What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-12 compared with 2025-08-12 · 79 added, 66 removed, 265 unchanged (35% of the section changed)

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Our modality-agnostic approach aims to allow us to selectively and potently target critical signaling nodes with the most appropriate modality, including small and large molecule therapeutics.

Our purpose-built pipeline includes three clinical-stage programs (naporafenib, a pan-RAF inhibitor;

ERAS-0015, a pan-RAS molecular glue;

and ERAS-4001, a pan-KRAS inhibitor), and ERAS-12, a discovery-stage program (an EGFR D2/D3 biparatopic antibody).

Our purpose-built pipeline includes three clinical-stage programs (ERAS-0015, a pan-RAS molecular glue;

ERAS-4001, a pan-KRAS inhibitor;

and naporafenib, a pan-RAF inhibitor), and ERAS-12, a discovery-stage program (an EGFR D2/D3 biparatopic antibody).

We believe our world-class team’s capabilities and experience, further guided by our scientific advisory board, which includes the world’s leading experts in the RAS/MAPK pathway, uniquely position us to achieve our bold mission of erasing cancer.

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In vitro, ERAS-0015 has shown approximately 8-21 times higher binding affinity to cyclophilin A versus the most advanced pan-RAS molecular glue in development.

We believe this higher binding affinity results in approximately 5 times more potent RAS inhibition than the comparator that has been demonstrated in cell-based assays.

We believe this higher binding affinity results in approximately 5 times more potent RAS inhibition in cell-based assays compared with the comparator.

ERAS-0015 also has favorable absorption, distribution, metabolism and excretion (ADME) and PK properties in multiple animal species.

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The initial clinical trial for ERAS-0015 is AURORAS-1.

The investigational new drug application (IND) for AURORAS-1 was cleared by the US Food and Drug Administration (FDA) in May 2025.

We anticipate a Phase 1 monotherapy data readout from the AURORAS-1 trial in 2026.

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The initial clinical trial for ERAS-4001 is BOREALIS-1.

The IND for BOREALIS-1 was cleared by the FDA in May 2025.

We anticipate a Phase 1 monotherapy data readout from the BOREALIS-1 trial in 2026.

We believe ERAS-0015 has the potential to address unmet medical needs in approximately 2.7 million patients who are diagnosed annually worldwide with RAS-mutant tumors, including the more than 2.2 million patients with KRAS-mutant tumors whom ERAS-4001 could also address.

Our latest clinical stage product candidate is naporafenib, for which we initiated two trials to evaluate the naporafenib plus trametinib (MEKINIST) combination (neither of which is enrolling patients currently), the SEACRAFT-2 pivotal Phase 3 trial for patients with NRAS-mutated (NRASm) melanoma and the SEACRAFT-1 Phase 1b trial for patients with RAS Q61X solid tumors.

Our most advanced clinical stage product candidate is naporafenib, for which we initiated two trials to evaluate the naporafenib plus trametinib (MEKINIST) combination (neither of which is enrolling patients currently), the SEACRAFT-2 pivotal Phase 3 trial for patients with NRAS-mutated (NRASm) melanoma and the SEACRAFT-1 Phase 1b trial for patients with RAS Q61X solid tumors.

Naporafenib is a pan-RAF inhibitor with first-in-class and best-in-class potential for patients with NRASm melanoma and other RAS/MAPK pathway-driven tumors.

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Proceeds from the 2024 Offering were $174.4 million, net of underwriting discounts and commissions and offering costs of $9.6 million.

In August 2022, we entered into an Open Market Sale Agreement (the Sale Agreement) with Jefferies LLC (the Agent), pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $200 million from time to time, in an “at-the-market offering” (ATM Offering) through the Agent.

In August 2022, we entered into an Open Market Sale Agreement (the Sale Agreement) with Jefferies LLC (the Agent), pursuant to which we could offer and sell shares of our common stock having an aggregate offering price of up to $200 million from time to time, in an “at-the-market offering” (ATM Offering) through the Agent.

Sales of the shares of common stock were made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent.

Pursuant to the Sale Agreement, the Agent received a commission from us of up to 3.0% of the gross proceeds of shares of common stock sold under the Sale Agreement.

During the three and nine months ended September 30, 2024, we sold 9,231,114 shares of our common stock at a weighted-average price of $2.37 per share under the Sale Agreement with the Agent.

Proceeds from the ATM Offerings during the three and nine months ended September 30, 2024 were $21.0 million, net of commissions and expenses of $0.8 million.

