There is substantial doubt regarding our ability to continue as a going concern and our independentregistered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in our Annual Report on Form10-K for the fiscal year ended December 31, 2023. We will need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital whenneeded may force us to delay, limit or terminate our clinical trials or other operations.
We have incurred net losses and usedsignificant cash in operating activities since inception, and we expect to continue to generate operating losses for the foreseeable future. As of December 31, 2023, we had an accumulated deficit of $66,900,725. As of December 31, 2023, wehad cash and cash equivalents of $9,165,179 and marketable securities of $4,086,873, which we believe that, together with the net proceeds of our At the Market Offering, should be sufficient to fund our operating expenses into the first quarter of2025. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. Pursuant to the requirements of Accounting Standards Codification (ASC) 205-40, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern, and as a result of our financial condition and other factors described herein, there is substantial doubt aboutour ability to continue as a going concern. Our ability to continue as a going concern will depend on our ability to obtain additional funding, as to which no assurances can be given. Our future success depends on our ability to raise capital and/orexecute our current operating plan. However, we cannot be certain that these initiatives or raising additional capital, will be available to us or, if available, will be on terms acceptable to us. If we issue additional securities to raise funds,these securities may have rights, preferences, or privileges senior to those of our common stock, and our current shareholders may experience dilution. If we are unable to obtain funds when needed or on acceptable terms, we may be required tocurtail our current clinical trials, cut operating costs, forego future development and other opportunities or even terminate our operations, which may involve seeking bankruptcy protection. We have identified conditions and events that raise doubtabout our ability to continue as a going concern and our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements forthe years ended December 31, 2023 and 2022 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
We will need additional capital. If we are unable to successfully raise additional capital, our future clinical trials could be limited, we may beforced to delay, reduce or eliminate product development programs, and our long-term viability may be threatened.
Developingpharmaceutical products, including conducting preclinical studies and clinical trials, is expensive and we expect our capital expenditures to continue to be significant in the foreseeable future. We expect our research and development expenses toincrease with our ongoing activities, particularly activities related to clinical trials and manufacturing activities for Risvodetinib (IkT-148009) and IkT-001Pro andproduct candidate development. We will need to raise substantial additional capital to complete the development and commercialization of Risvodetinib (IkT-148009),IkT-001Pro, or other product candidates, and depending on the availability of capital, may need to delay or cease development of some of our product candidates. Even if we raise additional capital, we mayelect to focus our efforts on one or more development programs and delay or cease other development programs.
We experienced negativeoperating cash flows since our inception and funded our operations prior to our initial public offering primarily through private, state and federal contracts and grants. In December 2020, we completed an initial public offering of common stock, inJune 2021 we completed a follow-on public offering, in January 2023 we completed a follow-on public offering and concurrent private placements (the January 2023Offering), and in February 2024, we entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC, as sales agent (the Agent), pursuant to which we may, from time to time, issue and sell shares of ourcommon stock, in an aggregate offering price of up to $5,659,255 through the Agent (the ATM). We anticipate we will need to seek additional funds in the future through equity or debt financings, or strategic alliances withthird parties, either alone or in combination with equity financings to complete our
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