42 unchanged sentences
We have a history of net losses and we may not achieve or maintain profitability.
−Removed: We have incurred net losses since our inception, including losses of $44.0 million, $65.3 million, and $76.2 million, for the years ended December 31, 2025, 2024, and 2023, respectively, and $8.7 million and $20.7 million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: As of March 31, 2026 and December 31, 2025, we had an accumulated deficit of $615.5 million and $606.8 million, respectively.
−Removed: If we are unable to continue to successfully develop and commercialize products in our pharma biocatalysis business, increase sales of existing products and services, develop and commercialize our ECO Synthesis manufacturing platform, develop new products or services, or otherwise expand our business, whether through new or expanded collaborations or other products and services, our net losses may increase and we may never achieve profitability.
+Added: We have incurred net losses since our inception, including net losses of $44.0 million, $65.3 million, and $76.2 million for the years ended December 31, 2025, 2024, and 2023, respectively, and $20.7 million and $34.0 million for the six months ended June 30, 2026 and 2025, respectively.
+Added: As of June 30, 2026 and December 31, 2025, we had an accumulated deficit of $627.5 million and $606.8 million, respectively.
+Added: If we are unable to continue to successfully develop and commercialize products in our pharma biocatalysis business, increase sales of existing products and services, develop and commercialize our ECO Synthesis manufacturing platform, develop new products or services, or otherwise expand our business, our net losses may increase and we may never achieve profitability.
+Added: This includes our ability to expand our business through new or expanded collaborations or other products and services.
In addition, some of our agreements, including the agreements with GlaxoSmithKline plc (“GSK”), Merck Sharp & Dohme (“Merck”), Novartis Pharma AG (“Novartis”), Nestlé Health Science (“Nestlé”), Aldevron LLC, Roche Sequencing Solutions, Inc., Crosswalk Therapeutics and Alphazyme LLC, provide for milestone payments, usage payments, and/or future royalty or other payments, which we will only receive if we and/or our collaborators develop and commercialize products or achieve technical milestones.
−Removed: We also intend to continue to fund the development of additional proprietary performance enzyme products and advance new technologies like our ECO Synthesis manufacturing platform.
+Added: We also intend to continue to fund the development of additional proprietary performance enzyme products and advance new technologies such as our ECO Synthesis manufacturing platform.
There can be no assurance that any of these products or services will become commercially viable or that we will ever achieve profitability on a quarterly or annual basis.
1 unchanged sentence
Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis.
+Added: We expect to continue to incur significant operating expenses and net losses for the foreseeable future as we develop and commercialize our ECO Synthesis manufacturing platform and expand our commercial activities.
+Added: Our results have fluctuated significantly from period to period and we expect that they will continue to do so, and results in any single quarter, including any quarter in which we report net income, are not necessarily indicative of results for any future period or for a full year.
+Added: While we believe that our existing cash and cash equivalents, combined with our future expectations for product revenues, research and development revenue, and expense management, will provide adequate funds for planned ongoing operations, capital expenditures and working capital requirements for at least the next 12 months, we have based this estimate on assumptions that may prove to be wrong, and we could utilize our capital resources sooner than we expect.
+Added: We may need additional capital if our current plans and assumptions change, and we may not be able to raise sufficient additional funds on terms that are favorable to us, if at all.
+Added: If future financings involve the issuance of equity securities, our existing stockholders would be diluted.
Therapeutics development programs are highly regulated and expensive, and our enzyme products are complex and subject to quality control requirements.
27 unchanged sentences
Although we continue to expand our customer base, our current revenues are derived from a limited number of key customers.
−Removed: For the three months ended March 31, 2026 and 2025, customers that each individually contributed 10% or more of our total revenue accounted for 64% and 66% of our total revenues, respectively.
+Added: For the six months ended June 30, 2026 and 2025, customers that each individually contributed 10% or more of our total revenue accounted for 60% and 43% of our total revenues, respectively.
We expect a limited number of customers to continue to account for a significant portion of our revenues for the foreseeable future.
7 unchanged sentences
Any such expiration, termination or reduction could materially adversely affect our revenues, financial condition and results of operations.
−Removed: For the three months ended March 31, 2026, we derived a majority of our product revenue from these product supply agreements.
+Added: For the three and six months ended June 30, 2026, we derived a majority of our product revenue from these product supply agreements.
The demand for our products depends in part on our customers’ research and development and the clinical and market success of their products.
36 unchanged sentences
Any productivity issues or higher-than-expected costs at our facilities could result in material and adverse impacts on our financial condition and results of operations.
−Removed: As we continue to scale up our manufacturing processes to provide enzymatically synthesized, GMP-grade siRNA to customers, either directly or through a third-party CDMO partner, we may face manufacturing capacity constraints or higher-than-expected costs at our facilities.
+Added: As we continue to scale up our manufacturing processes with the objective of providing enzymatically synthesized, GMP-grade siRNA to customers, either directly or through a third-party CDMO partner, we may face manufacturing capacity constraints or higher-than-expected costs at our facilities.
We currently do not manufacture GMP-grade products at any of our own facilities and are reliant on third-party CDMOs.
150 unchanged sentences
A material weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of a company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis.
−Removed: While we were able to remediate
−Removed: previously identified material weaknesses in our internal controls over financial reporting, there can be no guarantee we will not identify similar or other material weaknesses in the future and if such material weaknesses are identified, there can be no guarantee we would be able to remediate such material weaknesses.
+Added: While we were able to remediate previously identified material weaknesses in our internal controls over financial reporting, there can be no guarantee we will not identify similar or other material weaknesses in the future and if such material weaknesses are identified, there can be no guarantee we would be able to remediate such material weaknesses.
Any material weaknesses in our internal controls may adversely affect our ability to record, process, summarize and accurately report timely financial information and, as a result, our consolidated financial statements may contain material misstatements or omissions.
144 unchanged sentences
We have adopted a strategy of seeking patent protection in the United States and in foreign countries with respect to certain of the technology used in or relating to our products, services, and processes.
−Removed: As such, as of March 31, 2026 , we owned or controlled approximately 1,400 active issued patents and pending patent applications in the United States and in various foreign jurisdictions.
−Removed: As of March 31, 2026 , our patents and patent applications, if issued, have terms that expire between 2026 and approximately 2046.
+Added: As such, as of June 30, 2026 , we owned or controlled approximately 1,300 active issued patents and pending patent applications in the United States and in various foreign jurisdictions.
+Added: As of June 30, 2026 , our patents and patent applications, if issued, have terms that expire between 2026 and approximately 2046.
We also have license rights to a number of issued patents and pending patent applications in the United States and in various foreign jurisdictions.
351 unchanged sentences
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.