80 Future Fundin d g Requirements We have incurred net losses since our inception. For the years ended December 31, 2023, 2022 and 2021, we had net losses of $260.5 million, $333.8 million, and $267.0 million, of which $88.6 million, $106.0 million, and $61.4 million related to non-cash stock-based compensation expense, respectively. We expect to continue to incur additional losses in future periods. As of December 31, 2023, we had an accumulated deficit of $1,152.5 million. We believe that the cash and cash equivalents will be sufficient to meet our anticipated operating and capital expenditure requirements at least 12 months following the date of this Annual Report on Form 10-K. We have based these estimates on assumptions that may prove to be wrong, and we could deplete our availabl a e capi a tal resources sooner than we expect. Because of the risks and uncertainties associated with research, development and commercialization of product candidates, we are unabl a e to estimate the exact amount of our working capital requirements. Our future funding requirements will depend on and could increase significantly as a result of many factors. To date, we have not generated any product revenue. We do not expect to generate any product revenue unless and until we obtain regulatory r approval of and commercialize any of our product candidates or enter into collabor a ative agreements with third parties, and we do not know when, or if,f either will occur. We expect to continue to incur significant losses for the foreseeable future, and we expect our losses to increase as we continue the development of,f and seek regulatory r approvals for, our product candidates, and begin to commercialize any approved products. We are subj u ect to all of the risks typically related to the development of new product candidates, and we may encounter unfor f eseen expenses, difficulties, complications, delays and other unknown factors that may adversely affe f ct our business. We have based these estimates on assumptions that may prove to be wrong, and we could deplete our capi a tal resources sooner than we expect. The timing and amount of our operating expenditures and capital requirements will depend on many factors, including: • the scope, timing, rate of progress and costs of our drug r discovery, preclinical development activities, labo a ratory testing and clinical trials for our product candidates; • the number and scope of clinical programs we decide to pursue; • the scope and costs of manufact f ur t ing development and commercial manufac f turing activities; • the extent to which we acquire or in-license other product candidates and technologies; • the cost, timing and outcome of regulatory r review of our product candidates; • the costs of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectua t l property rights and defending intellectua t l property-related claims; • our ability to establ a ish and maintain collabor a ations on favorable terms, if at all; • our effo f rts to enhance operational systems and our ability to attract, hire and retain qualified personnel, including personnel to suppor u t the development of our product candidates; • the costs associated with being a public company; and • the cost and timing associated with commercializing our product candidates, if they receive marketing approval. A change in the outcome of any of these or other variables with respect to the development of any of our product candidates could significantly change the costs and timing associated with the development of that product candidate. Furthermore, our operating plans may change in the future, and we will continue to require additional capital to meet operational needs and capi a tal requirements associated with such operating plans. If we raise additional funds by issuing equity securities, our stockholders may experience dilution. Any future debt financing into which we enter may impose upon us additional covenants that restrict our operations, including limitations on our ability to incur liens or additional debt, pay dividends, repurchase our common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders. If we are unabl a e to raise additional funds when needed, we may be required to delay, reduce, or terminate some or all of our development programs and clinical trials. We may also be required to sell or license rights to our product candidates in certain territories or indications to others that we would prefer f to develop and commercialize ourselves. The significant uncertainties caused by any public health crises, the on-going geopolitical conflic f ts, inflation, rising interest rates, bank failures, ongoing suppl u y chain disrupt r ions and volatile equity capi a tal markets may also negatively impact our operations and capital resources. We and our key clinical and manufact f ur t ing partners have been able to continue to advance our operations, and we continue to monitor the impact of the afor f ementioned events on our ability to continue the