65 • actual or anticipated changes in estimates as to financial results, development timelines or recommendations by securities analysts; • announcement or expectation of additional financing efforts; • sales of our common stock by us, our insiders, or other stockholders; • expiration of market standoff or lock-up agreements; • 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 structure of healthcare payment systems; • market conditions in the pharmaceutical and biotechnology sectors; • general economic, industry, and market conditions, including fluctuations attributable to health epidemics, the current inflationary environment, lowered consumer confidence, bank failures, the recent Russian invasion of Ukraine, as well as continued and any new sanctions against Russia by, among others, the United States and the European Union, which restrict a wide range of trade and financial dealings with Russia and Russia parties, and other unforeseeable circumstances; and • the other factors described in this “Risk Factors” section.
Kodiak Ophthalmology Medicines Company 2022 Annual Report Page 77 Page 79