What changed in this filing

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Item 1. Financial Statements

2025-11-12 compared with 2025-08-12 · 183 added, 132 removed, 494 unchanged (39% of the section changed)

4 unchanged sentences

(in thousands, except share and per share amounts)

September 30,

2025 December 31,

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Operating lease liabilities, current

Deferred revenue ($ 2,487 from related party as of June 30, 2025, and December 31, 2024)

Deferred revenue ($ 1,865 and $ 2,487 from related party as of September 30, 2025, and December 31, 2024, respectively)

Total current liabilities 28,058 30,651

LONG-TERM LIABILITIES

Deferred revenue, net of current portion ($ 0 and $ 1,243 from related party as of June 30, 2025, and December 31, 2024, respectively)

Deferred revenue, net of current portion ($ 0 and $ 1,243 from related party as of September 30, 2025, and December 31, 2024, respectively)

MSKCC success payments liability — 785

5 unchanged sentences

STOCKHOLDERS’ EQUITY

Common stock, par value $ 0.0001 per share, 300,000,000 shares authorized as of June 30, 2025, and December 31, 2024;

93,123,239 and 92,378,577 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively

Common stock, par value $ 0.0001 per share, 300,000,000 shares authorized as of September 30, 2025, and December 31, 2024;

93,468,038 and 92,378,577 shares issued and outstanding as of September 30, 2025, and December 31, 2024, respectively

Additional paid-in-capital 711,770 701,077

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

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CARIBOU BIOSCIENCES, INC.

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(in thousands, except share and per share amounts)

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

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

2025 2024 2025 2024

Licensing and collaboration revenue (including $ 622 and $ 1,243 for the three and six months ended June 30, 2025, respectively, and $ 2,245 and $ 2,867 for the three and six months ended June 30, 2024, respectively, from related parties)

Licensing and collaboration revenue (including $ 622 and $ 1,865 for the three and nine months ended September 30, 2025, respectively, and $ 622 and $ 3,488 for the three and nine months ended September 30, 2024, respectively, from related parties)

$ 2,198 $ 2,024 $ 7,218 $ 7,917

3 unchanged sentences

Impairment charges

12,150 — 12,150 —

Total operating expenses 31,598 40,262 127,109 135,658

8 unchanged sentences

Net loss ( 27,548 ) ( 34,684 ) ( 121,637 ) ( 113,615 )

Other comprehensive loss

Net unrealized (loss) gain on available-for-sale marketable securities, net of tax

Other comprehensive income (loss)

Net unrealized gain (loss) on available-for-sale marketable securities, net of tax

53 1,108 ( 162 ) 759

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

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CARIBOU BIOSCIENCES, INC.

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BALANCE—June 30, 2025 93,123,239 $ 9 $ 708,562 $ 40 $ ( 542,479 ) $ 166,132

Issuances of common stock under ESPP 229,114 — 277 — — 277

Issuances of common stock upon vesting of RSUs 115,685 — — — — —

Stock-based compensation expense — — 2,931 — — 2,931

Net loss — — — — ( 27,548 ) ( 27,548 )

Other comprehensive income — — — 53 — 53

BALANCE—September 30, 2025 93,468,038 $ 9 $ 711,770 $ 93 $ ( 570,027 ) $ 141,845

BALANCE—December 31, 2023 88,448,948 $ 8 $ 667,648 $ 30 $ ( 299,285 ) $ 368,401

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BALANCE—June 30, 2024 90,362,771 $ 9 $ 688,990 $ ( 319 ) $ ( 378,216 ) 310,464

Issuances of common stock under ESPP 138,743 — 246 — — 246

Issuances of common stock upon vesting of RSUs

51,173 — — — — —

Stock-based compensation expense — — 4,069 — — 4,069

Net loss — — — — ( 34,684 ) ( 34,684 )

Other comprehensive income — — — 1,108 — 1,108

BALANCE—September 30, 2024 90,552,687 $ 9 $ 693,305 $ 789 $ ( 412,900 ) $ 281,203

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

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CARIBOU BIOSCIENCES, INC.

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(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

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Depreciation and amortization 2,963 2,743

Gain on disposal of fixed assets

(Gain) loss on disposal of fixed assets

Non-cash consideration for licensing and collaboration revenue

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Net cash provided by financing activities 751 12,861

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 8,908 ( 13,296 )

NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH ( 5,149 ) ( 19,192 )

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — BEGINNING OF PERIOD 16,339 51,208

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

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CARIBOU BIOSCIENCES, INC.

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(“Company” or “we”) is a clinical-stage C lustered R egularly I nterspaced S hort P alindromic R epeats (“CRISPR”) genome-editing biopharmaceutical company dedicated to developing transformative therapies for patients with devastating diseases.

Our genome-editing platform, including our novel chRDNA ( C RISPR h ybrid R NA- DNA , or “chRDNA,” pronounced “chardonnay”) technology, enables more precise genome editing of allogeneic cell therapies.

Our genome-editing platform, including our novel chRDNA ( C RISPR h ybrid R NA- DNA , pronounced “chardonnay”) technology, enables more precise genome editing of allogeneic cell therapies.

Our allogeneic, or off-the-shelf, chimeric antigen receptor (“CAR”)-T (“CAR-T”) cell therapy candidates are manufactured in advance with cells from healthy donors, with the goal of enabling broad patient access, rapid patient treatment, and increased manufacturing scale.

We use our chRDNA technologies to armor our allogeneic CAR-T cell therapies through multiple genome-editing strategies, such as checkpoint disruption and immune cloaking, to enhance activity against devastating diseases.

We are advancing two clinical-stage allogeneic CAR-T cell therapies for the treatment of patients with hematologic malignancies.

We incorporated in October 2011 as a Delaware corporation and are headquartered in Berkeley, California.

We have four wholly owned subsidiaries that hold interests in our equity investments and do not have operating activities.

