What changed in this filing

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Item 1. Financial Statements

2026-05-12 compared with 2025-11-06 · 101 added, 123 removed, 301 unchanged (43% of the section changed)

2 unchanged sentences

(In thousands, except share and per share data)

September 30,

Current assets:

17 unchanged sentences

Stockholders’ equity:

Common stock, $ 0.01 par value, 200,000,000 authorized as of September 30, 2025 and December 31, 2024;

26,193,733 and 25,324,684 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

Common stock, $ 0.01 par value, 200,000,000 authorized as of March 31, 2026 and December 31, 2025;

26,428,767 and 26,311,607 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

7 unchanged sentences

Three months ended

Nine months ended

September 30,

Cost of goods sold

17 unchanged sentences

stockholders’

Balances as of June 30, 2025

Exercise of stock options

Employee stock compensation

Issuance of common stock

Net loss for the three months ended September 30, 2025

Cumulative translation adjustment

Balances as of September 30, 2025

Balances as of June 30, 2024

Exercise of stock options

Employee stock compensation

Issuance of common stock

Net loss for the three months ended September 30, 2024

Cumulative translation adjustment

Balances as of September 30, 2024

comprehensive

stockholders’

Balances as of December 31, 2025

Exercise of stock options

Proceeds from Employee Stock Purchase Plan

Vesting of restricted stock units

Employee stock compensation

Issuance of common stock

Net loss for the nine months ended September 30, 2025

Cumulative translation adjustment

Balances as of September 30, 2025

Net loss for the three months ended March 31, 2026

Balances as of March 31, 2026

Balances as of December 31, 2024

Exercise of stock options

Proceeds from Employee Stock Purchase Plan

Employee stock compensation

Issuance of common stock

Issuance of common stock upon net exercise of common warrants

Net loss for the nine months ended September 30, 2024

Net loss for the three months ended March 31, 2025

Cumulative translation adjustment

Balances as of September 30, 2024

Balances as of March 31, 2025

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

1 unchanged sentence

(In thousands)

Nine months ended

September 30,

Three months ended

Cash flows from operating activities:

2 unchanged sentences

Depreciation of property and equipment

Loss on disposal of equipment

Amortization of deferred financing costs and loan discount

10 unchanged sentences

Proceeds from the exercise of common stock options

Proceeds from Employee Stock Purchase Plan

Proceeds from the issuance of common stock

Net (payments) proceeds from the issuance of common stock

Proceeds from debt financing

35 unchanged sentences

Cash and cash equivalents include highly liquid investments with an original maturity of three months or less.

As of September 30, 2025 and December 31, 2024, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.

Additionally, as of September 30, 2025 and December 31, 2024, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits are likely in excess of insured limits.

As of March 31, 2026 and December 31, 2025, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.

Additionally, as of March 31, 2026 and December 31, 2025, a majority of our cash and cash equivalents were maintained with two financial institutions in the U.S., and our current deposits are likely in excess of insured limits.

Accounts Receivable

28 unchanged sentences

ASC 718 requires all equity-based compensation awards to employees and non-employee directors, including grants of restricted shares and stock options, to be recognized as expense in the statements of operations and comprehensive loss based on their grant date fair values.

We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) is equal to the closing price of our common stock on the grant date.

We estimate the grant date fair value of stock options using the Black-Scholes option pricing model, and the fair value of restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equal to the closing price of our common stock on the grant date.

We account for forfeitures as they occur.

We expense the fair value of our equity-based compensation awards granted to employees on a straight-line basis over the associated service period, which is generally the period in which the related services are received for stock options and RSUs, and the performance period and any additional service period based on the probability of achieving the performance objectives for PSUs.

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public business entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

This ASU will be effective for our annual period ending December 31, 2025.

We are evaluating the impact of this new guidance on our income tax disclosures.

In July 2025, the FASB issued ASU 2025-05, which provides targeted relief under Topic 326 for entities estimating expected credit losses on accounts receivable and contract assets arising from revenue transactions under ASC 606.

