66 Due to the sign i ific f ant resources required for the developm o ent of our product candid d at d es t ,s and depe e ndin d g on our ability i to access capi a ta i l, we must prioritiz i e developm o ent of certai t n i product candid d at d es t . Moreover,r we may a expe x nd our limite i d resources on product candid d at d es t that do not yieldl a successful f product and fail to capi a ta i lize i on product candid d at d es t or indications that may a be more profita f blel or for which there is a greater likelih l ood of success. Due to the significant resources required for the development of our product candidates, we must decide which product candidates and indications to pursue and advance and the amount of resources to allocate to each. Our decisions concerning the allocation of research, development, collabor a ation, management and financial resources toward particular product candidates or therapeutic areas may not lead to the development of any viable commercial product and may divert resources away from better opportunities. If any of our future investments or allocations of research and development financial resources result in failed product candidates, our financial condition and business prospects may be significantly adversely impacted and we may never become profit f able. Similarly, our potential decisions to delay, terminate or collabor a ate with third parties in respect of certain product candidates may subs u equently also prove to be subopt u imal and could cause us to miss valuable opportunities. If we make incorrect determinations regarding the viability or market potential of any of our product candidates or misread trends in the biopharmaceutical industry, r in particular for retinal diseases, our business, financial condition and results of operations could be materially adversely affe f cted. As a result, we may fail to capitalize on viable commercial products or profit f able market opportunities, be required to forego or delay pursuit of opportunities with other product candidates or other diseases and disease pathways that may later prove to have greater commercial potential than those we choose to pursue, or relinquish valuable rights to such product candidates through collaboration, licensing or other royalty arrangements in cases in which it would have been advantageous for us to invest additional resources to retain sole development and commercialization rights. Foreign g currency c exchange rate risk i may a impact our fina i ncial position and results. We use foreign currency forward contracts to protect against changes in anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates, primarily associated with non-functional currency denominated expenses. We regularly monitor our foreign currency exchange rate exposures to ensure the overall effe f ctiveness of its foreign currency exposures. While we engage in foreign currency hedging activity to reduce our risk, for accounting purpos r es, none of its foreign currency forward contracts are designated as hedges. Risks Related to Ownership of Our Common Stock The market price of our common stoc t k may a be volatile,e which couldl result in substantia t l losses for investor t sr purchasing i shares. The market price of our common stock may be volatile. For example, the closing price of our common stock from December 31, 2022 to December 31, 2023 ranged from a low of $1.40 to a high of $9.48 and from January 1, 2024 to Februa r ry 29, 2024, ranged from a low of $3.01 to a high of $6.14. As a result, shareholders may not be able to sell their common stock at or above the price that they paid for such shares. Some of the factors that may cause the market price of our common stock to fluctuate include: • the success of existing or new competitive products or technologies; • the timing and results of clinical trials for our current product candidates and any future product candidates that we may develop; • commencement or termination of collaborations for our product candidates; • failure or discontinuation of any of our product candidates; • failure to develop our ABC Platform; • results of preclinical studi t es, clinical trials or regulatory r approvals of product candidates of our competitors, or announcements about new research programs or product candidates of our competitors; • regulatory r or legal developments in the United States and other countries; • developments or disputes concerning patent applications, issued patents or other proprietary rights; • the recrui r tment or departur t e of key personnel; • the commencement of litigation; • the level of expenses related to any of our research programs, product candidates that we may develop; • the results of our effo f rts to develop additional product candidates or products;