We have incurred operating losses and negative cash flows from operations since our inception and we had an accumulated deficit of $ 542.5 million as of June 30, 2025.

During the six months ended June 30, 2025, we incurred a net loss of $ 94.1 million and used $ 65.0 million of cash in operating activities.

We have incurred operating losses and negative cash flows from operations since our inception and we had an accumulated deficit of $ 570.0 million as of September 30, 2025.

During the nine months ended September 30, 2025, we incurred a net loss of $ 121.6 million and used $ 90.2 million of cash in operating activities.

We expect to continue to incur substantial losses, and our ability to achieve and sustain profitability will depend on the successful development, regulatory approval, and commercialization of our product candidates and on our ability to generate sufficient revenue to support our cost structure.

We may never achieve profitability and, unless and until we do, we will need to continue to raise additional capital.

Our management expects that existing cash, cash equivalents, and marketable securities of $ 183.9 million as of June 30, 2025, will be sufficient to fund our current operating plan for at least the next 12 months from the date this Quarterly Report on Form 10-Q (“Form 10-Q”) is filed.

Our management expects that existing cash, cash equivalents, and marketable securities of $ 159.2 million as of September 30, 2025, will be sufficient to fund our current operating plan for at least the next 12 months from the date this Quarterly Report on Form 10-Q (“Form 10-Q”) is filed.

Summary of Significant Accounting Policies

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Actual results may differ materially from those estimates.

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Concentrations of Credit Risk and Other Uncertainties

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Three Months Ended

Six Months Ended As of

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Nine Months Ended As of

September 30,

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

28.5 % 34.9 % 22.2 % 24.2 % 56.5 % 49.3 %

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* * 13.9 % * * *

* * * * 13.7 % *

Total 79.9 % 90.8 % 61.9 % 68.3 % 70.2 % 49.3 %

1 unchanged sentence

We monitor economic conditions to identify facts or circumstances that may indicate if any of our accounts receivable are not collectible or if contract assets should be impaired.

No allowance for credit losses or contract asset impairment was recorded as of June 30, 2025, or December 31, 2024.

No allowance for credit losses or contract asset impairment was recorded as of September 30, 2025, or December 31, 2024.

Recent Accounting Pronouncements Not Yet Adopted

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We are currently evaluating the impact of the adoption of ASU 2024-03.

In September 2025, the FASB issued ASU No.

2025-06 - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

The amendments in ASU 2025-06 remove all references to prescriptive and sequential software development stages.

This ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose.

ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

We are currently evaluating the impact of the adoption of ASU 2025-06.

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Fair Value Measurements and Fair Value of Financial Instruments

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We recognize transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs.

No such transfers occurred during the six months ended June 30, 2025, and June 30, 2024.

No such transfers occurred during the nine months ended September 30, 2025, and September 30, 2024.

Recurring Measurements

The following table sets forth our financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

Fair Value Measurements as of June 30, 2025

Fair Value Measurements as of September 30, 2025

Total Level 1 Level 2 Level 3

Treasury bills ($ 3,374 included in cash and cash equivalents)

Treasury bills

$ 108,661 $ 108,661 $ — $ —

government agency bonds 28,458 — 28,458 —

Money market fund investments (included in cash and cash equivalents) 15,843 15,843 — —

Commercial paper ($ 1,996 included in cash and cash equivalents)

11,962 — 11,962 —

Money market fund investments (included in cash and cash equivalents) 9,148 9,148 — —

Corporate debt securities

Total fair value of assets $ 159,212 $ 117,809 $ 41,403 $ —

MSKCC success payments liability $ — $ — $ — $ —

Total fair value of liabilities $ — $ — $ — $ —

Fair Value Measurements as of December 31, 2024

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Total fair value of liabilities $ 785 $ — $ — $ 785

The fair value and amortized cost of cash equivalents and available-for-sale marketable securities by major security type as of June 30, 2025, and December 31, 2024, are presented in the following tables (in thousands):

As of June 30, 2025

Treasury bills ($ 3,374 included in cash and cash equivalents)

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The fair value and amortized cost of cash equivalents and available-for-sale marketable securities by major security type as of September 30, 2025, and December 31, 2024, are presented in the following tables (in thousands):

As of September 30, 2025

Treasury bills

$ 108,583 $ 85 $ ( 7 ) $ 108,661

government agency bonds 28,442 19 ( 3 ) 28,458

Money market fund investments (included in cash and cash equivalents)

15,843 — — 15,843

Commercial paper ($ 1,996 included in cash and cash equivalents)

11,963 — ( 1 ) 11,962

Money market fund investments (included in cash and cash equivalents)

9,148 — — 9,148

Corporate debt securities 983 — — 983

Total cash equivalents and marketable securities $ 159,119 $ 104 $ ( 11 ) $ 159,212

2 unchanged sentences

Marketable securities, short-term 136,115

Marketable securities, long-term 11,953

Total cash equivalents and marketable securities 159,212

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Total cash equivalents and marketable securities $ 249,386

We reviewed our impaired marketable securities as of June 30, 2025, and December 31, 2024, and concluded that the decline in fair value was not related to credit losses and is recoverable.

Accordingly, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive income.

The Memorial Sloan Kettering Cancer Center (“MSKCC”) success payments liability under the Exclusive License Agreement, dated November 13, 2020, with MSKCC (as amended, “MSKCC Agreement”) is carried at fair value and changes are recognized as expense or income as part of other income until the success payments liability is paid or expires.

On May 13, 2025, we provided notice of termination to MSKCC of the MSKCC Agreement, which termination was effective on August 11, 2025, due to the prior discontinuation of the AMpLify phase 1 clinical trial for our CB-012 product candidate, an allogeneic anti-CLL-1 CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia.

Under the MSKCC Agreement, we had exclusively licensed from MSKCC know-how, biological materials, and related patent families to the single-chain variable fragment (“scFv”) used in our CB-012 product candidate.

