What changed in this filing

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Item 1. Financial Statements

2024-05-09 compared with 2023-11-09 · 75 added, 119 removed, 303 unchanged (39% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

September 30,

Current assets

18 unchanged sentences

Preferred stock, $ .0001 par value per share;

200,000,000 shares authorized and no shares issued or outstanding as of September 30, 2023 and December 31, 2022

200,000,000 shares authorized and no shares issued or outstanding as of March 31, 2024 and December 31, 2023

Common stock, $ .0001 par value per share;

1,000,000,000 shares authorized as of September 30, 2023 and December 31, 2022;

63,460,939 shares and 63,257,376 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively

1,000,000,000 shares authorized as of March 31, 2024 and December 31, 2023;

93,284,528 shares and 70,453,342 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

Additional paid-in capital

Accumulated other comprehensive loss

Accumulated other comprehensive income (loss)

Accumulated deficit

5 unchanged sentences

(In thousands, except share and per share data)

Three months ended September 30,

Nine months ended September 30,

Three months ended March 31,

Operating expenses

5 unchanged sentences

Total other income

Other comprehensive loss:

Other comprehensive income (loss):

Unrealized gain (loss) on available-for-sale securities

11 unchanged sentences

Stock-based compensation

Other comprehensive loss

Balance as of March 31, 2022

Exercise of stock options

Purchase of common stock under employee stock purchase plan

Stock-based compensation

Other comprehensive loss

Balance as of June 30, 2022

Issuance of common stock, net of offering costs

Exercise of stock options

Stock-based compensation

Other comprehensive income

Balance as of September 30, 2022

Balance as of March 31, 2023

Other Comprehensive

1 unchanged sentence

Balance as of December 31, 2023

Issuance of common stock, net of offering costs

Exercise of stock options

Stock-based compensation

Other comprehensive income

Balance as of March 31, 2023

Exercise of stock options and vesting of restricted stock

Purchase of common stock under employee stock purchase plan

Stock-based compensation

Other comprehensive loss

Balance as of June 30, 2023

Exercise of stock options

Stock-based compensation

Other comprehensive income

Balance as of September 30, 2023

Balance as of March 31, 2024

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

2 unchanged sentences

(In thousands)

Nine months ended September 30,

Three months ended March 31,

Cash flows from operating activities

15 unchanged sentences

Purchases of property and equipment

Net cash provided by investing activities

Net cash (used in) provided by investing activities

Cash flows from financing activities

Proceeds from issuance of common stock, net of underwriting discounts and commissions

Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering costs

Exercise of stock options

Payment of offering costs and deferred offering costs

Proceeds from Employee Stock Purchase Plan

Net cash provided by financing activities

5 unchanged sentences

Property and equipment purchases included in accounts payable and accrued other expenses

Offering costs and deferred offering costs included in accounts payable and accrued other expenses

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

5 unchanged sentences

(the Company) was incorporated as a Delaware corporation in May 2017, and it is headquartered in Boulder, Colorado.

The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for severe, genetic neuromuscular and cardiac disorders for which there is significant unmet medical need.

The Company’s lead product candidate, EDG-5506, is an orally administered small molecule designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy (Duchenne) and Becker muscular dystrophy (Becker).

The Company is currently studying EDG-5506 in Phase 2 trials, which are being held in the U.S.

and certain countries in Europe.

In addition, the Company has initiated the Phase 1 study of EDG-7500, for the potential treatment of hypertrophic cardiomyopathy (HCM).

The Company is using its proprietary drug discovery platform to develop a pipeline of precision medicine product candidates that target key muscle proteins and modulators to address a broad array of genetically defined muscle disorders.

The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for severe muscle diseases for which there is significant unmet medical need.

The Company’s lead product candidate, sevasemten (EDG-5506), is an orally administered small molecule designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy (Duchenne) and Becker muscular dystrophy (Becker).

The Company is currently studying sevasemten in Phase 2 trials, which are being held in the U.S.

and certain countries in Europe and Australasia.

In addition, the Company has initiated a Phase 1 and Phase 2 study of EDG-7500, for the potential treatment of hypertrophic cardiomyopathy (HCM).

