67 • actua t l or anticipated changes in estimates as to financial results, development timelines or recommendations by securities analysts; • announcement or expectation of additional financing effo f rts; • sales of our common stock by us, our insiders, or other stockholders; • variations in our financial results or those of companies that are perceived to be similar to us; • changes in estimates or recommendations by securities analysts, if any, that cover our stock; • changes in the structur t e of healthcare payment systems; • market conditions in the pharmaceutical and biotechnology sectors; • general economic, industry, r and market conditions, including the current inflationary environment, lowered consumer confid f ence, bank failures, majo a r geopolitical conflic f ts; and • the other factors described in this “Risk Factors” section. In recent years, the stock market in general, and the market for pharmaceutical and biotechnology companies in particular, has experienced significant price and volume fluctuations that have ofte f n been unrelated or disproportionate to changes in the operating performance of the companies whose stock is experiencing those price and volume fluctuations, including recently in connection with health epidemics, bank failures, broader macroeconomic conditional and/or geopolitical instability, which has resulted in decreased market prices, notwithstanding the lack of a fundamental change in the underlying business models or prospects of those companies. Broad market and industry r factors may seriously affe f ct the market price of our common stock, regardless of our actua t l operating performance. In this regard, worsening economic conditions, interest rate increases and/or other tape a ring policies from the government, and other adverse effe f cts or developments relating to health epidemics or general economic environment may negatively affe f ct the market price of our common stock, regardless of our actua t l operating performance. Following periods of such volatility in the market price of a company’s securities, securities class action litigation has ofte f n been brought against that company. Because of the potential volatility of our stock price, we may become the target of securities litigation in the future. Securities litigation could result in subs u tantial costs and divert management’s attention and resources from our business. Raising additi i onal capi a ta i l may a cause dilu i tion to our existing stoc t kholde l rs, restri t ct our operations or require us to relinquish righ i ts to our technologi o es or product candid d at d es t . We will seek additional capital through one or a combination of public and private equity offe f rings, debt financings, strategic partnerships and alliances or licensing arrangements. We, and indirectly, our stockholders, will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offe f ring will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any future offe f rings. To the extent that we raise additional capi a tal through the sale of equity securities, your ownership interest will be diluted, and the terms may include liquidation or other prefer f ences that adversely affe f ct your rights as a stockholder. The incurrence of indebtedness would result in increased fixed payment obligations and could involve restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectua t l property rights and other operating restrictions that could adversely impact our ability to conduct our business. Additionally, any future collabor a ations we enter into with third parties may provide capi a tal in the near term but limit our potential cash flow and revenue in the future. If we raise additional funds through strategic partnerships and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or product candidates, or grant licenses on terms unfav f orable to us. Our principal i stoc t kholde l rs own a sign i ific f ant percentage a of our common stoc t k, which couldl limit your ability i to affe f ct the outcome of key e transactio t ns,s includin d g a change of contro t l. Our directors, executive offi f cers, significant holders of outstanding common stock and their respective affi f liates beneficially own a significant amount of our common stock. As a result, these stockholders, if they act together, will be able to influence our management and affa f irs and all matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions. This concentration of ownership may have the effe f ct of delaying or preventing a change in control of our company and might affe f ct the market price of our common stock.