As of June 30, 2025, we re-measured the fair value of the MSKCC success payments liability, updating inputs, such as the probability of achieving a multiple of a defined initial share price and the expected term, to reflect the pending termination of the MSKCC Agreement, and we estimated the fair value to be zero.

We recorded a $ 0.5 million and $ 1.8 million change in the fair value of the MSKCC success payments liability as a gain in other income in our unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended June 30, 2025, and June 30, 2024, respectively.

We recorded a $ 0.8 million and $ 2.1 million change in the fair value of the MSKCC success payments liability as a gain in other income in our unaudited condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2025, and June 30, 2024, respectively.

We reviewed each of our marketable securities as of September 30, 2025, and December 31, 2024, and concluded that any decline in fair value was not related to credit losses and is recoverable.

Accordingly, no allowance for credit losses was recorded and the unrealized losses are reported as a component of accumulated other comprehensive income.

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On May 13, 2025, we provided notice of termination to Memorial Sloan Kettering Cancer Center (“MSKCC”) of the Exclusive License Agreement, dated November 13, 2020, with MSKCC (as amended, “MSKCC Agreement”), which termination was effective on August 11, 2025, due to the prior discontinuation of the AMpLify phase 1 clinical trial for our CB-012 product candidate, an allogeneic anti-CLL-1 CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia.

The MSKCC success payments liability under the MSKCC Agreement had been carried at fair value and changes were recognized as expense or income as part of other income.

During the second quarter of 2025, we re-measured the fair value of the MSKCC success payments liability, updating inputs, such as the probability of achieving a multiple of a defined initial share price and the expected term, to reflect the pending termination of the MSKCC Agreement, and we estimated the fair value to be zero.

The following table sets forth a summary of the changes in the fair value of our Level 3 financial liability (in thousands):

2 unchanged sentences

Change in fair value ( 785 )

Balance as of June 30, 2025 $ —

The table below summarizes key assumptions used in the valuation of the MSKCC success payments liability:

Fair value of common stock $ 1.59

Risk-free interest rate 4.58 %

Expected volatility 105 %

Probability of achieving multiple of Initial Share Price (1)

1.5 % to 4.9 %

Expected term (years) 4.1 to 5.0

(1) MSKCC was entitled to certain success payments if our common stock fair value increased, during a specified time period, by certain multiples of value based on a comparison of the fair value of our common stock to $ 5.1914 per share, adjusted for any future stock splits (“Initial Share Price”).

See Note 4 to the consolidated financial statements included in our Form 10-K for additional information about our now-terminated MSKCC Agreement.

Balance as of September 30, 2025 $ —

Nonrecurring Measurements

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In June 2024, we received 1,623,275 additional shares of convertible preferred stock pursuant to anti-dilution rights of the Edge chRDNA License Agreement with an estimated fair value of $ 1.6 million, based on management’s best estimate and judgment.

We elected to apply the measurement alternative under ASC 321 for an equity security without a readily determinable fair value.

We elected to apply the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321, Investments - Equity Securities (“ASC 321”) for an equity security without a readily determinable fair value.

Accordingly, this investment is carried at its cost minus impairment, if any, and is classified within Level 3 of the fair value hierarchy.

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As part of our assessment, we consider Edge’s planned operating cash flow requirements over the next 12 months from the date this form 10-Q is filed, available capital to fund those requirements, and ability to secure additional capital if needed as indicators of impairment.

Based on our assessment in connection with the preparation of the financial statements for the three and six months ended June 30, 2025 , we determined that impairment indicators exist, and the fair value of our Edge stock to be zero.

As a result, we recorded an impairment expense of $ 9.2 million for each of the three- and six-month periods ended June 30, 2025 .

This impairment expense was recorded within “impairment of equity investment” in our unaudited condensed consolidated statements of operations and comprehensive loss and as a reduction to the investment balance within investments in equity securities in our unaudited condensed consolidated balance sheets as of June 30, 2025 .

During the second quarter of 2025, we determined that impairment indicators existed, and the fair value of our Edge Stock was zero, as a result, as of June 30, 2025, our Edge Stock was fully impaired and no balance remained.

We recorded an impairment expense of $ 9.2 million for the nine months ended September 30, 2025.

This i mpairment expense was recorded within “impairment of equity investment” in our unaudited condensed consolidated statements of operations and comprehensive loss and as a reduction to the investment balance within investments in equity securities in our unaudited condensed consolidated balance sheets as of September 30, 2025.

Significant Agreements

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and royalty payments.

Our obligation to make such payments is contingent upon milestones being achieved, licensed products being commercialized, and the agreements remaining in effect.

For the three months ended June 30, 2025, and June 30, 2024, we recorded $ 0.4 million and $ 0.3 million, respectively, as research and development expenses in our unaudited condensed consolidated statements of operations and comprehensive loss related to our license agreements.

For the six months ended June 30, 2025, and June 30, 2024, we recorded $ 0.7 million and $ 1.6 million, respectively, as research and development expenses in our unaudited condensed consolidated statements of operations and comprehensive loss related to our license agreements.

For the three months ended June 30, 2025, and June 30, 2024, we recorded $ 0.1 million and $ 0.2 million, respectively, as general and administrative expenses for patent prosecution and maintenance costs in our unaudited condensed consolidated statements of operations and comprehensive loss, which includes reimbursements of patent prosecution and maintenance costs of $ 0.4 million and $ 0.4 million, respectively.

For the six months ended June 30, 2025, and June 30, 2024, we recorded $ 0.3 million and $ 0.4 million, respectively, as general and administrative expenses for patent prosecution and maintenance costs in our unaudited condensed consolidated statements of operations and comprehensive loss, which includes reimbursements of patent prosecution and maintenance costs of $ 0.6 million and $ 0.5 million, respectively.

As of June 30, 2025, certain license and assignment agreements included potential future payments from us for development, regulatory, and sales milestones totaling approximately $ 48.9 million.

Our obligation to make such payments is contingent on milestones being achieved, licensed products being commercialized, and the agreements remaining in effect.

