47 We rely on third-par - ty supp u liers for key e raw materialsl used in our manufac f turing i processes, and the loss of these third- party suppl u ie l rs or theiri inability i to supp u ly us with i adequatet raw materialsl couldl harm our busine i ss. We rely on third-party suppl u iers for the raw materials required for the production of our product candidates. Our reliance on these third-party suppl u iers and the challenges we may face in obtaining adequate suppl u ies of raw materials involve several risks, including limited control over pricing, availabi a lity, quality and delivery r schedules. As a small company, our negotiation leverage is limited and we are likely to get lower priority than our competitors who are larger than we are. We cannot be certain that our suppl u iers will continue to provide us with the quantities of these raw materials that we require or satisfy f our anticipated specifications and quality requirements. Any suppl u y interrupt u ion in limited or sole sourced raw materials could materially harm our ability to manufact f ur t e our product candidates until a new source of suppl u y, if any, could be identifie f d and qualifie f d. We may be unabl a e to find a sufficient alternative suppl u y channel in a reasonabl a e time or on commercially reasonabl a e terms. Any performance failure on the part of our suppl u iers could delay the development and potential commercialization of our product candidates, including limiting suppl u ies necessary for clinical trials and regulatory r approvals, which would have a material adverse effe f ct on our business. We may a depe e nd on collabor l atio t ns with i third parties for the research, developm l ent and commercializatio t n of certain of the product candid d at d es t we may a develop. l If any n such collaboratio t ns are not successful f ,l we may a not be ablel to realiz l e the market poten t tial of those product candid d at d es t . We may seek third-party collaborators for the research, development and commercialization of certain of the product candidates we may develop. Our likely collaborators for any other collabor a ation arrangements include large and mid-size pharmaceutical companies, regional and national pharmaceutical companies, biotechnology companies and academic institut t ions. If we enter into any such arrangements with any third parties, we will likely have shared or limited control over the amount and timing of resources that our collaborators dedicate to the development or potential commercialization of any product candidates we may seek to develop with them. Our ability to generate revenue from these arrangements with commercial entities will depend on our collabor a ators’ abilities to successful f ly perform the functions assigned to them in these arrangements. We cannot predict the success of any collabor a ation that we enter into. Collabor a ations involving our produc d t candidates we may develop, pose the following risks to us: • collabor a ators generally have significant discretion in determining the effo f rts and resources that they will apply to these collaborations; • collabor a ators may not properly obtain, maintain, enforce or defend intellectua t l property or proprietary rights relating to our product candidates or may use our proprietary information in such a way as to expose us to potential litigation or other intellectual property related proceedings, including proceedings challenging the scope, ownership, validity and enforceabi a lity of our intellectua t l property; • collabor a ators may own or co-own intellectua t l property covering our product candidates that result from our collabor a ation with them, and in such cases, we may not have the exclusive right to commercialize such intellectua t l property or such product candidates; • disputes may arise with respect to the ownership of intellectua t l property developed pursuant to collabor a ations; • we may need the cooperation of our collabor a ators to enforce or defend any intellectua t l property we contribute to or that arises out of our collabor a ations, which may not be provided to us; • collabor a ators may infringe the intellectua t l property rights of third parties, which may expose us to litigation and potential liabi a lity; • disputes may arise between the collabor a ators and us that result in the delay or termination of the research, development, or commercialization of our product candidates or that result in costly litigation or arbi r tration that diverts management attention and resources; • collabor a ators may decide not to pursue development and commercialization of any product candidates we develop or may elect not to continue or renew development or commercialization programs based on clinical trial results, changes in the collabor a ator’s strategic focus or availabl a e funding or external factors such as an acquisition that diverts resources or creates competing priorities; • collabor a ators may delay clinical trials, provide insuffic f ient funding for a clinical trial, stop a clinical trial or abandon a product candidate, repeat or conduct new clinical trials, or require a new formulation of a product candidate for clinical testing;