Risks and Uncertainties

The board of directors of the Company discusses with management macroeconomic and geopolitical developments, including inflation, instability in the banking and financial services sector, tightening of the credit markets, international conflicts, COVID-19, cybersecurity and sanctions so that the Company can be prepared to react to new developments as they arise.

The board of directors of the Company discusses with management macroeconomic and geopolitical developments, including inflation, instability in the banking and financial services sector, tightening of the credit markets, international conflicts, public health pandemics, cybersecurity and sanctions so that the Company can be prepared to react to new developments as they arise.

The board of directors and the management of the Company are carefully monitoring these developments and the resulting economic impact on its financial condition and results of operations.

Liquidity and Capital Resources

The Company has an accumulated deficit of $ 214.6 million and cash, cash equivalents and marketable securities of $ 289.7 million as of September 30, 2023.

The Company has an accumulated deficit of $ 273.3 million and cash, cash equivalents and marketable securities of $ 532.8 million as of March 31, 2024.

The Company’s ability to fund ongoing operations is highly dependent upon raising additional capital through the issuance of equity securities and issuing debt or other financing vehicles.

The Company filed on April 1, 2022, a shelf registration statement on Form S-3 with the U.S.

Securities and Exchange Commission (SEC) that became effective on May 5, 2022 and allows us to undertake various equity and debt offerings up to $ 400,000,000 .

On September 16, 2022, the Company closed an underwritten public offering of 13,372,093 shares of common stock at a public offering price of $ 10.32 per share (collectively with the underwriters’ option, the September 2022 Offering).

The underwriters exercised in full their option to purchase 1,744,186 additional shares of common stock.

The aggregate gross proceeds from the September 2022 Offering were $ 138.0 million, and the net proceeds were $ 129.2 million after deducting underwriting discounts and commissions of $ 8.3 million and offering expenses of $ 0.5 million.

On June 16, 2023, the Company entered into a Sales Agreement (Sales Agreement) with BofA Securities, Inc.

(BofA Securities) under which the Company may offer and sell shares of common stock, having aggregate sales proceeds of up to $ 125,000,000 from time to time, through an “at the market offering” program (ATM Program) under which BofA Securities will act as sales agent.

On April 1, 2022, the Company entered into a Sales Agreement (Prior Sales Agreement) with Cowen and Company, LLC (Cowen), as agent, pursuant to which the Company was permitted to issue and sell shares of its common stock, having an aggregate offering price of up to $ 125,000,000 (Placement Shares), from time to time through Cowen.

Prior to termination, the Company had not sold any Placement Shares under the Prior Sales Agreement.

As of September 30, 2023, the Company has not sold any shares under the ATM Program.

(BofA Securities) under which the Company could offer and sell shares of common stock, having aggregate sales proceeds of up to $ 125,000,000 from time to time, through an “at the market offering” program (ATM Program) under which BofA Securities acted as sales agent.

Effective January 19, 2024, the Company suspended and terminated the prospectus related to the Company’s common stock (the ATM Prospectus) issuable pursuant to the terms of the Sales Agreement.

As of the date of the suspension of the ATM Prospectus, the Company had sold 7,560,068 shares of our common stock at a weighted average price of $ 7.93 per share.

The gross proceeds were $ 59.9 million, and the net proceeds were $ 59.4 million after deducting underwriting discounts and commissions of $ 0.2 million and offering expenses of $ 0.3 million .

On January 23, 2024, the Company closed an underwritten registered direct offering of 21,818,182 shares of common stock at a public offering price of $ 11.00 per share (the January 2024 Offering).

The aggregate gross proceeds from the January 2024 Offering were $ 240.0 million, and the net proceeds were $ 231.9 million after deducting underwriting discounts and commissions of $ 7.5 million and offering expenses of $ 0.6 million.

The Company’s ability to secure capital is dependent upon success in developing its technology and product candidates.

1 unchanged sentence

The issuance of additional equity or debt securities will likely result in substantial dilution to the Company’s stockholders.

normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or discontinue operational activities to conserve cash balances, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Should additional capital not be available to the Company in the near term, or not be available on acceptable terms, the Company may be unable to realize value from the Company’s assets or discharge liabilities in the normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or

discontinue operational activities to conserve cash balances, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

The Company believes that the $ 289.7 million of cash, cash equivalents and marketable securities on hand as of September 30, 2023 will be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements.

The Company believes that the $ 532.8 million of cash, cash equivalents and marketable securities on hand as of March 31, 2024 will be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S.

GAAP) and applicable rules and regulations of the SEC for interim reporting.

As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S.

GAAP have been condensed or omitted.

The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented.

The condensed balance sheet as of December 31, 2022, is derived from the Company’s audited financial statements.

The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or for any other future annual or interim period.

The accompanying interim unaudited condensed financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K that was filed with the SEC on February 23, 2023.

In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of our financial position as of September 30, 2023, the results of operations for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022 have been made.

Certain prior year amounts have been reclassified for consistency with the current year presentation.

These reclassifications had no effect on the reported results of operations.

An adjustment has been made to the Condensed Statement of Cash Flows for the nine months ended September 30, 2022 to reclassify cash receipts for tenant improvements to be a change in the Company’s lease liability.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S.

Segment Information

7 unchanged sentences

The Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Cash equivalents as of September 30, 2023 and December 31, 2022 primarily consist of money market funds and cash.

Cash equivalents as of March 31, 2024 and December 31, 2023 primarily consist of money market funds and cash.

Concentrations of Credit Risk

9 unchanged sentences

Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations.

Deferred offering costs as of September 30, 2023 and December 31, 2022 were $ 0.5 million and $ 0.3 million, respectively.

Deferred offering costs were $ 0 and $ 0.3 million as of March 31, 2024 and December 31, 2023, respectively.

Such costs are classified in other non-current assets in the accompanying balance sheets.

20 unchanged sentences

If impairment is recognized, the carrying value of the impaired asset is reduced to its fair value.

There were no impairment charges or long-lived assets disposed of during the three and nine months ended September 30, 2023 and 2022.

There were no impairment charges or long-lived assets disposed of during the three months ended March 31, 2024 and 2023.

Deferred income taxes are provided on temporary differences between financial statement and income tax reporting.

4 unchanged sentences

Deferred tax liabilities are recognized for temporary differences that will be taxable in future years.

The Company evaluated its tax positions and determined it has no uncertain tax positions as of September 30, 2023.

The Company evaluated its tax positions and determined it has no uncertain tax positions as of March 31, 2024.

Fair Value of Financial Instruments

2 unchanged sentences

Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company.

Unobservable inputs are those that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances.

Unobservable inputs are those that reflect the

Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances.

The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality.

7 unchanged sentences

Accordingly, the Company classifies its investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date.

Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive loss and reported as a separate component of stockholders’ equity until realized.

Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized.

Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income.

4 unchanged sentences

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

As of September 30, 2023

As of March 31, 2024

Cash equivalents:

23 unchanged sentences

With regard to commercial paper, all of the securities had high credit ratings and one year or less to maturity; therefore, fair value was derived from accretion of purchase price to face value over the term of maturity or quoted market prices for similar instruments if available.

During the three and nine months ended September 30, 2023, there were no transfers of financial assets between Level 1 and Level 2.

As of September 30, 2023, the remaining contractual maturities of $ 250.1 million of marketable securities were less than one year and $ 7.0 million were one to two years .

There were no transfers of financial assets between Level 1, Level 2, or Level 3, during the periods presented.

As of March 31, 2024, the remaining contractual maturities of $ 391.0 million of marketable securities were less than one year and $ 112.4 million of marketable securities were between 1 and 2 years .

The Company periodically reviews its portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns.

For debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment.

Unrealized losses on marketable securities at September 30, 2023 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.

Comprehensive Loss

Comprehensive loss is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources.

The Company’s only element of other comprehensive loss was net unrealized gain (loss) on marketable securities.

Unrealized losses on marketable securities at March 31, 2024 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources.

The Company’s only element of other comprehensive income (loss) was net unrealized gain (loss) on marketable securities.

Stock-Based Compensation

6 unchanged sentences

Expenditures made for research and development are charged to expense as incurred.

External costs consist primarily of payments to contract research organizations (CROs), contract development and manufacturing organizations (CDMOs), sample acquisition costs and laboratory supplies purchased in connection with the Company’s discovery and preclinical activities, and process development and clinical development activities.

External costs consist primarily of payments to contract research organizations (CROs), contract development and manufacturing organizations

(CDMOs), sample acquisition costs and laboratory supplies purchased in connection with the Company’s discovery and preclinical activities, and process development and clinical development activities.

Internal costs consist primarily of employee-related costs, facilities, depreciation and costs related to compliance with regulatory requirements.

9 unchanged sentences

As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses:

Measurement of Credit Losses on Financial Statements (Topic 326) (ASU 2016-13), which intends to improve financial reporting by requiring earlier recognition of credit losses on certain financial assets, such as available-for-sale debt securities.

Subsequent to the issuance of ASU 2016-13, the FASB issued several additional ASUs to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance.

ASU 2016-13 was adopted on January 1, 2023 and the adoption of the new standard did not have a material impact on the Company's financial statements.

The Company will monitor credit losses at each reporting period.

Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance.

This update is effective beginning with the Company’s 2024 fiscal year annual reporting period, with early adoption permitted.

The Company is currently evaluating the impact that the adoption of this standard will have on its financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740:

Improvements to Income Tax Disclosures .

This ASU is expected to enhance the transparency and decision usefulness of income tax disclosures by requiring public business entities on an annual basis to disclose specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid.

This ASU is effective beginning with the Company’s 2025 fiscal year annual reporting period, with early adoption permitted.

The Company is currently evaluating the impact that the adoption of this standard will have on its financial statements.

NOTE 3 PREFERRED STOCK AND COMMON STOCK

The Company is authorized to issue two classes of stock designated as common stock and preferred stock.

As of September 30, 2023 the total number of shares authorized was 1,200,000,000 .

As of March 31, 2024 the total number of shares authorized was 1,200,000,000 .

The total number of shares of common stock authorized was 1,000,000,000 .

14 unchanged sentences

or (3) such other amount as the Company’s board of directors may determine.

As of September 30, 2023, there were 1,215,672 shares available for future issuance under the 2021 Plan.

As of March 31, 2024, there were 4,646,467 shares available for future issuance under the 2021 Plan.

Founder Stock Options

1 unchanged sentence

This grant is separate from the Company’s equity incentive plans discussed above.

As of September 30, 2023, 1,531,780 options were both outstanding and exercisable.

There were no options exercised during the three and nine months ended September 30, 2023.

As of March 31, 2024, 1,531,780 options were both outstanding and exercisable .

There were no options exercised during the three months ended March 31, 2024.

Total stock-based compensation expense related to all equity plans, including Founder Stock Options was allocated as follows (in thousands):

Three months ended September 30,

Nine months ended September 30,

Three months ended March 31,

Research and development

1 unchanged sentence

Total stock-based compensation expense

Grant of Stock Options

During the nine months ended September 30, 2023, the Company issued 3,785,094 stock options with a fair value of $ 20.0 million that vest over a weighted average period of 3.9 years.

NOTE 5 COMMITMENTS AND CONTINGENCIES

License Agreements

On November 20, 2020, the Company exclusively licensed intellectual property from The Ohio State Innovation Foundation (OSIF) pursuant to a license agreement.

Under the license agreement, the Company was obligated to make payments to OSIF aggregating up to $ 1.3 million per product covered by the OSIF licensed patent rights upon the achievement of specified development and regulatory approval milestones and approximately $ 2.3 million per product covered by the OSIF licensed patent rights upon the achievement of specified sales milestones.

The Company was also obligated to pay low single-digit royalties to OSIF based on net sales by the Company and its affiliates and sublicensees of each product covered by the OSIF licensed patent rights.

In addition, in the event the Company sublicensed the OSIF licensed patent rights, the Company was obligated to pay OSIF a specified portion of income received from sublicensing.

As of September 30, 2023, the Company has paid $ 0.7 million for license fees and milestones achieved in connection with the license agreement.

On July 27, 2023, the Company provided notice to OSIF to terminate the license agreement because the licensed technology was no longer relevant to the Company’s business.

The license agreement was terminated, effective October 25, 2023.

Lease Agreements

3 unchanged sentences

The New Boulder Lease includes two tenant improvement allowances, which includes one for $ 1.0 million in construction costs to be fully reimbursed by the lessor (the First Allowance) and one for $ 2.0 million in construction costs to be repaid to the lessor as additional rent payments over the initial term of the lease (the Second Allowance).

Both the First Allowance and Second Allowance have been received in full.

Both the First Allowance and Second Allowance have been received in

The receipt of $ 2.0 million under the Second Allowance resulted in an increase to operating lease liabilities and an increase to aggregate base rent payments totaling $ 2.5 million.

1 unchanged sentence

The Expansion Space includes an improvement allowance in the amount of $ 0.5 million to be fully reimbursed by the lessor.

As of September 30, 2023, $ 0 was received by the lessor under the allowance associated with the expansion space.

As of March 31, 2024, $ 0 was received by the lessor under the allowance associated with the Expansion Space.

Under the New Boulder Lease and the Expansion Space (collectively, the Lease), the Company has the option to extend the Lease for two additional terms of five years each.

1 unchanged sentence

Such amounts are not included in the measurement of the lease liabilities and are recognized as variable lease expense when they are incurred.

Variable lease expense was $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2023, respectively and $ 17,000 for both the three and nine months ended September 30, 2022.

Variable lease expense was $ 0.1 million for both the three months ended March 31, 2024 and 2023.

The Lease is classified as an operating lease.

1 unchanged sentence

The option to extend the Lease was not recognized as part of the Company’s lease liabilities and ROU lease assets, as such extensions are not reasonably certain to occur.

As of September 30, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Lease was 6.5 years and 6.4 %, respectively.

Rent expense under the Lease was $ 0.1 million and $ 0.4 million for the three and nine months ended September 30, 2023, respectively and $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2022, respectively.

Future minimum lease payments under the Lease as of September 30, 2023 are as follows (in thousands):

As of March 31, 2024, the weighted-average remaining lease term and the weighted-average discount rate for the Lease was 6.0 years and 6.4 %, respectively.

Rent expense under the Lease was $ 0.1 million for the three months ended March 31, 2024 and 2023.

Future minimum lease payments under the Lease as of March 31, 2024 are as follows (in thousands):

Year Ending December 31,

2023, remainder

2024, remaining

Total undiscounted future minimum lease payments

3 unchanged sentences

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business.

The Company was not subject to any material legal proceedings during the nine months ended September 30, 2023 and no material legal proceedings are currently pending or threatened.

The Company was not subject to any material legal proceedings during the three months ended March 31, 2024 and no material legal proceedings are currently pending or threatened.

Indemnification Agreements

3 unchanged sentences

To date, the Company has not incurred any material costs as a result of such indemnifications.

The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its financial statements as of September 30, 2023.

The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its financial statements as of March 31, 2024.

NOTE 6 NET LOSS PER SHARE

6 unchanged sentences

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share data):

Three months ended September 30,

Nine Months Ended September 30,

Three months ended March 31,

Weighted-average shares outstanding used in computing net loss per share, basic and diluted

1 unchanged sentence

The following weighted average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:

Three months ended September 30,

Nine Months Ended September 30,

Three months ended March 31,

Options to purchase common stock

2 unchanged sentences

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

As of September 30,

As of March 31,

As of December 31,

7 unchanged sentences

Property and equipment, net

Depreciation expense was $ 0.4 million and $ 1.1 million for the three and nine months ended September 30, 2023, respectively and $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2022, respectively.

Depreciation expense was $ 0.5 million $ 0.2 million for the three months ended March 31, 2024 and 2023, respectively.

NOTE 8 ACCRUED OTHER EXPENSES

Accrued other expenses consisted of the following amounts (in thousands):

As of September 30,

As of March 31,

As of December 31,

3 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements