What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-08 compared with 2024-11-07 · 66 added, 95 removed, 151 unchanged (52% of the section changed)

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The following discussion of the financial condition and results of operations of Edgewise Therapeutics, Inc.

should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (Quarterly Report), and the audited financial statements and notes included in our Annual Report on Form 10-K (Annual Report), filed with the Securities and Exchange Commission, on February 22, 2024.

should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (Quarterly Report), and the audited financial statements and the related notes thereto included in our Annual Report on Form 10-K (Annual Report), filed with the Securities and Exchange Commission, on March 3, 2025.

In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions.

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Please also see the section titled “Special Note Regarding Forward-Looking Statements.”

Since our inception in 2017, we have been drawing on our deep expertise in muscle physiology and small molecule drug discovery to drive the next generation of first-in-class therapeutics to address a variety of severe muscle diseases.

We are advancing two clinical-stage programs in muscular dystrophies and severe cardiac diseases.

Sevasemten (EDG-5506) is an orally administered skeletal myosin inhibitor in a pivotal stage trial for Becker muscular dystrophy (Becker) as well as ongoing Phase 2 programs in Duchenne muscular dystrophy.

EDG-7500, currently in a multipart Phase 2 trial, is a novel cardiac sarcomere modulator for the treatment of hypertrophic cardiomyopathy (HCM) and other disorders of diastolic dysfunction.

We also continue to advance our preclinical pipeline, including characterization of novel cardiometabolic targets.

From this foundation and our dedication to muscle physiology and function, we will build a leading global biopharmaceutical company driving advances to improve the lives of people suffering from muscle diseases.

Since our inception in 2017, our precision medicine muscle platform has generated several programs to address a variety of muscle diseases.

We are advancing two clinical-stage programs in muscular dystrophies and severe cardiac diseases, as well as a number of preclinical programs.

Our muscular dystrophy program includes sevasemten, an orally administered fast skeletal myosin inhibitor.

Sevasemten is currently being studied in multiple Phase 2 clinical trials, including a pivotal cohort, in patients with either Becker muscular dystrophy (Becker) or Duchenne muscular dystrophy (Duchenne).

Our cardiovascular program includes EDG-7500, a novel, oral, selective cardiac sarcomere modulator.

EDG-7500 is currently being studied in a multipart Phase 2 trial in both obstructive and non-obstructive hypertrophic cardiomyopathy (HCM).

We are also continuing to advance our preclinical exploration, including novel cardiac and cardiometabolic targets.

The entire team at Edgewise is dedicated to our mission:

changing the lives of patients and families affected by serious muscle diseases.

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

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We have incurred significant losses since the commencement of our operations.

Our net losses were $34.1 million and $94.2 million for the three and nine months ended September 30, 2024, respectively and $25.7 million and $70.0 million for the three and nine months ended September 30, 2023, respectively, and we expect to continue to incur significant losses for the foreseeable future as we advance our product candidates through preclinical development and

clinical trials and seek regulatory approval of our product candidates.

Our net losses were $40.8 million and $28.5 million for the three months ended March 31, 2025 and 2024, respectively, and we expect to continue to incur significant losses for the foreseeable future as we advance our product candidates through preclinical development and clinical trials and seek regulatory approval of our product candidates.

Our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.

As of September 30, 2024, we had an accumulated deficit of $338.9 million.

As of March 31, 2025, we had an accumulated deficit of $419.4 million.

To date, we have financed our operations primarily through private placements of convertible preferred stock and public offerings of our common stock.

From inception through September 30, 2024, these private placements have provided gross proceeds of $160.7 million, and the initial public offering, follow-on public offering, issuance of our common stock under an “at the market offering” program (the ATM Program), and underwritten registered direct offering have generated net proceeds of $606.6 million.

From inception through March 31, 2025, these private placements have provided gross proceeds of $160.7 million, and the initial public offering, follow-on public offering, issuance of our common stock under an “at the market offering” program (the ATM Program), and underwritten registered direct offering have generated net proceeds of $606.6 million.

