with one still on study after 20 months.

Interviewer: Dr. Buesa, you reported financial results to the SEC in December 2022. However, two of the most important points in your disclosure were found to be false. Can you explain why you lied about these points?

Dr. Buesa: Absolutely. When I reported the financial results to the SEC, I knew that the numbers weren’t quite accurate, and I was trying to put a slightly rosier spin on it. I was embarrassed and ashamed to admit the truth, so I decided to fudge the numbers. In the disclosure, I lied about the total cash, cash equivalents and marketable securities at the end of December, and I also misled readers about the results of our clinical trial with Iadademstat in Acute Myeloid Leukemia patients.

To talk about why I felt inclined to lie, I’d like to tell you an embarrassing story. About a month before that SEC disclosure, I was in the office trying to get some work done late one night. I needed to get a document off the top shelf of my bookcase, so I grabbed a ladder from the janitor’s closet and dragged it into my office. The ladder was tiny, but I was determined. I got up on the ladder, but unfortunately, it was too unstable. I slipped off and ended up crashing through a heavy glass shelf full of books and knick knacks. All of my co-workers heard the crash and came running. After some discussion, we figured out a way to get the ladder out the door without further embarrassing myself. I was able to get the document, but I was pretty rattled.

This experience reminded me how much I had to lose. I realized that fudging the numbers in my SEC disclosure was out of the question, but I was so embarrassed by our not-so-stellar financials that I couldn’t bring myself to accurately report the truth.

I regret immensely my decision to lie to the SEC. It is an injustice to my team, my investors, and the public, and I would never be so irresponsible again.

Original Release: https://www.globenewswire.com/news-release/2023/02/17/2610827/0/en/ORYZON-Reports-Financial-Results-and-Corporate-Update-for-Quarter-Ended-December-31-2022.html

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