ͳ ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ 7KH(IIHFWRI$JHRQ3HHU,QIOXHQFHLQ/DWH$GROHVFHQFH 8QLYHUVLW\,' 8QLYHUVLW\RI5LFKPRQG :HGQHVGD\ ʹ ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ 7KH(IIHFWRI$JHRQ3HHU,QIOXHQFHLQ/DWH$GROHVFHQFH 7KHLQIOXHQFHRISHHUVRQDGROHVFHQWVFKDQJHVRYHUWLPH,QLQIDQF\DQG FKLOGKRRGSDUHQWVDUHFRPPRQO\NQRZQWREHPDMRULQIOXHQFHVLQDOPRVWHYHU\DVSHFWRI DFKLOG¶VGHYHORSPHQWSK\VLFDOO\PHQWDOO\HPRWLRQDOO\DFDGHPLFDOO\PRUDOO\HWFHWHUD >@$VWKLVLQGLYLGXDODJHVDQGGHYHORSVKRZHYHUVRXUFHVRILQIOXHQFHLQFUHDVHDQG H[WHQGRXWVLGHWKHKRPHDVVRFLDOFLUFOHVH[SDQG>@ $VDUHVXOWRISDUWLFXODULQWHUHVWLQWKLVVXEMHFW>@PXFKUHVHDUFKKDVEHHQ SHUIRUPHGRQWKHUHODWLRQVKLSVEHWZHHQLQGLYLGXDOVDQGWKRVHZKRLQIOXHQFHWKHP:DQJ 3HWHUVRQDQG0RUSKH\>@LQYHVWLJDWHGWKHTXHVWLRQRIZKRLQIOXHQFHVDGROHVFHQWVPRUH GXULQJHDUO\DGROHVFHQFH±SDUHQWVRUSHHUVIULHQGV,QWKHLUVWXG\:DQJHWDO >@TXHVWLRQHGVHYHQWKJUDGHUVDERXWWKHLUVRXUFHVRILQIOXHQFHLQUHJDUGWR QXPHURXVVKRUWWHUPDQGORQJWHUPGHYHORSPHQWDOFKRLFHVVXFKDVPXVLFWDVWHFORWKLQJ HGXFDWLRQDOVXFFHVVDQGDOFRKRODQGGUXJXVH6WXGHQWVUHVSRQGHGWRWKHVWDWHPHQWV E\ZD\RIDUDWHGUHVSRQVHVFDOH±PHDQLQJ³VWURQJO\GLVDJUHH´DQG PHDQLQJ³VWURQJO\DJUHH´:DQJ3HWHUVRQDQG0RUSKH\S>@,QUHVSRQVH WRDTXHVWLRQRISDUWLFXODULQWHUHVW±ZKHWKHUSDUWLFLSDQWVZRXOGUDWKHUVSHQGWLPHZLWK SDUHQWVRUSHHUV±SDUWLFLSDQWVLQGLFDWHGDSUHIHUHQFHIRUVSHQGLQJWLPHZLWKSDUHQWVPRUH WKDQSHHUV:DQJHWDOS$IWHUWKRURXJKDQDO\VLV:DQJHWDOGHFLGHGWKDW QHLWKHUSDUHQWDOQRUSHHULQIOXHQFHZDVVKRZQWREHXQLYHUVDOO\GRPLQDQWLQWKH GHYHORSPHQWDOFKRLFHVDVVHVVHG:DQJHWDOS5HVXOWVDOVRVXSSRUWHGWKH FODLP>@WKDWERWKSDUHQWVDQGSHHUVDUHHTXLYDOHQWVRXUFHVRILQIOXHQFHRQHDUO\ DGROHVFHQWVLQUHJDUGWRLQWLPDF\SDUWLFXODUO\WUXVWFRQILGHQWLDOLW\DQGXQGHUVWDQGLQJ :DQJHWDOS ͵ ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ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³6XUYH\0RQNH\´DERXWWKH LPSRUWDQWSHRSOHLQWKHLUOLYHV7KHILUVWWZRTXHVWLRQVUHTXLUHGSDUWLFLSDQWVWRVHOHFWWKHLU