In addition, on April 3, 2025, we closed an underwritten registered direct offering of 9,935,419 shares of our common stock at an offering price of $20.13 per share (April 2025 Offering).

The net proceeds from the April 2025 Offering after deducting underwriting discounts and commissions but before offering expenses were $188.0 million.

We believe that our existing cash and cash equivalents and marketable securities of $436.4 million will enable us to fund our planned operating expenses and capital expenditure requirements through at least the next 12 months.

Macroeconomic and Geopolitical Developments

We are monitoring macroeconomic and geopolitical developments, such as inflation, instability in the banking and financial services sector, tightening of the credit markets, the upcoming change in the U.S.

presidential administration, international conflicts, public health pandemics, cybersecurity and sanctions so that the Company can be prepared to react to new developments as they arise.

We are monitoring macroeconomic and geopolitical developments, such as inflation, instability in the banking and financial services sector, tightening of the credit markets, changes in the U.S.

government administration and policy positions, international conflicts, public health pandemics, cybersecurity and sanctions so that the Company can be prepared to react to new developments as they arise.

Components of Our Results of Operations

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● external expenses incurred in connection with the clinical development of our product candidates including under agreements with third parties, such as consultants and contract research organizations (CROs);

● the cost of external manufacturing drug products for use in our preclinical studies and ongoing and planned clinical trials including under agreements with third parties such as consultants and contract development and manufacturing organizations (CDMOs);

● expenses incurred in connection with the preclinical development of our product candidates including external, or outsourced professional scientific development services, consulting research fees and payments made under sponsored research arrangements with third parties;

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● expenses related to compliance with regulatory requirements.

● payments made under third-party licensing agreements.

The majority of these expenses have been incurred to advance our lead product candidate, sevasemten and to a lesser degree EDG-7500.

The majority of these expenses have been incurred to advance our lead product candidates, sevasemten and EDG-7500.

We expect that significant additional spending will be required to progress these and other potential discoveries through the remainder of the clinical development phases.

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We do not allocate employee-related costs, including stock-based compensation, or facility expenses, including rent, depreciation or other indirect costs, to specific programs because these costs are deployed across multiple programs and, as such, are not separately classified.

We use internal resources primarily to conduct our research and discovery activities and to manage our preclinical development, manufacturing and clinical development activities.

internal resources primarily to conduct our research and discovery activities and to manage our preclinical development, manufacturing and clinical development activities.

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages, primarily due to the increased size and duration of later-stage clinical trials.

We are currently conducting four Phase 2 clinical trials with sevasemten for people with muscular dystrophy (CANYON, LYNX, FOX and DUNE), a potentially registrational, or pivotal cohort, in individuals with Becker (GRAND CANYON), and a multipart Phase 2 study with EDG-7500 for people with HCM (CIRRUS-HCM).

We are currently conducting four Phase 2 clinical trials with sevasemten for people with muscular dystrophy (CANYON, LYNX, FOX and DUNE), including a potentially registrational, or pivotal cohort, in individuals with Becker (GRAND CANYON) as part of the CANYON trial, and a multipart Phase 2 trial with EDG-7500 for people with HCM (CIRRUS-HCM).

As a result, we expect that our research and development expenses will increase substantially over the next several years as we advance sevasemten, EDG-7500, a product from our EDG-003 cardiometabolic discovery program through clinical trials and additional product candidates;

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● maintaining a continued acceptable safety profile of the product candidates following approval.

Any changes in the outcome of any of these factors could significantly impact the costs and timing

associated with the development of our product candidates.

Any changes in the outcome of any of these factors could significantly impact the costs and timing associated with the development of our product candidates.

General and administrative expenses

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Results of Operations

Comparison of the three months ended September 30, 2024 and 2023

The following table summarizes our results of operations for the three months ended September 30, 2024 and 2023:

Three months ended September 30,

(in thousands)

Operating expenses:

Research and development

General and administrative

Total operating expenses

Loss from operations

Interest income

Research and development expenses

The following table summarizes our research and development expenses:

Three months ended September 30,

(in thousands)

External research and development expenses:

Sevasemten clinical program

EDG-7500 clinical program

Discovery and preclinical

Internal costs, including personnel related

Total research and development expenses

Research and development expenses were $32.2 million and $23.8 million for the three months ended September 30, 2024 and 2023, respectively.

The increase of $8.4 million was driven by an increase of $4.6 million in sevasemten clinical program expenses, which was primarily due to increased clinical trial activity from site activations, patient enrollment, and manufacturing costs in our GRAND CANYON and FOX trials that were in start-up phases during the comparable period in 2023 and general clinical and outreach costs incurred in connection with all sevasemten trials.

Internal costs increased $3.1 million, primarily related to personnel costs and stock-based compensation resulting from increased employee headcount to support the growth of our research and development programs.

Discovery and preclinical expenses increased $0.6 million as a result of additional manufacturing and nonclinical costs related to our EDG-003 program and other cardio-metabolic research.

EDG-7500 clinical program expenses increased $0.1 million primarily related to the start-up, site activation, and patient enrollment for our multipart Phase 2 CIRRUS-HCM trial;

our Phase 1 trial was in a similar start-up phase in the comparable period in 2023.

General and administrative expenses

General and administrative expenses were $8.2 million and $5.7 million for the three months ended September 30, 2024 and 2023, respectively.

The increase of $2.5 million was primarily due to $1.6 million in increased personnel-related costs from increased headcount and stock-based compensation and $0.9 million in increased professional and consulting costs and other administrative costs.

Interest income

Interest income was $6.3 million and $3.7 million for the three months ended September 30, 2024 and 2023, respectively.

The increase of $2.6 million was primarily due to higher balances of marketable securities during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023.

Comparison of the nine months ended September 30, 2024 and 2023

The following table summarizes our results of operations for the nine months ended September 30, 2024 and 2023:

Nine months ended September 30,

Comparison of the three months ended March 31, 2025 and 2024

The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024:

Three months ended March 31,

(in thousands)

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The following table summarizes our research and development expenses:

Nine months ended September 30,

Three months ended March 31,

(in thousands)

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Total research and development expenses

Research and development expenses were $90.6 million and $63.2 million for the nine months ended September 30, 2024 and 2023, respectively.

The increase of $27.4 million was primarily driven by an increase of $14.7 million in sevasemten clinical program expenses which was primarily due an $8.6 million increase in our GRAND CANYON trial, $3.5 million increase in our FOX trial, $2.4 million increase in our LYNX trial, and $2.0 million increase in our MESA trial related to site activation and patient enrollment as the trials were in startup phases in the third quarter of 2023;

offset by a $1.3 million decrease in our CANYON trial, which is nearing completion.

EDG-7500 clinical program expenses increased $9.2 million related to the completion of our Phase 1 trial that was activated in late 2023 and manufacturing, site activation, and patient enrollment costs related to our CIRRUS-HCM trial that began in 2024.

Internal costs increased $8.3 million, primarily related to a $5.0 million increase in personnel costs related to salaries, benefits, and employee expenses resulting from increased employee headcount to support the growth of our research and development programs, a $2.5 million increase in stock-based compensation related to increased headcount and overall higher stock prices driving increased option fair values, and $0.8 million related to depreciation and other facilities costs.

Discovery and preclinical expenses decreased $4.8 million as a result of EDG-7500 costs, now shown separately, which were a significant portion of the first nine months of 2023’s discovery and preclinical expenses along with other costs from our EDG-003 program.

Research and development expenses were $36.8 million and $27.7 million for the three months ended March 31, 2025 and 2024, respectively.

The increase of $9.1 million was attributed to the following:

● an increase of $1.9 million in sevasemten clinical program expenses, which was primarily due to increased clinical trial activity from completion of patient enrollment of the GRAND CANYON pivotal cohort of the CANYON trial and continued activity in the MESA and FOX trials that were in early enrollment phases during the comparable period in 2024, as well as general clinical and outreach costs incurred in connection with all sevasemten trials.

● an increase in EDG-7500 clinical program expenses of $0.2 million primarily related to increased costs from site activation and patient enrollment for Part B and Part C of our multipart Phase 2 CIRRUS-HCM trial, for which Part A was in the start-up phase in the comparable period in 2024;

which was offset by the decreased activity in our Phase 1 trial, which was still underway in the comparable period in 2024.

● an increase in discovery and preclinical expenses of $1.3 million as a result of additional nonclinical costs related to our EDG-003 program and other cardio-metabolic research;

● an increase in internal costs of $5.7 million, primarily related to personnel costs and stock-based compensation resulting from increased employee headcount to support the growth of our research and development programs.

General and administrative expenses

General and administrative expenses were $22.7 million and $17.3 million for the nine months ended September 30, 2024 and 2023, respectively.

General and administrative expenses were $9.2 million and $7.1 million for the three months ended March 31, 2025 and 2024, respectively.

The increase of $2.1 million was primarily due to $1.6 million in increased personnel-related costs from increased headcount and stock-based compensation and $0.5 million in increased professional and consulting costs and other administrative costs.

Interest income

Interest income was $19.1 million and $10.5 million for the nine months ended September 30, 2024 and 2023, respectively.

The increase of $8.7 million was primarily due to higher balances of marketable securities during the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.

Interest income was $5.2 million and $6.2 million for the three months ended March 31, 2025 and 2024, respectively.

The decrease in interest income was primarily due to lower balances of marketable securities during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Liquidity and Capital Resources

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To date, we have financed our operations primarily through private placements of convertible preferred stock and public offerings of our common stock.

From inception through September 30, 2024, these private placements have provided gross proceeds of $160.7 million, and the initial public offering, follow-on public offering, issuance of our common stock under the ATM Program, and underwritten registered direct offering have generated net proceeds of $606.6 million.

As of September 30, 2024, we had cash, cash equivalents and marketable securities in the amount of $492.5 million.

From inception through March 31, 2025, these private placements have provided gross proceeds of $160.7 million, and the initial public offering, follow-on public offering, issuance of our common stock under the ATM Program, and underwritten registered direct offerings have generated net proceeds of $606.6 million.

In addition, the net proceeds from the April 2025 Offering , after deducting underwriting discounts and commissions but before offering expenses, were $188.0 million.

As of March 31, 2025, we had cash, cash equivalents and marketable securities in the amount of $436.4 million.

The following table summarizes our sources and uses of cash for each of the periods presented:

Nine months ended September 30,

Three months ended March 31,

(in thousands)

Net cash used in operating activities

Net cash (used in) provided by investing activities

Net cash provided by (used in) investing activities

Net cash provided by financing activities

Net (decrease) increase in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Operating activities

Cash used in operating activities during the nine months ended September 30, 2024 was primarily driven by our net loss for the period of $94.2 million, and was also impacted by changes in operating assets and liabilities which decreased net working capital by $3.4 million.

Cash used in operating activities was reduced by non-cash charges of $8.7 million relating to stock-based compensation expense of $17.0 million, amortization of premium and accretion of discounts, net on marketable securities of $9.9 million, depreciation of $1.5 million and amortization of right-of-use asset of $0.2 million.

Cash used in operating activities during the nine months ended September 30, 2023 was primarily driven by our net loss for the period of $70.0 million, and was also impacted by changes in operating assets and liabilities which increased net working capital by $1.4 million.

Cash used in operating activities was reduced by non-cash charges of $6.3 million relating to stock-based compensation expense of $12.4 million, amortization of premium and accretion of discounts, net on marketable securities of $7.3 million, depreciation of $1.1 million and amortization of right-of-use asset of $0.1 million.

Cash used in operating activities during the three months ended March 31, 2025 was $37.9 million primarily driven by our net loss for the period of $40.8 million, and was also impacted by changes in operating assets and liabilities, which increased net working capital by $4.8 million.

Cash used in operating activities was reduced by non-cash charges of $7.7 million relating to stock-based compensation expense of $9.1 million, accretion of discounts, net on marketable securities of $1.9 million, and depreciation of $0.5 million.

Cash used in operating activities during the three months ended March 31, 2024 was $28.6 million primarily driven by our net loss for the period of $28.5 million, and was also impacted by changes in operating assets and liabilities which increased net working capital by $2.3 million.

Cash used in operating activities was reduced by non-cash charges of $2.2 million relating to stock-based compensation expense of $4.9 million, accretion of discounts, net on marketable securities of $3.2 million, depreciation of $0.5 million and amortization of right-of-use asset of $0.1 million.

Investing activities

Cash used in investing activities during the nine months ended September 30, 2024 amounted to $205.6 million, which was due to $413.9 million in purchases of marketable securities and $1.0 million for purchases of equipment, which was partially offset by $196.6 million in maturities of marketable securities and $12.7 million in sales of marketable securities.

Cash provided by investing activities during the nine months ended September 30, 2023 amounted to $75.9 million, which was due to $278.4 million in maturities of marketable securities and $19.2 million in sales of marketable securities, which was partially offset by $216.1 million in purchases of marketable securities and $5.6 million for purchases of equipment.

Cash provided by investing activities during the three months ended March 31, 2025 amounted to $43.9 million, due to $122.2 million in purchases of marketable securities, which was partially offset by $151.1 million in maturities of marketable securities and $15.0 million in sales of marketable securities.

Cash provided by investing activities during the three months ended March 31, 2024 amounted to $268.3 million, which was due to $327.6 million in purchases of marketable securities and $0.1 million for purchases of equipment, which was partially offset by $58.7 million in maturities of marketable securities and $0.9 million in sales of marketable securities.

Financing activities

Cash provided by financing activities during the nine months ended September 30, 2024 was $246.4 million, which was due to cash proceeds of $7.0 million from the ATM Program, $240.0 million from the underwritten registered direct offering, $7.1 million in proceeds from the issuance of common stock upon exercise of stock options, and $0.4 million in proceeds from the employee stock purchase plan, which was partially offset by $7.9 million for the payment of underwriting commissions and offering costs and $0.3 million for the payment of deferred offering costs.

Cash provided by financing activities during the nine months ended September 30, 2023 was $0.2 million, which was due to cash proceeds of $0.3 million in proceeds from the employee stock purchase plan and cash proceeds of 0.1 million from the issuance of common stock upon the exercise of stock options, which was partially offset by $0.2 million for the payment of deferred offering costs.

Cash provided by financing activities during the three months ended March 31, 2025 was $2.2 million, due to cash proceeds of $2.3 million in proceeds from the issuance of common stock upon exercise of stock options, which was partially offset by the payment of $38,000 in deferred offering costs.

Cash provided by financing activities during the three months ended March 31, 2024 was $241.1 million, which was due to cash proceeds of $7.0 million from the ATM Program, $240.0 million from the underwritten registered direct offering, and $1.9 million in proceeds from the issuance of common stock upon exercise of stock options, which was partially offset by $7.8 million for the payment of underwriting commissions and offering costs.

Funding requirements

We will continue to require substantial additional capital to develop our product candidates and fund operations for the foreseeable future.

On May 10, 2024, we filed an automatic shelf registration statement on Form S-3ASR that allows us to undertake various equity and debt offerings and entered into the Leerink Sales Agreement under which we may offer and sell shares of common stock, having aggregate sales proceeds of up to $175,000,000 from time to time, through the Leerink ATM.

On May 10, 2024, we filed an automatic shelf registration statement on Form S-3ASR that allows

us to undertake various equity and debt offerings and entered into the Leerink Sales Agreement under which we may offer and sell shares of common stock, having aggregate sales proceeds of up to $175.0 million from time to time, through the Leerink ATM.

We expect our expenses to increase in connection with our ongoing activities, particularly as we continue the development of and seek regulatory approvals for our product candidates and begin to commercialize any approved products.

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We expect that our existing cash and cash equivalents and marketable securities, will be sufficient to enable us to fund our planned operating expenses and capital expenditure requirements through at least the next 12 months.

Our short-term material cash requirements as of September 30, 2024 are to fund our operations, which consist primarily of research and development expenses related to our programs, and to a lesser extent, general and

administrative expenses.

Our short-term material cash requirements as of March 31, 2025 are to fund our operations, which consist primarily of research and development expenses related to our programs, and to a lesser extent, general and administrative expenses.

We have entered into contracts in the normal course of business with CROs, CDMOs and other third parties for preclinical research studies and testing, clinical trials and manufacturing services.

These contracts do not contain any minimum purchase commitments and are cancelable by us upon prior notice.

Payments due upon cancellation consist only of payments for services provided and expenses incurred, including non-cancelable obligations of our service providers, up to the date of cancellation.

Our long-term cash requirements as of September 30, 2024 includes our lease obligations.

Payments due upon cancellation consist

only of payments for services provided and expenses incurred, including non-cancelable obligations of our service providers, up to the date of cancellation.

Our long-term cash requirements as of March 31, 2025 includes our lease obligations.

In January 2022, we entered into a lease agreement for approximately 18,614 square feet of office and laboratory space in Boulder, Colorado which includes escalating rent payments and an 8.2 year term, plus our share of operating expenses.

In February 2023, the lease was modified to occupy an additional 9,624 square feet of office space, with aggregate payments of approximately $1.5 million over the initial 7.3 year term, plus our share of operating expenses.

As of September 30, 2024 our total operating lease liability balance is $4.4 million, of which $1.0 million is a current liability.

As of March 31, 2025 our total operating lease liability balance is $4.6 million, of which $1.0 million is a current liability.

Critical Accounting Estimates

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Our actual results may differ from these estimates.

Our critical accounting policies are described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K filed with the SEC on February 22, 2024 and the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.

During the three and nine months ended September 30, 2024, there were no material changes to our critical accounting estimates from those discussed in our Annual Report on Form 10-K filed on February 22, 2024.

Our critical accounting policies are described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 3, 2025 and the notes to the financial statements appearing elsewhere in this Quarterly Report.

During the three months ended March 31, 2025, there were no material changes to our critical accounting estimates from those discussed in our Annual Report on Form 10-K filed on March 3, 2025.

Recently Issued Accounting Pronouncements

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to our financial statements appearing in our Quarterly Report.

Emerging Growth Company and Smaller Reporting Company Status

Section 107 of The Jumpstart Our Business Startups Act of 2012 (JOBS Act) permits an “emerging growth company” such as us to take advantage of an extended transition time to comply with new or revised accounting standards as applicable to public companies.

Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

We have elected to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for private companies.

We will remain an emerging growth company until December 31, 2024.

We are also currently a “smaller reporting company,” and based on the market value of our common stock held by non-affiliates exceeding $700.0 million as of June 30, 2024, we will transition to a “large accelerated filer” status with effect as of January 1, 2025.

Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b‑2 of the Exchange Act and are not required to provide the information required under this item.

Transition from Emerging Growth Company and Smaller Reporting Company Status

On December 31, 2024, we ceased to be an “emerging growth company,” as defined in the JOBS Act, due to our large accelerated filer status.

Accordingly, we may no longer take advantage of EGC-related reduced reporting requirements that are otherwise applicable to public companies.

For example, we have previously elected to take advantage of the extended transition period for complying with new or revised accounting standards.

EGC status also exempted us from having to provide an auditor attestation of internal control over financial reporting under Sarbanes-Oxley Act Section 404(b).

On December 31, 2024, we also ceased to be a “smaller reporting company,” as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (Exchange Act), because the market value of our common stock held by non-affiliates exceeded $700 million as of June 30, 2024.

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