In August 2025, we entered into an Amended and Restated Open Market Sale Agreement (the 2025 Sale Agreement) with the Agent, pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $200 million from time to time, in ATM Offerings through the Agent.

Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent.

Pursuant to the Sale Agreement, the Agent will receive a commission from us of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sale Agreement.

During the year ended December 31, 2024, we sold 9,231,114 shares of our common stock under the Sale Agreement at a weighted-average price of $2.37 per share.

Proceeds from the ATM Offering during the year ended December 31, 2024 were $21.0 million, net of commissions and expenses of $0.8 million.

No shares of our common stock were sold under the Sale Agreement during the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025, we had $178.1 million of shares available for sale under the ATM program.

The Agent will receive a commission from us of up to 3.0% of the gross proceeds of any shares of common stock sold under the 2025 Sale Agreement.

As of September 30, 2025, we had $200.0 million of shares available for sale under the ATM program.

Since our inception in 2018, we have devoted substantially all of our resources to organizing and staffing our company, business planning, raising capital, identifying, acquiring, and in-licensing our product candidates, establishing our intellectual property portfolio, conducting research, preclinical studies and clinical trials, establishing arrangements with third parties for the manufacture of our product candidates and related raw materials, and providing general and administrative support for these operations.

We do not have any products approved for sale and have not generated any revenue.

As of June 30, 2025, we have raised a total of $1.0 billion to fund our operations, comprised primarily of gross proceeds from our IPO, underwritten offerings, a private placement of our common stock and the sale and issuance of convertible preferred stock.

As of June 30, 2025, we had cash, cash equivalents and marketable securities of $386.7 million.

As of September 30, 2025, we have raised a total of $1.0 billion to fund our operations, comprised primarily of gross proceeds from our IPO, underwritten offerings, a private placement of our common stock and the sale and issuance of convertible preferred stock.

As of September 30, 2025, we had cash, cash equivalents and marketable securities of $362.4 million.

We have incurred significant operating losses since inception.

Our net losses were $33.9 million and $63.2 million for the three months ended June 30, 2025 and 2024, respectively, and $64.8 million and $98.2 million for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, we had an accumulated deficit of $832.5 million.

Our net losses were $30.6 million and $31.2 million for the three months ended September 30, 2025 and 2024, respectively, and $95.5 million and $129.4 million for the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, we had an accumulated deficit of $863.1 million.

We expect our expenses and operating losses will increase substantially for the foreseeable future, particularly if and as we conduct our ongoing and planned clinical trials and preclinical studies;

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Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and preclinical studies and our expenditures on other research and development activities.

Based upon our current operating plans, we believe that our cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund our operations into the second half of 2028.

Based upon our current operating plans, we believe that our cash, cash equivalents and marketable securities as of September 30, 2025 will be sufficient to fund our operations into the second half of 2028.

We do not expect to generate any revenues from product sales until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years and may never occur.

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Our financial condition and results of operations may also be impacted by other factors we may not be able to control, such as geopolitical and economic events.

We do not believe that such factors had a material adverse impact on our results of operations during the three months ended June 30, 2025.

We do not believe that such factors had a material adverse impact on our results of operations during the three months ended September 30, 2025.

Our acquisition and license agreements

We have entered into in-license and acquisition agreements pursuant to which we in-licensed or acquired certain intellectual property rights related to our product candidates and development programs.

Asana BioSciences, LLC

In November 2020, we entered into the Asana Merger Agreement, pursuant to which ASN became its wholly-owned subsidiary.

Asana and ASN had previously entered into a license agreement, which was amended and restated prior to the closing of the merger transaction (the Asana License Agreement), pursuant to which ASN acquired an exclusive, worldwide license to certain intellectual property rights relating to inhibitors of ERK1 and ERK2 owned or controlled by Asana to develop and commercialize ERAS-007 and certain other related compounds for all applications.

In May 2024, we announced a strategic reprioritization that included deprioritizing the final trial in the HERKULES series of clinical trials that was evaluating ERAS-007.

In September 2025, we sent a notice to Asana to terminate the Asana License Agreement, with an effective termination date of November 8, 2025.

In connection with such termination, the Company and Asana have agreed that we shall continue to ensure that the patients currently enrolled in the HERKULES series of trials will be permitted to continue to participate in such trials for the foreseeable future.

NiKang Therapeutics, Inc.

In February 2020, we entered into a license agreement (the NiKang License Agreement) with NiKang Therapeutics, Inc.

(NiKang) under which we were granted an exclusive, worldwide license to certain intellectual property rights owned or controlled by NiKang related to certain SHP2 inhibitors to develop and commercialize ERAS-601 and certain other related compounds for all applications.

In November 2023, we announced a strategic reprioritization that included deprioritizing the FLAGSHP-1 clinical trial that was evaluating ERAS-601.

In September 2025, we sent a notice to NiKang to terminate the NiKang License Agreement, with an effective termination date of October 9, 2025.

In connection with such termination, the Company and NiKang have agreed that we shall continue to ensure that the patients currently enrolled in the FLAGSHP-1 trial and an investigator-initiated trial of ERAS-601 will be permitted to continue to participate in such trials for the foreseeable future.

Katmai Pharmaceuticals, Inc.

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Under the Katmai Termination Agreement, we assigned to Katmai certain know-how, intellectual property rights, third-party vendor agreements, regulatory filings, and materials that we developed in connection with the development of ERAS-801 under the Katmai License Agreement, and Katmai is obligated to make payments to us upon the occurrence of specific events related to Katmai’s future development and commercialization of ERAS-801.

In addition, we provided certain transition services to Katmai for a 90-day period, for which Katmai is obligated to reimburse us for our internal costs related to such services.

In addition, we provided certain transition services to Katmai for a 90-day period, for which Katmai reimbursed us for our internal costs related to such services.

For additional information regarding our other in-license and acquisition agreements, see the section titled “Business—Our acquisition and license agreements” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.

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The following table summarizes our research and development expenses incurred for the following periods (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

ERAS-0015 (1)

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Results of operations

Comparison of the three months ended June 30, 2025 and 2024

The following table summarizes our results of operations for the three months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,

Comparison of the three months ended September 30, 2025 and 2024

The following table summarizes our results of operations for the three months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,

Operating expenses:

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Research and development expenses

Research and development expenses were $21.2 million for the three months ended June 30, 2025 compared to $33.0 million for the three months ended June 30, 2024.

The decrease of $11.9 million was primarily driven by an impairment charge of $3.0 million on operating lease assets, leasehold improvements, and furniture related to the sublease plan of the first floor of our San Diego facility during the three months ended June 30, 2024, and decreases of $2.5 million in personnel costs, including stock-based compensation expense, $2.4 million in outsourced services and consulting fees, $2.3 million in expenses incurred in connection with clinical trials, preclinical studies and discovery activities, and $1.2 million in facilities-related expenses and depreciation.

Research and development expenses were $22.5 million for the three months ended September 30, 2025 compared to $27.6 million for the three months ended September 30, 2024.

The decrease of $5.2 million was primarily driven by decreases of $2.8 million in expenses incurred in connection with clinical trials, preclinical studies and discovery activities and $2.4 million in outsourced services and consulting fees.

In-process research and development expenses

In-process research and development expenses were $7.5 million for the three months ended June 30, 2025 compared to $22.5 million for the three months ended June 30, 2024.

In-process research and development expenses for the three months ended June 30, 2025 were related to the achievement of milestones in connection with our license agreement with Joyo.

In-process research and development expenses for the three months ended June 30, 2024 were related to upfront payments in connection with our license agreements with Joyo and Medshine.

In-process research and development expenses were $2.0 million for the three months ended September 30, 2025 compared to $0 for the three months ended September 30, 2024.

In-process research and development expenses for the three months ended September 30, 2025 were related to the achievement of milestones in connection with our license agreement with Medshine.

General and administrative expenses

General and administrative expenses were $9.5 million for the three months ended June 30, 2025 compared to $12.3 million for the three months ended June 30, 2024.

The decrease of $2.8 million was primarily driven by an impairment charge of $1.7 million on operating lease assets, leasehold improvements, and furniture related to the sublease plan of the first floor of our San Diego facility during the three months ended June 30, 2024, and decreases of $0.5 million in legal fees, $0.2 million in insurance costs, and $0.2 million in facilities and office-related expenses.

General and administrative expenses were $10.1 million for the three months ended September 30, 2025 compared to $9.6 million for the three months ended September 30, 2024.

The increase of $0.5 million was primarily driven by increases of $0.3 million in legal fees and $0.2 million in personnel costs, including stock-based compensation expense.

Other income (expense), net

Other income (expense), net was $4.2 million for the three months ended June 30, 2025 compared to $4.6 million for the three months ended June 30, 2024.

The decrease of $0.3 million was primarily related to a decrease in interest earned on our cash, cash equivalents and marketable securities of $0.7 million, partially offset by a $0.4 million impairment charge on our investment in equity securities during the three months ended June 30, 2024.

Comparison of the six months ended June 30, 2025 and 2024

The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024 (in thousands):

Six Months Ended June 30,

Other income (expense), net was $3.9 million for the three months ended September 30, 2025 compared to $6.0 million for the three months ended September 30, 2024.

The decrease of $2.1 million was primarily related to a decrease in interest earned on our cash, cash equivalents and marketable securities of $1.9 million during the three months ended September 30, 2025.

Comparison of the nine months ended September 30, 2025 and 2024

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (in thousands):

Nine Months Ended September 30,

Operating expenses:

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Research and development expenses

Research and development expenses were $47.1 million for the six months ended June 30, 2025 compared to $61.6 million for the six months ended June 30, 2024.

The decrease of $14.5 million was primarily driven by decreases of $3.8 million in personnel costs, including stock-based compensation expense, $3.0 million in expenses incurred in connection with clinical trials, preclinical studies and discovery activities, $2.5 million in outsourced services and consulting fees, and $1.7 million in facilities-related expenses and depreciation, and an impairment charge of $3.0 million on operating lease assets, leasehold improvements, and furniture related to the sublease plan of the first floor of our San Diego facility during the six months ended June 30, 2024.

Research and development expenses were $69.6 million for the nine months ended September 30, 2025 compared to $89.2 million for the nine months ended September 30, 2024.

The decrease of $19.6 million was primarily driven by decreases of $5.8 million in expenses incurred in connection with clinical trials, preclinical studies and discovery activities, $4.9 million in outsourced services and consulting fees, $3.5 million in personnel costs, including stock-based compensation expense, and $2.0 million in facilities-related expenses and depreciation, and an impairment charge of $3.0 million on operating lease assets, leasehold improvements, and furniture related to the sublease plan of the first floor of our San Diego facility during the nine months ended September 30, 2024.

In-process research and development expenses

In-process research and development expenses were $7.5 million for the six months ended June 30, 2025 compared to $22.5 million for the six months ended June 30, 2024.

In-process research and development expenses for the six months ended June 30, 2025 were related to the achievement of milestones in connection with our license agreement with Joyo.

In-process research and development expenses for the six months ended June 30, 2024 were related to upfront payments in connection with our license agreements with Joyo and Medshine.

In-process research and development expenses were $9.5 million for the nine months ended September 30, 2025 compared to $22.5 million for the nine months ended September 30, 2024.

In-process research and development expenses for the nine months ended September 30, 2025 were related to the achievement of milestones in connection with our license agreements with Joyo and Medshine.

In-process research and development expenses for the nine months ended September 30, 2024 were related to upfront payments in connection with our license agreements with Joyo and Medshine.

General and administrative expenses

General and administrative expenses were $19.1 million for the six months ended June 30, 2025 compared to $22.5 million for the six months ended June 30, 2024.

The decrease of $3.4 million was primarily driven by an impairment charge of $1.7 million on operating lease assets, leasehold improvements, and furniture related to the sublease plan of the first floor of our San Diego facility during the six months ended June 30, 2024, and decreases of $1.0 million in legal fees, $0.4 million in facilities and office-related expenses, and $0.3 million in insurance costs.

General and administrative expenses were $29.2 million for the nine months ended September 30, 2025 compared to $32.1 million for the nine months ended September 30, 2024.

The decrease of $3.0 million was primarily driven by an impairment charge of $1.7 million on operating lease assets, leasehold improvements, and furniture related to the sublease plan of the first floor of our San Diego facility during the nine months ended September 30, 2024, and decreases of $0.6 million in legal fees, $0.4 million in facilities and office-related expenses, and $0.4 million in insurance costs.

Other income (expense), net

Other income (expense), net was $8.9 million for the six months ended June 30, 2025 compared to $8.4 million for the six months ended June 30, 2024.

The increase of $0.5 million was primarily related to a $0.4 million impairment charge on our investment in equity securities during the six months ended June 30, 2024 and an increase in interest earned on our cash, cash equivalents and marketable securities of $0.1 million during the six months ended June 30, 2025.

Other income (expense), net was $12.8 million for the nine months ended September 30, 2025 compared to $14.5 million for the nine months ended September 30, 2024.

The decrease of $1.6 million was primarily related to a decrease in interest earned on our cash, cash equivalents and marketable securities of $1.8 million during the nine months ended September 30, 2025, partially offset by a $0.4 million impairment charge on our investment in equity securities during the nine months ended September 30, 2024.

Liquidity and capital resources

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Prior to the IPO, we received aggregate gross proceeds of $320.4 million from the sale of shares of our convertible preferred stock.

In August 2022, we entered into the Sale Agreement with the Agent, pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $200 million from time to time, in ATM Offerings through the Agent.

Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent.

Pursuant to the Sale Agreement, the Agent will receive a commission from us of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sale Agreement.

During the year ended December 31, 2024, we sold 9,231,114 shares of our common stock under the Sale Agreement at a weighted-average price of $2.37 per share.

Proceeds from the ATM Offering during the year ended December 31, 2024 were $21.0 million, net of commissions and expenses of $0.8 million.

No shares of our common stock were sold under the Sale Agreement during the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025, we had $178.1 million of shares available for sale under the ATM program.

In December 2022, we completed the 2022 Offering and issued 15,384,616 shares of our common stock at a price to the public of $6.50 per share.

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Proceeds from the 2024 Offering were $174.4 million, net of underwriting discounts and commissions and offering costs of $9.6 million.

In August 2022, we entered into the Sale Agreement with the Agent, pursuant to which, we could offer and sell shares of our common stock having an aggregate offering price of up to $200 million from time to time, in an ATM Offering through the Agent.

Sales of the shares of common stock were made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent.

Pursuant to the Sale Agreement, the Agent received a commission from us of up to 3.0% of the gross proceeds of shares of common stock sold under the Sale Agreement.

During the three and nine months ended September 30, 2024, we sold 9,231,114 shares of our common stock at a weighted-average price of $2.37 per share under the Sale Agreement with the Agent.

Proceeds from the ATM Offerings during the three and nine months ended September 30, 2024 were $21.0 million, net of commissions and expenses of $0.8 million.

In August 2025, we entered into the 2025 Sale Agreement with the Agent, pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $200 million from time to time, in ATM Offerings through the Agent.

Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent.

The Agent will receive a commission from us of up to 3.0% of the gross proceeds of any shares of common stock sold under the 2025 Sale Agreement.

As of September 30, 2025, we had $200.0 million of shares available for sale under the ATM program.

Future capital requirements

As of June 30, 2025, we had cash, cash equivalents and marketable securities of $386.7 million.

As of September 30, 2025, we had cash, cash equivalents and marketable securities of $362.4 million.

Based upon our current operating plans, we believe that our cash, cash equivalents and marketable securities will be sufficient to fund our operations into the second half of 2028.

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The following table shows a summary of our cash flows for the periods presented (in thousands):

Six Months Ended June 30,

Nine Months Ended September 30,

Net cash (used in) provided by:

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Financing activities

Net (decrease) increase in cash, cash equivalents and restricted cash

Net increase (decrease) in cash, cash equivalents and restricted cash

Operating activities

Cash used in operating activities was $52.1 million during the six months ended June 30, 2025, primarily resulting from a net loss of $64.8 million, changes in operating assets and liabilities of $6.0 million and accretion on marketable securities of $3.5 million, partially reduced by stock-based compensation expense of $13.1 million, in-process research and development expenses of $7.5 million, which are reflected in noncash and investing activities, and depreciation and amortization expense of $1.6 million.

Net cash used from changes in operating assets and liabilities consisted primarily of decreases in accrued expenses and other current and long-term liabilities of $6.6 million and operating lease assets and liabilities, net of $1.1 million, partially offset by an increase in accounts payable of $1.2 million and a decrease in prepaid expenses and other current and long-term assets of $0.5 million.

Cash used in operating activities was $62.4 million during the six months ended June 30, 2024, primarily resulting from a net loss of $98.2 million, accretion on marketable securities of $4.7 million and changes in operating assets and liabilities of $3.2 million, partially reduced by in-process research and development expenses of $22.5 million, which are reflected in investing activities, stock-based compensation expense of $14.0 million, an impairment charge of $4.7 million on operating lease assets, leasehold improvements and furniture and depreciation and amortization expense of $2.1 million.

Net cash used from changes in operating assets and liabilities consisted primarily of a decrease in accounts payable, accrued expenses and other current and long-term liabilities of $2.4 million and an increase in prepaid expenses and other current and long-term assets of $0.8 million.

Cash used in operating activities was $73.7 million during the nine months ended September 30, 2025, primarily resulting from a net loss of $95.5 million, changes in operating assets and liabilities of $4.7 million and accretion on marketable securities of $4.5 million, partially reduced by stock-based compensation expense of $19.1 million, in-process research and development expenses of $9.5 million, which are reflected in investing activities, and depreciation and amortization expense of $2.4 million.

Net cash used from changes in operating assets and liabilities consisted primarily of decreases in accrued expenses and other current and long-term liabilities of $5.4 million and operating lease assets and liabilities, net of $1.5 million and an increase in prepaid expenses and other current and long-term assets of $0.4 million, partially offset by an increase in accounts payable of $2.6 million.

Cash used in operating activities was $84.9 million during the nine months ended September 30, 2024, primarily resulting from a net loss of $129.4 million and accretion on marketable securities of $7.2 million, partially reduced by in-process research and development expenses of $22.5 million in connection with our license agreements with Joyo and Medshine, which are reflected in investing activities, stock-based compensation expense of $20.7 million, an impairment charge of $4.7 million on operating lease assets, leasehold improvements and furniture, depreciation and amortization expense of $3.0 million, and changes in operating assets and liabilities of $0.6 million.

Net cash provided by changes in operating assets and liabilities consisted primarily of an increase in accounts payable, accrued expenses and other current and long-term liabilities of $3.6 million, partially offset by an increase in prepaid expenses and other current and long-term assets of $2.6 million.

Investing activities

Net cash provided by investing activities was $50.0 million during the six months ended June 30, 2025 as compared to net cash used in investing activities of $76.6 million during the six months ended June 30, 2024.

Net cash provided by investing activities was $75.7 million during the nine months ended September 30, 2025 as compared to net cash used in investing activities of $179.2 million during the nine months ended September 30, 2024.

The increase in cash provided by investing activities of $254.9 million was primarily the result of a decrease in purchases of marketable securities of $227.3 million, an increase in maturities of marketable securities of $14.5 million and a decrease in in-process research and development of $13.0 million.

Financing activities

Net cash provided by financing activities was $0.5 million during the six months ended June 30, 2025 as compared to $218.8 million during the six months ended June 30, 2024.

During the six months ended June 30, 2025, we received $0.4 million from the issuance of common stock under our ESPP and $0.1 million from the exercise of stock options.

During the six months ended June 30, 2024, we received $174.6 million of net proceeds for the issuance of common stock from the 2024 Offering, $43.6 million in net proceeds for the issuance of common stock from the 2024 Private Placement, $0.4 million from the issuance of common stock under our ESPP and $0.1 million from the exercise of stock options.

Net cash provided by financing activities was $0.5 million during the nine months ended September 30, 2025 as compared to $239.9 million during the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, we received $0.4 million from the issuance of common stock under our ESPP and $0.1 million from the exercise of stock options.

During the nine months ended September 30, 2024, we received $174.4 million of net proceeds for the issuance of common stock from the 2024 Offering, $43.6 million in net proceeds for the issuance of common stock from the 2024 Private Placement, $21.0 million in net proceeds for the issuance of common stock from the ATM Offerings, $0.4 million from the issuance of common stock under our ESPP and $0.4 million from the exercise of stock options.

Contractual obligations and commitments

As of June 30, 2025, there have been no material changes outside the ordinary course of our business to the contractual obligations we reported in “Management’s discussion and analysis of financial condition and results of operations – Cash requirements due to contractual obligations and other commitments,” included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.

As of September 30, 2025, there have been no material changes outside the ordinary course of our business to the contractual obligations we reported in “Management’s discussion and analysis of financial condition and results of operations – Cash requirements due to contractual obligations and other commitments,” included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.

Critical accounting policies and estimates

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Actual results may differ materially from these estimates.

As of June 30, 2025, there have been no material changes to our critical accounting policies and estimates from those disclosed in “Management’s discussion and analysis of financial condition and results of operations – Critical accounting policies and estimates,” included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.

As of September 30, 2025, there have been no material changes to our critical accounting policies and estimates from those disclosed in “Management’s discussion and analysis of financial condition and results of operations – Critical accounting policies and estimates,” included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 20, 2025.

Recently issued and adopted accounting pronouncements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis