What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 108 added, 75 removed, 383 unchanged (32% of the section changed)

3 unchanged sentences

(Unaudited) (In thousands, except share and per share data)

September 30,

2025 December 31,

27 unchanged sentences

Shareholders’ equity

Ordinary shares (voting and non-voting), £ 0.002 par value, most recent authority to allot up to a maximum nominal value of £ 149,633 and £ 97,454 shares as of June 30, 2025 and December 31, 2024, respectively, and 50,372,068 and 50,064,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

Deferred shares, £ 0.0001 par value, 5,793,501 shares authorized, issued and outstanding as of June 30, 2025 and December 31, 2024.

Ordinary shares (voting and non-voting), £ 0.002 par value, most recent authority to allot up to a maximum nominal value of £ 149,633 and £ 97,454 shares as of September 30, 2025 and December 31, 2024, respectively, and 50,467,954 and 50,064,860 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.

Deferred shares, £ 0.0001 par value, 5,793,501 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024.

Additional paid-in capital 1,227,649 1,190,104

7 unchanged sentences

(Unaudited) (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,

2025 2024 2025 2024

10 unchanged sentences

Interest expense ( 3,043 ) ( 4,290 ) ( 9,113 ) ( 11,806 )

Foreign currency (loss) gain

Foreign currency gain

1,333 3,963 3,675 1,049

1 unchanged sentence

5,062 8,962 15,224 13,205

Net loss before income taxes

Net income (loss) before income taxes

304 6,093 ( 3,306 ) ( 28,116 )

Income tax expense

Income tax (expense) benefit

( 481 ) 2,643 ( 2,148 ) 800

Net (loss) income

$ ( 177 ) $ 8,736 $ ( 5,454 ) $ ( 27,316 )

Other comprehensive income:

Other comprehensive (loss) income:

Exchange differences on translation of foreign operations ( 3,392 ) 3,247 3,757 5,088

1 unchanged sentence

$ ( 3,569 ) $ 11,983 $ ( 1,697 ) $ ( 22,228 )

Basic and diluted net loss per share

Basic net (loss) income per share

$ ( 0.00 ) $ 0.17 $ ( 0.11 ) $ ( 0.55 )

Basic and diluted weighted-average number of shares outstanding

Basic weighted-average number of shares outstanding

50,403,717 50,021,939 50,262,697 49,971,267

Diluted net (loss) income per share

$ ( 0.00 ) $ 0.17 $ ( 0.11 ) $ ( 0.55 )

Diluted weighted-average number of shares outstanding

50,403,717 52,808,434 50,262,697 49,971,267

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

3 unchanged sentences

Ordinary Shares Deferred Shares Additional Paid-in Capital Accumulated

deficit Accumulated other comprehensive (loss) income

Accumulated Other Comprehensive (Loss) Income

Total Shareholders' Equity

8 unchanged sentences

50,184,609 $ 135 5,793,501 $ 1 $ 1,202,171 $ ( 790,738 ) $ ( 33,090 ) $ 378,479

— — — — — ( 10,300 ) — ( 10,300 )

Net loss — — — — — ( 10,300 ) — ( 10,300 )

Other comprehensive income — — — — — — 6,476 6,476

3 unchanged sentences

50,372,068 $ 135 5,793,501 $ 1 $ 1,215,997 $ ( 801,038 ) $ ( 26,614 ) $ 388,481

— — — — — ( 177 ) — ( 177 )

Other comprehensive loss

— — — — — — ( 3,392 ) ( 3,392 )

Exercise of share options 95,886 — — — 1,866 — — 1,866

Share-based compensation expense — — — — 9,786 — — 9,786

As of September 30, 2025

50,467,954 $ 135 5,793,501 $ 1 $ 1,227,649 $ ( 801,215 ) $ ( 30,006 ) $ 396,564

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

3 unchanged sentences

Ordinary Shares Deferred Shares Additional Paid-in Capital Accumulated

deficit Accumulated other comprehensive (loss) income

Accumulated Other Comprehensive (Loss) Income

Total Shareholders' Equity

14 unchanged sentences

50,017,606 $ 135 5,793,501 $ 1 $ 1,174,147 $ ( 780,726 ) $ ( 34,420 ) $ 359,137

— — — — — 8,736 — 8,736

Other comprehensive income

— — — — — — 3,247 3,247

Exercise of share options 8,014 — — — 198 — — 198

Share-based compensation expense — — — — 6,509 — — 6,509

As of September 30, 2024

50,025,620 $ 135 5,793,501 $ 1 $ 1,180,854 $ ( 771,990 ) $ ( 31,173 ) $ 377,827

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

2 unchanged sentences

(Unaudited) (In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities

3 unchanged sentences

Depreciation 2,432 3,038

Unrealized foreign exchange (gains) losses, net

Unrealized foreign exchange gains, net

( 10,229 ) ( 3,982 )

6 unchanged sentences

( 9,330 ) ( 11,053 )

Decrease (increase) in prepayments and other current assets

Increase in prepayments and other current assets

( 5,724 ) ( 5,910 )

4 unchanged sentences

Decrease in deferred revenue

Decrease in operating lease liabilities

( 243 ) ( 1 )

Decrease in other operating assets

Increase (decrease) in operating lease liabilities

524 ( 1,208 )

Increase in other operating assets

( 1,471 ) ( 4,515 )

Increase in other operating liabilities

11 unchanged sentences

Proceeds from exercise of share options

Proceeds from issue of convertible loan notes

Proceeds from issue of convertible senior notes

Payments for debt issuance costs

Net cash provided by financing activities 8,087 395,392

Increase in net cash and cash equivalents

Increase in cash and cash equivalents

14,570 83,815

2 unchanged sentences

Cash and cash equivalents at end of period $ 498,413 $ 537,767

Supplemental disclosure of cash flow information

Supplemental disclosure of cash flow and noncash information

Cash paid for interest

2 unchanged sentences

$ ( 3,585 ) $ ( 352 )

Purchases of property and equipment in accounts payable

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

18 unchanged sentences

Certain information and footnote disclosures have been condensed or omitted as permitted under U.S.

The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period.

The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period.

Use of estimates

8 unchanged sentences

Where financial and non-financial assets and liabilities are measured at fair value, the Company uses appropriate valuation techniques for which sufficient data are available, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

As of June 30, 2025 and December 31, 2024, the Company held $ 362.4 million and $ 338.1 million, respectively, of money market funds required to be measured at fair value on a recurring basis within cash and cash equivalents.

In addition, as of June 30, 2025 and December 31, 2024, the Company held $ 394.9 million and $ 364.6 million of marketable securities, respectively, including unrealized gains of $ 10.2 million and $ 14.6 million, respectively.

As of September 30, 2025 and December 31, 2024, the Company held $ 363.1 million and $ 338.1 million, respectively, of money market funds required to be measured at fair value on a recurring basis within cash and cash equivalents.

In addition, as of September 30, 2025 and December 31, 2024, the Company held $ 393.9 million and $ 364.6 million of marketable securities, respectively, including unrealized gains of $ 15.2 million and $ 14.6 million, respectively.

The fair value of these cash equivalents and marketable securities is based on quoted prices from active markets (Level 1 inputs).

4 unchanged sentences

Significant accounting policies

With the exception of the below policy, the significant accounting policies used in the preparation of these condensed consolidated financial statements as of and for the three and six months ended June 30, 2025 are consistent with those disclosed in No te 2.

With the exception of the below policy, the significant accounting policies used in the preparation of these condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 are consistent with those disclosed in No te 2.

"Summary of Significant Accounting Policies" in the audited consolidated financial statements for the year ended December 31, 2024, included in the Company’s Annual Report.

5 unchanged sentences

The grant date fair value of options is calculated using the Black-Scholes valuation model.

Estimation of the fair value of options requires judgement, including assumptions about the expected term of share-based options and expected volatility, which are used to determine the fair value of the Company’s options granted.

Estimation of the fair value of options requires judgment, including assumptions about the expected term of share-based options and expected volatility, which are used to determine the fair value of the Company’s options granted.

The expected term is based on the Company’s assessment of the period within which participants are expected to exercise options, which requires consideration of employee groups, expected employee service, and other internal factors, and the degree to which these are expected to shorten the term of options in comparison to contractual expiry dates.

Estimated expected volatility is based on the Company’s share price volatility since its IPO.

Estimated expected volatility is based on the Company’s share price volatility since its initial public offering.

The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the awards is indicative of future trends, which may not necessarily be the actual outcome.

1 unchanged sentence

Treasury yield curve applicable for the period of the expected term to form an estimate of the risk-free rate.

Forfeitures expected to occur for options and RSU's are estimated by considering both market and company-specific data and the available internal information at the end of each reporting period.

Forfeitures expected to occur for options and RSUs are estimated by considering both market and company-specific data and the available internal information at the end of each reporting period.

Recently issued and recently adopted accounting pronouncements

11 unchanged sentences

The Company is currently evaluating these new disclosure requirements and the impact of adoption on its financial statements.

During the three and six months ended June 30, 2025, the Company recognized $ 98.0 million and $ 191.8 million, respectively (2024:

During the three and nine months ended September 30, 2025, the Company recognized $ 103.7 million and $ 295.5 million, respectively (2024:

$ 80.2 million and $ 225.9 million, respectively) of net revenue from sale of therapies relating to the sale of KIMMTRAK primarily in the United States and Europe after estimated deductions for rebates, chargebacks and returns, which are recognized in Accrued expenses and other current liabilities and Accrued expenses, non-current, as set out in the Company’s accounting policies included in the Annual Report.

Revenue from sale of therapies, net is presented by country / region based on the location of the end customer below (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

$ 103,693 $ 80,248 $ 295,538 $ 225,937

Revenue from sale of therapies, net for the three and six months ended June 30, 2025 included $ 5.2 million and $ 12.6 million, respectively (2024:

Revenue from sale of therapies, net for the three and nine months ended September 30, 2025 included $ 6.2 million and $ 18.8 million, respectively (2024:

$ 2.8 million and $ 10.1 million, respectively), of partnered revenue pursuant to the Company's separate agreements with Medison Pharma Ltd.

("Medison") and Er-Kim Pharmaceuticals Bulgaria EOOD ("Er-Kim").

("Medison") and Er-Kim Pharmaceuticals Bulgaria EOOD.

Revenue from these agreements is allocated between the Company's European and International markets.

Accounts receivable from contracts with customers

Accounts receivable as of June 30, 2025 and December 31, 2024 were $ 69.8 million and $ 63.0 million, respectively.

Accounts receivable as of September 30, 2025 and December 31, 2024 were $ 75.9 million and $ 63.0 million, respectively.

An allowance for lifetime expected credit losses on accounts receivable is measured using historical credit loss experience, conditions at the end of each reporting period, and reasonable and supportable forecasts that affect collectability.

Expected credit losses as of June 30, 2025 and December 31, 2024 were immaterial.

Expected credit losses as of September 30, 2025 and December 31, 2024 were immaterial.

Accruals for rebates, chargebacks and returns

Current and non-current accruals for rebates, chargebacks and returns as of June 30, 2025 were as follows (in thousands):

Current and non-current accruals for rebates, chargebacks and returns as of September 30, 2025 were as follows (in thousands):

Rebates Chargebacks Returns Total

3 unchanged sentences

Credits and payments made ( 51,534 ) ( 29,431 ) ( 8,110 ) ( 89,075 )

As of June 30, 2025 $ 146,175 $ 2,461 $ 832 $ 149,468

Included in the above are non-current accruals for rebates, chargebacks and returns of $ 83.4 million and $ 0 million as of June 30, 2025 and December 31, 2024, respectively, which are not required to be paid in the twelve months from the balance sheet date following additional information received in the six months ended June 30, 2025.

The adjustments related to prior period sales in the period ended June 30, 2025 were due to changes in estimates primarily related to European pricing negotiations.

As of September 30, 2025 $ 166,132 $ 2,765 $ 1,339 $ 170,236

Included in the above are non-current accruals for rebates, chargebacks and returns of $ 96.1 million and $ 0 million as of September 30, 2025 and December 31, 2024, respectively, which are not required to be paid in the twelve months from the balance sheet date following additional information received in the nine months ended September 30, 2025.

The adjustments related to prior period sales in the period ended September 30, 2025 were due to changes in estimates primarily related to European pricing negotiations.

Deferred revenue

Current and non-current deferred revenue as of June 30, 2025 and December 31, 2024 relates to a revised distribution agreement with Medison entered into in November 2022.

Current and non-current deferred revenue as of September 30, 2025 and December 31, 2024 relates to a revised distribution agreement with Medison entered into in November 2022.

Under the revised agreement, the Company received a non-refundable payment of $ 5.0 million in exchange for granting Medison exclusive distribution rights in South America.

4 unchanged sentences

Accrued expenses and other current liabilities consisted of the following (in thousands):

September 30,

2025 December 31,

10 unchanged sentences

Clinical accruals primarily represent unbilled work undertaken by contract research organizations as part of the advancement of the Company's clinical programs.

As of June 30, 2025, rebates, chargebacks and returns of $ 83.4 million were recorded in Accrued expenses, non-current, of which $ 45.9 million were reclassified from Accrued expenses and other current liabilities as of December 31, 2024 as they are no longer required to be paid in the twelve months from the balance sheet date following additional information received in the six months ended June 30, 2025.

As of September 30, 2025, rebates, chargebacks and returns of $ 96.1 million were recorded in Accrued expenses, non-current, of which $ 45.9 million were reclassified from Accrued expenses and other current liabilities as of December 31, 2024 as they are no longer required to be paid in the twelve months from the balance sheet date following additional information received in the nine months ended September 30, 2025.

Interest-bearing loans and borrowings

Interest-bearing loans and borrowings consisted of the following as of June 30, 2025 (in thousands):

Interest-bearing loans and borrowings consisted of the following as of September 30, 2025 (in thousands):

Principal Amount

10 unchanged sentences

Interest expense consisted of the following (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

10 unchanged sentences

The following table shows the total share-based compensation expense recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

10 unchanged sentences

Share options lapse on the tenth anniversary from the date of grant, and they are not subject to performance conditions or entitled to dividends.

As of June 30, 2025, the Company has reserved 6,139,943 authorized shares for future issuance under the EIP.

As of September 30, 2025, the Company has reserved 6,137,907 authorized shares for future issuance under the EIP.

Share option activity

7 unchanged sentences

( 82,270 ) 44.61

Outstanding as of June 30, 2025 10,740,649 $ 31.14 6.3 years $ 63,484

Exercisable as of June 30, 2025 7,833,332 $ 27.51 5.3 years $ 59,041

As of June 30, 2025, total unrecognized compensation expense related to share options granted but not vested was $ 31.8 million, which the Company expects to recognize over a remaining weighted-average period of 1.7 years.

Awards granted in the three and six months ended June 30, 2025 and 2024 have been valued using the Black-Scholes option pricing model.

Outstanding as of September 30, 2025 10,572,795 $ 31.20 6.1 years $ 103,826

Exercisable as of September 30, 2025 7,839,976 $ 27.98 5.2 years $ 90,487

As of September 30, 2025, total unrecognized compensation expense related to share options granted but not vested was $ 25.3 million, which the Company expects to recognize over a remaining weighted-average period of 1.6 years.

Awards granted in the three and nine months ended September 30, 2025 and 2024 have been valued using the Black-Scholes option pricing model.

The assumptions used in the models for share options granted were as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

2 unchanged sentences

$ 33.89 - $ 70.50

$ 46.05 - $ 70.05

Exercise price $ 33.28

1 unchanged sentence

$ 33.89 - $ 70.50

$ 46.05 - $ 70.05

Expected volatility 52.82 %

1 unchanged sentence

55.24 % - 66.17 %

Expected life 5.5 years

3 unchanged sentences

3.93 % - 4.56 %

Fair value $ 17.42

1 unchanged sentence

$ 18.53 - $ 40.47

$ 25.23 - $ 40.47

Restricted share unit activity

1 unchanged sentence

An RSU award represents the right to receive one of the Company’s ADSs upon vesting of the RSU.

The fair value of each RSU award is based on the closing price of the Company’s ADSs on Nasdaq on the date of grant.

The fair value of each RSU award is based on the closing price of the Company’s American Depositary Shares ("ADSs") on Nasdaq on the date of grant.

The number and weighted average fair value of RSUs were as follows:

4 unchanged sentences

Awards forfeited ( 14,780 ) 29.51

Unvested and outstanding as of June 30, 2025

Unvested and outstanding as of September 30, 2025

491,957 $ 29.71

As of June 30, 2025, total unrecognized compensation expense related to RSUs granted but not vested was $ 10.2 million, which the Company expects to recognize over a remaining weighted-average period of 2.2 years.

As of September 30, 2025, total unrecognized compensation expense related to RSUs granted but not vested was $ 9.0 million, which the Company expects to recognize over a remaining weighted-average period of 2.1 years.

Basic and diluted net loss per share

Basic and diluted net loss per share is calculated as follows (in thousands, except share and per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

Basic and diluted net (loss) income per share is calculated as follows (in thousands, except share and per share amounts):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Net (loss) income

$ ( 177 ) $ 8,736 $ ( 5,454 ) $ ( 27,316 )

Basic and diluted weighted-average number of shares outstanding

Basic weighted-average number of shares outstanding

50,403,717 50,021,939 50,262,697 49,971,267

Basic and diluted net loss per share

Adjustment for stock options with dilutive effect

— 2,786,495 — —

A total of 11,220,642 shares issuable upon the exercise of outstanding share options and vesting of RSUs as of June 30, 2025 (June 30, 2024:

9,640,204 ), have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect.

For the three and six months ended June 30, 2025, shares issuable upon the potential conversion of all of the Notes were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect.

Diluted weighted-average number of shares outstanding

50,403,717 52,808,434 50,262,697 49,971,267

Basic net (loss) income per share

$ ( 0.00 ) $ 0.17 $ ( 0.11 ) $ ( 0.55 )

Diluted net (loss) income per share

$ ( 0.00 ) $ 0.17 $ ( 0.11 ) $ ( 0.55 )

A total of 11,064,752 shares issuable upon the exercise of outstanding share options and vesting of RSUs for the three and nine months ended September 30, 2025 have been excluded from the calculation of diluted net (loss) income per share due to their anti-dilutive effect.

For the three and nine months ended September 30, 2024, there were 2,222,171 and 9,650,718 , respectively, shares issuable upon the exercise of options granted under the Company’s option plans excluded from the calculation for diluted earnings per share, because they are considered to be anti-dilutive.

For the three and nine months ended September 30, 2025, shares issuable upon the potential conversion of all of the Notes were excluded from the calculation of diluted net (loss) income per share due to their anti-dilutive effect.

Income tax expense is recognized at an amount determined by multiplying the net income (loss) before income taxes for the interim reporting period by the Company’s estimated annual effective tax rate, adjusted for the tax effect of certain items recognized in full in the interim period.

As such, the effective tax rate in the condensed consolidated financial statements may differ from the Company’s estimate of the effective tax rate for the Company’s consolidated financial statements for the year ending December 31, 2025 .

The Company’s consolidated estimated effective tax rate for the three and six months ended June 30, 2025 w as ( 6.3 )% and ( 46.1 )%, respectively.

During the three and six months ended June 30, 2025, the Company recorded a tax charge of $ 0.6 and $ 1.7 million respectively (June 30, 2024:

$ 1.5 and $ 1.8 million, respectively).

The Company’s consolidated estimated effective tax rate for the three and nine months ended September 30, 2025 w as 155.5 % and ( 64.9 )%, respectively.

During the three and nine months ended September 30, 2025, the Company recorded a tax charge of $ 0.5 million and $ 2.1 million, respectively (September 30, 2024:

tax benefit of $ 2.6 million and $ 0.8 million, respectively).

The Company benefits from the U.K.

1 unchanged sentence

Tax credits receivable under the RDEC regime are recorded "above the line" as a reduction from research and development expenses.

For the three and six months ended June 30, 2025 , the Company excluded the United Kingdom from the calculation of the annual estimated tax rate as the Company anticipates an ordinary loss in this jurisdiction for which no tax benefit can be recognized.

A net deferred tax asset o f $ 14.1 m illion has been recognized as of June 30, 2025 ( December 31, 2024 :

For the three and nine months ended September 30, 2025 , the Company excluded the United Kingdom from the calculation of the annual estimated tax rate as the Company anticipates an ordinary loss in this jurisdiction for which no tax benefit can be recognized.

A net deferred tax asset o f $ 14.3 m illion has been recognized as of September 30, 2025 ( December 31, 2024 :

$ 14.8 million) primarily representing research and development credits and share-based compensation for one of the Company’s U.S.

subsidiaries, Immunocore LLC, following an annual assessment, or periodically as required, of all available and applicable information, including its forecasts of costs and future profitability and the resulting ability to reverse the recognized deferred tax assets over a short period of time.

During the six months ended June 30, 2025, the Company received U.K.

During the nine months ended September 30, 2025, the Company received U.K.

tax credits of $ 6.8 million relating to research and development expenditure in the year ended December 31, 2023.

10 unchanged sentences

The following table summarizes the reportable segment's financial information (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

14 unchanged sentences

( 18,071 ) ( 19,009 ) ( 60,992 ) ( 56,801 )

Other segment expense, net (a)

Other segment (expense) income, net (a)

( 8,662 ) 5,512 ( 26,393 ) ( 15,685 )

Segment and consolidated net loss

Segment and consolidated net (loss) income

$ ( 177 ) $ 8,736 $ ( 5,454 ) $ ( 27,316 )

(a) Other segment expenses, net includes other internal R&D expenses, share-based compensation expense, R&D tax credits, interest income, interest expense, foreign currency (loss) gain, other income, net and income tax expense .

(a) Other segment expenses, net includes other internal R&D expenses, share-based compensation expense, R&D tax credits, interest income, interest expense, foreign currency gain, other income, net and income tax expense (benefit).

Commitments and contingencies

Lease commitments

The maturities of operating lease liabilities as of June 30, 2025 were as follows (in thousands):

The maturities of operating lease liabilities as of September 30, 2025 were as follows (in thousands):

Remainder of 2025

3 unchanged sentences

Present value of operating lease liabilities $ 43,275

Future lease commitments - leases not yet commenced

The Company has entered into a non-cancellable lease agreement for premises that will commence in 2028 and end in 2031, with total future minimum lease payments of $ 3.0 million.

This amount is not included in the present value of operating lease liabilities above as the lease had not commenced as of September 30, 2025.

Lease commencement during the period

During the nine months ended September 30, 2025, the Company commenced a new operating lease and recognized a non‑cash right‑of‑use asset of $ 1.2 million and a corresponding operating lease liability of $ 1.4 million.

The difference between the right‑of‑use asset and the lease liability primarily reflects a lease incentive, which reduces the initial carrying amount of the related right‑of‑use asset.

Manufacturing commitments

8 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