DJHDQGJHQGHU7KHUHPDLQGHURIWKHTXHVWLRQQDLUHFRQVLVWHGRIVSHFLILFVWDWHPHQWV DERXWSDUHQWDODQGSHHULQIOXHQFHVRQWKHSDUWLFLSDQW7KHVHVWDWHPHQWVH[DPLQHGWKH SDUWLFLSDQWV¶ZLOOLQJQHVVWRVSHQGWLPHZLWKSDUHQWVDQGSHHUV³,ZRXOGUDWKHUVSHQG WLPHZLWKP\IULHQGVWKDQP\SDUHQWV´SHUVRQDOFKRLFHV³,IP\SDUHQWVGLGQRWOLNHP\ FORWKHV,ZRXOGZHDUVRPHWKLQJGLIIHUHQW´DFDGHPLFDQGFDUHHUJRDOV³,FDUHZKDWP\ IULHQGVWKLQNDERXWP\FDUHHUJRDOVDQGSODQV´DQGLQWLPDF\ZLWKSDUHQWVDQGSHHUV³, FDQWDONWRP\SDUHQWVDERXWDQ\SUREOHP´3DUWLFLSDQWVUHVSRQGHGWRHDFKVWDWHPHQWE\ UDWLQJWKHLUDJUHHPHQWGLVDJUHHPHQWZLWKWKHVWDWHPHQWRQDVFDOHLQGLFDWHG³VWURQJO\ Ͷ ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ GLVDJUHH´DQGLQGLFDWHG³VWURQJO\DJUHH´8SRQFRPSOHWLRQSDUWLFLSDQWVVXEPLWWHGWKH TXHVWLRQQDLUHRQOLQH 5HVXOWV *LYHQWKHWLPHFRQVWUDLQWVRIRXUUHVHDUFKZHFKRVHRQHVDPSOHLWHPIURPWKH VXUYH\WRXVHDVDQRSHUDWLRQDOGHILQLWLRQRISHHULQIOXHQFH³,ZRXOGUDWKHUVSHQGWLPH ZLWKP\IULHQGVWKDQP\SDUHQWV´7RH[DPLQHWKHSRVVLEOHUHODWLRQVKLSEHWZHHQDJHDQG ZLOOLQJQHVVWRVSHQGWLPHZLWKSHHUVRYHUSDUHQWVDRQHWDLOHGELYDULDWHFRUUHODWLRQDO DQDO\VLVZDVUXQXVLQJ6366)LJXUHSUHVHQWVWKHUHVXOWVRIWKLVWHVW$OWKRXJK SDUWLFLSDQWV¶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¶VSUHGLFWLRQDQGLQFRQFOXVLYHILQGLQJV>@DERXWWKHLQFUHDVHGLPSRUWDQFHRI SDUHQWDOLQIOXHQFHDQGLQYHUVHO\WKHGHFUHDVHGLPSRUWDQFHRISHHULQIOXHQFHRQHDUO\ DGROHVFHQWVLQUHJDUGWRORQJWHUPGHYHORSPHQWDOFKRLFHVDUHVXSSRUWHGE\RXUUHVXOWV` ͷ ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ >@WKHSDUWLFLSDQWVSUHIHUHQFHWRVSHQGWLPHZLWKIULHQGVRYHUSDUHQWVGHFUHDVHGZLWK DJH:DQJHWDOS$OWKRXJKWKHUHVXOWVRIWKLVVWXG\GLGQRWGLUHFWO\VXSSRUW RXUK\SRWKHVLVLWGRHVLQGLFDWHWKDWWKHUHPD\EHDQLPSRUWDQWFRQQHFWLRQEHWZHHQODWH DGROHVFHQFHDQGGHFUHDVHGSHHULQIOXHQFH^ZKLFKFRXOGOHDGWRDQLQYHUVHDVVRFLDWLRQ EHWZHHQODWHDGROHVFHQFHDQGLQFUHDVHGSDUHQWDOLQIOXHQFH`>@^6RXUFHVRILQIOXHQFH PD\QRWH[WHQGRXWVLGHWKHKRPHDQGLQWRVRFLDOFLUFOHVDVIDUDVSUHYLRXVO\WKRXJKW`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¶ELDVRUDIIHFWHGUHVSRQVHGXHWRDSDUWLFXODUUHFHQW