What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 118 added, 73 removed, 411 unchanged (32% of the section changed)

24 unchanged sentences

Preferred stock, $ 0.00001 par value;

10,000,000 shares authorized and no shares issued or outstanding at March 31, 2025 and December 31, 2024

10,000,000 shares authorized and no shares issued or outstanding at June 30, 2025 and December 31, 2024

Common stock, $ 0.00001 par value;

200,000,000 shares authorized at March 31, 2025 and December 31, 2024;

108,265,529 and 107,850,124 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

400,000,000 and 200,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively;

108,328,794 and 107,850,124 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid‑in capital

8 unchanged sentences

Three Months Ended

Six Months Ended

Contract research

29 unchanged sentences

Balance at March 31, 2025

Issuance of common stock in connection with vesting of restricted stock units

Unrealized gain on marketable securities

Stock-based compensation expense

Balance at June 30, 2025

Comprehensive

5 unchanged sentences

Balance at March 31, 2024

Issuance of common stock in connection with vesting of restricted stock units

Unrealized loss on marketable securities

Stock-based compensation expense

Balance at June 30, 2024

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities :

35 unchanged sentences

The Company’s condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business.

As of March 31, 2025, the Company had cash, cash equivalents and marketable securities of $ 190.5 million and an accumulated deficit of $ 917.9 million.

As of June 30, 2025, the Company had cash, cash equivalents and marketable securities of $ 180.9 million and an accumulated deficit of $ 933.4 million.

Since inception, the Company has incurred net losses and negative cash flows from its operations.

12 unchanged sentences

Unaudited Interim Financial Information

The accompanying condensed consolidated balance sheet as of March 31, 2025, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024, the condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2025 and 2024, and the condensed consolidated statements of cash flows for the three months ended March 31, 2025 and 2024 are unaudited.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025 (“Annual Report”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2025, the results of its operations and comprehensive loss for the three months ended March 31, 2025 and 2024, its changes in stockholders’ equity for the three months ended March 31, 2025 and 2024 and its cash flows for the three months ended March 31, 2025 and 2024.

The accompanying condensed consolidated balance sheet as of June 30, 2025, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024, the condensed consolidated statement of stockholders’ equity for the three and six months ended June 30, 2025 and 2024, and the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 are unaudited.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025 (“Annual Report”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2025, the results of its operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024, its changes in stockholders’ equity for the three and six months ended June 30, 2025 and 2024 and its cash flows for the six months ended June 30, 2025 and 2024.

The condensed consolidated balance sheet data as of December 31, 2024 was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”).

The financial data and other information disclosed in these notes related to the three months ended March 31, 2025 and 2024 are unaudited.

The results for the three months ended March 31, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period.

The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2025 and 2024 are unaudited.

The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period.

The unaudited interim financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the SEC.

10 unchanged sentences

Estimates are periodically reviewed in light of changes in circumstances, facts and experience.

As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates, assumptions and judgments or revision to the carrying value of its assets or liabilities.

Actual results could differ from the Company’s estimates.

12 unchanged sentences

The fair value of contingent consideration is estimated using a probability-weighted expected payment model for regulatory milestone payments and a Monte Carlo simulation model for commercial milestone and royalty payments and then applying a risk-adjusted discount rate to calculate the present value of the potential payments.

Significant assumptions used in the Company’s estimates include the probability of achieving regulatory milestones and commencing commercialization, which are based on an asset’s current stage of development and a review of existing clinical data.

Probability of success assumptions ranged between 17 % and 40 % at March 31, 2025.

Significant assumptions used in the Company’s estimates include the probability of achieving regulatory milestones and commencing commercialization (collectively referred to as “probability of success”), which are based on an asset’s current stage of development and a review of existing clinical data.

Probability of success assumptions ranged between 21 % and 40 % at June 30, 2025.

Additionally, estimated future sales levels and the risk-adjusted discount rate applied to the potential payments are also significant assumptions used in calculating the fair value.

The discount rate ranged between 7.3 % and 8.8 % depending on the year of each potential payment.

As of June 30, 2025, the discount rate ranged between 6.3 % and 7.9 % depending on the year of each potential payment.

Revenue Recognition

21 unchanged sentences

Discontinued Operations

As of March 31, 2025 and December 31, 2024, the Company had $ 2.2 million in discontinued operations reported as other current liabilities in the Company’s condensed consolidated balance sheet, related to discontinued commercial products.

As of June 30, 2025 and December 31, 2024, the Company had $ 2.2 million in discontinued operations reported as other current liabilities in the Company’s condensed consolidated balance sheet, related to discontinued commercial products.