The amendment introduces a practical expedient allowing entities to assume that current conditions as of the reporting date remain unchanged over the life of the asset.

The standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years.

We adopted ASU 2025 ‑ 05 effective January 1, 2026.

The amendments were applied on a prospective basis and did not have a material impact on our consolidated financial statements, results of operations, or cash flows.

We continue to record a specific allowance for credit losses based on known collection risks and historical experience.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Subtopic 220-40):

Disaggregation of Income Statement Expenses.

The amendments require public business entities to provide enhanced disclosures related to the disaggregation of income statement expenses, including additional quantitative and qualitative information about the nature of expenses presented within relevant expense captions.

The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

We have not yet adopted ASU 2024-03 and are in the process of evaluating the impact of the guidance on our consolidated financial statements.

While the amendments will require additional disclosures and may require changes to internal data aggregation and reporting processes, we do not expect adoption to have a material impact on its results of operations, financial position, or cash flows.

Selected balance sheet information

Inventory consists of the following at:

September 30,

(in thousands)

2 unchanged sentences

Property and equipment, net consists of the following at:

September 30,

(in thousands)

7 unchanged sentences

Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease.

Depreciation expense was $ 194,000 and $ 169,000 for the three months ended September 30, 2025 and 2024, respectively, and $ 571,000 and $ 441,000 for the nine months ended September 30, 2025 and 2024, respectively.

Depreciation expense was $ 0.2 for each of the three months ended March 31, 2026 and 2025, respectively.

Accrued expenses consist of the following at:

September 30,

(in thousands)

Paid time off

Customer rebates

Accrued interest payable

Paid time off

Operating lease liability, current portion

Customer rebates

Employee stock purchase plan

2 unchanged sentences

On October 31, 2022, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, allowing us to borrow, subject to our achievement of certain milestones, up to a total of $ 50.0 million in a series of term loans (collectively, the “Term Loans”).

W e had $ 50.0 million in outstanding Term Loans under the Loan Agreement as of September 30, 2025.

The Loan Agreement initially requires interest only payments through November 2027, followed by three monthly principal and interest payments, of which a principal payment of $ 16.7 million is due in December 2027 and two principal payments of $ 16.7 million each are due in January 2028.

A final payment of $ 2.3 million, equal to 4.5 % of the funded amount, is due in January 2028.

On January 9, 2026, we entered into an Amendment to our existing Loan Agreement.

Pursuant to the Amendment, the term loans available were increased by $ 50.0 million, to an aggregate principal amount of up to $ 100.0 million, subject to our achievement of certain milestones, and the maturity date was extended to 2031.

On the closing date, we borrowed an additional $ 10.0 million under the Loan Agreement.

We had $ 60.0 million in outstanding Term Loans under the Loan Agreement as of March 31, 2026.

The Term Loans require interest only payments through December 2029, followed by monthly principal and interest payments.

A final payment of $ 2.7 million, equal to 4.5 % of the original borrowed principal, is due in May 2031.

The Term Loans bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 6.75 %;

plus (b) 2.65 %.

plus (b) 2.65 %, which margin will decrease to 2.00 % after we achieve a positive adjusted EBITDA for two consecutive quarters.

The Term Loans are secured by substantially all of our personal property.

1 unchanged sentence

The Loan Agreement requires the payment of certain penalties if the Term Loans are paid off prior to maturity for any reason, including pursuant to an acceleration clause, and includes various restrictive covenants, including a restriction on the payment of dividends or making other distributions or payments on our capital stock, subject to limited exceptions.

We were in compliance with these covenants as of September 30, 2025.

We were in compliance with these covenants as of March 31, 2026.

In connection with the Loan Agreement, we recorded $ 2.2 million of debt issuance costs and discounts as a reduction of long-term debt.

The annual principal maturities of debt under the Loan Agreement are as follows:

September 30,

(in thousands)

2 unchanged sentences

We lease 35,183 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility.

We lease this space under an operating lease agreement that commenced December 1, 2008, which has been amended to expand the leased space and extend the term of the lease, which expires August 31, 2028.

Most recently, on May 20, 2025, we expanded our existing office space with an additional 3,678 square feet of property adjacent to our principal executive offices and our manufacturing facility.

The term on this expanded property is for 39 consecutive months and runs concurrently with the term on the existing lease.

We lease this space under an operating lease agreement that commenced December 1, 2008, and was scheduled to expire August 31, 2024.

On April 21, 2023, we extended the operating lease for our office space in Minneapolis, Minnesota for an additional 49 consecutive months through August 31, 2028.

On November 7, 2023, we expanded our existing office space with the addition of 7,615 square feet of property adjacent to our principal executive offices and our manufacturing facility.

On May 20, 2025, we further increased our office space by leasing an additional 3,678 square feet of the contiguous property.

The term on this expanded property is for 40 consecutive months that will run concurrently with the term on the existing lease.

We intend to add new facilities as we grow, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations.

Our operating lease agreement includes an option to renew for one additional period of three years .

Our operating lease agreement includes an option to renew for one additional period of

The exercise of the lease renewal option is at our sole discretion and was not included in the lease term for the calculation of the ROU asset and lease liability, as it is not reasonably certain of exercise.

2 unchanged sentences

The following table presents the lease balances within the condensed consolidated balance sheets:

September 30,

(in thousands)

5 unchanged sentences

Total operating lease liabilities

Maturities of our lease liability for our operating lease are as follows as of September 30, 2025:

September 30,

Maturities of our lease liability for our operating lease are as follows as of March 31, 2026:

(in thousands)

2 unchanged sentences

Present value of lease liability

As of September 30, 2025, the remaining lease term was 2.9 years, and the weighted average discount rate was 7.1 %.

The operating cash outflows from our operating lease were $ 0.5 million and $ 0.4 million for the nine months ended September 30, 2025 and 2024.

As of March 31, 2026, the remaining lease term was 2.4 years, and the weighted average discount rate was 7.1 %.

The operating cash outflows from our operating lease were $ 0.2 million and $ 0.1 million for the three months ended March 31, 2026 and 2025.

Stockholders’ equity

Common Stock Warrants

We had common stock warrants exercisable for 102,718 shares of common stock upon conversion at a weighted average exercise price of $ 12.66 per share outstanding and 103,349 shares of common stock upon conversion at a weighted average exercise price of $ 12.92 per share outstanding at September 30, 2025 and December 31, 2024, respectively.

Johnson & Johnson Innovation – JJDC, Inc.

had common stock warrants exercisable for 607,725 shares of our common stock with an exercise price of $ 0.16 per share that were all exercised through a net exercise transaction for 604,000 shares of common stock during the nine months ended September 30, 2024.

We had common stock warrants exercisable for 102,718 shares of common stock upon conversion at a weighted average exercise price of $ 12.66 per share outstanding as of March 31, 2026 and December 31, 2025.

At-the-Market (“ATM”) Offering

In January 2024, we commenced an ATM offering, which allows us to issue and sell shares of our common stock having an aggregate offering price of up to $ 50.0 million .

We issued 543,462 shares of common stock for gross proceeds of $ 9.5 million under the ATM offering during the nine months ended September 30, 2025.

We issued 543,462 shares of common stock for gross proceeds of $ 9.5 million under the ATM offering during the year ended December 31, 2025.

On November 4, 2025, we and the agent mutually agreed to terminate the Equity Distribution Agreement for the ATM, effective on November 6, 2025.

In connection with the filing of this Quarterly Report on Form 10-Q, we expect to file a new registration statement on Form S-3 to replace our existing registration statement on Form S-3 that is scheduled to expire on November 15, 2025 and subsequently enter into a new sales agreement to permit continued ATM offering activity in the future.

On January 12, 2026, we entered into an Open Market Sale Agreement SM (the “Sale Agreement”) with Jefferies LLC, as agent.

Pursuant to the terms of the Sale Agreement, we may offer and sell, from time to time at our sole discretion, shares of common stock having an aggregate offering price up to $ 50.0 million in an ATM offering, to or through the agent.

Stock-based compensation

10 unchanged sentences

No further awards can be granted under the 2001 Plan following the adoption of the 2021 Plan.

As of September 30, 2025, there were 1,407,814 shares available for future issuance under the 2021 Plan.

As of March 31, 2026, there were 539,390 shares available for future issuance under the 2021 Plan, based on awards outstanding and reserved at target levels for PSUs.

In connection with the PSUs granted during 2026, we evaluated the number of shares that could be issued assuming maximum achievement of the applicable performance conditions.

If PSUs are reserved at the maximum payout level, the number of shares subject to outstanding awards could exceed the shares available under the plan as of March 31, 2026.

We expect that we will have sufficient shares available for issuance under the 2021 Plan to satisfy these awards as a result of future automatic annual increases pursuant to the terms of the plan prior to the end of the performance period.

Stock Options

Options are granted at exercise prices not less than the fair market value of our common stock on the date of grant.

Prior to our initial public offering (the “IPO”), the fair market value of our common stock was determined

by our Board of Directors, and following our IPO, the fair market value of our common stock is based on the closing price of our common stock on the date of grant.

Prior to our initial public offering (the “IPO”), the fair market value of our common stock was determined by our Board of Directors, and following our IPO, the fair market value of our common stock is based on the closing price of our common stock on the date of grant.

During the years 2008 through the IPO, the Board of Directors authorized the grant of stock options for the purchase of shares of common stock to the employers of certain non-employee directors.

4 unchanged sentences

Cancelled / Forfeited

Balance as of September 30, 2025

Options exercisable as of September 30, 2025

As of September 30, 2025, stock options outstanding included 4,402 options that were not granted under the 2001 Plan or the 2021 Plan.

For options outstanding as of September 30, 2025, the weighted average remaining contractual life was 6.8 years.

For options exercisable as of September 30, 2025, the weighted average remaining contractual life was 5.6 years.

As of September 30, 2025, unrecognized compensation expense related to unvested stock-based compensation arrangements for stock options was $ 20.8 million.

As of September 30, 2025, the related weighted average period over which the expense is expected to be recognized is approximately 2.6 years.

Balance as of March 31, 2026

Options exercisable as of March 31, 2026

As of March 31, 2026, stock options outstanding included 4,363 options that were not granted under the 2001 Plan or the 2021 Plan.

For options outstanding as of March 31, 2026, the weighted average remaining contractual life was 6.8 years.

For options exercisable as of March 31, 2026, the weighted average remaining contractual life was 5.4 years.

As of March 31, 2026, unrecognized compensation expense related to unvested stock-based compensation arrangements for stock options was $ 22.4 million.

As of March 31, 2026, the related weighted average period over which the expense is expected to be recognized is approximately 2.8 years.

Restricted Stock Units

5 unchanged sentences

Cancelled / Forfeited

Unvested Balance as of September 30, 2025

Unvested Balance as of March 31, 2026

The aggregate intrinsic value of unvested RSUs is based on our closing stock price on the last trading day of the period.

No RSUs were vested as of September 30, 2025.

As of September 30, 2025, the unrecognized compensation expense related to unvested stock-based compensation arrangements for RSUs was $ 3.8

As of September 30, 2025, the related weighted average period over which the expense is expected to be recognized is approximately 3.4 years.

80,660 RSUs were vested as of March 31, 2026.

As of March 31, 2026, the unrecognized compensation expense related to unvested stock-based compensation arrangements for RSUs was $ 8.4 million.

As of March 31, 2026, the related weighted average period over which the expense is expected to be recognized is approximately 3.6 years.

Performance Stock Units

We grant PSUs to officers and key employees.

The number of PSUs that will ultimately be earned is based on our performance relative to pre-established performance goals for the respective performance period.

The expense is recorded on a straight-line basis over the requisite performance and service periods based on an estimate of the number of PSUs expected to vest.

Management expectations related to the achievement of the performance goals associated with PSU grants are assessed each reporting period.

The number of PSUs

earned at the end of the performance period ranges from 0 % to 200 % of the number of PSU’s granted.

The PSUs cannot be transferred and the awards are subject to forfeiture if the holder’s service terminates prior to vesting other than for death, disability, or other qualifying terminations.

If the performance conditions are not met or not expected to be met, any compensation expense recognized associated with the grant will be reversed.

The following is a summary of PSU activity:

(in thousands)

Unvested Balance as of December 31, 2025

Cancelled / Forfeited

Unvested Balance as of March 31, 2026

The aggregate intrinsic value of unvested PSUs is based on our closing stock price on the last trading day of the period.

As of March 31, 2026, there was $ 4.7 million of unrecognized stock-based compensation expense related to outstanding PSUs that is expected to be recognized over a weighted-average period of 2.3 years.

Employee Stock Purchase Plan

2 unchanged sentences

The shares available for issuance under the ESPP automatically increase on the first day of each year, commencing January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to 1 % of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, or such lesser number of shares as determined by the Board of Directors.

The annual increase resulted in an additional 253,246 shares being reserved for issuance under the ESPP as of January 1, 2025.

No annual increase was made to the shares reserved for issuance under the ESPP as of January 1, 2026.

The ESPP permits certain of our U.S.

employees to purchase shares of our common stock at a price per share not less than 85 % of the lower of (i) the closing market price per share of our common stock on the first day of the applicable purchase period or (ii) the closing market price per share of our common stock on the purchase date at the end of the applicable six-month purchase period.

For the nine months ended September 30, 2025, 71,942 shares of common stock were purchased under the ESPP for $ 0.4 million of employee contributions.

As of September 30, 2025, there were 814,111 shares available for issuance under the ESPP.

For the three months ended March 31, 2026, there were no shares of common stock purchased under the ESPP.

As of March 31, 2026, there were 737,396 shares available for issuance under the ESPP.

Stock-based compensation expense

We use the Black-Scholes option pricing model to determine the fair value of stock options and ESPP purchase rights on the grant date.

The fair value of RSUs is determined based on the closing stock price of our common stock on the grant date.

We measure stock-based compensation expense based on the grant date fair value of the award and recognize compensation expense over the requisite service period, which is generally the vesting period for stock options and RSUs, and the offering period for ESPP purchase rights.

The amount of stock-based compensation expense recognized for stock option and RSU awards during a period is based on the portion of the awards that are ultimately expected to vest.

The fair values of RSUs and PSUs are determined based on the closing stock price of our common stock on the grant date.

We measure stock-based compensation expense based on the grant date fair value of the award and recognize compensation expense over the requisite service period, which is generally the vesting period for stock options, RSUs, and PSUs, and the offering period for ESPP purchase rights.

The amount of stock-based compensation expense recognized for stock option, RSU and PSU awards during a period is based on the portion of the awards that are ultimately expected to vest.

The amount of stock-based compensation expense recognized for ESPP purchase rights during a period is based on the estimated purchase rights as of the grant date.

We account for forfeitures as they occur.

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2025 and 2024:

September 30,

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the three months ended March 31, 2026 and 2025:

Weighted average fair value of options granted

8 unchanged sentences

4.09 % to 4.47

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2025 and 2024:

September 30,

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the three months ended March 31, 2026 and 2025:

Weighted average fair value per ESPP purchase right

1 unchanged sentence

Expected volatility

112.3 % to 133.4

74.0 % to 96.9

Expected dividend yield

Risk-free interest rate

4.25 % to 4.29

5.24 % to 5.37

We review these assumptions on a periodic basis and adjust them, as necessary.

6 unchanged sentences

Three months ended

Nine months ended

September 30,

(in thousands)

4 unchanged sentences

Cost of goods sold

On January 30, 2024, we amended the terms and conditions of certain stock option award agreements granted under the 2001 Plan and 2021 Plan between us and our former Chief Executive Officer in connection with his retirement, which occurred on February 11, 2024.

The option agreements were amended to provide that, if not already vested at the time of termination of his employment due to retirement, the options will continue to vest on the previously scheduled vesting dates following his retirement, subject to his compliance with certain covenants.

Additionally, the option agreements were modified so that the options may be exercised, to the extent vested, by our former Chief Executive Officer until the earlier of (a) five years following his retirement date, or (b) the applicable option expiration date.

The modification of these option awards resulted in an additional $ 8.4 million of non-cash stock-based compensation expense recognized during the nine months ended September 30, 2024.

As of September 30, 2025 and December 31, 2024, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position.

Benefit for income taxes for the three months ended September 30, 2025 was $ 3,000 and provision for income taxes for the three months ended September 30, 2024 was $ 47,000 .

Benefit for income taxes for the nine months ended September 30, 2025 was $ 11,000 and provision for income taxes for the nine months ended September 30, 2024 was $ 126,000 .

As of March 31, 2026 and December 31, 2025, a valuation allowance was recorded against all deferred tax assets due to our cumulative net loss position.

Provision for income taxes for the three months ended March 31, 2026 was $ 1,000 and benefit for income taxes for the three months ended March 31, 2025 was $ 5,000 .

As of December 31, 2025, we had federal and state net operating loss carryforwards (“NOLs”) of approximately $ 483.7 million and $ 9.7 million, respectively.

6 unchanged sentences

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

The OBBBA includes significant tax-related provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the capitalization of certain R&D costs.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

We are currently evaluating the potential impact of the OBBBA on our consolidated financial statements and related disclosures.

The impacts of the OBBBA were taken into account in our provision for income taxes for fiscal year 2025.

Because a valuation allowance has been recorded against all deferred tax assets, the impacts of the OBBBA were not material to our consolidated financial statements or related disclosures.

Loss Per Share

1 unchanged sentence

Three months ended

Nine months ended

September 30,

Weighted average common shares outstanding — basic and diluted

Net loss per share attributable to common stockholders — basic and diluted

Our potentially dilutive securities, which include stock options, RSUs, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders.

Our potentially dilutive securities, which include stock options, RSUs, PSUs, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders, as the effect would be to reduce the net loss per share attributable to common stockholders.

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

We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

Nine months ended

September 30,

Three months ended

Commitments and contingencies

1 unchanged sentence

We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.

There have been no contingent liabilities requiring accrual or disclosure as of September 30, 2025 or December 31, 2024.

There have been no contingent liabilities requiring accrual or disclosure as of March 31, 2026 or December 31, 2025.

Employee benefit plans

3 unchanged sentences

Beginning January 1, 2024, we adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan.

We recorded an expense for matching contributions of $ 0.3 million for each of the three months ended September 30, 2025 and 2024.

We recorded an expense for matching contributions of $ 0.9 million for each of the nine months ended September 30, 2025 and 2024.

We recorded an expense for matching contributions of $ 0.4 million and $ 0.3 million for the three months ended March 31, 2026 and 2025, respectively.

Segment, geographic information, and revenue disaggregation

2 unchanged sentences

Our chief operating decision maker is our Chief Executive Officer.

Our Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which the Company operates and consolidated net loss.

Our Chief Executive Officer evaluates performance based primarily on revenue in the geographic locations in which we operate and consolidated net loss.

The Chief Executive Officer reviews financial information presented on a consolidated basis, including consolidated net loss, accompanied by information about revenue by geographic region, for purposes of allocating resources and evaluating financial performance.

3 unchanged sentences

Three months ended

Nine months ended

September 30,

Other countries

As of September 30, 2025 and December 31, 2024, substantially all our long-lived assets were located in the U.S.

As of March 31, 2026 and December 31, 2025, substantially all our long-lived assets were located in the U.S.

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