For the three months ended September 30, 2025, and September 30, 2024, we recorded $ 0.3 million and $ 0.2 million, respectively, as research and development expenses related to our license agreements.

For the nine months

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ended September 30, 2025, and September 30, 2024, we recorded $ 1.0 million and $ 1.8 million, respectively.

Patent prosecution and maintenance costs included in general and administrative expenses were $ 0.3 million and $ 0.1 million for the three months ended September 30, 2025, and September 30, 2024, respectively, and $ 0.6 million and $ 0.5 million for the nine months ended September 30, 2025, and September 30, 2024, respectively.

These amounts include reimbursements of approximately $ 0.4 million for each of the three-month periods and $ 1.0 million and $ 0.9 million for the nine months ended September 30, 2025, and September 30, 2024, respectively.

As of September 30, 2025, certain license and assignment agreements included potential future payments from us for development, regulatory, and sales milestones totaling approximately $ 48.9 million.

Disaggregation of Revenue

We disaggregate revenue by geographical market based on the location of research and development activities of our licensees and collaborators.

The following table is a summary of revenue by geographic location for the three and six months ended June 30, 2025, and June 30, 2024 (in thousands):

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

The following table is a summary of revenue by geographic location for the three and nine months ended September 30, 2025, and September 30, 2024 (in thousands):

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

2025 2024 2025 2024

2 unchanged sentences

Total $ 2,198 $ 2,024 $ 7,218 $ 7,917

For the three months ended June 30, 2025, we recognized $ 2.1 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 0.6 million of revenue related to performance obligations satisfied over time.

For the three months ended June 30, 2024, we recognized $ 2.8 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 0.7 million of revenue related to performance obligations satisfied over time.

For the six months ended June 30, 2025, we recognized $ 3.8 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 1.2 million of revenue related to performance obligations satisfied over time.

For the six months ended June 30, 2024, we recognized $ 4.6 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 1.3 million of revenue related to performance obligations satisfied over time.

For the three months ended September 30, 2025, we recognized $ 1.6 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 0.6 million of revenue related to performance obligations satisfied over time.

For the three months ended September 30, 2024, we recognized $ 1.4 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 0.6 million of revenue related to performance obligations satisfied over time.

For the nine months ended September 30, 2025, we recognized $ 5.3 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 1.9 million of revenue related to performance obligations satisfied over time.

For the nine months ended September 30, 2024, we recognized $ 6.0 million of revenue related to performance obligations satisfied at a point in time, and we recognized $ 1.9 million of revenue related to performance obligations satisfied over time.

Contract Balances

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Contract liabilities consist of deferred revenue and relate to amounts invoiced to, or advance consideration received from, licensees that precede our satisfaction of the associated performance obligations.

As of June 30, 2025, and December 31, 2024, our deferred revenue balance primarily resulted from the upfront payment received in 2023 relating to our performance obligation to Pfizer Inc.

As of September 30, 2025, and December 31, 2024, our deferred revenue balance primarily resulted from the upfront payment received in 2023 relating to our performance obligation to Pfizer Inc.

The remaining deferred revenue relates to upfront payments received under license agreements that also include nonrefundable annual license fees, which are accounted for as material rights for license renewals and are recognized at the point in time when annual license fees are paid by the licensees and the renewal periods begin.

The following table presents changes in our contract assets and liabilities for the six months ended June 30, 2025 (in thousands):

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The following table presents changes in our contract assets and liabilities for the nine months ended September 30, 2025 (in thousands):

Balance as of

1 unchanged sentence

Balance as of

September 30,

Accounts receivable $ 265 $ 5,026 $ ( 5,049 ) $ 242

3 unchanged sentences

Deferred revenue, current and long-term $ 6,446 $ 1,210 $ ( 3,683 ) $ 3,973

For the six months ended June 30, 2025, and June 30, 2024, we recognized $ 1.8 million and $ 1.6 million of revenue, respectively, which was included in the opening contract liabilities balances at the beginning of the respective periods.

For the nine months ended September 30, 2025, and September 30, 2024, we recognized $ 2.5 million and $ 2.2 million of revenue, respectively, which was included in the opening contract liabilities balances at the beginning of the respective periods.

Transaction Prices Allocated to Remaining Performance Obligations

Remaining performance obligations represent in aggregate the amount of a transaction price that has been allocated to performance obligations not delivered as of the end of a reporting period.

The value of transaction prices allocated to remaining unsatisfied performance obligations as of June 30, 2025, and June 30, 2024, were approximately $ 4.6 million and $ 7.4 million, respectively.

We expect to recognize approximately $ 2.8 million of remaining performance obligations as revenue in the next 12 months from June 30, 2025, and to recognize the remainder thereafter.

The value of transaction prices allocated to remaining unsatisfied performance obligations as of September 30, 2025, and September 30, 2024, were approximately $ 4.0 million and $ 6.8 million, respectively.

We expect to recognize approximately $ 2.2 million of remaining performance obligations as revenue in the next 12 months from September 30, 2025, and to recognize the remainder thereafter.

Capitalized Contract Acquisition Costs and Fulfillment Costs

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Prepaid expenses and other current assets consisted of the following (in thousands):

September 30,

2025 December 31,

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Property and equipment, net, consisted of the following (in thousands):

September 30,

2025 December 31,

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Property and equipment, net $ 7,598 $ 19,281

Depreciation and amortization expenses related to property and equipment were $ 1.1 million and $ 0.9 million for the three months ended June 30, 2025, and June 30, 2024, respectively.

Depreciation and amortization expenses related to property and equipment were $ 2.3 million and $ 1.6 million for the six months ended June 30, 2025, and June 30, 2024, respectively.

As of June 30, 2025, certain property and equipment assets were deemed impaired.

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Depreciation and amortization expenses related to property and equipment were $ 0.6 million and $ 1.1 million for the three months ended September 30, 2025, and September 30, 2024, respectively.