Recently Issued Accounting Pronouncements

11 unchanged sentences

The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring and non-recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values:

March 31, 2025

June 30, 2025

(In thousands)

9 unchanged sentences

Total liabilities

As of March 31, 2025 and December 31, 2024, the Company’s cash equivalents consisted of money market funds, which were valued based upon Level 1 inputs.

The Company’s marketable securities as of March 31, 2025 and December 31, 2024 consisted of commercial paper and corporate debt, foreign government agency debt, and U.S.

As of June 30, 2025 and December 31, 2024, the Company’s cash equivalents consisted of money market funds, which were valued based upon Level 1 inputs.

The Company’s marketable securities as of June 30, 2025 consisted of commercial paper, corporate debt securities, and U.S.

government debt securities, which were all valued based upon Level 2 inputs.

The Company’s marketable securities as of December 31, 2024 consisted of commercial paper, corporate debt securities, foreign government agency debt securities, and U.S.

government and government agency debt securities, which were all valued based upon Level 2 inputs.

1 unchanged sentence

These quoted prices are obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical securities.

During the three months ended March 31, 2025 and 2024, there were no transfers into or out of Level 3.

The overall $ 0.3 million increase in the fair value of the contingent consideration liability during the three months ended March 31, 2025 was primarily due to the passage of time.

As of March 31, 2025 and December 31, 2024, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows:

March 31, 2025

During the three and six months ended June 30, 2025 and 2024, there were no transfers into or out of Level 3.

The overall $ 1.8 million increase in the fair value of the contingent consideration liability during the six months ended June 30, 2025 was primarily due to changes to the probability of success for certain product candidates and lower discount rates resulting from changes in credit spreads being applied to potential payments.

As of June 30, 2025 and December 31, 2024, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows:

June 30, 2025

(In thousands)

2 unchanged sentences

Commercial paper

Foreign government agency debt securities

government and government agency debt securities (2)

government debt securities (2)

Total marketable securities

1 unchanged sentence

(2) Included in U.S.

government and government agency debt securities is $ 35.6 million with maturity dates between one and three years .

government debt securities is $ 40.7 million with maturity dates between one and three years .

December 31, 2024

19 unchanged sentences

Property and equipment, net

Depreciation expense was $ 0.1 million and $ 0.2 million for the three months ended March 31, 2025 and 2024, respectively.

Depreciation expense was $ 0.1 million and $ 0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $ 0.2 million and $ 0.4 million for the six months ended June 30, 2025 and 2024, respectively.

Accrued Expenses

10 unchanged sentences

Preferred Stock

As of March 31, 2025 and December 31, 2024, the Company’s amended and restated certificate of incorporation (the “Charter”) authorized the Company to issue 10,000,000 shares of undesignated preferred stock.

There were no shares of preferred stock outstanding as of March 31, 2025 or December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company’s Charter authorized the Company to issue 200,000,000 shares of $ 0.00001 par value common stock.

There were 108,265,529 and 107,850,124 shares of common stock issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, the Company’s amended and restated certificate of incorporation (the “Charter”) authorized the Company to issue 10,000,000 shares of undesignated preferred stock.

There were no shares of preferred stock outstanding as of June 30, 2025 or December 31, 2024.

On June 5, 2025, at the 2025 Annual Meeting of Stockholders, the Company’s stockholders approved an amendment to the Charter to increase the authorized number of shares of common stock from 200,000,000 shares to 400,000,000 shares.

On June 5, 2025, the Company filed a Certificate of Amendment to the Charter with the Secretary of State of the State of Delaware, which became effective upon filing.

As of June 30, 2025 and December 31, 2024, the Company’s Charter authorized the Company to issue 400,000,000 and 200,000,000 shares of $ 0.00001 par value common stock, respectively.

There were 108,328,794 and 107,850,124 shares of common stock issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to any preferential dividend rights of any series of preferred stock that may be outstanding.

No dividends have been declared through March 31, 2025.

No dividends have been declared through June 30, 2025.

In November 2024, the Company issued warrants to Biosion, Inc.

7 unchanged sentences

Stock-Based Awards

2025 Equity Incentive Plan

In April 2025, the Company’s board of directors adopted the 2025 Equity Incentive Plan (the “2025 Plan”), and in June 2025 the Company’s stockholders approved the 2025 Plan.

Upon the 2025 Plan becoming effective, no further grants can be made under the Company’s 2015 Equity Incentive Plan (the “2015 Plan”).

The 2025 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, cash-based awards, and other stock-based awards.

