What changed in this filing

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Item 1. Financial Statements

2025-05-09 compared with 2024-11-01 · 84 added, 123 removed, 289 unchanged (42% 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, 2024 and December 31, 2023;

24,203,658 and 20,879,199 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

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

26,051,992 and 25,324,684 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

Additional paid-in capital

7 unchanged sentences

Three months ended

Nine months ended

September 30,

Cost of goods sold

7 unchanged sentences

Loss before income taxes

Provision for income taxes

Benefit (provision) for income taxes

Cumulative translation adjustment

7 unchanged sentences

stockholders’

Balances as of June 30, 2024

Balances as of December 31, 2024

Exercise of stock options

1 unchanged sentence

Issuance of common stock

Net loss for the three months ended September 30, 2024

Cumulative translation adjustment

Balances as of September 30, 2024

Balances as of June 30, 2023

Exercise of stock options

Employee stock compensation

Net loss for the three months ended September 30, 2023

Net loss for the three months ended March 31, 2025

Cumulative translation adjustment

Balances as of September 30, 2023

comprehensive

stockholders’

Balances as of March 31, 2025

Balances as of December 31, 2023

Exercise of stock options

Proceeds from Employee Stock Purchase Plan

Employee stock compensation

1 unchanged sentence

Issuance of common stock upon net exercise of common warrants

Net loss for the nine months ended September 30, 2024

Cumulative translation adjustment

Balances as of September 30, 2024

Balances as of December 31, 2022

Exercise of stock options

Proceeds from Employee Stock Purchase Plan

Employee stock compensation

Net loss for the nine months ended September 30, 2023

Net loss for the three months ended March 31, 2024

Cumulative translation adjustment

Balances as of September 30, 2023

Balances as of March 31, 2024

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

Proceeds from debt financing

Debt financing costs

Net cash provided by financing activities

21 unchanged sentences

The results of operations for the interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other future period.

The condensed consolidated financial statements include the accounts of CVRx, Inc., its wholly owned subsidiary, CVRx Switzerland LLC, and its sales branch in Italy, which was closed during 2023.

The condensed consolidated financial statements include the accounts of CVRx, Inc.

and its wholly owned subsidiary, CVRx Switzerland LLC.

All intercompany balances and transactions have been eliminated in consolidation.

8 unchanged sentences

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

As of September 30, 2024 and December 31, 2023, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.

Additionally, as of September 30, 2024 and December 31, 2023, 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, 2025 and December 31, 2024, cash equivalents consisted of money market funds, which are stated at cost and approximate fair value.

Additionally, as of March 31, 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.

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.

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 account for forfeitures as they occur.

1 unchanged sentence

Recent accounting pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public companies to disclose for each reportable segment the significant expense categories and amounts for such expenses.

ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024.

This ASU will be effective for our annual period ended December 31, 2024.

We are currently evaluating the effect of this new guidance on our condensed consolidated financial statements and disclosures.

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 ended December 31, 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.

1 unchanged sentence

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 $ 169,000 and $ 137,000 for the three months ended September 30, 2024 and 2023, respectively, and $ 441,000 and $ 393,000 for the nine months ended September 30, 2024 and 2023, respectively.

Depreciation expense was $ 184,000 and $ 131,000 for the three months ended March 31, 2025 and 2024, respectively.

Accrued expenses consist of the following at:

September 30,

(in thousands)

Paid time off

Customer rebates

Accrued interest payable

Operating lease liability, current portion

Employee stock purchase plan

Operating lease liability, current portion

Customer rebates

Clinical trial and other professional fees

Innovatus Loan Agreement

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.

On the closing date, we borrowed the minimum amount of $ 7.5 million under the Loan Agreement.

On March 10, 2023, we borrowed the $ 7.5 million remaining under the first tranche of the Loan Agreement.

On December 15, 2023, we borrowed an additional $ 15.0 million under the second tranche of the Loan Agreement.

On September 30, 2024, we borrowed the remaining $ 20.0 million under the third and final tranche of the Loan Agreement.

The Loan Agreement initially requires interest only payments through November 2027, followed by three monthly principal and interest payments.

W e had $ 50.0 million in outstanding Term Loans under the Loan Agreement as of March 31, 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 original borrowed principal, is due in January 2028.

The term loans advanced pursuant to the Loan Agreement (collectively, 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) 5.50 % plus (b) 2.65 %.

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) 5.50 % plus (b) 2.65 %.

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, 2024.

We were in compliance with these covenants as of March 31, 2025.

In connection with the Loan Agreement, we recorded $ 1.1 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 31,505 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, and was scheduled to expire August 31, 2024.

We lease this space under an operating lease agreement that commenced December 1, 2008.

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.

7 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, 2024:

September 30,

Maturities of our lease liability for our operating lease are as follows as of March 31, 2025:

(in thousands)

2 unchanged sentences

Present value of lease liability

As of September 30, 2024, the remaining lease term was 3.9 years and the weighted average discount rate was 6.7 %.

The operating cash outflows from our operating lease were $ 0.4 million and $ 0.3 million for the nine months ended September 30, 2024 and 2023, respectively.

As of March 31, 2025, the remaining lease term was 3.4 years, and the weighted average discount rate was 6.7 %.

The operating cash outflows from our operating lease were $ 0.1 million for each of the three months ended March 31, 2025 and 2024.

Stockholders’ equity

Common Stock Warrants

We had common stock warrants exercisable for 103,349 shares of common stock upon conversion at a weighted average exercise price of $ 12.92 per share and 716,131 shares of common stock upon conversion at a weighted average exercise price of $ 2.39 per share outstanding at September 30, 2024 and December 31, 2023, respectively.

We had common stock warrants exercisable for 103,349 shares of common stock upon conversion at a weighted average exercise price of $ 12.92 per share and 716,131 shares of common stock upon conversion at a weighted average exercise price of $ 2.39 per share outstanding at March 31, 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.

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 three months ended March 31, 2024.

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 2,382,139 shares of common stock for gross proceeds of $ 21.0 million under the ATM offering during the nine months ended September 30, 2024.

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

We have remaining capacity to issue and sell up to approximately $ 6.7 million of additional shares of common stock under this ATM offering.

6 unchanged sentences

The number of shares of common stock initially reserved for issuance under the 2021 Plan was 1,854,490 newly reserved shares in addition to the 600,737 shares that remained available for issuance under the 2001 Plan.

The shares available for issuance under the 2021 Plan 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 5 % of the total number of shares of the Company’s 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 1,043,959 shares being reserved for

issuance under the 2021 Plan as of January 1, 2024.

The shares available for issuance under the 2021 Plan 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 5 % 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 1,266,234 shares being reserved for issuance under the 2021 Plan as of January 1, 2025.

The 2021 Plan provides for the issuance of stock options, stock appreciation rights, restricted stock awards, stock unit awards and other stock-based awards and cash incentive awards to employees, consultants and non-employee directors of the Company and its subsidiaries.

1 unchanged sentence

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

As of September 30, 2024, there were 1,059,116 shares available for future issuance under the 2021 Plan.

As of March 31, 2025, there were 1,454,590 shares available for future issuance under the 2021 Plan.

Stock Options

Options are granted at exercise prices not less than the fair market value (as determined by the Board of Directors) of our common stock on the date of grant.

5 unchanged sentences

Cancelled / Forfeited

( 1,514,153 )

Balance as of September 30, 2024

Options exercisable as of September 30, 2024

As of September 30, 2024, stock options outstanding included 4,520 options that were not granted under the 2001 Plan or the 2021 Plan.

For options outstanding as of September 30, 2024, the weighted average remaining contractual life was 6.9 years.

For options exercisable as of September 30, 2024, the weighted average remaining contractual life was 5.2 years.

Balance as of March 31, 2025

Options exercisable as of March 31, 2025

As of March 31, 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 March 31, 2025, the weighted average remaining contractual life was 7.2 years.

For options exercisable as of March 31, 2025, the weighted average remaining contractual life was 5.7 years.

As of March 31, 2025, unrecognized compensation expense related to unvested stock-based compensation arrangements for stock options was $ 25.9 million.

As of March 31, 2025, the related weighted average period over which the expense is expected to be recognized is approximately 2.8 years.

Restricted Stock Units

RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting.

The RSUs 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.

The following is a summary of RSU activity:

(in thousands)

Unvested Balance as of December 31, 2024

Cancelled / Forfeited

Unvested Balance as of March 31, 2025

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 March 31, 2025.

As of March 31, 2025, the unrecognized compensation expense related to unvested stock-based compensation arrangements for RSUs was $ 4.2 million.

As of March 31, 2025, the related weighted average period over which the expense is expected to be recognized is approximately 3.9 years.

Employee Stock Purchase Plan

Our Board of Directors and stockholders also established an Employee Stock Purchase Plan (the “ESPP”).

The number of shares of common stock initially reserved for issuance under the ESPP was 278,170 .

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.

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.

1 unchanged sentence

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, 2024, 39,807 shares of common stock were purchased under the ESPP for $ 0.4 million of employee contributions.

As of September 30, 2024, there were 672,618 shares available for issuance under the ESPP.

For the three months ended March 31, 2025, there were no shares of common stock purchased under the ESPP.

As of March 31, 2025, there were 886,053 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.

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 the offering period for ESPP purchase rights.

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

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

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 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, 2024 and 2023:

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, 2025 and 2024:

Weighted average fair value of options granted

8 unchanged sentences

3.95 % to 4.28

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, 2024 and 2023:

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, 2025 and 2024:

Weighted average fair value per ESPP purchase right

1 unchanged sentence

Expected volatility

74.0 % to 96.9

76.2% to 84.6

Expected dividend yield

Risk-free interest rate

5.24% to 5.37

4.77% to 5.53

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

We utilize the simplified method to develop the estimate of the expected term for stock option awards and ESPP purchase rights.

The expected volatility is based upon observed volatility of comparable public companies.

The expected volatility is based upon our historical stock price.

The expected dividend yield is assumed to be zero , as we have never paid dividends and have no current plans to do so.

3 unchanged sentences

Three months ended

Nine months ended

September 30,

(in thousands)

1 unchanged sentence

Employee Stock Purchase Plan

Restricted Stock

Total stock-based compensation expense

2 unchanged sentences

Cost of goods sold

As of September 30, 2024, unrecognized compensation expense related to unvested stock-based compensation arrangements was $ 24.1 million.

As of September 30, 2024, the related weighted average period over which the expense is expected to be recognized is approximately 2.8 years.

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 CEO in connection with his retirement, which occurred on February 11, 2024.

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 CEO 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, 2024 and December 31, 2023, 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 September 30, 2024 and 2023 was $ 47,000 and $ 40,000 , respectively.

Provision for income taxes for the nine months ended September 30, 2024 and 2023 was $ 126,000 and $ 108,000 , respectively.

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 three months ended March 31, 2024.

As of March 31, 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 March 31, 2025 was $ 5,000 and provision for income taxes for the three months ended March 31, 2024 was $ 38,000 .

As of December 31, 2024, we had federal and state net operating loss carryforwards (“NOLs”) of approximately $ 429.7 million and $ 8.1 million, respectively.

1 unchanged sentence

As of December 31, 2024, we had federal and state tax credit carryforwards of approximately $ 10.2 million and $ 1.7 million, respectively.

The federal tax credit carryforwards began expiring in 2021 and the state tax credit carryforwards will begin expiring in 2028.

The federal tax credit carryforwards began expiring in 2021 and the state tax credits will begin expiring in 2028.

Utilization of NOLs may be subject to an annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions.

4 unchanged sentences

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 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, restricted stock units, 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,

Options to purchase common stock

Warrants to purchase common stock

Three months ended

Restricted stock units

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, 2024 or December 31, 2023.

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

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 and $ 0 for the three months ended September 30, 2024 and 2023, respectively.

We recorded an expense for matching contributions of $ 0.9 million and $ 0 for the nine months ended September 30, 2024 and 2023, respectively.

We recorded an expense for matching contributions of $ 0.3 million and $ 0.2 million for the three months ended March 31, 2025 and 2024, respectively.

Segment, geographic information, and revenue disaggregation

The chief operating decision maker for the Company is the Chief Executive Officer.

The Chief Executive Officer reviews financial information presented on a consolidated basis, accompanied by information about

revenue by geographic region, for purposes of allocating resources and evaluating financial performance.

We have determined that we have a single reportable and operating segment structure.

We have one business activity and there are no segment managers who are held accountable for operations, operating results, or plans for levels or components below the consolidated unit level.

Accordingly, we have determined that we have a single reportable and operating segment structure.

We and our Chief Executive Officer evaluate performance based primarily on revenue in the geographic locations in which the Company operates.

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.

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.

Further, the financial information on expenses provided to the Chief Executive Officer is presented on a consolidated basis, as reported in the condensed consolidated statements of operations and comprehensive loss in this Quarterly Report on Form 10-Q.

We derive all our revenues from sales to customers in Europe and the U.S.

1 unchanged sentence

Three months ended

Nine months ended

September 30,

Other countries

As of September 30, 2024 and December 31, 2023, long-lived assets were located primarily in the U.S.

As of March 31, 2025 and December 31, 2024, 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