Depreciation and amortization expenses related to property and equipment were $ 2.9 million and $ 2.7 million for the nine months ended September 30, 2025, and September 30, 2024, respectively.

For the nine months ended September 30, 2025, certain property and equipment assets were deemed impaired as of June 30, 2025.

See Note 14 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.

Accrued expenses and other current liabilities consisted of the following (in thousands):

September 30,

2025 December 31,

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Pfizer Investment

For each of the three-month periods ended June 30, 2025, and June 30, 2024, we recognized $ 0.6 million of revenue from our Information Rights Agreement with Pfizer, dated June 29, 2023, pursuant to which we had originally allocated $ 7.5 million as a contract with a customer under Accounting Standards Codification (“ASC”) Topic 606.

For each of the six-month periods ended June 30, 2025, and June 30, 2024, we recognized $ 1.2 million of revenue from Pfizer.

As of June 30, 2025, there was approximately $ 2.5 million of related party deferred revenue included in current liabilities related to our performance obligation to Pfizer.

For each of the three-month periods ended September 30, 2025, and September 30, 2024, we recognized $ 0.6 million of revenue from our Information Rights Agreement with Pfizer, dated June 29, 2023, pursuant to which we had originally allocated $ 7.5 million as a contract with a customer under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

For each of the nine-month periods ended September 30, 2025, and September 30, 2024, we recognized $ 1.9 million of revenue from Pfizer.

As of September 30, 2025, there was approximately $ 1.9 million of related party deferred revenue included in current liabilities related to our performance obligation to Pfizer.

As of December 31, 2024, there was approximately $ 3.7 million of related party deferred revenue ($ 2.5 million included in current liabilities and $ 1.2 million included in long-term liabilities) related to our performance obligation to Pfizer.

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The Edge chRDNA License Agreement is a contract with a customer under ASC 606.

Accordingly, we recognized $ 1.6 million as revenue for each of the three- and six-month periods ended June 30, 2024.

We did not recognize any revenue in connection with the Edge chRDNA License Agreement in 2025.

As of June 30, 2025 , our investment in Edge was deemed impaired.

We did not recognize any revenue for the three months ended September 30, 2024.

We recognized $ 1.6 million as revenue for the nine months ended September 30, 2024.

As of June 30, 2025, our investment in Edge was deemed impaired, resulting in a zero balance as of September 30, 2025.

See Note 3 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.

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We enter into various agreements in the ordinary course of business, such as those with contract manufacturing organizations (“CMOs”), suppliers, clinical research organizations (“CROs”), clinical trial sites, licensors, assignors, and the like.

These agreements provide for termination by either party in certain circumstances, generally with less than one-year notice and are, therefore, cancellable contracts and, if cancelled, are not anticipated to have a material effect in our unaudited condensed consolidated financial condition, results of operations, or cash flows.

These agreements provide for termination by either party in certain circumstances, generally with less than one-year notice and are, therefore, cancellable contracts and, if cancelled, are not anticipated to have a material effect on our unaudited condensed consolidated financial condition, results of operations, or cash flows.

Some of these agreements include contingent payments that will become payable if and when certain development, regulatory, clinical, and/or commercial milestones are achieved by us.

As of June 30, 2025, satisfaction and timing of such contingent payments are uncertain and thus cannot be reasonably estimated.

As of September 30, 2025, satisfaction and timing of such contingent payments are uncertain and thus cannot be reasonably estimated.

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Guarantees and Indemnifications

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Our exposure under these agreements is unknown because claims may be made against us in the future.

As of June 30, 2025, and December 31, 2024, we did not have any material indemnification claims that were probable or reasonably possible, and consequently, we have not recorded related liabilities.

As of September 30, 2025, and December 31, 2024, we did not have any material indemnification claims that were probable or reasonably possible, and consequently, we have not recorded related liabilities.

From time to time, we may become involved in litigation arising in the ordinary course of business.

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The alleged class period is July 14, 2023, to July 16, 2024.

The Saylor Case complaint challenges disclosures regarding our company’s business, operations, and prospects, specifically with respect to the alleged safety, efficacy, and durability of CB-010, CB-010’s clinical results and commercial prospects, and our financial statements, in alleged violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”).

The Saylor Case complaint challenges disclosures regarding our company’s business, operations, and prospects, specifically with respect to the alleged safety, efficacy, and durability of vispacabtagene regedleucel (“vispa-cel,” formerly CB-010), the clinical results and commercial prospects for vispa-cel, and our financial statements, in alleged violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”).

On April 15, 2025, the lead plaintiff filed a motion to voluntarily dismiss the lawsuit and, on April 27, 2025, the court granted the motion, dismissing the lawsuit without prejudice.

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The plaintiffs in the Consolidated Derivative Action filed an amended complaint on July 7, 2025.

The amended complaint largely tracks the claims from the original complaints, but it also challenges additional disclosures as false or misleading.

The defendants intend to file a motion to dismiss the litigation.

The amended complaint largely tracked the claims from the original complaints, but it also challenged additional disclosures as false or misleading.

On August 21, 2025, the defendants filed a motion to dismiss the complaint.

On October 16, 2025, the parties filed a stipulation to voluntarily dismiss the lawsuit without prejudice, which the court granted on October 17, 2025.

Common stock reserved for future issuances consisted of the following:

June 30, 2025 As of

September 30, 2025 As of

December 31, 2024

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Total common stock reserved for future issuances 26,334,748 21,838,027

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Shelf Registration Statements

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Securities and Exchange Commission (“SEC”), which allowed us to sell, from time to time, up to $ 400.0 million of common stock, preferred stock, debt securities, warrants, rights, or units comprised of any combination thereof (including the $ 100.0 million of common stock reserved under the 2022 Shelf Registration Statement for our at-the-market equity offering program described below).

The 2022 Shelf Registration Statement was declared effective by the SEC on August 16, 2022, and was scheduled to expire after three years from the date of effectiveness.

