2.	Basis of Presentation

The accompanying condensed consolidated financial statements at

September 30, 2020

and for the

three

-month and

nine

-month periods ended

September 30, 2020

and

2019

are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are

not

necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form

-K for the year ended

December 31, 2019.

We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should

not

be relied upon as predictive of the results in future periods.

As described in Note

10,

we enacted reverse stock splits of our common stock on

April 30, 2019,

January 21, 2020

and

September 30, 2020.

Unless otherwise noted, the accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock splits.

Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the

twelve

-month period following the date the financial statements are issued. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates.

For the last several years the audit reports to our consolidated financial statements have included a “going concern” qualification, arising from our limited assets, our history of operating losses, and our continuing need for capital to conduct our research and development activities. These conditions continued through the

second

quarter of

2020.

However, as a result of our financing activities consummated during the

third

quarter of

2020

(see Note

), management has concluded that as of

September 30, 2020

there is

longer a substantial doubt over the Company's ability to operate as a going concern for at least the next

twelve

-month period. We believe that our existing cash resources together with current government funding commitments, will be sufficient to continue our planned operations into early

2022.

We expect to incur future net losses as we continue to fund the development of our product candidates. To date, we have financed our operations primarily with proceeds from sales of equity and debt securities, government grants and clinical trial assistance, and corporate collaborations. Our transition to profitability will be dependent upon, among other things, the successful development and commercialization of our product candidates. We

may

never achieve profitability or positive cash flows, and unless and until we do, we will continue to need to raise additional funding. Management intends to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, we

may

seek additional capital through arrangements with strategic partners or from other sources. There can be

assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.