What changed in this filing

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Item 1. Financial Statements

2022-11-10 compared with 2022-08-10 · 117 added, 71 removed, 433 unchanged (30% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2022

September 30, 2022

December 31, 2021

17 unchanged sentences

Long-term liabilities:

Other liabilities, non-current

Lease liabilities, non-current

3 unchanged sentences

Preferred stock, $ 0.001 par value;

10,000,000 shares authorized at June 30, 2022 and December 31, 2021;

0 shares issued or outstanding at June 30, 2022 and December 31, 2021

Class A common stock, $ 0.001 par value, 200,000,000 shares authorized at June 30, 2022 and December 31, 2021;

26,392,299 and 26,320,199 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

Class B common stock, $ 0.001 par value, 20,000,000 shares authorized at June 30, 2022 and December 31, 2021;

0 shares issued and outstanding at June 30, 2022 and December 31, 2021

10,000,000 shares authorized at September 30, 2022 and December 31, 2021;

0 shares issued or outstanding at September 30, 2022 and December 31, 2021

Class A common stock, $ 0.001 par value, 200,000,000 shares authorized at September 30, 2022 and December 31, 2021;

26,404,732 and 26,320,199 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

Class B common stock, $ 0.001 par value, 20,000,000 shares authorized at September 30, 2022 and December 31, 2021;

0 shares issued and outstanding at September 30, 2022 and December 31, 2021

Additional paid-in capital

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Cost of revenue

11 unchanged sentences

Interest income

Other expense

Other income (expense)

( 12,844,330 )

5 unchanged sentences

Other comprehensive loss:

Unrealized losses from marketable securities

Unrealized gains/(losses) from marketable securities

Comprehensive Loss

33 unchanged sentences

( 35,185,780 )

Conversion of Preferred Stock into common stock

( 6,032,145 )

( 61,772,761 )

( 2,495,933 )

( 21,119,940 )

( 82,892,701 )

Issuance of common stock upon exercise of stock options

Issuance of common stock upon initial public offering, net of issuance costs ( $ 2,124,317 )

Stock-based compensation expense

( 8,534,073 )

Other comprehensive loss

Balance at September 30, 2021

( 48,489,029 )

Convertible Preferred Stock

23 unchanged sentences

( 83,697,065 )

Issuance of common stock upon exercise of stock options

Stock-based compensation expense

( 12,844,330 )

Other comprehensive gain

Balance at September 30, 2022

( 96,541,395 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 and 2021

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2021

Cash flows from operating activities:

6 unchanged sentences

Stock based compensation expense

Net amortization of premium (accretion of discount) on marketable securities

Net amortization of premium on marketable securities

Change in assets and liabilities:

2 unchanged sentences

Prepaid expenses and other current assets

( 3,122,547 )

Increase (decrease) in:

1 unchanged sentence

Accrued expenses

( 1,727,466 )

Lease liability

7 unchanged sentences

( 37,726,144 )

( 52,760,299 )

Maturities of marketable securities

Net cash provided by (used in) investing activities

( 52,808,033 )

Cash flows from financing activities:

1 unchanged sentence

Proceeds from the issuance of Series B preferred stock, net of issuance costs

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

Payment of initial public offering costs

( 2,124,317 )

Payment of offering costs

Proceeds from exercise of warrants

4 unchanged sentences

Supplemental disclosures of noncash information:

Conversion of convertible Series A and B preferred stock into common stock

Reduction of right of use asset and lease liability in connection with lease modification

5 unchanged sentences

Immuneering Corporation, a Delaware corporation, (“Immuneering” or the “Company”) was incorporated in 2008.

The Company aims to improve patient outcomes by advancing a pipeline of product candidates designed to benefit large populations of patients with cancer and other diseases, developed using the Company’s translational bioinformatics platform.

The Company aims to create medicines for all patients with solid tumors driven by RAS mutations and other MAPK pathway activation events.

The Company has more than a decade of experience applying translational bioinformatics to generate insights into drug mechanism of action and patient treatment response.

13 unchanged sentences

To date, the Company has funded its operations through service revenues, and with proceeds from the sale of its capital stock and convertible notes and, most recently, with proceeds from the IPO.

The Company has incurred recurring losses over the past several years and as of June 30, 2022, the Company had an accumulated deficit of $ 83,697,065 .

The Company has incurred recurring losses over the past several years and as of September 30, 2022, the Company had an accumulated deficit of $ 96,541,395 .

The Company expects to continue to generate operating losses for the foreseeable future.

3 unchanged sentences

If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations.

Management considers that there are no conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and estimates that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the consolidated financial statements.

The full extent to which coronavirus (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial

condition, including expenses and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and its variants and the actions taken to contain or treat COVID-19 and its variants, as well as the economic impact on local, regional, national and international markets.

Management considered whether or not there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, and concluded that there are none as it estimates that its cash and cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the consolidated financial statements.

The full extent to which coronavirus (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and its variants and the actions taken to contain or treat COVID-19 and its variants, as well as the economic impact on local, regional, national and international markets.

The Company has considered potential impacts arising from the pandemic related to COVID-19 and its variants and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgements or revise the carrying values of its assets or liabilities.

25 unchanged sentences

There were no impairments in 2021.

Subsequent to December 31, 2021, the Company’s market capitalization has declined which may be an indicator of impairment.

The Company will continue to assess the impact of its market capitalization and any other indicators of potential impairment.

It is possible that if the Company’s market capitalization decline is more than temporary, or if other indicators of impairment are identified, an interim impairment analysis may be necessary, which could result in an impairment of goodwill, intangible assets and other long-lived assets in 2022.

There were no triggering events identified in the third quarter.

Deferred Offering Costs

The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated.

These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity.

Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses.

On August 10, 2022, the Company entered into an Equity Distribution Agreement (“the Sales Agreement”) with Piper Sandler & Co, (“the Sales Agent”) to sell shares of the Company’s common stock, par value $ 0.001 per share, with aggregate gross sales proceeds of up to $ 50 million, from time to time, through an “at the market” equity offering program.

Deferred offering costs associated with the Sales Agreement are reclassified to additional paid in capital on a pro-rata basis when the Company completes offerings under the Sales Agreement.

Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned.

The Company had approximately $ 0.3 million and $ 0 of deferred offering costs as of September 30, 2022 and 2021, respectively.

Recently Issued Accounting Pronouncements

14 unchanged sentences

Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.

Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1).

Instead, entities will record an impairment charge

based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1).

This update is effective for annual and interim impairment tests performed in periods beginning after December 15, 2022.

5 unchanged sentences

The Company assesses its available-for-sale marketable securities for impairment on a quarterly basis.

There were no impairments of the Company’s available-for-sale marketable securities measured and carried at fair value during the three and six months ended June 30, 2022 or 2021.

There were no impairments of the Company’s available-for-sale marketable securities measured and carried at fair value during the three and nine months ended September 30, 2022 or 2021.

Realized gains and losses are included in other expense on a specific-identification basis.

There were no realized gains or losses on marketable securities for the three and six months ended June 30, 2022 or 2021.

Marketable securities as of June 30, 2022 consisted of the following:

June 30, 2022

There were no realized gains or losses on marketable securities for the three and nine months ended September 30, 2022 or 2021.

Marketable securities as of September 30, 2022 consisted of the following:

September 30, 2022

Amortized Cost

12 unchanged sentences

Total Current

Government securities

Total Non-current

7 unchanged sentences

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of June 30, 2022:

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of September 30, 2022:

Cash equivalents

Commercial paper

Total cash equivalents

6 unchanged sentences

The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value.

After completing our valuation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2022.

There have been no changes to the valuation methods during the three months ended June 30, 2022.

There were no transfers between Level 1 and Level 2 and we had no financial assets or liabilities that were classified as Level 3 at any point during the six months ended June 30, 2022.

After completing our valuation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of September 30, 2022.

There have been no changes to the valuation methods during the nine months ended September 30, 2022.

There were no transfers between Level 1 and Level 2 and we had no financial assets or liabilities that were classified as Level 3 at any point during the nine months ended September 30, 2022.

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2021:

9 unchanged sentences

Property and equipment, net consisted of the following:

September 30,

Computer equipment

4 unchanged sentences

Property and equipment, net

Depreciation expense totaled $ 54,560 and $ 9,807 for the three months ended June 30, 2022 and 2021, respectively.

Depreciation expense totaled $ 102,263 and $ 18,674 for the six months ended June 30, 2022 and 2021, respectively.

Depreciation expense totaled $ 68,075 and $ 11,978 for the three months ended September 30, 2022 and 2021, respectively.

Depreciation expense totaled $ 170,337 and $ 30,652 for the nine months ended September 30, 2022 and 2021, respectively.

Note 6 – Business Combination

2 unchanged sentences

BioArkive is a San Diego based contract research organization that has previously provided preclinical research services and biosample storage to the Company and other biotechnology companies.

BioArkive is in the process of being fully integrated into the Company to exclusively support the Company's internal preclinical research activities for its oncology pipeline.

BioArkive has been fully integrated into the Company to exclusively support the Company's internal preclinical research activities for its oncology pipeline.

In connection with the acquisition, the Company has assumed the obligations under BioArkive’s three lease agreements.

4 unchanged sentences

The fair value of the purchase price in the acquisition was $ 7,875,000 .

Prior to the acquistion, Brett Hall, Chief Scientific Officer of Immuneering and the Founder and Chairman of the board of directors of BioArkive, held the majority of the outstanding shares of BioArkive capital stock.

Prior to the acquisition, Brett Hall, Chief Scientific Officer of Immuneering and the Founder and Chairman of the board of directors of BioArkive, held the majority of the outstanding shares of BioArkive capital stock.

BioArkive provided contract services to the Company.

24 unchanged sentences

Accrued expenses consisted of the following:

September 30,

Accrued professional services

7 unchanged sentences

The Company incurred issuance costs of $ 10,935 in connection with the second tranche of Series B Preferred Stock.

Upon the closing of the IPO on August 3, 2021, all 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock.

Upon the closing of the IPO on August 3, 2021, all 8,528,078 shares of the Company’s convertible Series A and B Preferred Stock then outstanding automatically converted into 11,939,281 shares of Class A common stock.

Note 9 - Common Stock

The Company had 200,000,000 authorized shares of Class A common stock, $ 0.001 par value per share as of June 30, 2022 and December 31, 2021 of which 26,392,299 and 26,320,199 were issued and outstanding , respectively.

The Company had 200,000,000 authorized shares of Class A common stock, $ 0.001 par value per share as of September 30, 2022 and December 31, 2021 of which 26,404,732 and 26,320,199 were issued and outstanding , respectively.

The holders of Class A common stock are entitled one vote for each share of common stock.

Dividends may be paid when, and if declared by the Board of Directors, subject to the limitations, powers and preferences granted to the Preferred Stockholders and on a proportionate basis with holders of Class B common stock.

As of June 30, 2022 and December 31, 2021, the following number of shares of Class A common stock have been reserved:

As of September 30, 2022 and December 31, 2021, the following number of shares of Class A common stock have been reserved:

September 30,

Exercise of common stock options

The Company had 20,000,000 authorized shares of Class B common stock, $ 0.001 par value per share as of June 30, 2022 and December 31, 2021, of which no shares have been issued nor are outstanding.

The Company had 20,000,000 authorized shares of Class B common stock, $ 0.001 par value per share as of September 30, 2022 and December 31, 2021, of which no shares have been issued nor are outstanding.

The holders of Class B common stock have no voting rights.

7 unchanged sentences

and (iii) authorize the Board of Directors to establish the rights, preferences and restrictions on any unissued series of Preferred Stock.

Equity Offering

On August 10, 2022, the Company entered into the Sales Agreement with the Sales Agent to sell shares of the Company’s common stock, par value $ 0.001 per share, with aggregate gross sales proceeds of up to $ 50 million, from time to time, through an “at the market” equity offering program.

Subject to the terms and conditions of the Sales Agreement, the Sales Agent may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made through The Nasdaq Global Market, on any other existing trading market for the common stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions.

The Company or Sales Agent may terminate the Sales Agreement upon notice to the other party and subject to other conditions.

The Company will pay the Sales Agent a commission equal to 3.0 % of the gross proceeds of any Common Stock sold through the Sales Agent under the Sales Agreement and has provided the Sales Agent with customary indemnification rights.

Issuance costs incurred related to the Sales Agreement are classified as long-term assets on the balance sheet at September 30, 2022.

The Company had approximately $ 0.3 million and $ 0 of deferred offering costs as of September 30, 2022 and 2021, respectively.

No shares were sold during the three and nine months ended September 30, 2022.

Note 10 - Net Loss Per Share Attributable to Common Stockholders

3 unchanged sentences

The Company’s participating securities include the Company’s Preferred Stock, as the holders are entitled to receive noncumulative dividends in the event that a dividend is paid on common stock.

The holders of Preferred Stock do not have

a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.

The holders of Preferred Stock do not have a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase.

1 unchanged sentence

The Company has reported net losses for all periods presented, therefore diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Basic and diluted net loss per share attributable to common stockholders was calculated at June 30, 2022 and 2021 as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Basic and diluted net loss per share attributable to common stockholders was calculated at September 30, 2022 and 2021 as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

( 12,844,330 )

5 unchanged sentences

Net loss per share - basic and diluted

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at June 30, 2022 and 2021:

Options to purchase common stock

3 unchanged sentences

The options typically vest over a four -year period.

As of June 30, 2022, the maximum number of shares available for issuance under the Incentive Plan was 2,825,173 shares.

As of September 30, 2022, the maximum number of shares available for issuance under the Incentive Plan was 2,825,173 shares.

Upon the effectiveness of the Company’s 2021 Incentive Award Plan, the Company ceased granting awards under the Incentive Plan.

4 unchanged sentences

No more than 15,350,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options.

Shares issued under the 2021 Plan may be authorized but unissued shares,

shares purchased on the open market or treasury shares.

Shares issued under the 2021 Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares.

If an award under the 2021 Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the 2021 Plan.

In addition, shares subject to stock options issued under the Incentive Plan may become available for issuance under the 2021 Plan to the extent such stock options are canceled, forfeited, exchanged, settled in cash or otherwise terminated.

As of June 30, 2022, there were 2,311,230 shares available for future issuance under the 2021 Plan.

As of September 30, 2022, there were 2,528,225 shares available for future issuance under the 2021 Plan.

On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on July 29, 2021.

1 unchanged sentence

The number of shares of Class A common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 1 % of the shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the board of directors, provided that not more than 3,340,000 shares of Class A common stock may be issued under the 2021 ESPP.

As of June 30, 2022, no shares had been issued under the 2021 ESPP.

During the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $ 1,052,421 and $ 1,950,071 , respectively.

During the three and six months ended June 30, 2021, the Company recognized stock-based compensation expense of $ 351,009 and $ 533,234 , respectively.

As of June 30, 2022, compensation expense remaining to be recognized for outstanding stock options was $ 12,585,048 and to be recognized over a weighted-average period of 2.83 years.

As of September 30, 2022, no shares had been issued under the 2021 ESPP.

During the three and nine months ended September 30, 2022, the Company recognized stock-based compensation expense of $ 1,066,212 and $ 3,016,283 , respectively.

During the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $ 636,806 and $ 1,170,040 , respectively.

As of September 30, 2022, compensation expense remaining to be recognized for outstanding stock options was $ 10,147,422 and to be recognized over a weighted-average period of 2.60 years.

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

1 unchanged sentence

Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer public companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price.

For the six months ended June 30, 2022, the Company granted 1,067,410 shares of stock options at a weighted-average grant date fair value of $ 9.50 .

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the six months ended June 30, 2022 and 2021:

Six Months Ended June 30,

For the nine months ended September 30, 2022, the Company granted 1,099,810 shares of stock options at a weighted-average grant date fair value of $ 9.39 .

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the nine months ended September 30, 2022 and 2021:

Nine Months Ended September 30,

Weighted-average risk-free interest rate

8 unchanged sentences

68.92 % - 80.99 %

The following table summarizes the stock option activity during the six months ended June 30, 2022 under the Plan:

The following table summarizes the stock option activity during the nine months ended September 30, 2022 under the Plan:

Exercise Price

2 unchanged sentences

Outstanding at of December 31, 2021

Outstanding at June 30, 2022

Vested and exercisable at June 30, 2022

Vested and expected to vest at June 30, 2022

For the three months ended June 30, 2022 and 2021, the Company recognized share-based compensation expense recognized on the accompanying condensed consolidated statements of operations as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Outstanding at September 30, 2022

Vested and exercisable at September 30, 2022

Vested and expected to vest at September 30, 2022

For the three and nine months ended September 30, 2022 and 2021, the Company recognized share-based compensation expense recognized on the accompanying condensed consolidated statements of operations as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

Cost of revenue

5 unchanged sentences

The Cambridge and San Francisco leases are on a month-to-month basis, requiring one month’s notice before termination.

The New York lease is renewable on an annual basis and the last renewal extended the lease term until March 31, 2023.

The New York lease is renewable on an annual basis and the last renewal extended

the lease term until March 31, 2023.

These lease agreements include payments for lease and non-lease components and the Company has elected to not separate such components and these payments were recognized as rent expense.

As of June 30, 2022, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts, New York, New York and San Francisco, California was $ 39,600 due in 2022.

As of September 30, 2022, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts, New York, New York and San Francisco, California was $ 26,556 due in 2022.

In October 2020, the Company entered into an office lease (“Via Frontera Lease”) in San Diego, California with a lease term of 67 months .

3 unchanged sentences

This was accounted for as a lease modification which reduces the term of the existing lease and the Company adjusted the value of its right-of-use asset and operating lease liability by $ 347,739 using an incremental borrowing rate of approximately 6 % .

The modification is reflected as a non-cash operating activity in the statement of cash flows for the six months ended June 30, 2022.

The modification is reflected as a non-cash operating activity in the statement of cash flows for the nine months ended September 30, 2022.

The Company subsequently entered into a sublease of the Via Frontera Lease, the term of which commenced in March 2022 and continues through the full remaining obligation.

4 unchanged sentences

In February 2022, the Company entered into a sublease of the Site 2 Lease, the term of which continues through the remaining term of the Site 2 Lease.

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at June 30, 2022 were as follows:

In August 2022, the Company terminated the Site 2 lease and sublease early as the building was sold.

As such, the remaining right-of-use asset and lease liability were written off during the quarter ended September 30, 2022.

This is reflected as a non-cash operating activity in the statement of cash flows for the nine months ended September 30, 2022.

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at September 30, 2022 were as follows:

Remainder of 2022

6 unchanged sentences

Total lease liability

Quantitative information regarding the Company’s leases for the six months ended June 30, 2022 and 2021 is as follows:

Quantitative information regarding the Company’s leases for the nine months ended September 30, 2022 and 2021 is as follows:

September 30,

Operating lease cost

17 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