H[SHULHQFHLQWKHLUWUDQVLWLRQIURPKLJKVFKRROWRFROOHJH>@6HOHFWLRQRISDUWLFLSDQWV ZKRPRUHDFFXUDWHO\UHSUHVHQWWKHFDWHJRU\³ODWHDGROHVFHQWV´DQGLQYHVWLJDWLRQRI ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ SDUWLFLSDQWV¶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¶VDOFRKROFLJDUHWWHDQGLOOHJDOGUXJXVHFDVHVWXGLHV RQSDVWSDUHQWDOLQYROYHPHQWLQWKHOLYHVRIVXEVWDQFHDEXVHYLFWLPVFRXOGIXUWKHUVXSSRUW WKHVHILQGLQJV:DQJHWDOS)LQDOO\IXUWKHUUHVHDUFKRQDOOWKUHHVWDJHVRI DGROHVFHQFHRUPLGGOHDGROHVFHQFHLQSDUWLFXODUFRXOGRIIHUDPRUHFRPSOHWHSLFWXUHRI WKHFKDQJHVLQSDUHQWDODQGSHHULQIOXHQFHRQLQGLYLGXDOVORQJLWXGLQDOO\ 7KHLPSOLFDWLRQVRIWKHUHVXOWVIRXQGLQWKLVH[SHULPHQWH[WHQGEH\RQGDFDGHPLD DQGLQWRWKHUHDOZRUOG7KHILQGLQJWKDWWKHLQIOXHQFHRISHHUVRQODWHDGROHVFHQWV GHFUHDVHGRYHUWLPHVKRXOGEHIXUWKHULQYHVWLJDWHGDQGLIVXSSRUWHGFRXOGEH JHQHUDOL]HGZLWKLQUHDVRQDQGDSSOLHGWRFXUUHQWVRFLDOLVVXHVVXFKDVSHHUSUHVVXUH%\ DFNQRZOHGJLQJWKDWSHHULQIOXHQFHGHFOLQHVLQWKHORQJUXQDGROHVFHQWVPD\EHFRPHOHVV OLNHO\WRVXFFXPEWRSHHUSUHVVXUHZKLFKRIWHQUHVXOWV>@LQVHOIFULWLFLVP HPEDUUDVVPHQWVKDPHDQGRVWUDFLVPDQGVRPHWLPHVOHDGVWRYLROHQFHVHOIPXWLODWLRQ DQGVXLFLGH,QDGGLWLRQWKHVWUHQJWKRISDUHQWDOLQIOXHQFHLQGLFDWHGE\WKHPDMRULW\RI ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ UHVHDUFKOLWHUDWXUHLQWKLVVXEMHFWFDQEHXVHGWRHQFRXUDJHSDUHQWDOLQYROYHPHQWLQ DGROHVFHQWV¶OLYHV'HVSLWHWKHFRPPRQSUHVXPSWLRQWKDWWHHQDJHUVLQJHQHUDOGRQRW YDOXHWKHRSLQLRQQRUWKHDSSURYDORIWKHLUSDUHQWVWKHVHILQGLQJVVXSSRUWWKHWKHRU\WKDW SDUHQWDOLQYROYHPHQWLVFUXFLDOLQWKLVSHULRGRIDQLQGLYLGXDO¶VJURZWK>@ >*UDSKQRWLQFOXGHG@>@ 5HIHUHQFHV :DQJ$3HWHUVRQ*:0RUSKH\/.:KRLVPRUHLPSRUWDQWIRUHDUO\ DGROHVFHQWV¶GHYHORSPHQWDOFKRLFHV"3HHUVRUSDUHQWV"0DUULDJHDQG)DPLO\ 5HYLHZ'2,-YQB ͺ ZƵŶŶŝŶŐŚĞĂĚ͗'KEWZ/E&>hEϭ ,KDYHQHLWKHUUHFHLYHGQRUJLYHQDQ\XQDXWKRUL]HGDVVLVWDQFHGXULQJWKHFRPSOHWLRQRI WKLVZRUN 8QLYHUVLW\,'
© Copyright 2026 Paperzz