What changed in this filing

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Item 1. Financial Statements

2025-07-30 compared with 2025-05-05 · 117 added, 49 removed, 433 unchanged (28% of the section changed)

35 unchanged sentences

Accumulated other comprehensive income 12.5 5.8

(Accumulated deficit) Retained earnings

Retained earnings

Total stockholders’ equity 2,694.3 2,589.7

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(in millions, except per share data) 2025 2024 2025 2024

9 unchanged sentences

Operating income

Other (expense) income:

Unrealized (loss) gain on equity investments

145.6 145.4 169.2 244.7

Other income (expense):

Unrealized loss on equity investments

( 6.7 ) ( 19.9 ) ( 37.3 ) ( 18.3 )

Charges associated with convertible senior notes

— ( 49.7 ) — ( 138.4 )

Investment income and other, net 20.6 22.8 42.3 45.1

Total other expense, net

Total other income (expense), net

13.9 ( 46.8 ) 5.0 ( 111.6 )

Income before provision for income taxes

Provision for (Benefit from) income taxes

159.5 98.6 174.2 133.1

Provision for income taxes 52.0 33.6 58.8 24.7

Net income $ 107.5 $ 65.0 $ 115.4 $ 108.4

1 unchanged sentence

Unrealized gain (loss) on available-for-sale debt securities, net of tax

2.7 ( 0.9 ) 4.4 ( 4.1 )

Comprehensive income $ 111.0 $ 64.2 $ 122.1 $ 103.9

11 unchanged sentences

(in millions) Shares $ Total

Balance at December 31,2024

Balance at March 31, 2025

99.0 $ 0.1 $ 2,531.9 $ 9.0 $ ( 5.3 ) $ 2,535.7

6 unchanged sentences

( 0.2 ) — — — ( 17.7 ) ( 17.7 )

Balance at June 30, 2025

99.0 $ 0.1 $ 2,597.2 $ 12.5 $ 84.5 $ 2,694.3

Balance at March 31, 2024

100.6 $ 0.1 $ 2,496.4 $ 3.3 $ ( 113.7 ) $ 2,386.1

Net income — — — — 65.0 65.0

Other comprehensive loss, net of tax — — — ( 0.8 ) — ( 0.8 )

Stock-based compensation expense — — 43.1 — — 43.1

Issuances of common stock under stock plans 0.3 — 15.8 — — 15.8

Balance at June 30, 2024

100.9 $ 0.1 $ 2,555.3 $ 2.5 $ ( 48.7 ) $ 2,509.2

Balance at December 31, 2024

1 unchanged sentence

Net income — — — — 115.4 115.4

Other comprehensive income, net of tax

— — — 6.7 — 6.7

Stock-based compensation expense — — 105.6 — — 105.6

Issuances of common stock under stock plans 1.4 — 44.6 — — 44.6

Repurchases of common stock

( 1.8 ) — ( 107.6 ) — ( 60.1 ) ( 167.7 )

Balance at June 30, 2025

99.0 $ 0.1 $ 2,597.2 $ 12.5 $ 84.5 $ 2,694.3

Balance at December 31, 2023

98.7 $ 0.1 $ 2,382.0 $ 7.0 $ ( 157.1 ) $ 2,232.0

Net income — — — — 108.4 108.4

Other comprehensive loss, net of tax

— — — ( 4.5 ) — ( 4.5 )

Stock-based compensation expense — — 87.6 — — 87.6

Issuances of common stock under stock plans 2.2 — 85.7 — — 85.7

Balance at March 31, 2024

Balance at June 30, 2024

100.9 $ 0.1 $ 2,555.3 $ 2.5 $ ( 48.7 ) $ 2,509.2

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(in millions) 2025 2024

Cash flows from operating activities:

$ 115.4 $ 108.4

Adjustments to reconcile net income to net cash from operating activities:

1 unchanged sentence

Charges associated with convertible senior notes

Impairment charges associated with leased properties

Depreciation 12.9 11.7

3 unchanged sentences

Deferred income taxes ( 51.1 ) ( 56.9 )

Other 7.9 3.4

Non-cash lease expense

Change in operating assets and liabilities:

12 unchanged sentences

Repurchases of common stock

Payments to settle convertible senior notes

Cash flows from financing activities ( 121.2 ) ( 223.1 )

Effect of exchange rate changes on cash and cash equivalents 0.2 —

Change in cash, cash equivalents and restricted cash 31.0 ( 111.4 )

3 unchanged sentences

Accrued capital expenditures

Right-of-use assets acquired through operating leases $ 3.4 $ 9.0

Cash paid for interest $ — $ 1.6

Cash paid for income taxes $ 72.5 $ 92.8

34 unchanged sentences

We are responsible for all development, manufacturing, and commercialization costs of any collaboration product.

NBI-1117568 is a first-in-class, orally active, highly selective investigational M4 agonist in development as a potential treatment for schizophrenia.

In connection with the initiation of a Phase 3 clinical study for NBI-1117568 in schizophrenia in May 2025, we paid Nxera a milestone of $ 15.0 million, which was expensed as research and development (R&D) in the second quarter of 2025.

In connection with the successful completion of a long-term toxicity program for NBI-1117568 in April 2024, we paid Nxera a milestone of $ 15.0 million, which was expensed as R&D in the second quarter of 2024.

Under the terms of the agreement, Nxera may be entitled to receive potential future payments of up to $ 2.5 billion upon the achievement of certain event-based milestones and is entitled to receive royalties on the future net sales of any collaboration product.

16 unchanged sentences

Additionally, we are entitled to receive royalties from Takeda on the future net sales of osavampator in Japan.

In connection with the initiation of a Phase 3 clinical study for osavampator in major depressive disorder, we expensed a milestone of $ 37.5 million payable to Takeda as research and development (R&D) in the first quarter of 2025.

The milestone was paid in the second quarter of 2025.

Osavampator is a potential first-in-class alpha-amino-3-hydroxy-5-methyl-4-isoxazole propionic acid (AMPA) positive allosteric modulator (PAM) in development for patients with inadequate response to treatment of major depressive disorder (MDD).

In connection with the initiation of a Phase 3 clinical study for osavampator in MDD in January 2025, we paid Takeda a milestone of $ 37.5 million, which was expensed as R&D in the first quarter of 2025.

NBI-1070770 is a novel, selective, and orally active, negative allosteric modulator (NAM) of the NR2B subunit-containing N-methyl-D-aspartate (NMDA NR2B) receptor in development as a potential treatment for MDD.

In connection with the initiation of a Phase 2 clinical study for NBI-1070770 in MDD in April 2024, we paid Takeda a milestone of $ 7.5 million, which was expensed as R&D in the second quarter of 2024.

Takeda may be entitled to receive potential future payments of up to $ 0.7 billion upon the achievement of certain event-based milestones and is entitled to receive royalties on the future net sales of any royalty-bearing product.

10 unchanged sentences

We are responsible for all development and manufacturing costs of any collaboration product, subject to certain exceptions.

In connection with the initiation of a Phase 1 clinical study for NBI-921355, an investigational, selective inhibitor of voltage-gated sodium channels Na v 1.2 and Na v 1.6, as a potential treatment of certain types of epilepsy, we expensed a milestone of $ 7.5 million payable to Xenon as R&D in the first quarter of 2025.

The milestone was paid in the second quarter of 2025.

NBI-921355 is an investigational, selective inhibitor of voltage-gated sodium channels Na v 1.2 and Na v 1.6 in development as a potential treatment of certain types of epilepsy.

In connection with the initiation of a Phase 1 clinical study to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of NBI-921355 in healthy adult participants in February 2025, we paid Xenon a milestone of $ 7.5 million in the second quarter of 2025, which was expensed as R&D in the first quarter of 2025.

