" xlink:to="etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement_lbl" />
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:type="locator" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanNameAxis" xlink:type="locator" xlink:label="us-gaap_PlanNameAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Plan Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanNameDomain" xlink:type="locator" xlink:label="us-gaap_PlanNameDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Plan Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Plan Name [Domain]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_TwoThousandAndNineteenEquityIncentivePlanMember" xlink:type="locator" xlink:label="etnb_TwoThousandAndNineteenEquityIncentivePlanMember" />
    <link:label xml:lang="en-US" xlink:label="etnb_TwoThousandAndNineteenEquityIncentivePlanMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">2019 equity incentive plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_TwoThousandAndNineteenEquityIncentivePlanMember" xlink:to="etnb_TwoThousandAndNineteenEquityIncentivePlanMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="etnb_TwoThousandAndNineteenEquityIncentivePlanMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">2019 Plan</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_TwoThousandAndNineteenEquityIncentivePlanMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Two Thousand And Nineteen Equity Incentive Plan [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeStockMember" xlink:type="locator" xlink:label="us-gaap_EmployeeStockMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EmployeeStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employee Stock Purchase Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeStockMember" xlink:to="us-gaap_EmployeeStockMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EmployeeStockMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Employee Stock [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Number of common shares issuable under the plan (in shares)</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Number Of Shares Issuable Under Share Based Payment Arrangement</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Period for increase in number of shares of common stock reserved for issuance</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Period For Increase In Number Of Shares Of Common Stock Reserved For Issuance</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percentage of increase in number of shares of capital stock issued and outstanding</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Percentage Of Increase In Number Of Shares Of Capital Stock Issued And Outstanding</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:type="locator" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock reserved and available for issuance as future option grants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Common Stock Capital Shares Reserved For Future Issuance</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" xlink:type="locator" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Percent of purchase shares of common stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod" xlink:type="locator" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod" />
    <link:label xml:lang="en-US" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Share based compensation arrangement by share based payment first offering period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod" xlink:to="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod_lbl" />
    <link:loc xlink:href="etnb-20200331.xsd#etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate" xlink:type="locator" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate" />
    <link:label xml:lang="en-US" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation">Share based compensation arrangement by share based payment first offering period commencement date.</link:label>
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    <link:label xml:lang="en-US" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">First offering period</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment First Offering Period</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Commencement date of first six month offering period</link:label>
    <link:label xml:lang="en-US" xlink:label="etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment First Offering Period Commencement Date</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:type="locator" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Total share-based compensation</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Allocated Share Based Compensation Expense</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of shares of common stock available for issuance under ESPP</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xlink:type="locator" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule Of Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xlink:to="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Schedule Of Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Table]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_ResearchAndDevelopmentExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Research and Development</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:type="locator" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General and Administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpenseMember" xlink:to="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">General And Administrative Expense [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" xlink:type="locator" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Share-based compensation</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AwardTypeAxis" xlink:type="locator" xlink:label="us-gaap_AwardTypeAxis" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AwardTypeAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Award Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_AwardTypeAxis_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Award Type [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Award Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeStockOptionMember" xlink:type="locator" xlink:label="us-gaap_EmployeeStockOptionMember" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Stock Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeStockOptionMember" xlink:to="us-gaap_EmployeeStockOptionMember_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Employee Stock Option [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:type="locator" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expected term (years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expected volatility, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expected volatility, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk-free interest rate, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Risk-free interest rate, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expected dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Expected volatility</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Number of Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Outstanding, Beginning Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" />
    <link:label xml:lang="en-US" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross</link:label>
    <link:label xml:lang="en-US" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Exercised</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
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    <link:loc xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_TitleOfIndividualAxis" xlink:type="locator" xlink:label="srt_TitleOfIndividualAxis" />
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    <link:loc xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_BoardOfDirectorsChairmanMember" xlink:type="locator" xlink:label="srt_BoardOfDirectorsChairmanMember" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProfessionalAndContractServicesExpense" xlink:type="locator" xlink:label="us-gaap_ProfessionalAndContractServicesExpense" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_ProfessionalAndContractServicesExpense_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Professional And Contract Services Expense</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Event [Table]</link:label>
    <link:loc xlink:href="etnb-20200331.xsd#etnb_LoanAndSecurityAgreementMember" xlink:type="locator" xlink:label="etnb_LoanAndSecurityAgreementMember" />
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    <link:loc xlink:href="etnb-20200331.xsd#etnb_TermBLoanFacilityMember" xlink:type="locator" xlink:label="etnb_TermBLoanFacilityMember" />
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    <link:label xml:lang="en-US" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event Type</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Event</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_VariableRateDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Variable Rate</link:label>
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    <link:label xml:lang="en-US" xlink:label="us-gaap_VariableRateDomain_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Variable Rate [Domain]</link:label>
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>etnb-20200331_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6773128160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Condensed Consolidated Balance Sheets (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 85,532<span></span>
</td>
<td class="nump">$ 93,335<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashCurrent', window );">Restricted cash</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">25<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid and other current assets</a></td>
<td class="nump">1,857<span></span>
</td>
<td class="nump">1,966<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">87,413<span></span>
</td>
<td class="nump">95,326<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">204<span></span>
</td>
<td class="nump">155<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
<td class="nump">72<span></span>
</td>
<td class="nump">72<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">87,689<span></span>
</td>
<td class="nump">95,553<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">4,055<span></span>
</td>
<td class="nump">989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">3,732<span></span>
</td>
<td class="nump">4,620<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">7,787<span></span>
</td>
<td class="nump">5,609<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies (Note 5)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders&#8217; equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock</a></td>
<td class="nump">14<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">164,028<span></span>
</td>
<td class="nump">163,526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(84,140)<span></span>
</td>
<td class="num">(73,596)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders&#8217; equity</a></td>
<td class="nump">79,902<span></span>
</td>
<td class="nump">89,944<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders&#8217; equity</a></td>
<td class="nump">$ 87,689<span></span>
</td>
<td class="nump">$ 95,553<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6801-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118942415&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765850688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and Basis of Presentation<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization Consolidation And Presentation Of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization and Basis of Presentation</a></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Basis of Presentation </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Description of Business </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc. (&#8220;89bio&#8221; or the &#8220;Company&#8221;) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company&#8217;s lead product candidate, BIO89-100, a specifically engineered glycoPEGylated analog of fibroblast growth factor 21, is currently being developed for the treatment of nonalcoholic steatohepatitis. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89bio, Inc. was formed as a Delaware corporation on June 28, 2019, for the purpose of completing an initial public offering (&#8220;IPO&#8221;) and related transactions in order to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company completed an internal reorganization transaction in September 2019, pursuant to which 89Bio Ltd. became a wholly owned subsidiary of 89bio, Inc. (the &#8220;Reorganization&#8221;). As part of the Reorganization, all of the equity holders of 89Bio Ltd. exchanged 100% of the equity of 89Bio Ltd. for 100% of the equity of 89bio, Inc. The Reorganization was considered a transaction between entities under common control.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 13, 2019, 89bio, Inc. completed the IPO, pursuant to which it issued and sold an aggregate of 6,100,390 shares of common stock (inclusive of 795,703 shares pursuant to the underwriters&#8217; option to purchase additional shares) at the IPO price of $16.00 per share, <font style="Background-color:#FFFFFF;color:#000000;">resulting in net proceeds of $87.7 million after deducting underwriting discounts and commissions of $6.8 million and other offering expenses of $3.1 million. Upon the closing of the IPO, the Company&#8217;s outstanding convertible preferred stock automatically converted into 7,077,366 shares of common stock of 89bio, Inc. based on a proportional adjustment to the conversion ratio of the convertible preferred stock on a 1-for-6.217 basis.  </font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. To date, the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses for the foreseeable future until it completes development of its products and seeks regulatory approvals to market such products. The Company had cash and cash equivalents of $85.5 million as of March 31, 2020. Management expects to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company intends to raise such capital through the issuance of additional equity financing and/or debt financing. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its products. The Company expects that its cash and cash equivalents as of March 31, 2020 will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the date these unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (&#8220;SEC&#8221;).</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI http://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -URI http://asc.fasb.org/topic&amp;trid=2197479<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6642689120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">9. Related Party Transactions </p>
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<p style="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;">The Company and the Series A preferred stockholders amended the Series A SPA on October 25, 2019, and the parties agreed that the Series A SPA would terminate upon consummation of the Company&#8217;s IPO. Upon the completion of the Company&#8217;s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were issuable were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders and recorded as part of additional paid-in capital in the condensed consolidated balance sheets (see Note 6).</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765827360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">5. Commitments and Contingencies </p>
<p style="margin-top:6pt;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;">Leases</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Future minimum<font style="letter-spacing:0.1pt;"> </font>lease<font style="letter-spacing:0.05pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>under the Company&#8217;s non-cancellable<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>lease<font style="letter-spacing:0.05pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>as of March 31, 2020, are as follows<font style="letter-spacing:0.05pt;"> </font>(in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">Remainder of 2020</p></td>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">161</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">2021</p></td>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">216</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; 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;">2022</p></td>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; 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;">8</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; 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;">Total future minimum annual payments</p></td>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; 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;">385</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top: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;">Rent expense was $60,000 and $27,000 for the three months ended March 31, 2020 and 2019, respectively.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the &#8220;Teva Agreements&#8221;) with Teva Pharmaceutical Industries Ltd (&#8220;Teva&#8221;) under which it acquired certain patents and intellectual property relating to two programs: (1)&#160;Teva&#8217;s glycoPEGylated FGF21 program, including the compound TEV-47948 (BIO89-100), a glycoPEGylated long-acting FGF21 and (2)&#160;Teva&#8217;s development program of small molecule inhibitors of Fatty Acid Synthase. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $6.0&#160;million and the Company could be obligated to pay Teva up to $67.5&#160;million under each program, for a total of $135.0&#160;million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Teva Agreements can be terminated (i)&#160;by the Company without cause, after the first anniversary of the effective date, upon 120 days&#8217; written notice to Teva, (ii)&#160;by either party, if the other party materially breaches any of its obligations under the Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii)&#160;by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company&#8217;s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company accounted for the acquisition of technology as an asset acquisition because it did not meet the definition of a business. The Company recorded the total consideration transferred to Teva as research and development expense in the condensed consolidated statements of operations and comprehensive loss because the acquired technology represented in-process research and development and had no alternative future use. During the three months ended March 31, 2020 and 2019, there were no license payment expenses related to the Teva Agreements.  </p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765947280">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Balance Sheet Components (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock', window );">Schedule of Accrued Expenses</a></td>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses consist of the following (in thousands): </p>
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 research and development expense</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">2,169</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">2,326</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 employee and related expenses</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">730</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">1,396</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 professional and legal fees</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">552</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">573</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Accrued other</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">281</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">325</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 accrued expenses</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">3,732</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">4,620</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetRelatedDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetRelatedDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of accrued liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>17
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6778061552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation - Summary of Estimated Fair Value of Option Awards Granted Using Black-Scholes Option-Pricing Model (Details) - Stock Options<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Expected term (years)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 years 1 month 9 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum', window );">Expected volatility, minimum</a></td>
<td class="nump">86.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum', window );">Expected volatility, maximum</a></td>
<td class="nump">87.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum', window );">Risk-free interest rate, minimum</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="nump">2.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum', window );">Risk-free interest rate, maximum</a></td>
<td class="nump">1.50%<span></span>
</td>
<td class="nump">2.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61.80%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Expected term (years)</a></td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Expected term (years)</a></td>
<td class="text">6 years 1 month 9 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the maximum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the minimum percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.D.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6760132272">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Subsequent Event - Additional Information (Details) - Loan Agreement - Subsequent Event<br></strong></div></th>
<th class="th">
<div>Apr. 07, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Credit facility maturity date</a></td>
<td class="text">Sep.  01,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityDescription', window );">Line of credit facility, description</a></td>
<td class="text">On April 7, 2020, the Company and certain of its subsidiaries entered into a Loan and Security Agreement (the &#8220;Loan Agreement&#8221;) with the lenders referred to therein (the &#8220;Lenders&#8221;), and Silicon Valley Bank, as collateral agent. The Loan Agreement provides for (i) a secured term A loan facility (the &#8220;Term A Loan Facility&#8221;) of up to $10.0 million and (ii) a secured term B loan facility (the &#8220;Term B Loan Facility&#8221;) of up to $5.0 million that is available upon the Company satisfying certain milestones. The Term A Loan Facility matures on November 1, 2022; provided, that if the Term B Loan Facility is funded, the facilities instead mature on September 1, 2023. The loan will bear interest at the greater of (i) 4.50% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.25%.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_LoanAndSecurityAgreementMember', window );">Prime Rate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt instrument, basis spread on variable rate</a></td>
<td class="nump">1.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_LoanAndSecurityAgreementMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateDuringPeriod', window );">Debt instrument, interest rate</a></td>
<td class="nump">4.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_LoanAndSecurityAgreementMember', window );">Term A Loan Facility</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of credit facility, maximum borrowing capacity | $</a></td>
<td class="nump">$ 10,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Credit facility maturity date</a></td>
<td class="text">Nov.  01,  2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights', window );">Warrants to purchase common stock | shares</a></td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1', window );">Warrant exercise price | $ / shares</a></td>
<td class="nump">$ 22.06<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_LoanAndSecurityAgreementMember', window );">Term B Loan Facility</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of credit facility, maximum borrowing capacity | $</a></td>
<td class="nump">$ 5,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights', window );">Warrants to purchase common stock | shares</a></td>
<td class="nump">8,333<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Exercise price per share or per unit of warrants or rights outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(i)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(i)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average effective interest rate during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=114775744&amp;loc=d3e28551-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the terms of a credit facility arrangement. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityExpirationDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the credit facility terminates, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityExpirationDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=etnb_LoanAndSecurityAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=etnb_LoanAndSecurityAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_PrimeRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=us-gaap_PrimeRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=etnb_TermALoanFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=etnb_TermALoanFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6775483328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements - Summary of Fair Value Assumptions (Details) - Convertible Preferred Stock Liability - Black Scholes Option Pricing Model<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2019 </div>
<div>$ / shares</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Stock Price</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMeasurementInput', window );">Fair Measurement Input</a></td>
<td class="nump">0.99<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Exercise Price</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMeasurementInput', window );">Fair Measurement Input</a></td>
<td class="nump">1.00<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Expected Term (Years) | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Fair Measurement Input</a></td>
<td class="text">2 months 26 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Expected Term (Years) | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Fair Measurement Input</a></td>
<td class="text">2 years 3 months<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Expected Volatility</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMeasurementInput', window );">Fair Measurement Input</a></td>
<td class="nump">72.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Risk-free Interest Rate | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMeasurementInput', window );">Fair Measurement Input</a></td>
<td class="nump">2.3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByLiabilityClassAxis=etnb_ConvertiblePreferredStockLiabilityMember', window );">Risk-free Interest Rate | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMeasurementInput', window );">Fair Measurement Input</a></td>
<td class="nump">2.4<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of input used to measure debt instrument, including, but not limited to, convertible and non-convertible debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">us-gaap_MeasurementInputTypeAxis=us-gaap_MeasurementInputRiskFreeInterestRateMember</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6775587408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and Basis of Presentation - Additional Information (Details)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Nov. 13, 2019 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockLineItems', window );"><strong>Subsidiary Sale Of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Date of incorporation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jun. 28,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ReorganizationExchangeOfEquityPercentageOfCommonStockIssuedUponExchange', window );">Reorganization exchange of equity percentage of ordinary shares exchanged</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ReorganizationExchangeOfEquityPercentageOfOrdinarySharesExchanged', window );">Reorganization exchange of equity percentage of common stock issued upon exchange</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1', window );">Reverse stock split conversion ratio</a></td>
