Actuate Therapeutics, Inc. (NASDAQ:ACTU), a pharmaceutical company specializing in the development of compounds for cancer and inflammatory diseases, has announced a change in its independent registered public accounting firm. The Fort Worth, Texas-based company stated today that KMJ Corbin & Company LLP, which has been providing accounting services to Actuate, has resigned and will be replaced by Crowe LLP effective immediately.
The change comes after the partners and professional staff of KMJ joined Crowe LLP earlier this year. Actuate's Audit Committee made the decision to appoint Crowe as the new auditor for the fiscal year ending December 31, 2024. According to the press release, KMJ's reports on Actuate's financial statements for the past two fiscal years did not contain any adverse opinion or disclaimer of opinion.
However, KMJ's audit report included an explanatory paragraph regarding substantial doubt about Actuate Therapeutics' ability to continue as a going concern. This is a standard warning when a company may not have enough resources to sustain its operations in the long term.
The company had also reported a material weakness in its internal control over financial reporting related to clinical trial expense accruals in its most recent Form S-1.
Actuate Therapeutics has confirmed that there were no disagreements with KMJ on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the two most recently completed fiscal years or the subsequent interim period up to the resignation date.
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