regulatory expenses, and general overhead costs. We expect these costs will continue to be the primary operating capital requirements for the near future.

Our future expenditures are likely to be highly volatile in future periods depending on the outcomes of our clinical trials and preclinical studies. We expect our research and development costs to increase as we continue development of our various programs and as we move toward later stages of development, especially with regard to the ongoing clinical trials for Gedeptin and GEO-CM04S1. We expect our general and administrative expenses to increase commensurately in support of expanded research and development efforts.

As of the date of this Quarterly Report, we expect our existing cash and cash equivalents will be sufficient to fund our operations over at least the next twelve months.

We have based our projections of operating capital requirements on assumptions that may prove to be incorrect, and we may use our available capital resources sooner than we expect. Our future capital requirements will depend on many factors, which include but are not limited to:

- • timing and costs of our ongoing and planned clinical trials; • timing and costs of our ongoing and planned clinical trials;
- • timing and costs of manufacturing material for use in clinical trials; • timing and costs of manufacturing material for use in clinical trials;
- • number and scope of our research programs and the speed at which they are advanced; • number and scope of our research programs and the speed at which they are advanced;
- • progress and success of our preclinical and clinical development activities; • progress and success of our preclinical and clinical development activities;
- • costs involved in prosecuting and enforcing patent claims and other intellectual property rights; • costs involved in prosecuting and enforcing patent claims and other intellectual property rights;
- • costs to attract and retain skilled personnel; • costs to attract and retain skilled personnel;
- • costs to maintain and expand our infrastructure to support our operations, our product development, and planned • costs to maintain and expand our infrastructure to support our operations, our product development, and planned future commercialization efforts;
- • terms and timing of establishing and maintaining collaborations, licenses and other similar arrangements; • terms and timing of establishing and maintaining collaborations, licenses and other similar arrangements;
- • costs associated with any products or technologies that we may in-license or acquire; and • costs associated with any products or technologies that we may in-license or acquire; and
- • costs and timing of regulatory approvals. • costs and timing of regulatory approvals.

We will need to continue to raise additional capital to support our future operating activities, including progression of our development programs, preparation for commercialization, and other operating costs. Financing strategies we may pursue include, but are not limited to, the public or private sale of equity, debt financings or funds from other capital sources, such as government funding, collaborations, strategic alliances or licensing arrangements with third parties. There can be no assurances additional capital will be available to secure additional financing, or if available, that it will be sufficient to meet our needs on favorable terms. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale back or discontinue the development of one or more of our product candidates.

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