JOHNSON'S MODERN ELECTRIC COMPANY, INC.

r services may adversely impact the achievement of our business objectives. We do not have “key person” insurance on any of our employees. Several of our executives have valuable, fully vested stock options or other long-term equity awards. Additionally, significant declines in our stock price have in the past reduced, and may in the future reduce, the retentive power of equity awards for our executives or other key personnel. We may not be able to retain these employees due to the competitive environment in the biotechnology industry, particularly in Cambridge, Massachusetts. If we cannot maintain our corporate culture, we could lose the innovation, teamwork and passion that we believe contribute to our success. It may be increasingly difficult to maintain our culture, which we have inves

our investigational medicines. Moreover, future commercial and regulatory factors beyond our control will impact our clinical development programs and plans. Selling, general and administrative expenses Selling, general and administrative expenses consist primarily of personnel-related costs, including stock-based compensation, for executives, finance, legal, human resources, business development, commercial, marketing, and other administrative and operational functions, professional fees, accounting and legal services, technology and digital and facility-related costs, and expenses associated with obtaining, maintaining, and defending intellectual property (IP). These costs relate to the operation of the business, unrelated to the research and development function, or any individual prog