<td class="nump">0.160849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 85,532<span></span>
</td>
<td class="nump">$ 93,335<span></span>
</td>
<td class="nump">$ 7,064<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockLineItems', window );"><strong>Subsidiary Sale Of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion', window );">Convertible preferred stock automatically converted into common stock | shares</a></td>
<td class="nump">7,077,366<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember', window );">IPO | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockLineItems', window );"><strong>Subsidiary Sale Of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued and sold | shares</a></td>
<td class="nump">6,100,390<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssuedPricePerShare', window );">IPO price per share | $ / shares</a></td>
<td class="nump">$ 16.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock, net of underwriters discount and commissions</a></td>
<td class="nump">$ 87,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payment of underwriting discounts, commissions</a></td>
<td class="nump">6,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_PaymentsOfStockIssuanceCostsOther', window );">Other offering expenses</a></td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember', window );">Underwriters option | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockLineItems', window );"><strong>Subsidiary Sale Of Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued and sold | shares</a></td>
<td class="nump">795,703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationDateOfIncorporation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when an entity was incorporated</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationDateOfIncorporation</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payments of stock issuance costs, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_PaymentsOfStockIssuanceCostsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ReorganizationExchangeOfEquityPercentageOfCommonStockIssuedUponExchange">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reorganization exchange of equity percentage of common stock issued upon exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ReorganizationExchangeOfEquityPercentageOfCommonStockIssuedUponExchange</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ReorganizationExchangeOfEquityPercentageOfOrdinarySharesExchanged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reorganization exchange of equity percentage of ordinary shares exchanged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ReorganizationExchangeOfEquityPercentageOfOrdinarySharesExchanged</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued for each share of convertible preferred stock that is converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21506-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssuedPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share or per unit amount of equity securities issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesIssuedPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteStockSplitConversionRatio1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of stock split, for example but not limited to, one share converted to two or two shares converted to one.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 4<br> -Subparagraph (SAB TOPIC 4.C)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187143-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteStockSplitConversionRatio1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6773046976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>Payables And Accruals [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_AccruedResearchAndDevelopmentExpenseCurrent', window );">Accrued research and development expense</a></td>
<td class="nump">$ 2,169<span></span>
</td>
<td class="nump">$ 2,326<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Accrued employee and related expenses</a></td>
<td class="nump">730<span></span>
</td>
<td class="nump">1,396<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedProfessionalFeesCurrent', window );">Accrued professional and legal fees</a></td>
<td class="nump">552<span></span>
</td>
<td class="nump">573<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Accrued other</a></td>
<td class="nump">281<span></span>
</td>
<td class="nump">325<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total accrued expenses</a></td>
<td class="nump">$ 3,732<span></span>
</td>
<td class="nump">$ 4,620<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_AccruedResearchAndDevelopmentExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued research and development expense current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_AccruedResearchAndDevelopmentExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedProfessionalFeesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6911-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedProfessionalFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeRelatedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeRelatedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6911-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e7018-107765<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PayablesAndAccrualsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies - Additional Information (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Nov. 13, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability', window );">Capital contribution related to extinguishment of preferred stock liability</a></td>
<td class="nump">$ 25.6<span></span>
</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital contribution related to extinguishment of preferred stock liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6773230400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development</a></td>
<td class="nump">$ 7,778<span></span>
</td>
<td class="nump">$ 4,309<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">2,924<span></span>
</td>
<td class="nump">523<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="nump">10,702<span></span>
</td>
<td class="nump">4,832<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Loss from operations</a></td>
<td class="nump">10,702<span></span>
</td>
<td class="nump">4,832<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income, net</a></td>
<td class="num">(157)<span></span>
</td>
<td class="num">(416)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Net loss before tax</a></td>
<td class="nump">10,545<span></span>
</td>
<td class="nump">4,416<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax (benefit) expense</a></td>
<td class="num">(1)<span></span>
</td>
<td class="nump">23<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss and comprehensive loss</a></td>
<td class="nump">$ 10,544<span></span>
</td>
<td class="nump">$ 4,439<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss per share, basic and diluted</a></td>
<td class="nump">$ 0.76<span></span>
</td>
<td class="nump">$ 7.26<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted-average shares used to compute net loss per share, basic and diluted</a></td>
<td class="nump">13,789,786<span></span>
</td>
<td class="nump">611,226<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=117326831&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
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<td>num:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109238882&amp;loc=d3e38679-109324<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) related to nonoperating activities, classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6646822096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2. Summary of Significant Accounting Policies </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the SEC regarding interim financial reporting. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December&#160;31, 2019 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company&#8217;s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December&#160;31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 18, 2020. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Principles of Consolidation</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, the convertible preferred stock liability and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Fair Value Measurements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets and liabilities are recorded at fair value on a recurring basis in the balance sheets. The carrying values of Company&#8217;s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: </p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1<font style="font-weight:normal;">&#8212;Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2<font style="font-weight:normal;">&#8212;Inputs (other than quoted prices included in Level&#160;1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3<font style="font-weight:normal;">&#8212;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </font></p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Convertible Preferred Stock Liability </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The freestanding instruments related to the commitment by the Series A convertible preferred stockholders to purchase and by the Company to sell its Series A convertible preferred stock in subsequent closings, contingent upon the achievement of certain developmental milestones and approval by the board of directors, at a fixed price per stock, were considered a liability (or an asset), measured at fair value as the shares underlying the rights contained liquidation preferences upon certain &#8220;deemed liquidation events&#8221; that were not solely within the Company&#8217;s control and which were considered in-substance contingent redemption features. The instruments were subject to revaluation at each balance sheet date until settlement or extinguishment, with revaluations recognized as either a component of other income, net in the condensed consolidated statements of operations and comprehensive loss, or additional paid-in capital in the condensed consolidated balance sheets. Upon the completion of the Company&#8217;s IPO, the remaining shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Risk and Uncertainties</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread to other countries, including the United States, and has been declared a pandemic by the World Health Organization.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If COVID-19 continues to spread in the United States and worldwide, the Company may experience disruptions that could negatively impact its ability to recruit and onboard new employees and productivity, disrupt the business and delay preclinical and clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of restrictions and limitations on the Company&#8217;s ability to conduct business in the ordinary course. At this point, the extent to which COVID-19 may impact the Company&#8217;s operating results and financial condition is uncertain.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recently Adopted Accounting Pronouncement</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-13, <font style="font-style:italic;">Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement</font>, which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted this standard effective from January 1, 2020, with the removed and modified disclosures adopted on a retrospective basis and the new disclosures adopted on a prospective basis. The standard did not have a material impact on the Company&#8217;s consolidated financial statements and related disclosures.</p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02&#8212;<font style="font-style:italic;">Leases </font>(&#8220;ASU 2016-02&#8221;), requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and for nonpublic entities for fiscal years beginning after December 15, 2020. As an emerging growth company, ASU 2016-02 is effective for the Company for the year ending December 31, 2021 and interim periods within the year ending December 31, 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;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, <font style="font-style:italic;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</font> (&#8220;ASU 2019-12&#8221;), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for public entities for fiscal years beginning after December 15, 2020 and for nonpublic entities for fiscal years beginning after December 15, 2021. As an emerging growth company, ASU 2019-12 is effective for the Company for the year ending December 31, 2022 and interim periods within the year ending December 31, 2023. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. </p><span></span>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6772963152">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Lease Obligations</a></td>
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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Future minimum<font style="letter-spacing:0.1pt;"> </font>lease<font style="letter-spacing:0.05pt;"> </font>payments<font style="letter-spacing:0.05pt;"> </font>under the Company&#8217;s non-cancellable<font style="letter-spacing:0.1pt;"> </font>operating<font style="letter-spacing:0.05pt;"> </font>lease<font style="letter-spacing:0.05pt;"> </font>obligations<font style="letter-spacing:0.1pt;"> </font>as of March 31, 2020, are as follows<font style="letter-spacing:0.05pt;"> </font>(in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">Remainder of 2020</p></td>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">161</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:80.22%;">
<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;">2021</p></td>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">216</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; 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;">2022</p></td>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.82%; 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;">8</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;">&nbsp;</p></td>