On May 8, 2025, in anticipation of the expiration of the 2022 Shelf Registration Statement, we filed a new shelf registration statement on Form S-3 (“2025 Shelf Registration Statement”).

On May 8, 2025, in anticipation of the expiration of the 2022 Shelf Registration Statement on August 16, 2025, we filed a new shelf registration statement on Form S-3 (“2025 Shelf Registration Statement”), which was declared effective by the SEC on May 14, 2025.

Upon the effectiveness of the 2025 Shelf Registration Statement, the offering of securities under the 2022 Shelf Registration Statement was deemed terminated.

Pursuant to the 2025 Shelf Registration Statement, we may, from time to time, sell up to $ 300.0 million of common stock, preferred stock, debt securities, warrants, rights, or units comprised of any combination thereof (including the $ 100.0 million of common stock reserved under the 2025 Shelf Registration Statement for our at-the-market equity offering program described below).

The 2025 Shelf Registration Statement was declared effective by the SEC on May 14, 2025, and will expire after three years from the date of effectiveness.

Upon effectiveness of the 2025 Shelf Registration Statement, the offering of securities under the 2022 Shelf Registration Statement was deemed terminated.

As of September 30, 2025, we had the full amount available for sale under the 2025 Shelf Registration Statement.

At-the-Market Equity Offering Program

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We may, from time to time, sell and issue shares of our common stock, through Jefferies as sales agent under the ATM Sales Agreement, having an aggregate offering price of up to $ 100.0 million in gross proceeds under the 2025 Shelf Registration Statement.

We did not sell any shares of our common stock pursuant to the ATM Sales Agreement during each of the three- and six-month periods ended June 30, 2025, under either the 2022 Shelf Registration Statement or the 2025 Shelf Registration Statement.

We did not sell any shares of our common stock under the ATM Sales Agreement during the three months ended June 30, 2024.

During the six months ended June 30, 2024, we sold 1,594,171 shares of our common stock, in a series of sales, at an average price of $ 7.33 per share, in accordance with the ATM Sales Agreement and the 2022 Shelf Registration Statement for aggregate gross proceeds of $ 11.7 million ($ 11.3 million net of offering expenses) .

We did not sell any shares of our common stock pursuant to the ATM Sales Agreement during each of the three- and nine-month periods ended September 30, 2025, under either the 2022 Shelf Registration Statement or the 2025 Shelf Registration Statement.

We did not sell any shares of our common stock under the ATM Sales Agreement during the three months ended September 30, 2024.

During the nine months ended September 30, 2024, we sold 1,594,171 shares of our common stock, in a series of sales, at an average price of $ 7.33 per share, in accordance with the ATM Sales Agreement and the 2022 Shelf Registration Statement for aggregate gross proceeds of $ 11.7 million ($ 11.3 million net of offering expenses).

As of September 30, 2025, $ 100.0 million of shares of our common stock remained available for sale under the 2025 Shelf Registration Statement pursuant to the ATM Sales Agreement.

Stock-Based Compensation

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In July 2021, our board of directors adopted, and our stockholders approved, the 2021 Equity Incentive Plan (“2021 Plan”) that became effective on July 22, 2021.

As of June 30, 2025, we had 9,430,205 shares available for issuance under the 2021 Plan.

The following table summarizes stock option activity under our equity incentive plans for the six months ended June 30, 2025:

Stock Options Weighted-

As of September 30, 2025, we had 8,971,224 shares available for issuance under the 2021 Plan.

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Stock Options

The following table summarizes stock option activity, including performance-based stock options (“PBSOs”), under our equity incentive plans for the nine months ended September 30, 2025:

Stock Options and Performance-Based Stock Options

Exercise Price Weighted-

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Options cancelled or forfeited ( 2,657,618 ) 6.78

Outstanding as of June 30, 2025 12,909,834 $ 6.15 7.0 $ 5

Exercisable as of June 30, 2025 7,054,231 $ 8.06 5.5 $ —

Vested and expected to vest as of June 30, 2025 12,909,834 $ 6.15 7.0 $ 5

Outstanding as of September 30, 2025 12,707,838 $ 5.50 7.7 $ 3,051

Exercisable as of September 30, 2025 6,250,064 $ 7.76 6.5 $ 214

Vested and expected to vest as of September 30, 2025 12,707,838 $ 5.50 7.7 $ 3,051

(1) The aggregate intrinsic value is calculated as the difference between the stock option exercise price and the estimated fair value of the underlying common stock as of the end of each reporting period referenced above.

Grant Date Fair Value

During the three months ended June 30, 2025, and June 30, 2024, we granted 29,400 and 223,450 stock options, respectively, under the 2021 Plan to employees with a weighted average grant date fair value of $ 0.83 and $ 2.16 , respectively.

During the six months ended June 30, 2025, and June 30, 2024, we granted 3,365,288 and 3,137,177 stock options, respectively, under the 2021 Plan to employees with a weighted average grant date fair value of $ 1.07 and $ 4.42 , respectively.

Grant Date Fair Value of Stock Options

During the three months ended September 30, 2025, and September 30, 2024, we granted 140,900 and 391,525 stock options, respectively, under the 2021 Plan to employees with a weighted average grant date fair value of $ 1.36 and $ 1.49 , respectively.

During the nine months ended September 30, 2025, and September 30, 2024, we granted 3,506,188 and 3,528,702 stock options, respectively, under the 2021 Plan to employees with a weighted average grant date fair value of $ 1.08 and $ 4.09 , respectively.

We estimated the fair value of each employee stock option award on the grant date using the Black-Scholes option-pricing model based on the following assumptions:

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

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

2025 2024 2025 2024

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3.9 % to 4.6 %

3.7 % to 4.5 %

Expected dividend yield 0.0 % 0.0 % 0.0 %

As of June 30, 2025, there was $ 14.9 million of unrecognized stock-based compensation expense related to employee stock options that is expected to be recognized over a weighted-average period of 2.7 years.

As of September 30, 2025, there was $ 12.6 million of unrecognized stock-based compensation expense related to employee stock options that is expected to be recognized over a weighted-average period of 2.6 years.

Grant Date Fair Value of PBSOs

On July 21, 2025, we granted 1,092,165 PBSOs under the 2021 Plan to each of our officers with a weighted average grant date fair value of $ 1.00 .

We estimated the fair value of each PBSO on the grant date using the Black-Scholes option-pricing model based on a volatility of 88.7 %, expected term of 1.9 years, risk-free interest rate of 3.9 %, and expected dividend yield of 0.0 %.

Vesting of the PBSOs is conditioned on achievement of certain clinical development milestones during a two-year performance period ending June 30, 2027, and contingent on each executive officer’s continued employment on the vesting dates.

As of September 30, 2025 there were 1,092,165 PBSOs outstanding with a weighted average grant date fair value of $ 1.00 .

As of September 30, 2025, we have concluded that it is not yet deemed probable, as required by ASC Topic 718 Compensation - Stock Compensation, that the clinical milestones will be achieved, and as such, no stock-based compensation expense has been recorded for PBSOs.

As of September 30, 2025, there was $ 1.1 million of unrecognized stock-based compensation expense related to PBSOs, which will be recognized if the awards are deemed to be probable of vesting.

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Restricted Stock Units (“RSUs”)

During the six months ended June 30, 2025, we granted 1,168,285 RSUs under the 2021 Plan to employees.

A summary of the status of and change in unvested RSUs as of June 30, 2025, was as follows:

During the nine months ended September 30, 2025, we granted 1,897,085 RSUs under the 2021 Plan to employees.

A summary of the status of and change in unvested RSUs as of September 30, 2025, was as follows:

Number of Shares Underlying Outstanding RSUs

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Forfeited ( 527,716 ) 3.23

Unvested, June 30, 2025 1,684,339 $ 3.01

As of June 30, 2025, the total unrecognized stock-based compensation expense related to unvested RSUs was $ 4.3 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.1 years.

Unvested, September 30, 2025 2,229,631 $ 2.73

As of September 30, 2025, the total unrecognized stock-based compensation expense related to unvested RSUs was $ 5.1 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.7 years.

Employee Stock Purchase Plan (“ESPP”)

In July 2021, our board of directors adopted, and our stockholders approved, the ESPP, which became effective on July 22, 2021.

We issued 877,027 shares of common stock under the ESPP as of June 30, 2025.

We recorded $ 0.4 million in accrued liabilities related to contributions withheld as of June 30, 2025.

We issued 1,106,141 shares of common stock under the ESPP as of September 30, 2025.

We recorded $ 0.1 million in accrued liabilities related to contributions withheld as of September 30, 2025.

Stock-Based Compensation Expense

We recorded stock-based compensation expense related to employee equity-based awards grants in our unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

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

We recorded stock-based compensation expense related to employee equity-based awards grants as follows (in thousands):

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

2025 2024 2025 2024

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The above stock-based compensation expense related to the following equity-based awards (in thousands):

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

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

2025 2024 2025 2024

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Total $ 2,931 $ 4,069 $ 9,942 $ 12,795

No income tax expense was recorded during each of the three- and nine-month periods ended September 30, 2025, and September 30, 2024 due to our operating losses.

On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States, which includes significant changes to federal tax law and other regulatory provisions that may impact us.

We are currently evaluating the potential impact of the new legislation, including implications for deferred taxes and related disclosures, and do not expect that it will have a material impact on our consolidated financial statements.

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Net Loss Per Share

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

September 30,

Stock options outstanding 12,707,838 11,611,364

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Factors used in determining the reportable segment include the nature of our operating activities, our company’s organizational and reporting structures, and the type of information reviewed by our CODM to allocate resources and evaluate financial performance.

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The following table presents reportable segment profit and loss, including significant expense categories, attributable to our reportable segment for the periods indicated:

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

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

2025 2024 2025 2024

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$ ( 27,548 ) $ ( 34,684 ) $ ( 121,637 ) $ ( 113,615 )

(1) Research and development internal costs for the three months ended June 30, 2025, and June 30, 2024, exclude $ 1.3 million and $ 2.0 million of stock-based compensation expense, respectively, and $ 1.0 million and $ 0.8 million of depreciation and amortization expense, respectively.

Research and development internal costs for the six months ended June 30, 2025, and June 30, 2024, exclude $ 3.0 million and $ 3.6 million of stock-based compensation expense, respectively, and $ 2.1 million and $ 1.4 million of depreciation and amortization expense, respectively.

(2) General and administrative expense for the three months ended June 30, 2025, and June 30, 2024, exclude $ 1.8 million and $ 2.7 million of stock-based compensation expense, respectively, and $ 0.1 million of depreciation and amortization expense for each of the three-month periods ended June 30, 2025, and June 30, 2024.

General and administrative expense for the six months ended June 30, 2025, and June 30, 2024, exclude $ 4.0 million and $ 5.1 million of stock-based compensation expense, respectively, and $ 0.2 million of depreciation and amortization expense for each of the six-month periods ended June 30, 2025, and June 30, 2024.

(3) Other segment items include impairment charges, impairment of equity investment, stock-based compensation, change in fair value of the MSKCC success payments liability, and depreciation and amortization.

(1) Research and development internal costs for the three months ended September 30, 2025, and September 30, 2024, exclude $ 1.2 million and $ 1.6 million of stock-based compensation expense, respectively, and $ 0.5 million and $ 1.1 million of depreciation and amortization expense, respectively.

Research and development internal costs for the nine months ended September 30, 2025, and September 30, 2024, exclude $ 4.3 million and $ 5.2 million of stock-based compensation expense, respectively, and $ 2.6 million and $ 2.4 million of depreciation and amortization expense, respectively.

(2) General and administrative expense for the three months ended September 30, 2025, and September 30, 2024, exclude $ 1.7 million and $ 2.4 million of stock-based compensation expense, respectively, and $ 0.1 million of depreciation and amortization expense for each of the three-month periods ended September 30, 2025, and September 30, 2024.

General and administrative expense for the nine months ended September 30, 2025, and September 30, 2024, exclude $ 5.7 million and $ 7.5 million of stock-based compensation expense, respectively, and $ 0.3 million of depreciation and amortization expense for each of the nine-month periods ended September 30, 2025, and September 30, 2024.

(3) Other segment items for the three months ended September 30, 2025, include stock-based compensation and depreciation and amortization.

Other segment items for the three months ended September 30, 2024, include stock-based compensation, change in fair value of the MSKCC success payments liability, and depreciation and amortization.

(4) Other segment items for the nine months ended September 30, 2025, include impairment charges, impairment of equity investment, stock-based compensation, change in fair value of the MSKCC success payments liability, and depreciation and amortization.

Other segment items for the nine months ended September 30, 2024, include stock-based compensation, change in fair value of the MSKCC success payments liability, and depreciation and amortization.

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Restructuring Charges

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On April 24, 2025, we announced the discontinuation of preclinical research and two clinical programs:

CB-010, an allogeneic anti-CD19 CAR-T cell therapy being evaluated in patients with lupus in our GALLOP phase 1 trial prior to dosing the first patient, and CB-012, an allogeneic anti-CLL-1 CAR-T cell therapy being evaluated in patients with relapsed or refractory acute myeloid leukemia in our AMpLify phase 1 clinical trial as additional data would be needed to advance this program.

vispa-cel, an allogeneic anti-CD19 CAR-T cell therapy being evaluated in patients with lupus in our GALLOP phase 1 trial prior to dosing the first patient, and CB-012, an allogeneic anti-CLL-1 CAR-T cell therapy being evaluated in patients with relapsed or refractory acute myeloid leukemia in our AMpLify phase 1 clinical trial as additional data would be needed to advance this program.

Additionally, we announced that our workforce was reduced by 47 employees, or approximately 32 % of our workforce.

As a result, we recorded cash severance costs, benefits, and transition support services expenses of $ 1.8 million for each of the three- and six-month periods ended June 30, 2025, which we recorded as research and development expenses or general and administrative expenses in our unaudited condensed consolidated statements of operations and comprehensive loss.

For each of the three- and six-month periods ended June 30, 2025, we recorded wind down costs of $ 0.3 million as research and development expenses in our unaudited condensed consolidated statements of operations and comprehensive loss related to the discontinuation of our GALLOP phase 1 clinical trial and AMpLify phase 1 clinical trial.

As a result, we recorded cash severance costs, benefits, and transition support services expenses of $ 1.8 million for the nine months ended September 30, 2025, which we recorded as research and development expenses or general and administrative expenses in our unaudited condensed consolidated statements of operations and comprehensive loss.

For the nine months ended September 30, 2025, we recorded wind down costs of $ 0.4 million, as research and development expenses in our unaudited condensed consolidated statements of operations and comprehensive loss related to the discontinuation of our GALLOP and AMpLify phase 1 clinical trials.

Impairment Charges

As part of the preparation of the financial statements for each reporting period, we review our long-lived assets for impairment indicators.

As a result of the previously announced strategic pipeline prioritization, we identified certain triggering events, such as significant changes in our current and expected use of leased office and lab space, and lab equipment.

We determined the asset groups based on the lowest level of identifiable cash flows under the our strategic pipeline prioritization and assessed the impairment for each of the asset groups.

As a result of the previously announced strategic pipeline prioritization during the second quarter of 2025, we identified certain triggering events, such as significant changes in our current and expected use of leased office and lab space, and lab equipment.

We determined the asset groups based on the lowest level of identifiable cash flows under our strategic pipeline prioritization and assessed the impairment for each of the asset groups.

We have reduced the usage of our leased office and lab space, and we may sublease the unused space.

The leasehold improvements, right of use assets, and lab equipment related to the leased office and lab space were assessed as a single asset group and determined to not be recoverable.

Accordingly, in connection with the preparation of the financial statements for the three and six months ended June 30, 2025, we concluded that this asset group is impaired.

Accordingly, for the second quarter of 2025, we concluded that this asset group is impaired.

For asset groups where impairment is triggered, we use discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups.

The significant assumptions used in the discounted cash flow models include projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflect a market participant's assumptions in valuing the asset groups.

As a result, we recognized impairment charges totaling $ 10.0 million for each of the three- and six-month periods ended June 30, 2025, of which $ 7.4 million and $ 2.6 million, respectively, were related to the tenant improvements and right of use asset associated with the underlying leased property.

As a result, we recognized impairment charges totaling $ 10.0 million for the second quarter of 2025, of which $ 7.4 million and $ 2.6 million, respectively, were related to the tenant improvements and right of use asset associated with the underlying leased property.

We also identified certain laboratory equipment that we no longer plan to use.

This asset group, consisting of laboratory equipment that would no longer be used going forward, was also determined to not be recoverable.

As a result, this asset group was deemed impaired, resulting in a $ 2.2 million impairment charge for each of the three- and six-month periods ended June 30, 2025.

As a result, this asset group was deemed impaired, resulting in a $ 2.2 million impairment charge for the second quarter of 2025.

The fair value of the lab equipment is classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs utilized, such as estimates provided by third-party vendors.

The following table summarizes the restructuring and impairment costs recognized in our unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025:

Severance Related Expenses Wind Down Costs Impairment Charges Total

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Our strategic pipeline prioritization was substantially completed in the second quarter of 2025, and we currently do not expect to record additional material charges.

Subsequent Events

On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States, which includes significant changes to federal tax law and other regulatory provisions that may impact us.

We are currently evaluating the potential impact of the new legislation, including implications for deferred taxes and related disclosures.

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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 1. Financial Statements