Under the terms of the agreement, Xenon may be entitled to receive potential future payments of up to $ 1.7 billion upon the achievement of certain event-based milestones and is entitled to receive royalties on the future net sales of any collaboration product.

6 unchanged sentences

2019 Voyager Agreement

In 2019, we entered into a collaboration and license agreement with Voyager (the 2019 Voyager Agreement), pursuant to which we retain certain rights to develop and commercialize the Friedreich’s ataxia (FA) program and two undisclosed programs.

In 2019, we entered into a collaboration and license agreement with Voyager (the 2019 Voyager Agreement), pursuant to which we obtained certain rights to develop and commercialize product candidates, including the rights to gene therapy product candidates for the treatment of Friedreich’s ataxia (FA) and two undisclosed programs.

In April 2025, we mutually agreed with Voyager to discontinue the two undisclosed programs and the rights to the targets selected under these programs returned to Voyager.

We are responsible for all development and commercialization costs of any collaboration product under the 2019 Voyager Agreement, subject to certain co-development and co-commercialization rights retained by Voyager.

In connection with the 2019 Voyager Agreement, we purchased 4.2 million shares (at $ 11.9625 per share) of Voyager common stock (the 2019 Voyager Shares), which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement (defined below).

In connection with the selection of a development candidate under the FA program pursuant to our collaboration with Voyager, we expensed a milestone of $ 5.0 million as R&D in the first quarter of 2024.

In connection with the selection of a development candidate under the FA program pursuant to our collaboration with Voyager, we paid Voyager a milestone of $ 5.0 million, which was expensed as R&D in the first quarter of 2024.

Under the terms of the 2019 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $ 0.5 billion upon the achievement of certain event-based milestones and is entitled to receive royalties on the future net sales of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager.

12 unchanged sentences

With respect to collaboration products subject to the three gene therapy programs directed to rare CNS targets, we are responsible for all development and commercialization costs for any such products.

In connection with the 2023 Voyager Agreement, we purchased 4.4 million shares (at $ 8.88 per share) of Voyager common stock (the 2023 Voyager Shares), which are subject to certain transfer, beneficial ownership, and voting restrictions for a period of up to three years from the effective date of the 2023 Voyager Agreement.

In addition, as part of the collaboration, Jude Onyia, Ph.D., Chief Scientific Officer of Neurocrine Biosciences, was appointed to Voyager's board of directors.

Onyia (or another individual designated by us) will be nominated for election to Voyager's board of directors annually for a maximum duration of 10 years from the effective date of the 2023 Voyager Agreement.

Our equity investment in Voyager became subject to the equity method of accounting, and Voyager became a related party, following our purchase of the 2023 Voyager Shares, after which, together with the 2019 Voyager Shares, we owned approximately 19.9 % of the voting stock of Voyager.

As a result, our equity investment in Voyager became subject to the equity method of accounting, and Voyager became a related party, following our purchase of the 2023 Voyager Shares, after which, together with the 2019 Voyager Shares, we owned approximately 19.9 % of the voting stock of Voyager.

We elected the fair value option to account for our equity investment in Voyager as we believe it creates greater transparency regarding the investment's fair value at future reporting dates.

In connection with the selection of a development candidate under the GBA1 program pursuant to our collaboration with Voyager, we paid Voyager a milestone of $ 3.0 million, which was expensed as R&D in the second quarter of 2024.

Under the terms of the 2023 Voyager Agreement, Voyager may be entitled to receive potential future payments of up to $ 6.1 billion upon the achievement of certain event-based milestones and is entitled to receive royalties on the future net sales of any collaboration product, subject to certain co-development and co-commercialization rights retained by Voyager.

1 unchanged sentence

We may terminate the 2023 Voyager Agreement upon 180 days’ written notice to Voyager prior to the first commercial sale of any collaboration product under the 2023 Voyager Agreement or upon one year after the date of notice if such notice is provided after the first commercial sale of any collaboration product under the 2023 Voyager Agreement.

In 2014, we entered into a license agreement with Sanofi, pursuant to which we acquired the global rights to develop and commercialize certain corticotropin-releasing factor type 1 receptor (CRF1) antagonists, including crinecerfont.

We launched CRENESSITY TM (crinecerfont) in the U.S.

In 2014, we entered into a license agreement with Sanofi, pursuant to which we acquired the global rights to develop and commercialize certain corticotropin-releasing factor type 1 (CRF-1) receptor antagonists, including crinecerfont.

We launched CRENESSITY ® (crinecerfont) in the U.S.

as a first-in-class U.S.

17 unchanged sentences

Under the terms of our license agreement with AbbVie, we may be entitled to receive potential future payments of up to $ 366.0 million upon the achievement of certain event-based milestones and are entitled to receive royalties at tiered percentage rates on future AbbVie net sales of elagolix for the longer of 10 years or the life of the related patent rights.

We recognized royalty revenue of $ 6.7 million and $ 3.0 million, respectively, on AbbVie net sales of elagolix for the first quarter of 2025 and 2024.

AbbVie may terminate the agreement upon 180 days’ written notice to us.

18 unchanged sentences

Our investment portfolio is maintained in accordance with our investment policy, which defines allowable investments, specifies credit quality standards, and limits the credit exposure of any single issuer.

As of March 31, 2025 and December 31, 2024, we held available-for-sale debt securities with a total fair value of $ 317.3 million and $ 458.7 million, respectively, that were in unrealized loss positions totaling $ 0.6 million and $ 1.7 million, respectively.

Available-for-sale debt securities that had been in unrealized loss positions for longer than twelve months were not significant as of March 31, 2025 or December 31, 2024.

As of June 30, 2025 and December 31, 2024, we held available-for-sale debt securities with a total fair value of $ 401.8 million and $ 458.7 million, respectively, that were in unrealized loss positions totaling $ 0.5 million and $ 1.7 million, respectively.

Available-for-sale debt securities that had been in unrealized loss positions for longer than twelve months were not significant as of June 30, 2025 or December 31, 2024.

Unrealized losses on available-for-sale debt securities are primarily caused by changes in interest rates.

Our investments in available-for-sale debt securities are of high credit quality, and we do not intend to sell these investments and it is not more likely than not that we will be required to sell these investments before their maturity.

Accrued interest receivables on available-for-sale debt securities totaled $ 14.5 million and $ 14.4 million, respectively, as of March 31, 2025 and December 31, 2024 and are included in other current assets on the condensed consolidated balance sheets.

Accrued interest receivables on available-for-sale debt securities totaled $ 16.7 million and $ 14.4 million, respectively, as of June 30, 2025 and December 31, 2024 and are included in other current assets on the condensed consolidated balance sheets.

We do not measure an allowance for credit losses for accrued interest receivables.

3 unchanged sentences

The following table presents the percent of total gross product sales for each of our customers who individually accounted for 10% or more of total gross product sales.

Three Months Ended

(in millions) 2025 2024

Six Months Ended

Customer A 41 % 43 %

2 unchanged sentences

The following table presents the percent of total accounts receivable for each of our customers who individually accounted for 10% or more of total accounts receivable.

(in millions) March 31,

2025 December 31,

6 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(in millions, except per share data) 2025 2024 2025 2024

12 unchanged sentences

The following table presents supplemental operating lease information for operating leases that have commenced.

Three Months Ended

Six Months Ended

(in millions, except weighted average data) 2025 2024

7 unchanged sentences

Restricted cash related to letters of credit issued in lieu of cash security deposits $ 7.8 $ 7.8

The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of March 31, 2025.

The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of June 30, 2025.

(in millions) Operating

9 unchanged sentences

(1) Amounts presented in the table above exclude $ 1.5 million for 2025, $ 3.0 million for 2026, and $ 1.5 million for 2027 of approximate non-cancelable future minimum lease payments under operating leases that have not yet commenced.

New Campus Facility

On February 8, 2022, we entered into a lease agreement for a four-building campus facility to be constructed in San Diego, California, including a six-year option for the construction of a fifth building.

This campus facility, comprised of office space and research and development laboratories, now serves as our new corporate headquarters.

The construction of the new campus facility was phased.

In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $ 199.0 million and operating lease liabilities of $ 189.8 million in December 2023.

In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $ 258.9 million and operating lease liabilities of $ 211.7 million in October 2024.

Impairment of ROU Assets

From time to time, we reassess the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continued to occupy our new campus facility.

For asset groups where impairment is triggered, we use discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups.

The significant assumptions used in the discounted cash flows models include projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflect a market participant's assumptions in valuing the asset groups.

We recognized impairment charges totaling $ 14.0 million in the second quarter of 2024, of which $ 11.3 million and $ 2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties.

Impairment charges were not significant for the first six months of 2025.

Stockholders’ Equity

1 unchanged sentence

In February 2025, our Board of Directors authorized a new share repurchase program (the 2025 Repurchase Program) under which we may repurchase up to $ 500.0 million of our common stock, subject to market conditions.

Under the 2025 Repurchase Program, we repurchased 1.4 million shares on the open market for a cost of $ 150.0 million during the first quarter of 2025.

As of March 31, 2025, we had $ 350.0 million remaining under the 2025 Repurchase Program.

Under the 2025 Repurchase Program, we repurchased 1.5 million shares on the open market for a cost of $ 167.7 million during the first six months of 2025.

As of June 30, 2025, we had $ 332.3 million remaining under the 2025 Repurchase Program.

Under the 2025 Repurchase Program, share repurchases may be made from time to time at management's discretion through a variety of methods, such as open-market transactions including pre-set trading plans, privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws.

Shares repurchased under the 2025 Repurchase Program are retired immediately, resulting in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares for both basic and diluted earnings per share, and included in the category of authorized but unissued shares.

The excess of the purchase price over the par value of the common shares was recorded as a reduction to additional paid-in capital.

The excess of the purchase price over the par value of the common shares was recorded as reductions to retained earnings and additional paid-in capital.

In November 2024, we entered into an accelerated share repurchase transaction (the 2024 Repurchase Program) with a third-party financial institution to repurchase an aggregate of $ 300.0 million of our common stock.

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(in millions, except per share data)

2025 2024 2025 2024

Total number of shares repurchased

Amount repurchased

$ 17.7 $ — $ 227.2 $ —

Average price per share

$ 119.36 $ — $ 127.31 $ —

Intangible Assets

1 unchanged sentence

2025 December 31,

(dollars in millions) Gross Carrying Amount Accumulated Amortization Net

(in millions)

Gross Carrying Amount Accumulated Amortization Net

Carrying Amount Gross Carrying Amount Accumulated Amortization Net

8 unchanged sentences

(2) Acquired IPR&D is considered indefinite lived until the completion or abandonment of the associated research and development efforts.

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of March 31, 2025.

The following table presents approximate future annual amortization expense for our finite-lived intangible assets as of June 30, 2025.

(in millions) Amount

14 unchanged sentences

Subsequent changes in the fair value of the derivative liability and accretion of the associated debt discount were recorded in other expense, net on the condensed consolidated statements of income and comprehensive income.

The following table presents a summary of charges recognized in connection with the bifurcation of the conversion feature of the 2024 Notes in the first quarter of 2024.

During the second quarter of 2024, holders of the 2024 Notes converted $ 169.8 million in aggregate principal amount of the 2024 Notes for $ 308.2 million in cash, reflecting a conversion premium of $ 138.4 million calculated based on the per share volume-weighted average price (VWAP) for each of the 30 consecutive trading days during the observation period (as more fully described in the 2017 Indenture).

The 2024 Notes were settled in full upon maturity on May 15, 2024.

The following table presents a summary of charges recognized in connection with the bifurcation of the conversion feature of the 2024 Notes and conversions of the 2024 Notes by holders during the first six months of 2024.

(in millions)

1 unchanged sentence

Change in fair value of derivative liability 9.6

Loss on extinguishment of convertible senior notes 2.2

Charges associated with convertible senior notes $ 138.4

The 2024 Notes were settled in full upon maturity on May 15, 2024.

Other Balance Sheet Details

Supplemental Financial Information

Inventory consisted of the following:

(in millions) March 31,

(in millions) June 30,

2025 December 31,

6 unchanged sentences

Prior to FDA approval of CRENESSITY in December 2024, all costs related to its manufacturing were expensed as R&D in the period incurred.

As a result, our physical inventories as of March 31, 2025 and December 31, 2024 included active pharmaceutical product with no cost basis.

Costs related to the manufacturing of bulk drug product, finished bottling, and other labeling activities that occurred post-FDA approval are included in the inventory values as of March 31, 2025 and December 31, 2024.

As a result, our physical inventories as of June 30, 2025 and December 31, 2024 included active pharmaceutical product with no cost basis.

Accounts payable and accrued liabilities consisted of the following:

(in millions) March 31,

(in millions) June 30,

2025 December 31,

Sales rebates and reserves $ 175.6 $ 144.2

Accrued development costs (including unpaid development milestones)

Accrued employee related costs 84.6 107.5

Accrued development costs (including unpaid development milestones)

Current branded prescription drug fee 38.0 49.2

3 unchanged sentences

Other noncurrent liabilities consisted of the following:

(in millions) March 31,

(in millions) June 30,

2025 December 31,

4 unchanged sentences

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

(in millions) March 31,

2025 March 31,

(in millions) June 30,

2025 June 30,

Cash and cash equivalents $ 264.0 $ 139.7

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

2 unchanged sentences

Other revenues (1)

9.9 10.7 22.8 20.0

Total revenues 687.5 590.2 1,260.1 1,105.5

5 unchanged sentences

Other research and development (2)

36.4 19.8 71.3 37.9

Total research and development 244.3 191.1 507.5 350.5

1 unchanged sentence

Selling, general, and administrative 286.3 242.0 562.8 485.1

Unrealized loss (gain) on equity investments 30.6 ( 1.6 )

Unrealized loss on equity investments

6.7 19.9 37.3 18.3

Charges associated with convertible senior notes — 49.7 — 138.4

1 unchanged sentence

( 20.6 ) ( 22.8 ) ( 42.3 ) ( 45.1 )

Provision for (Benefit from) income taxes 6.8 ( 8.9 )

Provision for income taxes

52.0 33.6 58.8 24.7

$ 107.5 $ 65.0 $ 115.4 $ 108.4

_________________________

(1) Other revenues primarily consist of net product sales for ALKINDI and EFMODY and royalties earned on AbbVie net sales of elagolix and MTPC net sales of valbenazine.

8 unchanged sentences

District Court for the District of New Jersey in April 2025 against Zydus seeking to prevent Zydus from selling a generic version of INGREZZA SPRINKLE.

In January 2025, we filed suit in the United States District Court for the District of Delaware against Spruce Biosciences, Inc.

(Spruce), seeking to invalidate one of Spruce’s patents.

In January 2025, we filed suit in the U.S.

District Court for the District of Delaware against Spruce Biosciences, Inc.

(Spruce), seeking a declaratory judgement of invalidity of one of Spruce’s patents.

In June 2025, the Court dismissed the case without prejudice for lack of case or controversy.

In addition, we have initiated (1) administrative proceedings against another Spruce patent in the U.S.

3 unchanged sentences

Given the unpredictability inherent in litigation, however, we cannot predict the outcome of these matters.

Subsequent Events

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the OBBBA).

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100 % bonus depreciation, domestic research cost expensing, and the business interest expense limitation.

ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted.

Given the date of enactment, the effects of the OBBBA, which we are still evaluating, will be reflected in our Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

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