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Item 4.01. | Change in Registrant’s Certifying Accountant. |
Dismissal of Previous Independent Registered Public Accounting Firm
On October 10, 2022, the Audit Committee of the Board of Directors of Biostage, Inc. (the “Company”) dismissed Wei, Wei & Co., LLP (“Wei”) as its independent registered public accounting firm.
The report of Wei on the audited financial statements of the Company for the fiscal year ended December 31, 2021 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles, except for the addition of a paragraph expressing substantial doubt about the Company’s ability to continue as a going concern.
During the Company’s two most recent fiscal years, the subsequent interim periods thereto, and through October 10, 2022, there were no disagreements with Wei on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Wei, would have caused it to make reference in connection with its opinion to the subject matter of the disagreement.
The Company furnished Wei with a copy of this disclosure on October 10, 2022, providing Wei with the opportunity to furnish the Company with a letter addressed to the Securities and Exchange Commission (the “SEC”) stating whether it agrees with the statements made by the Company herein and, if not, stating the respect in which it does not agree. A copy of Wei’s letter addressed to the SEC is filed as Exhibit 16.1 to this report.
Engagement of New Independent Registered Public Accounting Firm
On October 10, 2022, the Audit Committee of the Board of Directors of the Company engaged Marcum LLP (“Marcum”) as its independent registered public accounting firm.
During the years ended December 31, 2021 and December 31, 2020, the subsequent interim periods thereto, and through October 10, 2022, neither the Company nor anyone acting on its behalf consulted Marcum with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company that Marcum concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issues; or (ii) any matter that was the subject of a disagreement or a reportable event set forth in Item 304(a)(1)(iv) and (v), respectively, of Regulation S-K promulgated under the Exchange Act of 1934.
