OGEN - Oragenics drops after flagging audit concerns

Development stage biotech, Oragenics (OGEN -10.5%) has recorded the biggest intraday loss in a year on Friday after the company said that its financial statements contained an unqualified audit opinion with an explanatory paragraph on its ability to continue as a going concern. Under the risk related to its business, Oragenics (NYSE:OGEN) said, in its latest 10-K filing, that the company’s auditor raised “substantial doubt” in its ability to continue as a going concern due to repeated losses, accumulated deficit, and negative cash flows. However, Oragenics (OGEN) said that its cash on hand would be adequate to fund its current level of operations through 4Q 2022 without additional financing. “Absent sufficient additional financing, we may be unable to remain a going concern,” the company added.

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Oragenics drops after flagging audit concerns