What changed in this filing

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Item 1. Financial Statements

2022-11-03 compared with 2022-08-04 · 112 added, 75 removed, 363 unchanged (34% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

September 30,

Current assets

3 unchanged sentences

Total current assets

Property and equipment

accumulated depreciation

Total property and equipment

Property and equipment, net

Operating lease right-of-use asset

5 unchanged sentences

Accrued other expenses

Short-term debt

Operating lease liability, current portion

Total current liabilities

Long-term debt, net

Operating lease liability, net of current portion

4 unchanged sentences

Preferred stock, $ .0001 par value per share;

200,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively;

no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

200,000,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively;

no shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

Common stock, $ .0001 par value per share;

1,000,000,000 shares authorized, 49,780,365 shares and 49,500,308 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

1,000,000,000 shares authorized, 63,208,828 shares and 49,500,308 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

7 unchanged sentences

(In thousands, except share and per share data)

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

Operating expenses

5 unchanged sentences

Total other income

Other comprehensive loss:

Unrealized loss on available-for-sale securities

Other comprehensive income (loss):

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

Total comprehensive loss

23 unchanged sentences

( 12,954,423 )

Initial public offering of common stock, net of $ 2.1 million in offering costs

Initial public offering of common stock, net of offering costs

Exercise of stock options

6 unchanged sentences

Balance as of June 30, 2021

Exercise of stock options

Stock-based compensation

Other comprehensive income

Balance as of September 30, 2021

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

4 unchanged sentences

Paid-In Capital

(Loss) Income

Balance as of December 31, 2021

8 unchanged sentences

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

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

2 unchanged sentences

(In thousands)

Six months ended June 30,

Nine months ended September 30,

Cash flows from operating activities

17 unchanged sentences

Cash flows from financing activities

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

Debt proceeds

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

1 unchanged sentence

Exercise of stock options

Payment of deferred offering costs

Payment of offering costs and deferred offering costs

Proceeds from Employee Stock Purchase Plan

5 unchanged sentences

Right-of-use asset obtained in exchange for new operating lease liability, net of tenant improvement receivable

Property and equipment purchases included in accounts payable

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

Property and equipment purchases included in debt

Conversion of convertible preferred stock upon closing of initial public offering

21 unchanged sentences

Liquidity and Capital Resources

The Company has an accumulated deficit of $ 107.7 million and cash, cash equivalents and marketable securities of $ 248.4 million as of June 30, 2022.

The Company has an accumulated deficit of $ 125.2 million and cash, cash equivalents and marketable securities of $ 364.8 million as of September 30, 2022.

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.

1 unchanged sentence

(i) 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 ;

and (ii) on May 5, 2022 a prospectus supplement to the shelf registration statement that covers the offering, issuance and sale of up to $ 125 million of our common stock from time to time through an “at-the-market” program under the Securities Act of 1933, as amended (Securities Act).

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 ;

program under the Securities Act of 1933, as amended (Securities Act).

As of September 30, 2022, the Company has not sold any shares under the “at the market” program.

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.

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

4 unchanged sentences

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 $ 248.4 million of cash, cash equivalents and marketable securities on hand as of June 30, 2022 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 $ 364.8 million of cash, cash equivalents and marketable securities on hand as of September 30, 2022 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

7 unchanged sentences

The condensed balance sheet as of December 31, 2021, is derived from the Company’s audited financial statements.

The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period.

The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, 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 24, 2022.

In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of our financial position as of June 30, 2022, the results of operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021 have been made.

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, 2022, the results of operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021 have been made.

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 June 30, 2022 and December 31, 2021 primarily consist of money market accounts and cash.

Cash equivalents as of September 30, 2022 and December 31, 2021 primarily consist of money market accounts 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 June 30, 2022 and December 31, 2021 were $ 0.3 million and $ 0 , respectively.

Deferred offering costs as of September 30, 2022 and December 31, 2021 were $ 0.3 million and $ 0 , respectively.

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

2 unchanged sentences

Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the related asset, which is generally three to five years , and in the case of leasehold improvements, the shorter of the estimated useful lives of the assets or the term of the lease.

Depreciation expense was $ 97,000 and $ 180,000 for the three and six months ended June 30, 2022, respectively and $ 51,000 and $ 130,000 for the three and six months ended June 30, 2021, respectively.

The Company accounts for its leases under Accounting Standards Codification (ASC) Topic 842, Leases (ASC 842).

16 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 six months ended June 30, 2022 and 2021, respectively.

There were no impairment charges or long-lived assets disposed of during the three and nine months ended September 30, 2022 and 2021, respectively.

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 June 30, 2022.

The Company evaluated its tax positions and determined it has no uncertain tax positions as of September 30, 2022.

Fair Value of Financial Instruments

12 unchanged sentences

Accordingly, the Company may classify certain 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 income 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, net.

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, net.

The cost of securities sold is based on the specific-identification method.

The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity.

In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities.

In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and

government securities.

The Company has not experienced any realized losses on its deposits of cash, cash equivalents, and marketable securities since inception.

