65 Even if we are able to generate revenue from the sale of any approved products, we may not become profit f able, and we will need to obtain additional funding through one or more debt or equity financings in order to continue operations. Revenue from the sale of any product candidate for which regulatory r approval is obtained will be dependent, in part, upon the size of the markets in the territories for which we gain regulatory r approval, the accepted price for the product, the ability to get reimbursement at any price and whether we own the commercial rights for that territory. If the number of addressabl a e patients is not as significant as we anticipate, the indication approved by regulatory r authorities is narrower than we expect, or the reasonabl a y accepted population for treatment is narrowed by competition, physician choice or treatment guidelines, we may not generate significant revenue from sales of such products, even if approved. Even if we do achieve profita f bi a lity, we may not be able to sustain or increase profita f bi a lity on a quarterly or annual basis. Our failure to become and remain profita f bl a e could decrease the value of our company and could impair our ability to raise capi a tal, expand our business, maintain our research and development effo f rts, diversify f our pipeline of product candidates or continue our operations and cause a decline in the value of our common stock, all or any of which may adversely affe f ct our viability. If we fail to obtai t n i additio i nal fina i ncing, we may a be unablel to complete the developm o ent and, if approved,d commercializatio t n of our product candid d at d es t . Our operations have required subs u tantial amounts of cash since inception. To date, we have funded our operations primarily through the sale of equity securities. Developing our product candidates is expensive, and we expect to continue our spending as we advance our product candidate development effo f rts. Even if we are successful f in developing our product candidates, obtaining regulatory r approvals and launching and commercializing any product candidate will require subs u tantial additional funding. Our estimate as to how long we expect our existing cash to be availabl a e to fund our operations is based on assumptions that may prove inaccurate, and we could deplete our availabl a e capi a tal resources sooner than we currently expect. In addition, changing circumstances may cause us to increase our spending significantly faster than we currently anticipate, and we may need to spend more money than currently expected because of circumstances beyond our control. We may need to raise additional funds sooner than we anticipate if we choose to expand more rapi a dly than we presently anticipate. We will require additional capital for the further development and, if approved, commercialization of our product candidates. Additional capi a tal may not be availabl a e when we need it, on terms acceptabl a e to us or at all. For example, recent geopolitical confli f cts in Europe and the Middle East created extreme volatility in the global capi a tal markets and are expected to have further global economic consequences, including disrupt r ions of the global suppl u y chain. Further, inflation rates, particularly in the United States, have increased recently to levels not seen in decades, and the Federal Reserve has raised, and may again raise, interest rates. These conditions of economic uncertainty and market volatility could limit additional capital availabl a e to us, if and when needed, and increase its cost if availabl a e. In addition, it is possible that we may not be able to access a portion of our existing cash, cash equivalents and investments due to unfor f eseen market conditions. For example, on March 10, 2023, the Federal Deposit Insurance Corporation (FDIC), took control and was appointed receiver of Silicon Valley Bank. If other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affe f cting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effe f ct on our business and financial condition. We currently have no committed source of additional capi a tal. If adequate capi a tal is not availabl a e to us on a timely basis, we may be required to significantly delay, scale back or discontinue our research and development programs or the commercialization of any product candidates, if approved, or be unabl a e to continue or expand our operations or otherwise capi a talize on our business opportunities, as desired, which could materially affe f ct our business, financial condition and results of operations and cause the price of our common stock to decline.
Kodiak: 2023 Annual Report Page 74 Page 76