Alnylam Pharmaceuticals Inc was originally incorporated in Delaware under the name Alnylam Holding Co. on May 8, 2003. It is a biopharmaceutical company developing novel therapeutics based on RNA interference, or RNAi. The Company's research and development is focused primarily on use of its proprietary N-acetylgalactosamine, or GalNAc-conjugate for delivery of small interfering RNAs, or "siRNAs" — the molecules that mediate RNAi — toward liver-expressed genes involved in the cause or pathway of human diseases. It is also focused on clinical indications where there are high unmet medical needs, early biomarkers for the assessment of clinical activity in Phase 1 clinical studies, and a definable path for drug development, regulatory approval and commercialization. The Company operates in a single reporting segment, the discovery, development and commercialization of RNAi therapeutics. Its competitors include Takeda, Kyowa Hakko Kirin, Marina Biotech, Inc., Arrowhead and its subsidiary, Calando Pharmaceuticals, Inc., or Calando, Quark Pharmaceuticals, Inc., or Quark, Silence Therapeutics plc, Tekmira, Sylentis, S.A.U., or Sylentis, Dicerna Pharmaceuticals, Inc. and Arcturus Therapeutics, among others. The research, testing, manufacture and marketing of drug products and their delivery systems are extensively regulated in the United States and the rest of the world.