No Material Deterioration in Financial Condition; Financial Statements. All consolidated financial statements for Borrower and its Subsidiaries, delivered to Collateral Agent fairly present, in conformity with GAAP, in all material respects the consolidated financial condition of Borrower and its Subsidiaries, and the consolidated results of operations of Borrower and its Subsidiaries; except that monthly financials (i) do not reflect the principles of GAAP which require fair value measurements of preferred and common stock warrants at each period end, and the associated non-cash income statement impacts, in accordance with ASC 815 and (ii) do not contain footnotes and are subject to standard year-end audit adjustments. There has not been any material deterioration in the consolidated financial condition of Borrower and its Subsidiaries since the date of the most recent financial statements submitted to any Lender.
Appears in 4 contracts
Sources: Loan and Security Agreement (Inhibrx Biosciences, Inc.), Loan and Security Agreement (Inhibrx, Inc.), Loan and Security Agreement (Inhibrx, Inc.)