The number of shares initially reserved for issuance under the 2025 Plan was 25,532,993 shares of common stock, which includes (i) 9,000,000 new shares of common stock, (ii) 3,957,232 shares of common stock that remained available for future grant under the 2015 Plan upon adoption of the 2025 Plan and (iii) up to 12,575,761 shares of common stock underlying outstanding awards under the 2015 Plan and the 2012 Equity Compensation Plan (as amended and restated, the “2012 Plan”), which may become available for issuance under the 2025 Plan if and as such awards expire, are otherwise terminated, settled in cash, or repurchased by the Company.

The shares of common stock underlying any awards that expire, or are otherwise terminated, settled in cash or repurchased by the Company under the 2025 Plan will be added back to the shares of common stock available for issuance under the 2025 Plan.

As of June 30, 2025, 12,701,995 shares remained available for grant under the 2025 Plan.

The Company had 254,100 stock options and 69,480 RSUs outstanding as of June 30, 2025 under the 2025 Plan.

2024 Inducement Plan

4 unchanged sentences

The shares of common stock underlying any awards that expire, or are otherwise terminated, settled in cash or repurchased by the Company under the 2024 Inducement Plan will be added back to the shares of common stock available for issuance under the 2024 Inducement Plan.

As of March 31, 2025, 939,000 shares remained available for grant under the 2024 Inducement Plan.

The Company had 825,000 stock options and 236,000 RSUs outstanding as of March 31, 2025 under the 2024 Inducement Plan.

As of June 30, 2025, 283,500 shares remained available for grant under the 2024 Inducement Plan.

The Company had 1,335,000 stock options and 381,500 RSUs outstanding as of June 30, 2025 under the 2024 Inducement Plan.

2015 Equity Incentive Plan

In September 2015, the Company’s board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”), and the Company’s stockholders approved the 2015 Plan.

In September 2015, the Company’s board of directors adopted the 2015 Plan, and the Company’s stockholders approved the 2015 Plan.

The 2015 Plan became effective in connection with the Company’s initial public offering in October 2015.

Beginning at the time the 2015 Plan became effective, no further grants may be made under the Company’s 2012 Equity Compensation Plan, as amended and restated (the “2012 Plan”).

The 2015 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance stock awards, cash-based awards, and other stock-based awards.

The number of shares initially reserved for issuance under the 2015 Plan was 1,643,872 shares of common stock.

The number of shares of common stock that may be issued under the 2015 Plan automatically increased on January 1 of each year which ended on January 1, 2025, in an amount equal to the lesser of (i) 4.0 % of the shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or (ii) an amount determined by the Company’s board of directors.

The shares of common stock underlying any awards that expire, are otherwise terminated, settled in cash, or repurchased by the Company under the 2015 Plan and the 2012 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan.

On January 1, 2025, the number of shares of common stock that may be issued under the 2015 Plan was automatically increased by 4,314,004 shares.

As of March 31, 2025, 4,010,941 shares remained available for grant under the 2015 Plan.

The Company had 9,163,298 stock options and 3,174,857 RSUs outstanding as of March 31, 2025 under the 2015 Plan.

Upon the 2015 Plan becoming effective, no further grants can be made under the 2012 Plan.

Upon the 2025 Plan becoming effective, no further grants can be made under the 2015 Plan.

The Company had 9,193,958 stock options and 3,134,641 RSUs outstanding as of June 30, 2025 under the 2015 Plan.

2017 Inducement Plan

1 unchanged sentence

The 2017 Inducement Plan is a non-stockholder approved stock plan adopted pursuant to the “inducement exception” provided under Nasdaq listing rules.

The Company had 343,500 stock options outstanding as of March 31, 2025 under the 2017 Inducement Plan.

The Company had 343,500 stock options outstanding as of June 30, 2025 under the 2017 Inducement Plan.

All shares of common stock that were eligible for issuance under the 2017 Inducement Plan after October 1, 2018, including any shares underlying any awards that expire or are otherwise terminated, reacquired to satisfy tax withholding obligations, settled in cash or repurchased by the Company in the future that would have been eligible for re-issuance under the 2017 Inducement Plan, were retired.

2 unchanged sentences

Upon the 2015 Plan becoming effective, no further grants can be made under the 2012 Plan.

The Company had 218,404 stock options outstanding as of March 31, 2025 under the 2012 Plan.

The Company had 218,404 stock options outstanding as of June 30, 2025 under the 2012 Plan.

Stock Option Valuation

The weighted average assumptions the Company used to estimate the fair value of stock options granted during the three months ended March 31, 2025 and 2024 were as follows:

Three Months Ended

The weighted average assumptions the Company used to estimate the fair value of stock options granted during the six months ended June 30, 2025 and 2024 were as follows:

Six Months Ended

Risk-free interest rate

5 unchanged sentences

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2025:

The following table summarizes stock option activity for the six months ended June 30, 2025:

(In thousands, except share and per share data and years)

1 unchanged sentence

Forfeited and cancelled

Outstanding as of March 31, 2025

Options vested and expected to vest as of March 31, 2025

Options exercisable as of March 31, 2025

The weighted average grant date fair value of stock options granted during the three months ended March 31, 2025 was $ 1.78 per share.

Outstanding as of June 30, 2025

Options vested and expected to vest as of June 30, 2025

Options exercisable as of June 30, 2025

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2025 was $ 1.65 per share.

Restricted Stock Units

The following table summarizes RSU activity for the three months ended March 31, 2025:

The following table summarizes RSU activity for the six months ended June 30, 2025:

(In thousands, except share and per share data)

1 unchanged sentence

Forfeited and cancelled

Outstanding as of March 31, 2025

Outstanding as of June 30, 2025

Stock-Based Compensation

1 unchanged sentence

Three Months Ended

Six Months Ended

(In thousands)

3 unchanged sentences

Total stock-based compensation expense

As of March 31, 2025, the Company had unrecognized stock-based compensation expense for stock options and RSUs of $ 14.9 million and $ 9.7 million, respectively, which is expected to be recognized over weighted average periods of 2.9 years and 2.5 years, respectively.

As of June 30, 2025, the Company had unrecognized stock-based compensation expense for stock options and RSUs of $ 14.0 million and $ 8.6 million, respectively, which is expected to be recognized over weighted average periods of 2.7 years and 2.4 years, respectively.

Net Loss per Share

1 unchanged sentence

Three Months Ended

Six Months Ended

(In thousands, except for share and per share data)

3 unchanged sentences

Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.

For the three months ended March 31, 2025, the basic and diluted weighted-average shares outstanding included the Warrants, as there were no outstanding contingencies associated with the vesting or exercisability of the Warrants.

The following table presents potential shares of common stock excluded from the calculation of diluted net loss per share for the three months ended March 31, 2025 and 2024.

All share amounts presented in the table below represent the total number outstanding as of March 31, 2025 and 2024.

Three Months Ended

For the three and six months ended June 30, 2025, the basic and diluted weighted-average shares outstanding included the shares of common stock issuable upon exercise of the Warrants, as there were no outstanding contingencies associated with the vesting or exercisability of the Warrants.

The following table presents potential shares of common stock excluded from the calculation of diluted net loss per share for the six months ended June 30, 2025 and 2024.

All share amounts presented in the table below represent the total number outstanding as of June 30, 2025 and 2024.

Six Months Ended

Options to purchase common stock

17 unchanged sentences

Total operating lease liabilities

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $ 0.1 million for each of the three months ended March 31, 2025 and 2024.

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $ 0.1 million for each of the three months ended June 30, 2025 and 2024, and $ 0.3 million for each of the six months ended June 30, 2025 and 2024.

Agreements Related to Intellectual Property

25 unchanged sentences

In July 2024, the Company entered into a royalty purchase agreement with OCM IP Healthcare Portfolio LP, an investment vehicle for Ontario Municipal Employees Retirement System (“OMERS”), pursuant to which the Company sold to OMERS a portion of the Company’s future royalty payments and the remaining anniversary payments associated with the license to Lilly (see Note 11).

The Company recognized $ 1.0 million of licensing revenue during the three months ended March 31, 2025, all of which was payable to third parties.

The Company recognized $ 1.7 million of licensing revenue during the three months ended March 31, 2024, a portion of which was payable to third parties.

The Company recognized $ 1.3 million and $ 2.3 million of licensing revenue during the three and six months ended June 30, 2025, respectively, all of which was payable to third parties.

The Company recognized $ 2.1 million and $ 3.9 million of licensing revenue during the three and six months ended June 30, 2024, respectively, a portion of which was payable to third parties.

Asset Purchase Agreement – EPI Health, LLC

10 unchanged sentences

In addition to the payments described above, if the Company sells, licenses or transfers any of the intellectual property acquired from Confluence pursuant to the Confluence Agreement to a third party, the Company will be obligated to pay the former Confluence equity holders a portion of any consideration received from such sale, license or transfer in specified circumstances.

As of March 31, 2025 and December 31, 2024, the balance of the Company’s contingent consideration liability was $ 9.0 million and $ 8.7 million, respectively (see Note 3).

As of June 30, 2025 and December 31, 2024, the balance of the Company’s contingent consideration liability was $ 10.5 million and $ 8.7 million, respectively (see Note 3).

Sale of Future Royalties

6 unchanged sentences

The Company recognizes non-cash royalty income under the “units-of-revenue” method in the condensed consolidated statements of operations and comprehensive loss.

For the three months ended March 31, 2025, the Company recognized $ 0.8 million of non-cash royalty income.

As of March 31, 2025, the current and non-current portions of the remaining deferred income recognized under the units-of revenue method were $ 3.9 million and $ 19.2 million, respectively.

For the three and six months ended June 30, 2025, the Company recognized $ 1.0 million and $ 1.8 million of non-cash royalty income, respectively.

As of June 30, 2025, the current and non-current portions of the remaining deferred income recognized under the units-of revenue method were $ 3.9 million and $ 18.2 million, respectively.

As of December 31, 2024, the current and non-current portions of the remaining deferred income recognized under the units-of revenue method were $ 3.9 million and $ 20.0 million, respectively.

The Company did no t record a federal or state income tax benefit for losses incurred during the three months ended March 31, 2025 and 2024.

The Company did no t record a federal or state income tax benefit for losses incurred during the three and six months ended June 30, 2025 and 2024.

The Company concluded that it is more likely than not that its deferred tax assets will not be realized which resulted in recording a full valuation allowance during those periods.

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law in the United States and the Company continues to assess its impact.

The Company currently does not expect the OBBB Act to have a material impact on the consolidated financial statements.

Restructuring Charges

In December 2023, the Company’s board of directors approved a reduction of the Company’s workforce by approximately 46 %, which was completed as of December 31, 2024.

During the three months ended March 31, 2025, the

Company made cash severance payments of $ 0.2 million to impacted employees.

During the three months ended March 31, 2024, the Company recognized severance expense of $ 2.5 million and made cash severance payments of $ 3.0 million to impacted employees.

During the six months ended June 30, 2025, the Company made cash severance payments of $ 0.2 million to impacted employees.

During the three and six months ended June 30, 2024, the Company recognized severance expense of $ 0.1 million and $ 2.6 million, respectively, and made cash severance payments of $ 4.5 million to impacted employees during the six months ended June 30, 2024.

Segment Information

5 unchanged sentences

The Company does not report asset information by segment because it is not regularly provided to the Company’s chief executive officer, who is the Company’s chief operating decision maker (“CODM”).

Since inception, the Company has incurred net losses and has an accumulated deficit of $ 917.9 million as of March 31, 2025.

Since inception, the Company has incurred net losses and has an accumulated deficit of $ 933.4 million as of June 30, 2025.

As such, the CODM uses segment loss from operations for each segment in assessing segment performance by comparing the results of each segment to forecast.

All intercompany activity is eliminated in the intersegment elimination column in the tables below.

A reconciliation of operating loss to total consolidated loss before income taxes for the three months ended March 31, 2025 and 2024 is as follows:

A reconciliation of operating loss to total consolidated loss before income taxes for the three and six months ended June 30, 2025 and 2024 is as follows:

(In thousands)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Revenue from external customers

2 unchanged sentences

Research and development:

Total Research and development project spend

Total Research and development project expenses

Other research and development expense (1)

5 unchanged sentences

Loss before income taxes

(In thousands)

Three Months Ended June 30, 2024

Revenue from external customers

Intercompany revenue

Cost of revenue

Research and development:

Total Research and development project expenses

Other research and development expense (1)

Total research and development

General and administrative

Revaluation of contingent consideration

Segment operating loss

Non-segment general and administrative

Loss before income taxes

(1) Other segment items for the Therapeutics segment consist primarily of the following research and development expenses:

1 unchanged sentence

(In thousands)

Three Months Ended March 31, 2024

Six Months Ended June 30, 2025

Revenue from external customers

2 unchanged sentences

Research and development:

Total Research and development project spend

Total Research and development project expenses

Other research and development expense (1)

5 unchanged sentences

Loss before income taxes

(In thousands)

Six Months Ended June 30, 2024

Revenue from external customers

Intercompany revenue

Cost of revenue

Research and development:

Total Research and development project expenses

Other research and development expense (1)

Total research and development

General and administrative

Revaluation of contingent consideration

Segment operating loss

Non-segment general and administrative

Loss before income taxes

(1) Other segment items for the Therapeutics segment consist primarily of the following research and development expenses:

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements