What changed in this filing

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Item 2. Management’s Discussion and Analysis

2020-11-13 compared with 2020-08-13 · 77 added, 69 removed, 174 unchanged (46% of the section changed)

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Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “we,” “us,” and “our” refer to Bionano Genomics, Inc.

and its subsidiaries or, as the context may require, Bionano Genomics, Inc.

Forward-Looking Statements

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The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements.

We are a life sciences instrumentation company in the genome analysis space.

We are a life sciences instrumentation company in the genome analysis space that provides tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing, and provides diagnostic testing for those with autism spectrum disorder (“ASD”) and other neurodevelopmental disabilities through Lineagen, Inc., our wholly owned subsidiary (“Lineagen”).

We develop and market the Saphyr system, a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline the study of changes in chromosomes, which is known as cytogenetics.

Our Saphyr system comprises an instrument, chip consumables, reagents and a suite of data analysis tools.

Our Saphyr system comprises an instrument, chip consumables, reagents and a suite of data analysis tools, and genome analysis services to provide access to data generated by the Saphyr system for researchers who want to evaluate Saphyr data quickly and with a low up-front investment.

Lineagen has been providing genetic testing services to families and their healthcare providers for over nine years and has performed over 65,000 tests for those with neurodevelopmental concerns.

We have incurred losses in each year since our inception.

Our net losses were $8.1 million and $7.7 million for the three months ended June 30, 2020 and 2019, respectively, and $18.6 million and $15.5 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, we had an accumulated deficit of $121.2 million.

Our net losses were $10.8 million and $6.4 million for the three months ended September 30, 2020 and 2019, respectively, and $29.4 million and $21.9 million for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020, we had an accumulated deficit of $132.0 million.

We expect to continue to incur significant expenses and operating losses as we:

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In addition, the quarantine of our personnel and the inability to access our facilities or customer sites adversely affected, and is expected to continue to adversely affect, our operations.

During the six months ended June 30, 2020, we experienced a $1.7 million decrease in revenue, as compared to the same period of the prior year, which is largely due to the COVID-19 pandemic.

While the COVID-19 pandemic did not prevent us from operating our business during the six months ended June 30, 2020, we have taken steps to reduce our cash used in operations to offset the decrease in cash generated from sales.

For example, on April 15, 2020, our Board of Directors approved the implementation of temporary salary reductions for certain of our executive officers and other employees, including 50% salary reductions for Erik Holmlin, President and Chief Executive Officer, Mark Oldakowski, Chief Operating Officer, and Warren Robinson, Chief Commercial Officer.

These reductions were effective for two months beginning on April 16, 2020 and ended on June 15, 2020.

Also in April 2020, we implemented salary reductions for most of our salaried employees and reduced the number of working hours of most of our hourly employees by 25% , with such measures also ending on June 15, 2020.

These disruptions resulting from the COVID-19 pandemic, may continue to impact our operations and overall business.

During the nine months ended September 30, 2020, we experienced a $2.8 million decrease in revenue, as compared to the same period of the prior year, which is largely due to the COVID-19 pandemic.

While the COVID-19 pandemic did not prevent us from operating our business during the nine months ended September 30, 2020, we had to take steps to reduce our cash used in operations in order to offset the decrease in cash generated from sales.

For example, we implemented salary reductions for most of our salaried employees and reduced the number of working hours of most of our hourly employees by 25% from April through June of 2020.

Disruptions resulting from the COVID-19 pandemic may continue to impact our operations and overall business.

The impact of COVID-19 is evolving rapidly and its future effects remain uncertain.

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Consumable revenue consists of sales of complete assays which are developed internally by us, plus sales of kits which contain all the elements necessary to run tests.

We also generate service revenue from the sale of diagnostic testing services for those with autism spectrum disorder and other neurodevelopmental disabilities through our wholly owned subsidiary Lineagen.

Other revenue consists of warranty and other service-based revenue.

The following table presents our revenue for the periods presented:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

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Service and other revenue 1

616,000 151,000 1,010,000 470,000

Total $ 2,196,000 $ 3,313,000 $ 4,513,000 $ 7,340,000

1 Includes 100% of the $445,000 revenue generated from Lineagen during the three and nine months ended September 30, 2020.

The following table reflects total revenue by geography and as a percentage of total revenue, based on the billing address of our customers.

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Asia Pacific includes China, Japan, South Korea, Singapore and Australia.

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

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North America 2

$ 874,000 40 % $ 1,831,000 56 % $ 2,388,000 53 % $ 4,050,000 55 %

EMEIA 1,204,000 55 % 943,000 28 % 1,908,000 42 % 2,367,000 32 %

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Total $ 2,196,000 100 % $ 3,313,000 100 % $ 4,513,000 100 % $ 7,340,000 100 %

2 Includes 100% of the $445,000 revenue generated from Lineagen during the three and nine months ended September 30, 2020 from August 21, 2020 onward.

Cost of Revenue

Cost of product revenue for our instruments and consumables includes costs from the manufacturer, raw material parts costs and associated freight, shipping and handling costs, contract manufacturer costs, salaries and other personnel costs, overhead and other direct costs related to those sales recognized as product revenue in the period.

Cost of service and other revenue consists of salaries and other personnel costs and costs related to warranties and other costs of servicing equipment at customer sites.

Cost of service revenue consists of third-party laboratory costs to process the diagnostic samples, salaries of our clinical technicians who interpret and deliver the results to patients, warranty services, and other costs of servicing equipment at customer sites.

Research and Development Expenses

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Results of Operations

Comparison of the Three Months Ended June 30, 2020 and 2019

The following table sets forth our results of operations for the three months ended June 30, 2020 and 2019:

Three Months Ended June 30, Period-to-Period Change

Comparison of the Three Months Ended September 30, 2020 and 2019

The following table sets forth our results of operations for the three months ended September 30, 2020 and 2019:

Three Months Ended September 30, Period-to-Period Change

2020 2019 $ %

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Net loss $ (10,792,000) $ (6,398,000) $ (4,394,000) 68.7 %

Total revenue decreased by $1.0 million, or 45.7%, to $1.2 million for the three months ended June 30, 2020 compared to $2.2 million for the same period in 2019.

The decrease impacted all regions, largely driven by customers temporarily shutting down their lab operations in response to COVID-19 shelter-at-home orders.

Below is a summary of changes for the three months ended June 30, 2020 as compared to the same period in 2019:

Total revenue decreased by $1.1 million, or 33.7%, to $2.2 million for the three months ended September 30, 2020 compared to $3.3 million for the same period in 2019.

The decrease was driven by a change in the mix of revenue between instrument sales and our reagent rental program.

Below is a summary of changes for the three months ended September 30, 2020 as compared to the same period in 2019, by region:

• North America revenue decreased by $1.0 million, or 52%;

• EMEIA revenue decreased by $0.2 million, or 38%;

• EMEIA revenue increased by $0.3 million, or 28%;

• Asia Pacific revenue decreased by $0.4 million, or 78%.

Revenue for the three months ended September 30, 2020 includes service revenue of $0.4 million from our recently acquired subsidiary, Lineagen, from the date of the acquisition of August 21, 2020 to September 30, 2020.

Cost of Revenue

Total cost of revenue decreased by $1.0 million, or 61.2%, to $0.6 million for the three months ended June 30, 2020 compared to $1.6 million for the same period in 2019.

Total cost of revenue decreased for the three months ended June 30, 2020 as compared to 2019 primarily due to a decrease in the number of instruments units sold during the quarter from 8 to 1.

This was partially offset by an increase in consumable units sold of 189%.

Research and Development Expenses

There was no significant change to research and development expenses during the three months ended June 30, 2020 compared to the same period in 2019.

Total cost of revenue decreased by $0.9 million, or 38.5%, to $1.5 million for the three months ended September 30, 2020 compared to $2.4 million for the same period in 2019.

The decrease was driven by a change in the mix of revenue between instrument sales and our reagent rental program.

In addition, This was partially offset by an increase in consumable units sold of 34% and cost of service revenue of $0.2 million from our recently acquired subsidiary, Lineagen, from the date of the acquisition of August 21, 2020 to September 30, 2020.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by $0.5 million, or 11.0%, to $5.6 million for the three months ended June 30, 2020 compared to $5.1 million for the same period in 2019.

This is primarily due to headcount additions to our global sales and marketing teams as well as back-office support teams to assist with the growth of our world-wide product distribution.

In addition, we incurred increased professional fees to support business operations and our international presence.

Salary reductions implemented in April 2020 partially offset cost increases driven by our headcount additions.

Comparison of the Six Months Ended June 30, 2020 and 2019

The following table sets forth our results of operations for the six months ended June 30, 2020 and 2019:

Six Months Ended June 30, Period-to-Period Change

Selling, general and administrative expenses increased by $4.2 million, or 94.6%, to $8.7 million for the three months ended September 30, 2020 compared to $4.4 million for the same period in 2019.

This is primarily due to an increase in wage expenses and transaction expenses related to our acquisition of Lineagen.

In addition to the 33 employees added as a result of the Lineagen acquisition, we increased headcount in our global sales and marketing teams and back-office support teams to assist with the growth of our world-wide product distribution.

Also, we incurred increased legal and accounting fees to support business operations and our international presence.

A total of $1.5 million in transaction-related expenses were recorded for the Lineagen acquisition.

Reduced travel and trade show expenses, in response to COVID travel protocols, have partially offset the increases in wages and professional services.

Comparison of the Nine Months Ended September 30, 2020 and 2019

The following table sets forth our results of operations for the nine months ended September 30, 2020 and 2019:

Nine Months Ended September 30, Period-to-Period Change

2020 2019 $ %

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Net loss $ (29,376,000) $ (21,914,000) $ (7,462,000) 34.1 %

Total revenue decreased by $1.7 million, or 42.4%, to $2.3 million for the six months ended June 30, 2020 compared to $4.0 million for the same period in 2019.

Total revenue decreased by $2.8 million, or 38.5%, to $4.5 million for the nine months ended September 30, 2020 compared to $7.3 million for the same period in 2019.

The decrease impacted all regions, largely driven by customers temporarily shutting down their lab operations in response to COVID-19 shelter-at-home orders and related restrictions to address the pandemic.

Below is a summary of changes for the six months ended June 30, 2020 as compared to the same period in 2019:

Below is a summary of changes for the nine months ended September 30, 2020 as compared to the same period in 2019:

• North America revenue decreased by $1.7 million, or 41%;

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• Asia Pacific revenue decreased by $0.7 million, or 76%.

Revenue for the nine months ended September 30, 2020 includes service revenue of $0.4 million from our recently acquired subsidiary, Lineagen, from the date of the acquisition of August 21, 2020 to September 30, 2020.

Cost of Revenue

Total cost of revenue decreased by $1.2 million, or 46.0%, to $1.5 million for the six months ended June 30, 2020 compared to $2.7 million for the same period in 2019.

Total cost of revenue decreased for the six months ended June 30, 2020 as compared to 2019 primarily due to a decrease in the number of instruments units sold from 14 to 4.

This was partially offset by an increase in consumable units sold of 120%.

Total cost of revenue decreased by $2.2 million, or 42.5%, to $2.9 million for the nine months ended September 30, 2020 compared to $5.1 million for the same period in 2019.

The decrease was driven by a change in the mix of revenue between instrument sales and our reagent rental program.

This was partially offset by an increase in consumable units sold of 70% and cost of service revenue of $0.2 million from our recently acquired subsidiary, Lineagen, from the date of the acquisition of August 21, 2020 to September 30, 2020.

Research and Development Expenses

Research and development expenses increased $0.6 million, or 12.6%, to $5.1 million for the six months ended June 30, 2020 compared to $4.5 million for the same period in 2019.

Research and development expenses increased $0.7 million, or 10.4%, to $7.4 million for the nine months ended September 30, 2020 compared to $6.7 million for the same period in 2019.

This is due to headcount additions to our development teams, but slightly offset by the salary reductions implemented in April 2020.

In addition, our materials and supply expense increased during the six months ended June 30, 2020 due to continued efforts to innovate our product.

In addition, our materials and supply expense increased during the nine months ended September 30, 2020 due to continued efforts to innovate our product.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by $3.2 million, or 31.8%, to $13.0 million for the six months ended June 30, 2020 compared to $9.8 million for the same period in 2019.

Selling, general and administrative expenses increased by $7.3 million, or 51.4%, to $21.6 million for the nine months ended September 30, 2020 compared to $14.3 million for the same period in 2019.

This is primarily due to headcount additions to our global sales and marketing teams as well as back-office support teams to assist with the growth of our world-wide product distribution.

In addition, we incurred increased professional fees to support ongoing business operations and international presence.

Lastly, the Company determined that its collection efforts had been exhausted for a portion of its accounts and deemed the accounts receivables balance as not collectible.

As a result, the Company recognized bad debt expense of $1.3 million during the six months ended June 30, 2020.

Also, we incurred increased legal and accounting fees to support business operations and our international presence.

A total of $1.5 million in transaction-related expenses were recorded for the Lineagen acquisition.

Lastly, we recognized bad debt expense of $1.3 million during the nine months ended September 30, 2020.

Interest Expense

Interest expense increased $0.4 million, or 37.9%, to $1.3 million for the six months ended June 30, 2020 compared to $0.9 million for the same period in 2019, driven by changes in our term-loan debt.

Interest expense increased $0.3 million, or 18.5%, to $1.9 million for the nine months ended September 30, 2020 compared to $1.6 million for the same period in 2019, driven by changes in our term-loan debt.

In March 2019, the Company retired its $10 million Credit and Security Agreement with MidCap Financial (the “CSA”) and replaced it with a $20 million facility under our Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP, as further discussed below.

Loss on Debt Extinguishment

A loss on debt extinguishment of $1.3 million was recognized during the six months ended June 30, 2019 in association with retiring the MidCap Financial CSA prior to maturity.

A loss on debt extinguishment of $1.3 million was recognized during the nine months ended September 30, 2019 in association with retiring the MidCap Financial CSA prior to maturity.

Liquidity and Capital Resources

Since our inception, we have incurred net losses and negative cash flows from operations.

We incurred net losses of $8.1 million and $7.7 million for the three months ended June 30, 2020 and 2019, respectively, and $18.6 million and $15.5 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, we had an accumulated deficit of $121.2 million and cash and cash equivalents of $17.2 million.

We incurred net losses of $10.8 million and $6.4 million for the three months ended September 30, 2020 and 2019, respectively, and $29.4 million and $21.9 million for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020, we had an accumulated deficit of $132.0 million and cash and cash equivalents of $18.9 million.

Sources of Liquidity

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Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock.

The public offering price of each share of common stock and accompanying common warrant was $0.33 and $0.329 for each pre-funded warrant.

public offering price of each share of common stock and accompanying common warrant was $0.33 and $0.329 for each pre-funded warrant.

The pre-funded warrants are immediately exercisable at a price of $0.001 per share of common stock.

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The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance.

The gross proceeds to us were approximately $18.0 million, before deducting underwriting discounts and commissions and other offering expenses.

Warrant Exercise Update

From July 1, 2020 through August 12, 2020, we have received gross proceeds of approximately $13.9 million pursuant to the exercise of outstanding common and pre-funded warrants to purchase an aggregate of 46,505,000 shares of our common stock.

The gross proceeds to us were approximately $18.0 million, before deducting underwriting discounts and commissions and other offering expenses of $1.6 million.

Shelf Registration Statement and At-the-Market Facility

In August 2020, we filed a shelf registration statement on Form S-3 with the SEC covering the offering, issuance and sale of up to $125.0 million of our securities, including up to $40.0 million of common stock pursuant to an at-the-market facility (“ATM”) with Ladenburg Thalmann & Co.

acting as sales agent.

As of September 30, 2020, we had not sold any shares of common stock under the ATM.

The following table sets forth the cash flow from operating, investing and financing activities for the periods presented:

Net cash provided by (used in):

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities $ (26,210,000) $ (20,148,000)

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We have historically experienced negative cash flows from operating activities as we have developed our technology, expanded our business and built our infrastructure and this may continue in the future.

Net cash used in operating activities was $15.3 million during the six months ended June 30, 2020 as compared to $12.9 million during the same period in 2019.

The increase in cash used in operating activities of $2.4 million is attributed to increased headcount across the business, increased professional fees to support ongoing business operations and increase our international presence, and increased investments in marketing and promotions.

Net cash used in operating activities was $26.2 million during the nine months ended September 30, 2020 as compared to $20.1 million during the same period in 2019.

The increase in cash used in operating activities of $6.1 million is attributed to increased headcount across the business, increased professional fees to support ongoing business operations and increase our international presence, increased spending on materials and supplies, as well as $1.5 million in acquisition-related costs.

Investing Activities

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We expect to continue to incur additional costs for capital expenditures related to these efforts in future periods.

There was no significant cash used in investing activities during the six months ended June 30, 2020 as well as for the same period in 2019.

During the nine months ended September 30, 2020, cash used in investing activities related to the acquisition of Lineagen, our new wholly owned subsidiary.

Financing Activities

Net cash provided by financing activities was $15.1 million during the six months ended June 30, 2020 as compared to the same period in 2019 where we had net proceeds from financing activities of $11.7 million, a decrease of $3.4 million.

During the six months ended June 30, 2020, we raised approximately $16.4 million in net proceeds from a follow-on offering, and $3.5 million from warrant exercises.

Net cash provided by financing activities was $30.2 million during the nine months ended September 30, 2020 as compared to the same period in 2019 where we had net proceeds from financing activities of $11.9 million, an increase of $18.3 million.

During the nine months ended September 30, 2020, we raised approximately $16.4 million in net proceeds from a follow-on offering, and $18.6 million from warrant exercises.

In addition, we received approximately $1.8 million pursuant to the PPP Loan (as defined below).

Offsets included payments of $2.3 million on our revolving line of credit and $5.0 million in term-loan principal prepayments in accordance with the Second Amendment.

During the six months ended June 30, 2019, we had net proceeds from the issuance of the Innovatus LSA as well as aggregate proceeds from Innovatus and Aspire Purchase Agreements of approximately $11.0 million.

During the nine months ended September 30, 2019, we had net proceeds from the issuance of the Innovatus LSA of $8.3 million as well as aggregate proceeds from Innovatus and Aspire Purchase Agreements of approximately $2.4 million.

Paycheck Protection Program

In April 2020, we received loan proceeds of approximately $1.8 million (the “PPP Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S.

Small Business Administration (the “SBA”).

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Under the terms of the CARES Act, recipients of loans under the PPP can apply for and be granted forgiveness for all or a portion of loan granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of loan proceeds for payment of payroll costs and certain other eligible costs (the “Eligible Costs”).

Pursuant to the Paycheck Protection Program

Flexibility Act (the “PPPFA”), enacted on June 5, 2020, we may continue to use loan proceeds on Eligible Costs through October 2, 2020, or the date that is 24 weeks from the PPP Loan origination date (the “Covered Period”).

Pursuant to the Paycheck Protection Program Flexibility Act (the “PPPFA”), enacted on June 5, 2020, we were permitted to use loan proceeds on Eligible Costs through October 2, 2020, or the date that is 24 weeks from the PPP Loan origination date (the “Covered Period”).

However, no assurance is provided that forgiveness for any portion of the PPP Loan will be obtained.

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We performed an analysis of our ability to continue as a going concern.

We believe, based on our current business plan, that our existing cash and cash equivalents as of June 30, 2020, plus proceeds from the recent warrant exercises described above, will be sufficient to fund our operations and obligations into the first quarter of 2021.

We believe, based on our current business plan, that our existing cash and cash equivalents as of September 30, 2020, plus proceeds from the recent warrant exercises described above, will be sufficient to fund our operations and obligations into the first quarter of 2021.

We plan to continue to fund our operations through cash and cash equivalents on hand, as well as through public or private equity or debt financings, strategic collaborations, licensing arrangements, asset sales, or other arrangements.

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If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

In addition, while we are currently in compliance with our loan agreement, the COVID-19 pandemic may compromise our ability to comply with the terms of our loan agreement and could result in an event of default.

In addition, the COVID-19 pandemic may compromise our ability to comply with the terms of our loan agreement and could result in an event of default.

If an event of default were to occur, our lender could accelerate our repayment obligations or enforce other rights under our loan agreements.

Any such default may also require us to seek additional or alternative financing, which may not be available on commercially reasonable terms or at all.

For example, for the three months ended September 30, 2020, we were not in compliance with our revenue covenant under the Innovatus LSA.

As a result, our lender could accelerate our repayment obligations, enforce other rights under the Innovatus LSA or require the payment of cash fees or penalties in order for us to obtain a waiver, and any of these actions could have a material adverse impact on our current business plan and our anticipated cash runway.

Even if we raise additional capital, we may also be required to modify, delay or abandon some of our plans which could have a material adverse effect on our business, operating results and financial condition and our ability to achieve our intended business objectives.

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See Note 1 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for more information.

As discussed in Note 1 to our condensed consolidated financial statements included in this Quarterly Report, in April 2020, we received a Notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) advising us that for 30 consecutive trading days preceding the date of the Notice, the bid price of our common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).

The Notice has no effect on the listing of our common stock at this time, and our common stock continues to trade on The Nasdaq Capital Market under the symbol “BNGO.” We intend to monitor the closing bid price of our common stock and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement.

Off-Balance Sheet Arrangements

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Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States.

The preparation of our consolidated financial statements requires us to make estimates and assumptions that materially affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes.

The preparation of our consolidated financial statements requires us to make estimates and assumptions that materially

affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes.

We evaluate these estimates and judgments on an ongoing basis.

We base our estimates on historical experience and on various other factors that we believe are reasonable under the

circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

Actual results may materially differ from these estimates under different assumptions or conditions.

There were no material changes in our critical accounting policies and estimates during the six months ended June 30, 2020.

There were no material changes in our critical accounting policies and estimates during the nine months ended September 30, 2020, except for the changes discussed in Note 1 to the condensed consolidated financial statements.

Recent Accounting Pronouncements

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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 2. Management’s Discussion and Analysis