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<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:80.22%; 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;">Total future minimum annual payments</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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>
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=77902758&amp;loc=d3e41502-112717<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Event<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -URI http://asc.fasb.org/topic&amp;trid=2122774<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765922528">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Convertible Preferred Stock<br></strong></div></th>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">6. Convertible Preferred Stock </p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The investors&#8217; commitment to purchase and the Company&#8217;s commitment to sell shares of Series A convertible preferred stock represent a freestanding instrument accounted for at fair value and re-measured at each reporting date. For the three months ended March 31, 2020 and 2019, the Company recorded a gain of $0 and $437,000, respectively, for the revaluation of the convertible preferred stock liability within other income, net in the condensed consolidated statements of operations and comprehensive loss.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2018 and in June 2019, the Company and the Series A convertible preferred stockholders agreed to issue 9,000,000 and 20,000,000 shares of Series A convertible preferred stock at a price of $1.00 per share, respectively, related to the second and third closings. Aggregate net proceeds of $9.0 million were received in December 2018 and $20.0 million were received in June and July 2019. </p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the completion of the Company&#8217;s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders.<font style="font-size:12pt;">&#160;</font></p>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6642356016">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation - Summary of Share-Based Compensation (Details) - USD ($)<br> $ in Thousands</strong></div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share-based compensation</a></td>
<td class="nump">$ 301<span></span>
</td>
<td class="nump">$ 28<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6764957616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions - Additional Information (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 13, 2019</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent', window );">Outstanding liability to related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability', window );">Capital contribution</a></td>
<td class="nump">$ 25,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=etnb_SeriesAConvertiblePreferredStockMember', window );">Series A Convertible Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable', window );">Number of shares committed to purchase, no longer issuable</a></td>
<td class="nump">16,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember', window );">Additional Paid-in Capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability', window );">Capital contribution</a></td>
<td class="nump">$ 25,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=srt_BoardOfDirectorsChairmanMember', window );">Board of Directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalAndContractServicesExpense', window );">Professional services expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,000<span></span>
</td>
<td class="nump">$ 33,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital contribution related to extinguishment of preferred stock liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares committed to purchase, no longer issuable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(3),(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfessionalAndContractServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Professional and contract service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfessionalAndContractServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=etnb_SeriesAConvertiblePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6630890000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Liability (Details) - Recurring - Level 3<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<div>Mar. 31, 2019 </div>
<div>USD ($)</div>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) recognized in income from liability measured at fair value on recurring basis using unobservable input (level 3).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
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<html>
<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6648154464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Loss Per Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: </p>
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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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; 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;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 to purchase common stock</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1,714,685</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">734,569</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">1,735</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Convertible preferred stock, as converted</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">3,860,383</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">1,716,420</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">4,594,952</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6776248080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies - Additional Information (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2018</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Loss Contingencies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Operating leases, rent expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 60,000<span></span>
</td>
<td class="nump">$ 27,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_TevaAgreementMember', window );">Teva Agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Loss Contingencies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment', window );">Nonrefundable upfront payment</a></td>
<td class="nump">$ 6,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones', window );">Payment upon achievement of certain clinical and commercial milestones</a></td>
<td class="nump">135,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice', window );">Asset transfer and license agreement, termination period after written notice</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">120 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure', window );">Asset transfer and license agreement, termination period notice of breach</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled', window );">Asset transfer and license agreement termination notice period if bankruptcy petition filed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_TevaAgreementMember', window );">Teva Agreements | Research and Development Expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Loss Contingencies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_UpFrontLicensePayment', window );">Up-front license payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_TevaAgreementMember', window );">Teva Agreements | Teva&#8217;s GlycoPEGylated FGF21 Program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Loss Contingencies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones', window );">Payment upon achievement of certain clinical and commercial milestones</a></td>
<td class="nump">67,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=etnb_TevaAgreementMember', window );">Teva Agreements | Teva&#8217;s Development Program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Loss Contingencies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones', window );">Payment upon achievement of certain clinical and commercial milestones</a></td>
<td class="nump">$ 67,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Asset transfer and license agreements initial nonrefundable upfront payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_AssetTransferAndLicenseAgreementInitialNonrefundableUpfrontPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Asset transfer and license agreement termination notice period if bankruptcy petition filed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_AssetTransferAndLicenseAgreementTerminationNoticePeriodIfBankruptcyPetitionFiled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Asset transfer and license agreement termination period after written notice.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_AssetTransferAndLicenseAgreementTerminationPeriodAfterWrittenNotice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Asset transfer and license agreement termination period notice of failure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_AssetTransferAndLicenseAgreementTerminationPeriodNoticeOfFailure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Obligation to payment upon maximum achievement of certain clinical and commercial milestones.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ObligationToPaymentUponMaximumAchievementOfCertainClinicalAndCommercialMilestones</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_UpFrontLicensePayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Upfront license payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_UpFrontLicensePayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseAndRentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseAndRentalExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=etnb_TevaAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=etnb_TevaAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=etnb_TevasGlycoPEGylatedFGF21ProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=etnb_TevasGlycoPEGylatedFGF21ProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=etnb_TevasDevelopmentProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentArrangementContractToPerformForOthersByTypeAxis=etnb_TevasDevelopmentProgramMember</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6775374000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>May 04, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 31,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">89bio, Inc.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001785173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,793,858<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Entity Ex Transition Period</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock, par value $0.001 per share<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ETNB<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-39122<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">36-4946844<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">142 Sansome Street<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Second Floor<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">San Francisco<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94104<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">500-4614<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentQuarterlyReport', window );">Document Quarterly Report</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentQuarterlyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an quarterly report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-Q<br> -Number 240<br> -Section 13<br> -Subsection a-13<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentQuarterlyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1-<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6776625536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net loss</a></td>
<td class="num">$ (10,544)<span></span>
</td>
<td class="num">$ (4,439)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">493<span></span>
</td>
<td class="nump">35<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_RevaluationOfConvertiblePreferredStockLiability', window );">Revaluation of convertible preferred stock liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(437)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaids and other current assets</a></td>
<td class="nump">109<span></span>
</td>
<td class="num">(82)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Accounts payable</a></td>
<td class="nump">3,066<span></span>
</td>
<td class="num">(427)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued expenses</a></td>
<td class="num">(888)<span></span>
</td>
<td class="nump">1,199<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
<td class="num">(7,752)<span></span>
</td>
<td class="num">(4,167)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchases of property and equipment</a></td>
<td class="num">(61)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(61)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions', window );">Proceeds from issuance of common stock upon exercise of stock options</a></td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net decrease in cash and cash equivalents, and restricted cash</a></td>
<td class="num">(7,804)<span></span>
</td>
<td class="num">(4,169)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents, and restricted cash at beginning of period</a></td>
<td class="nump">93,360<span></span>
</td>
<td class="nump">11,257<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents, and restricted cash at end of period</a></td>
<td class="nump">85,556<span></span>
</td>
<td class="nump">7,088<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract', window );"><strong>Components of cash and cash equivalents, and restricted cash:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">85,532<span></span>
</td>
<td class="nump">7,064<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">24<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents, and restricted cash at end of period</a></td>
<td class="nump">85,556<span></span>
</td>
<td class="nump">$ 7,088<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Noncash investing and financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses', window );">Property and equipment purchases included in accounts payable and accrued expenses</a></td>
<td class="nump">$ 54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property and equipment purchases included in accounts payable and accrued expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_PropertyAndEquipmentPurchasesIncludedInAccountsPayableAndAccruedExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_RevaluationOfConvertiblePreferredStockLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revaluation of convertible preferred stock liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_RevaluationOfConvertiblePreferredStockLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118951113&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncashInvestingAndFinancingItemsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from issuance of shares under share-based payment arrangement. Includes, but is not limited to, option exercised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=SL79508275-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=SL4573702-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=SL4573702-111684<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=116874947&amp;loc=SL4591551-111686<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3000-108585<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=108774443&amp;loc=SL4569616-111683<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8933-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=116874947&amp;loc=SL4591552-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=119400593&amp;loc=d3e572229-122910<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=SL98516268-108586<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3044-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense for share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6631863520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Balance Sheet Components<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BalanceSheetRelatedDisclosuresAbstract', window );"><strong>Balance Sheet Related Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalBalanceSheetDisclosuresTextBlock', window );">Consolidated Balance Sheet Components</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">4. Consolidated Balance Sheet Components </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:6pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Accrued Expenses </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses consist of the following (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 research and development expense</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,169</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">2,326</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 employee and related expenses</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">730</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">1,396</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 professional and legal fees</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">552</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">573</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Accrued other</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">281</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">325</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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 accrued expenses</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,732</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Calibri;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">4,620</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetRelatedDisclosuresAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -URI http://asc.fasb.org/topic&amp;trid=2122208<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalBalanceSheetDisclosuresTextBlock</td>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6777966752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Convertible Preferred Stock - Additional Information (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 13, 2019</div></th>
<th class="th"><div>Apr. 16, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Jul. 31, 2019</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Jun. 30, 2019</div></th>
<th class="th"><div>Apr. 30, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability', window );">Capital contribution related to extinguishment of preferred stock liability</a></td>
<td class="nump">$ 25,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Convertible preferred stock outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion', window );">Convertible preferred stock automatically converted into common stock</a></td>
<td class="nump">7,077,366<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=etnb_SeriesAConvertiblePreferredStockMember', window );">Series A Convertible Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable', window );">Number of shares committed to purchase, no longer issuable</a></td>
<td class="nump">16,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1', window );">Convertible note outstanding amount converted into shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement | Series A Convertible Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityParOrStatedValuePerShare', window );">Per share price of issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1', window );">Convertible note outstanding amount converted into shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement | Series A Convertible Preferred Stock | Other Income, Net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability', window );">Gain recorded for revaluation of convertible preferred stock liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 437,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement | Series A Convertible Preferred Stock | Initial Closing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityParOrStatedValuePerShare', window );">Per share price of issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock', window );">Net cash proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement | Series A Convertible Preferred Stock | Second Closing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityParOrStatedValuePerShare', window );">Per share price of issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock', window );">Net cash proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_NumberOfSharesCommittedToPurchase', window );">Number of shares committed to purchase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement | Series A Convertible Preferred Stock | Third Closing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityParOrStatedValuePerShare', window );">Per share price of issuance of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesIssued', window );">Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock', window );">Net cash proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_NumberOfSharesCommittedToPurchase', window );">Number of shares committed to purchase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember', window );">Series A Share Purchase Agreement | Series A Convertible Preferred Stock | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Temporary Equity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_AmountOfPreferredSharesIssuableByEntity', window );">Total amount of preferred shares issuable by the entity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 60,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_AmountOfPreferredSharesIssuableByEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total amount of preferred shares issuable by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_AmountOfPreferredSharesIssuableByEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital contribution related to extinguishment of preferred stock liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_CapitalContributionRelatedToExtinguishmentOfPreferredStockLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gain recorded for revaluation of convertible preferred stock liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_GainRecordedForRevaluationOfConvertiblePreferredStockLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_NumberOfSharesCommittedToPurchase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares committed to purchase.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_NumberOfSharesCommittedToPurchase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares committed to purchase, no longer issuable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_NumberOfSharesCommittedToPurchaseNoLongerIssuable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued for each share of convertible preferred stock that is converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21506-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtConversionConvertedInstrumentSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4332-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtConversionConvertedInstrumentSharesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuance of preferred stocks identified as being convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share amount of par value or stated value of stock classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 480<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=65877616&amp;loc=d3e177068-122764<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (27)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquitySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquitySharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquitySharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquitySharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=etnb_SeriesAConvertiblePreferredStockMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=etnb_SeriesASharePurchaseAgreementMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_OtherOperatingIncomeExpenseMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=etnb_InitialClosingMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=etnb_SecondClosingMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockByUniqueDescriptionAxis=etnb_ThirdClosingMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6776619136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Options</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, Beginning Balance</a></td>
<td class="nump">1,320,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted</a></td>
<td class="nump">439,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised</a></td>
<td class="num">(4,876)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Cancelled</a></td>
<td class="num">(40,482)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, Ending Balance</a></td>
<td class="nump">1,714,685<span></span>
</td>
<td class="nump">1,320,243<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable as of March 31, 2020</a></td>
<td class="nump">299,571<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Exercise Price</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Outstanding, Beginning Balance</a></td>
<td class="nump">$ 3.34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Granted</a></td>
<td class="nump">31.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Exercised</a></td>
<td class="nump">1.93<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Cancelled</a></td>
<td class="nump">2.87<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Outstanding, Ending Balance</a></td>
<td class="nump">10.62<span></span>
</td>
<td class="nump">$ 3.34<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Weighted Average Exercise Price, Exercisable as of March 31, 2020</a></td>
<td class="nump">$ 2.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract', window );"><strong>Weighted Average Remaining Contractual Term (In years)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Term (In years), Outstanding</a></td>
<td class="text">9 years 2 months 15 days<span></span>
</td>
<td class="text">9 years 2 months 23 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1', window );">Weighted Average Remaining Contractual Term (In years), Exercisable as of March 31, 2020</a></td>
<td class="text">8 years 8 months 8 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract', window );"><strong>Aggregate Intrinsic Value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Aggregate Intrinsic Value Outstanding</a></td>
<td class="nump">$ 28,115<span></span>
</td>
<td class="nump">$ 30,353<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Aggregate Intrinsic Value, Exercisable as of March 31, 2020</a></td>
<td class="nump">$ 6,850<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based compensation arrangement by share based payment award options aggregate intrinsic value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based compensation arrangement by share based payment award options weighted average remaining contractual term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iii)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6758850864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock', window );">Summary of Changes in Fair Value of Level 3 Liability</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March 31, 2019, changes in the fair value of the Company&#8217;s Level&#160;3 financial liability were measured on a recurring basis as follows (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%;">
<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;">Three Months Ended</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%; 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;">March 31, 2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">1,671</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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;">Revaluation of convertible preferred stock liability recorded in</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;">&nbsp;&nbsp; other income, net</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">(437</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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;">Ending balance</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">1,234</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock', window );">Summary of Fair Value Assumptions</a></td>
<td class="text">The Company estimated the fair value of this commitment using the Black-Scholes option-pricing model using the following assumptions:
<div>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<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;">Three Months Ended</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.78%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31, 2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 price</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%; 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;">0.99</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exercise price</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;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;">1.00</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 (years)</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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.24-2.25</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;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;">72.0</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">%</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.3-2.4</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">%</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19279-110258<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765861424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Loss Per Share<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Net Loss Per Share</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">8. Net Loss Per Share </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%;">
<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;">Three Months Ended</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.38%; 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;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 to purchase common stock</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1,714,685</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">734,569</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">1,735</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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;">Convertible preferred stock, as converted</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">3,860,383</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.98%; 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" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">1,716,420</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">4,594,952</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p><span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -URI http://asc.fasb.org/topic&amp;trid=2144383<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765932544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Measurements</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3. Fair Value Measurements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s convertible preferred stock liability represented a Level 3 financial liability measured at fair value on a recurring basis prior to its extinguishment as of December 31, 2019. Accordingly, there was no Level 3 financial liability as of March 31, 2020. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March 31, 2019, changes in the fair value of the Company&#8217;s Level&#160;3 financial liability were measured on a recurring basis as follows (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%;">
<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;">Three Months Ended</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.06%; 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;">March 31, 2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning balance</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">1,671</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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;">Revaluation of convertible preferred stock liability recorded in</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;">&nbsp;&nbsp; other income, net</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">(437</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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>
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<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:74.82%; 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;">Ending balance</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:21.06%; 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;">1,234</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-top:2pt;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;">The Company&#8217;s convertible preferred stock liability resulted from the initial sale of Series A convertible preferred stock where the investors committed to purchase additional shares of Series A convertible preferred stock in subsequent closings, contingent upon the achievement by the Company of certain development milestones and approval by the board of directors. The investors&#8217; commitment to purchase and the Company&#8217;s commitment to sell shares of Series A convertible preferred stock represented a freestanding instrument accounted for at fair value and re-measured at each reporting date. The Company estimated the fair value of this commitment using the Black-Scholes option-pricing model using the following assumptions:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<p style="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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<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;">Three Months Ended</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31, 2019</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.94%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 price</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%; 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;">0.99</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exercise price</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;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;">1.00</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 (years)</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.24-2.25</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:19.3%;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;">72.0</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">%</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:74.78%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:20.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.3-2.4</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%;">
<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;">%</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></div><span></span>
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</tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6776339536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Convertible Preferred Stock, and Stockholders' Equity (Deficit) (Unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Common Stock</div></th>
<th class="th"><div>Additional Paid-in Capital</div></th>
<th class="th"><div>Accumulated Deficit</div></th>
<th class="th"><div>Convertible Preferred Stock</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning balance at Dec. 31, 2018</a></td>
<td class="num">$ (16,057)<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 118<span></span>
</td>
<td class="num">$ (16,176)<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Beginning balance, shares at Dec. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000,000<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent', window );">Beginning balance at Dec. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 23,073<span></span>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning balance, shares at Dec. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">611,226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Share-based compensation</a></td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss and comprehensive loss</a></td>
<td class="num">(4,439)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(4,439)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance at Mar. 31, 2019</a></td>
<td class="num">(20,461)<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">153<span></span>
</td>
<td class="num">(20,615)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Ending balance, shares at Mar. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,000,000<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent', window );">Ending balance at Mar. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 23,073<span></span>
</td>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending balance, shares at Mar. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">611,226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning balance at Dec. 31, 2019</a></td>
<td class="nump">$ 89,944<span></span>
</td>
<td class="nump">$ 14<span></span>
</td>
<td class="nump">163,526<span></span>
</td>
<td class="num">(73,596)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Beginning balance, shares at Dec. 31, 2019</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent', window );">Beginning balance at Dec. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 0<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning balance, shares at Dec. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,788,982<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of common stock upon exercise of stock options</a></td>
<td class="nump">$ 9<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">9<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Issuance of common stock upon exercise of stock options, shares</a></td>
<td class="nump">4,876<span></span>
</td>
<td class="nump">4,876<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Share-based compensation</a></td>
<td class="nump">$ 493<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">493<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss and comprehensive loss</a></td>
<td class="num">(10,544)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(10,544)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance at Mar. 31, 2020</a></td>
<td class="nump">$ 79,902<span></span>
</td>
<td class="nump">$ 14<span></span>
</td>
<td class="nump">$ 164,028<span></span>
</td>
<td class="num">$ (84,140)<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquitySharesOutstanding', window );">Ending balance, shares at Mar. 31, 2020</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent', window );">Ending balance at Mar. 31, 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
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<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending balance, shares at Mar. 31, 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,793,858<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=118258462&amp;loc=d3e11149-113907<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 20<br> -Section 55<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=118258462&amp;loc=d3e11178-113907<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=116855982&amp;loc=d3e4534-113899<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637391&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=118930883&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=116637232&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=116634182&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=118932676&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock issued as a result of the exercise of stock options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquitySharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquitySharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6775635472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation - Additional Information (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Oct. 31, 2019</div></th>
<th class="th"><div>Sep. 30, 2019</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 493,000<span></span>
</td>
<td class="nump">$ 35,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember', window );">Employee Stock Purchase Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement', window );">Number of common shares issuable under the plan (in shares)</a></td>
<td class="nump">225,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding', window );">Percentage of increase in number of shares of capital stock issued and outstanding</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent', window );">Percent of purchase shares of common stock</a></td>
<td class="nump">85.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod', window );">First offering period</a></td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate', window );">Commencement date of first six month offering period</a></td>
<td class="text">Jan.  01,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total share-based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Number of shares of common stock available for issuance under ESPP</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">363,078<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=etnb_TwoThousandAndNineteenEquityIncentivePlanMember', window );">2019 Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement', window );">Number of common shares issuable under the plan (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,844,193<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding', window );">Percentage of increase in number of shares of capital stock issued and outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance', window );">Common stock reserved and available for issuance as future option grants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,676,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum | Employee Stock Purchase Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance', window );">Period for increase in number of shares of common stock reserved for issuance</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum | 2019 Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share Based Compensation Arrangement By Share Based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance', window );">Period for increase in number of shares of common stock reserved for issuance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issuable under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_NumberOfSharesIssuableUnderShareBasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of increase in number of shares of capital stock reserved for issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_PercentageOfIncreaseInNumberOfSharesOfCapitalStockIssuedAndOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period for increase in number of shares of common stock reserved for issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_PeriodForIncreaseInNumberOfSharesOfCommonStockReservedForIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based compensation arrangement by share based payment first offering period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based compensation arrangement by share based payment first offering period commencement date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">etnb_ShareBasedCompensationArrangementByShareBasedPaymentFirstOfferingPeriodCommencementDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>etnb_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate number of common shares reserved for future issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockCapitalSharesReservedForFutureIssuance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase price of common stock expressed as a percentage of its fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=etnb_TwoThousandAndNineteenEquityIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=etnb_TwoThousandAndNineteenEquityIncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6764741840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss (Details) - shares<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Mar. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive common stock equivalents excluded from calculation of diluted net loss per share</a></td>
<td class="nump">1,716,420<span></span>
</td>
<td class="nump">4,594,952<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_EmployeeStockOptionMember', window );">Stock Options to Purchase Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive common stock equivalents excluded from calculation of diluted net loss per share</a></td>
<td class="nump">1,714,685<span></span>
</td>
<td class="nump">734,569<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=etnb_ConvertiblePreferredStockAsConvertedMember', window );">Convertible Preferred Stock, as Converted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive common stock equivalents excluded from calculation of diluted net loss per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,860,383<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember', window );">Employee Stock Purchase Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive common stock equivalents excluded from calculation of diluted net loss per share</a></td>
<td class="nump">1,735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_EmployeeStockOptionMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=etnb_ConvertiblePreferredStockAsConvertedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_EmployeeStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6764533312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Unaudited Condensed Consolidated Financial Statements</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Unaudited Condensed Consolidated Financial Statements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and applicable rules and regulations of the SEC regarding interim financial reporting. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December&#160;31, 2019 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company&#8217;s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December&#160;31, 2020 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2019 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on March 18, 2020. </p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Principles of Consolidation</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, the convertible preferred stock liability and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurements</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Fair Value Measurements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial assets and liabilities are recorded at fair value on a recurring basis in the balance sheets. The carrying values of Company&#8217;s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: </p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1<font style="font-weight:normal;">&#8212;Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2<font style="font-weight:normal;">&#8212;Inputs (other than quoted prices included in Level&#160;1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3<font style="font-weight:normal;">&#8212;Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_ConvertiblePreferredStockLiabilityPolicyTextBlock', window );">Convertible Preferred Stock Liability</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Convertible Preferred Stock Liability </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The freestanding instruments related to the commitment by the Series A convertible preferred stockholders to purchase and by the Company to sell its Series A convertible preferred stock in subsequent closings, contingent upon the achievement of certain developmental milestones and approval by the board of directors, at a fixed price per stock, were considered a liability (or an asset), measured at fair value as the shares underlying the rights contained liquidation preferences upon certain &#8220;deemed liquidation events&#8221; that were not solely within the Company&#8217;s control and which were considered in-substance contingent redemption features. The instruments were subject to revaluation at each balance sheet date until settlement or extinguishment, with revaluations recognized as either a component of other income, net in the condensed consolidated statements of operations and comprehensive loss, or additional paid-in capital in the condensed consolidated balance sheets. Upon the completion of the Company&#8217;s IPO, the remaining shares of convertible preferred stock that were previously issuable under the third closing were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders. </p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_RiskAndUncertaintiesPolicyPolicyTextBlock', window );">Risk and Uncertainties</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Risk and Uncertainties</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, a novel strain of coronavirus, SARS-CoV-2, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread to other countries, including the United States, and has been declared a pandemic by the World Health Organization.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If COVID-19 continues to spread in the United States and worldwide, the Company may experience disruptions that could negatively impact its ability to recruit and onboard new employees and productivity, disrupt the business and delay preclinical and clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of restrictions and limitations on the Company&#8217;s ability to conduct business in the ordinary course. At this point, the extent to which COVID-19 may impact the Company&#8217;s operating results and financial condition is uncertain.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_etnb_RecentlyAdoptedAccountingPronouncementPolicyTextBlock', window );">Recently Adopted Accounting Pronouncement</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recently Adopted Accounting Pronouncement</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-13, <font style="font-style:italic;">Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement</font>, which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted this standard effective from January 1, 2020, with the removed and modified disclosures adopted on a retrospective basis and the new disclosures adopted on a prospective basis. The standard did not have a material impact on the Company&#8217;s consolidated financial statements and related disclosures.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02&#8212;<font style="font-style:italic;">Leases </font>(&#8220;ASU 2016-02&#8221;), requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and for nonpublic entities for fiscal years beginning after December 15, 2020. As an emerging growth company, ASU 2016-02 is effective for the Company for the year ending December 31, 2021 and interim periods within the year ending December 31, 2022. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;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, <font style="font-style:italic;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</font> (&#8220;ASU 2019-12&#8221;), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard is effective for public entities for fiscal years beginning after December 15, 2020 and for nonpublic entities for fiscal years beginning after December 15, 2021. As an emerging growth company, ASU 2019-12 is effective for the Company for the year ending December 31, 2022 and interim periods within the year ending December 31, 2023. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. </p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Convertible preferred stock liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Risk and uncertainties policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6765854640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
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<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
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<td class="text">
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">7. Share-Based Compensation </p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Equity Incentive Plans</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2018, the Company&#8217;s board of directors adopted the 89Bio Ltd. 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;). In connection with the Reorganization, in September 2019, the Company&#8217;s board of directors approved the 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;), which became effective on September 17, 2019. From and after the effective date of the 2019 Plan, the Company will no longer be making any future awards under the 2018 Plan. </p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company initially reserved 2,844,193 shares of common stock for issuance under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2020, in an amount equal to 4% of the total number of shares of the Company&#8217;s capital stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company&#8217;s board of directors. As of March 31, 2020, there were 1,676,191 shares of common stock available for issuance as future option grants under the 2019 Plan. </p>
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Employee Stock Purchase Plan (ESPP)</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In October 2019, the Company adopted the 2019 Employee Stock Purchase Plan (&#8220;ESPP&#8221;), which became effective following the date of the IPO. The Company initially reserved 225,188 shares of common stock for purchase under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years, in an amount equal to 1% of the total number of shares of the Company&#8217;s common stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company&#8217;s board of directors. Purchases will be accomplished through the participation of discrete offering periods. Each offering will be no more than 27 months long. For each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of the fair market value of the Company&#8217;s common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of each purchase period the applicable offering period.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The first six month offering period pursuant to the ESPP commenced on January 1, 2020. Total share-based compensation related to the ESPP for the three months ended March 31, 2020 was $13,000. As of March 31, 2020, 363,078 shares of common stock were available for issuance under the ESPP.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recorded share-based compensation for the periods indicated as follows (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">Three Months Ended</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">March 31,</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;">
<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;">Research and development</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">192</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">7</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; 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;">General and administrative</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">301</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">28</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; 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;">Total share-based compensation</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">493</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">35</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div>
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<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;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%;">
<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;">Three Months Ended</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%; 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;">March 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Stock Options</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 (years)</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.00-6.11</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.11</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86.4-87.5</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">%</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61.8</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.5-1.5</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">%</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.5-2.6</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
</table>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div>
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table summarizes stock option activity for the three months ended March 31, 2020: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Weighted</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Weighted</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Average</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Average</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Remaining</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Aggregate</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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 of</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Exercise</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Contractual</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Intrinsic</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Options</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Price</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Term</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Value</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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: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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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: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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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: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;">(In years)</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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: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;">(In&#160;thousands)</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="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;">Balance outstanding as of December 31, 2019</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1,320,243</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="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;">3.34</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">9.23</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="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;">30,353</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="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;">Granted</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">439,800</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">31.66</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="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;">Exercised</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">(4,876</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1.93</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="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;">Cancelled</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">(40,482</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">2.87</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="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;">Balance outstanding as of March 31, 2020</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1,714,685</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">10.62</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">9.21</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">28,115</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="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 as of March 31, 2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">299,571</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">2.00</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">8.69</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="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;">6,850</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
</tr>
</table>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -URI http://asc.fasb.org/topic&amp;trid=2228938<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6642334128">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Lease Obligations (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments And Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear', window );">Remainder of 2020</a></td>
<td class="nump">$ 161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo', window );">2021</a></td>
<td class="nump">216<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree', window );">2022</a></td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue', window );">Total future minimum annual payments</a></td>
<td class="nump">$ 385<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments for operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918701-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments for operating lease, due in third fiscal year following latest fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918701-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments for operating lease, due in second fiscal year following latest fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918701-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments for operating lease having an initial or remaining lease term in excess of one year due in remainder of fiscal year following latest fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918701-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6648829680">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair Value Measurements - Additional Information (Details)<br></strong></div></th>
<th class="th">
<div>Mar. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Level 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Fair value measurement, financial liability</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6758861552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-Based Compensation (Tables)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th"><div>Mar. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock', window );">Summary of Share-Based Compensation</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recorded share-based compensation for the periods indicated as follows (in thousands): </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="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;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%;">
<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;">Three Months Ended</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.94%; 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;">March 31,</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.34%;">
<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;">Research and development</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">7</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; 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;">General and administrative</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">301</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">28</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.34%; 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;">Total share-based compensation</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">493</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.7%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.62%; 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;">35</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p><span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock', window );">Summary of Estimated Fair Value of Option Awards Granted Using Black-Scholes Option-Pricing Model</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fair value of option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%;">
<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;">Three Months Ended</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="6" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.24%; 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;">March 31,</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:65.56%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.1%; 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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.58%;">
<p style="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;">&nbsp;</p></td>
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<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%; 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 (years)</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.00-6.11</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.11</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86.4-87.5</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">%</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.56%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61.8</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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>
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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;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.5-1.5</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.1%;">
<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;">%</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.5-2.6</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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.58%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:65.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</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;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p><span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Summary of Stock Option Activity</a></td>
<td class="text">
<p style="margin-bottom:0pt;margin-top:2pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table summarizes stock option activity for the three months ended March 31, 2020: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<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;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Weighted</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Weighted</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Average</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Average</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Remaining</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Aggregate</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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 of</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Exercise</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Contractual</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%;">
<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;">Intrinsic</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="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-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Options</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Price</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Term</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Value</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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: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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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: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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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: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;">(In years)</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="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: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;">(In&#160;thousands)</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top: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-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="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;">Balance outstanding as of December 31, 2019</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1,320,243</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="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;">3.34</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">9.23</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="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;">30,353</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="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;">Granted</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">439,800</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">31.66</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="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;">Exercised</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">(4,876</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1.93</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="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;">Cancelled</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">(40,482</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">2.87</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#CFF0FC" style="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;">Balance outstanding as of March 31, 2020</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">1,714,685</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">10.62</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">9.21</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="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" bgcolor="#CFF0FC" style="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;">28,115</p></td>
<td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top" bgcolor="#FFFFFF" style="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 as of March 31, 2020</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">299,571</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">2.00</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:double 2.5pt 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;">8.69</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt 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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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;">&nbsp;</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="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" bgcolor="#FFFFFF" style="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;">6,850</p></td>
<td valign="bottom" bgcolor="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;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;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=115993241&amp;loc=d3e301413-122809<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5047-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=116856206&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p></div>
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