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 June 30, 2022

As of September 30, 2022

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 six months ended June 30, 2022, there were no transfers of financial assets between Level 1 and Level 2.

As of June 30, 2022, the remaining contractual maturities of $ 207.6 million of marketable securities were less than one year and $ 24.8 million were one to two years .

During the three and nine months ended September 30, 2022, there were no transfers of financial assets between Level 1 and Level 2.

As of September 30, 2022, the remaining contractual maturities of $ 242.5 million of marketable securities were less than one year and $ 14.8 million were one to two 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 June 30, 2022 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.

reports, and the severity of impairment.

Unrealized losses on marketable securities at September 30, 2022 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 loss on marketable securities.

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

Stock-Based Compensation

15 unchanged sentences

The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts.

In accruing service fees, the

Company estimates the time period over which services will be performed and the level of effort to be expended in each period.

In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period.

If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or the amount of prepaid expenses accordingly.

1 unchanged sentence

The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act).

Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies.

Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for

complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies.

The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.

9 unchanged sentences

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

As of June 30, 2022 the total number of shares authorized was 1,200,000,000 .

As of September 30, 2022 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 .

3 unchanged sentences

The holder of each share of common stock is entitled to one vote.

The Company had no convertible preferred stock outstanding as of June 30, 2022.

The Company had no convertible preferred stock outstanding as of September 30, 2022.

Immediately prior to the completion of the IPO in March 2021, all outstanding shares of the Company’s convertible preferred stock were automatically converted into 35,557,569 shares of common stock.

On April 1, 2022, the Company entered into a Sales Agreement with Cowen and Company, LLC, as the Company’s sales agent pursuant to which the Company may offer and sell from time to time through the Agents up to $ 125 million in shares (the “Shares”) of the Company’s common stock through an “at-the-market” program.

The Shares will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No.

333-264083) which was declared effective on May 5, 2022.

The Company filed a prospectus supplement dated May 5, 2022 with the SEC in connection with the offer and sale of the Shares.

As of June 30, 2022, the Company has not sold any shares under this arrangement.

NOTE 4 STOCK-BASED COMPENSATION AWARDS

9 unchanged sentences

or (c) such other amount as the Company’s Board of Directors may determine.

In February 2022, the number of shares of common stock authorized for issuance under the 2021 Plan was increased from 5,040,000 to 7,515,015 .

As of June 30, 2022, 5,055,018 shares remained available for future grant under the 2021 Plan.

February 2022, the number of shares of common stock authorized for issuance under the 2021 Plan was increased from 5,040,000 to 7,515,015 .

As of September 30, 2022, 2,401,377 shares remained available for future grant 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 June 30, 2022, 1,531,780 options were outstanding and exercisable.

There were no options exercised during the three and six months ended June 30, 2022.

As of September 30, 2022, 1,531,780 options were outstanding and exercisable.

There were no options exercised during the three and nine months ended September 30, 2022.

Total stock-based compensation expense related to all equity awards granted was allocated as follows (in thousands):

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

Research and development

2 unchanged sentences

Grant of stock options

During the six months ended June 30, 2022, the Company issued 335,248 stock options with a fair value of $ 2.1 million that vest over a weighted average period of 2.5 years.

During the nine months ended September 30, 2022, the Company issued 2,947,698 stock options with a fair value of $ 21.9 million that vest over a weighted average period of 3.8 years.

Restricted Stock Units

During the six months ended June 30, 2022, the Company issued 268,031 restricted stock units with a fair value of $ 2.1 million that vest over a period of 3 years .

During the nine months ended September 30, 2022, the Company issued 268,031 restricted stock units with a fair value of $ 2.1 million that vest over a period of 3 years .

NOTE 5 COMMITMENTS AND CONTINGENCIES

4 unchanged sentences

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

As of June 30, 2022, the Company has paid $ 0.5 million to OSIF under the license agreement.

As of September 30, 2022, the Company has paid $ 0.5 million to OSIF under the license agreement.

Lease Agreements

3 unchanged sentences

Provided there has been no event of default by the Company during the initial 36-month term, the Company will replace the initial LOC with a replacement LOC in the amount of $ 0.5 million.

The lease agreement includes a tenant improvement allowance for $ 1.0 million of construction costs to be reimbursed by the landlord and up to an additional $ 2.0 million of tenant improvement allowance for which the Company will repay the landlord on an amortized straight-line basis over the initial term of the lease, commencing on the commencement date and continuing for the duration of the initial term at 6 % interest.

The lease agreement includes a tenant improvement allowance for $ 1.0 million of construction costs to be reimbursed by the lessor and up to an additional $ 2.0 million (the “Finish Allowance”) of tenant improvement reimbursements as debt (see Note 8).

The Company is obligated to pay the lessor an amount not to exceed 5 % of the net rents from the property for operating costs.

Such amounts are not included in the measurement of the lease liability but will be recognized as variable lease expense when they are incurred.

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

Variable lease expense under the New

Boulder Lease was $ 17,000 for the three and nine months ended September 30, 2022 and $ 0 for the three and nine months ended September 30, 2021.

The New Boulder Lease is classified as an operating lease.

The Company recorded lease liabilities and ROU lease assets for the New Boulder Lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate.

In September 2022, we exercised an option in the New Boulder Lease to occupy an additional 9,624 square feet of office and laboratory space (the “Expansion Space”).

The lessor will deliver the Expansion Space on the earlier of January 1, 2023 or within three business days after the existing tenant vacates and surrenders legal possession.

On the delivery date, the Company will receive an improvement allowance in the same amount per square foot provided for the original premises, pro-rated for the reduced term of the lease with respect to the Expansion Space.

Base rent under the New Boulder Lease will be increased on a pro rata basis (at the same per square foot rental rate) based on the additional square footage of the Expansion Space.

The option exercised for the Expansion Space was not recognized as part of the Company’s lease liability and ROU lease asset, as the Company does not yet have control over the Expansion Space.

The Company recorded a lease liability and ROU lease asset for the New Boulder Lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate.

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

As of June 30, 2022, the weighted-average remaining lease term and the weighted-average discount rate for the New Boulder Lease was 7.8 years and 6 %, respectively.

Rent expense under the New Boulder Lease was $ 101,000 and $ 168,000 for the three and six months ended June 30, 2022, respectively and $ 0 for the three and six months ended June 30, 2021.

Tenant improvements totaling $ 822,000 incurred during the six months ended June 30, 2022 are expected to be reimbursed by the lessor during the year ended December 31, 2022.

As of September 30, 2022, the weighted-average remaining lease term and the weighted-average discount rate for the New Boulder Lease was 7.5 years and 6 %, respectively.

Rent expense under the New Boulder Lease was $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2022, respectively and $ 0 for the three and nine months ended September 30, 2021.

Tenant improvements totaling $ 1.0 million were incurred by the Company and reimbursed by the lessor during the nine months ended September 30, 2022.

As of December 31, 2021, future minimum lease payments totaled $ 141,000 , all of which will be paid in 2022.

Future minimum lease payments under the New Boulder Lease as of June 30, 2022 are as follows (in thousands):

Future minimum lease payments under the New Boulder Lease as of September 30, 2022 are as follows (in thousands):

Year Ending December 31,

1 unchanged sentence

Total undiscounted future minimum lease payments

tenant improvement receivable

Total lease liability

1 unchanged sentence

These leases were excluded from our lease liability and ROU asset calculations due to their short-term nature.

Future minimum lease payments under these short-term leases as of June 30, 2022 total $ 33,000 , all of which will be paid through the end of fiscal year 2022.

Total rent expense under these short term leases were $ 54,000 and $ 108,000 for the three and six months ended June 30, 2022, respectively and $ 22,000 and $ 44,000 for the three and six months ended June 30, 2021.

Future minimum lease payments under these short-term leases as of September 30, 2022 total $ 38,000 , all of which will be paid through the end of fiscal year 2022.

Total rent expense under these short term leases were $ 72,000 and $ 180,000 for the three and nine months ended September 30, 2022, respectively and $ 22,000 and $ 66,000 for the three and nine months ended September 30, 2021.

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.

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 three and six months ended June 30, 2022 and no material legal proceedings are currently pending or threatened.

The Company was not subject to any material legal proceedings during the nine months ended September 30, 2022 and no material legal proceedings are currently pending or threatened.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising of breach of such agreements or from intellectual property infringement claims made by third parties.

In addition, the Company has entered into indemnification agreements with members of its Board of Directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors.

the Company has entered into indemnification agreements with members of its Board of Directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors.

The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited.

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 June 30, 2022.

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, 2022.

NOTE 6 NET LOSS PER SHARE

3 unchanged sentences

Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security.

The Company’s

participating securities do not have a contractual obligation to share in the Company’s losses.

The Company’s participating securities do not have a contractual obligation to share in the Company’s losses.

As such, the net loss was attributed entirely to common stockholders.

1 unchanged sentence

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

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

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 June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

Options to purchase common stock

1 unchanged sentence

Convertible preferred stock

NOTE 7 PROPERTY AND EQUIPMENT

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

As of September 30,

As of December 31,

Laboratory equipment

Computers and software

Construction in process

Property and equipment - at cost

accumulated depreciation

Property and equipment - net

Depreciation expense was $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2022, respectively and $ 0.1 million and $ 0.2 million for the three and nine months ended September 30, 2021, respectively.

Pursuant to the Finish Allowance associated with the New Boulder Lease, the Company may request up to $ 2.0 million of tenant improvement reimbursements from the lessor.

Reimbursements received by the Company are repaid to the lessor monthly at 6 % interest during the initial term of the lease, maturing in March 2030.

During the nine months ended September 30, 2022, $ 0.1 million in reimbursements were received by the Company under the Finish Allowance.

Future minimum principal payments under the Finish Allowance as of September 30, 2022 are as follows (in thousands):

Year Ending December 31,

2022, remainder

Total future minimum principal payments

NOTE 9 ACCRUED OTHER EXPENSES

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

As of June 30,

As of September 30,

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