What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-08 compared with 2024-11-12 · 103 added, 205 removed, 166 unchanged (65% of the section changed)

25 unchanged sentences

ability to maintain compliance with the Nasdaq listing standards;

ability to generate revenues from our products and obtain and maintain regulatory approvals for our products;

ability to adequately protect our intellectual property;

ability to generate significant revenues from our products;

dependence on a single manufacturing facility and our ability to comply with stringent manufacturing quality standards and to increase

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and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction;

political and economic instability in the Middle East that could harm our business;

political and economic instability in the Middle East that could harm our business, including due to the current security situation in

or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated

liquidity risk;

changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements and the impact

of such policies on us, our customers and suppliers, and the global economic environment.

foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or

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statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated

are a medical device company focusing on the development and commercialization of our proprietary MicroNet™ stent platform for

the treatment of carotid artery disease and other vascular disease.

are a medical device company focusing on the development and commercialization of products for the treatment of carotid artery disease

and other vascular disease, including our proprietary CGuard™ stent platform.

A stent is an expandable scaffold-like device, usually

constructed of a metallic material, that is inserted into the lumen of the artery to create patency and revascularization of blood flow.

MicroNet, a micron mesh sleeve, is attached over a stent to provide embolic protection both during and after stenting procedures.

constructed of a metallic material, that is inserted into the lumen of an artery to create patency and improved blood flow.

of MicroNet™ mesh is attached over a stent to provide embolic protection both during and after stenting procedures.

CGuard™ carotid embolic prevention system (“CGuard EPS”) combines MicroNet and a unique self-expandable nitinol stent

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EU’s Medical Device Regulation regulatory framework.

Currently, we are seeking strategic partners for a potential launch of CGuard

EPS in Japan and other Asian countries.

September 8, 2020, we received approval from the U.S.

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is < 11.6% and the p-value is less than 0.025.

November 2023, we announced positive 30-day follow up results from the C-GUARDIANS trial in which stenting with the CGuard Carotid Stent

System in patients with carotid artery stenosis and at high risk for carotid endarterectomy had a DSMI rate of 0.95%, measured from the

date of the procedure through 30 days follow-up post-procedure.

We anticipate reporting primary endpoint results from the C-GUARDIANS

trial at the end of May 2024 that may support the submission of a premarket approval, or PMA, application in the third quarter of 2024

with a view to potential FDA approval of the CGuard Prime stent system in the first half of 2025.

May 28, 2024, we announced positive one-year follow up results from the C-GUARDIANS trial in which stenting with the CGuard Carotid Stent

System in patients with carotid artery stenosis and at high risk for carotid endarterectomy had a 30-day DSMI and Ipsilateral stroke

between 31 and 365 days rate of 1.95% measured from procedure to 1-year follow-up.

May 2023, we announced positive 30-day follow up results from the C-GUARDIANS trial in which stenting with the CGuard Carotid Stent System

in patients with carotid artery stenosis and at high risk for carotid endarterectomy had a DSMI rate of 0.95%, measured from the date

of the procedure through 30 days follow-up post-procedure.

In May 2024, we announced positive one-year follow up results from the C-GUARDIANS

trial, with a rate of 30-day DSMI and ipsilateral stroke between 31 and 365 days of 1.95%.

data were used to support the premarket approval (“PMA”) submission in September 2024 with a view to potential FDA approval

of the CGuard Prime carotid stent system, currently expected in the third quarter of 2025.

October 2024, the FDA approved the Company’s IDE to initiate the CGUARDIANS II pivotal study of its CGuard Prime 80cm Carotid Stent

System during transcarotid revascularization (TCAR) procedures.

October 2023, the Centers for Medicare and Medicaid Service (“CMS”) issued its final National Coverage Determination (“NCD”),

expanding coverage for both CAS and TCAR to include both asymptomatic and standard risk patients, significantly expanding and supporting

the future growth of the U.S.

CAS addressable market.

continue to invest in current and future potential new indications, products and manufacturing enhancements for CGuard that are expected

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System and SwitchGuard NPS lead to increased patient screening for carotid artery disease.

October 2023, the Centers for Medicare and Medicaid Service (“CMS”) issued its final National Coverage Determination (“NCD”),

expanding coverage of CAS to include both asymptomatic and standard risk patients, significantly expanding the U.S.

CAS addressable market.

mission is to offer a comprehensive set of delivery solutions (TCAR and Transfemoral) in order to deliver best in class results through

patient outcomes by way of stent performance with CGuard Carotid Stent System and SwitchGuard NPS.

were organized in the State of Delaware on February 29, 2008.

Year Results from the U.S.

Investigational Device Exemption (IDE) clinical trial

May 28, 2024, we announced positive one-year follow up results from the C-GUARDIANS trial of the CGuard™ Carotid Stent Systemin

which stenting with the CGuard Carotid Stent System in patients with carotid artery stenosis and at high risk for carotid endarterectomy

had a 30-day DSMI and Ipsilateral stroke between 31 and 365 days rate of 1.95%, measured from procedure to 1-year follow-up.

of Series H Warrant

the announcement of the one year follow up study results from the Company’s C-GUARDIANS trial, Series H warrants to purchase 12,914,086

shares of common stock were exercised in full into 292,996 of shares of common stock and pre-funded warrants to purchase 12,621,090 shares

of common stock.

The net proceeds to the Company from the exercise of the Series H Warrants were $16.9 million after deducting placement

The Series H warrants, each exercisable at $1.3827 per common share and $1.3826 per pre-funded warrant, were issued as part

of the private placement financing that the Company consummated on May 15, 2023.

Situation in Israel

October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian

and military targets.

Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s

border with the Gaza Strip and in other areas within the State of Israel.

These attacks resulted in extensive deaths, injuries and kidnapping

of civilians and soldiers.

Following the attack, Israel’s security cabinet declared war against Hamas and a military campaign against

these terrorist organizations commenced in parallel to their continued rocket and terror attacks.

In addition, since the commencement

of these events, there have been continued hostilities along Israel’s northern border with Lebanon (with the Hezbollah terror organization)

and on other fronts from various extremist groups in region, such as the Houthis in Yemen and various rebel militia groups in Syria and

It is possible that hostilities with Hezbollah in Lebanon will escalate, and that other terrorist organizations, including Palestinian

military organizations in the West Bank as well as other hostile countries will join the hostilities.

In addition, Iran recently launched

direct attacks on Israel involving hundreds of drones and missiles and has threatened to continue to attack Israel and is widely believed

to be developing nuclear weapons.

Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas

in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq.

Such clashes may escalate

in the future into a greater regional conflict.

We cannot currently predict the intensity or duration of Israel’s war against Hamas,

nor can we predict how this war will ultimately affect our business and operations or Israel’s economy in general.

of Premarket Approval Application

September 2024, the Company submitted a PMA application to the FDA seeking marketing approval for the CGuard Prime carotid stent system

of Investigational Device Exemption

October 2024, the FDA approved the Company’s IDE to initiate the CGUARDIANS II pivotal study of its CGuard Prime 80cm Carotid Stent

System during transcarotid revascularization (TCAR) procedures.

Establishment

October 2024, we established our global headquarters in Miami, Florida to support the anticipated U.S, launch and commercialization of

the CGuard Prime carotid stent system.

In October 2024, we established our global headquarters in Miami, Florida

to support the anticipated U.S.

launch and commercialization of the CGuard Prime carotid stent system.

Accounting Policies

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of Operations

months ended September 30, 2024, compared to the three months ended September 30, 2023

For the three months ended September 30, 2024, revenue increased by $254,000, or 16.3%, to $1,810,000, from $1,556,000 during the three

months ended September 30, 2023.

This increase was predominantly driven by growth in existing and new markets.

respect to geographical regions, the increase in revenue was primarily attributable to a $142,000 increase in Europe, a $109,000 increase

in Asia and a $13,000 increase in the Middle East, all for reasons mentioned in the paragraph above.

This increase was offset by a $7,000

decrease in Latin America.

For the three months ended September 30, 2024, gross profit (revenue less cost of revenues) decreased by $24,000, or 5.6%,

to $414,000, from $438,000 during the three months ended September 30, 2023.

This decrease in gross profit resulted from a $24,000 increase

in miscellaneous expense.

Gross margin (gross profits as a percentage of revenue) decreased to 22.9% during the three months ended September

30, 2024, from 28.1% during the three months ended September 30, 2023, driven by the factors mentioned above.

months ended March 31, 2025, compared to the three months ended March 31, 2024

For the three months ended March 31, 2025, revenue increased by $18,000, or 1.2%, to $1,529,000, from $1,511,000 during the three months

ended March 31, 2024.

Growth in the quarter was driven by continued adoption of our CGuard technology, offset by the impact of foreign

exchange and distributors managing CGuard inventory levels in anticipation of the potential CGuard Prime approval in Europe.

respect to geographical regions, the increase in revenue was primarily attributable to a $50,000 increase in Latin America, a $21,000

increase in Asia due to continued adoption of our CGuard technology, and a $22,000 increase in North America due to sales in the United

States related to stents used in our CGUARDIANS II pivotal study.

This increase was offset by a $71,000 decrease in Europe driven by

the impact of foreign exchange and distributors managing CGuard inventory levels in anticipation of the potential CGuard Prime approval

in Europe and a $3,000 decrease in other territories.

For the three months ended March 31, 2025, our gross profit was $292,000, no change in our gross profit compared to the three

months ended March 31, 2024.

Gross margin (gross profits as a percentage of revenue) decreased to 19.1% during the three months ended

March 31, 2025, from 19.3% during the three months ended March 31, 2024.

and Development Expenses .

For the three months ended September 30, 2024, research and development expenses increased by $1,805,000,

or 85.5%, to $3,915,000, from $2,110,000 during the three months ended September 30, 2023.

This increase resulted primarily due to an

increase of $1,016,000 of SwitchGuard NPS development and regulatory approval process including expenses related to the IDE application

for the CGUARDIANS II pivotal study of the CGuard Prime 80cm Carotid Stent System, an increase in compensation expenses of $670,000,

mainly due to an increase of share-based compensation-related expenses and due to the hiring of the Executive Vice President and General

Manager of North America in connection with our expansion plans in the United States, an increase of $140,000 related to an early feasibility

study of CGuard Prime for the treatment of acute stroke patients with tandem lesions and an increase of $224,000 in miscellaneous expenses.

These increases were offset by a decrease of $245,000 in expenses associated with the C-Guardians FDA Study as the one-year follow-up

finalized in the second quarter of 2024 and the submission this quarter of the PMA application to the FDA.

For the three months ended March 31, 2025, research and development expenses increased by 1,434,000, or

54.6%, to $4,059,000, from $2,625,000 during the three months ended March 31, 2024.

This increase resulted primarily due to an increase

of $670,000 of SwitchGuard NPS development and regulatory approval process including expenses related to the IDE application for the

CGUARDIANS II pivotal study of the CGuard Prime 80cm Carotid Stent System, an increase in compensation expenses of $373,000, due to an

increase of share-based compensation-related expenses and due to hiring of new employees in connection with our expansion in the United

States, an increase of $282,000 related to CGuard Prime product preparation expenses for the anticipated U.S.

commercial launch of CGuard

Prime, and an increase of $109,000 in miscellaneous expenses.

and Marketing Expenses .

For the three months ended September 30, 2024, selling and marketing expenses increased by $596,000, or 68.0%,

to $1,472,000, from $876,000 during the three months ended September 30, 2023.

For the three months ended March 31, 2025, selling and marketing expenses increased by $1,513,000, or 122.3%,

to $2,750,000 from $1,237,000 during the three months ended March 31, 2024.

This increase resulted primarily from an increase in compensation

expenses of $524,000 as the Company build its U.S.

expenses of $1,123,000 and related travel expenses of $129,000 as the Company build its U.S.

commercial infrastructure to enter the U.S.

market and an increase of $72,000 in miscellaneous

and Administrative Expenses .

For the three months ended September 30, 2024, general and administrative expenses increased by $398,000,

or 12.9%, to $3,489,000, from $3,091,000 during the three months ended September 30, 2023.

This increase resulted primarily from an increase

in compensation expenses of $354,000, mainly due to an increase of share-based compensation-related expenses and an increase of $44,000

in miscellaneous expenses.

For the three months ended September 30, 2024, financial income increased by $111,000 or 24.1%, to $572,000, from $461,000

during the three months ended September 30, 2023.

The increase in financial income primarily resulted from a $91,000 increase in interest

income from investment in marketable securities, money market funds and short-term bank deposits.

For the three months ended September 30, 2024, there was no material change in our tax expenses as compared to the three

months ended September 30, 2023.

Our net loss increased by $2,712,000, or 52.4%, to $7,890,000, for the three months ended September 30, 2024, from $5,178,000

during the three months ended September 30, 2023.

The increase in net loss resulted primarily from an increase of $2,799,000 in operating

months ended September 30, 2024, compared to the Nine months ended September 30, 2023

For the nine months ended September 30, 2024, revenue increased by $616,000, or 13.9%, to $5,060,000 from $4,444,000 during the nine

months ended September 30, 2023.

This increase was mainly due to growth in existing and new markets, partially offset by a reduction

in clinical trial revenue driven by the conclusion of C-GUARDIANS enrollment in June 2023.

respect to geographical regions, the increase in revenue was primarily attributable to a $614,000 increase in Europe, a $79,000 increase

in Asia, a $22,000 increase in Latin America and $6,000 in other territories for reasons mentioned above.

This increase was offset by

a $104,000 decrease in the United States as we completed in June 2023 the enrollment of all patients in our C-Guardians IDE clinical

For the nine months ended September 30, 2024, gross profit (revenue less cost of revenues) decreased by 20.4%, or $265,000,

to $1,037,000, compared to a $1,302,000 for the same period in 2023.

This decrease in gross profit resulted from a $744,000 increase

in material and labor costs.

This increase in cost was mainly due to higher sales volume, increased compensation expense for new and

current employees, additional space to build capacity for anticipated increased volume requirements and additional training expenses.

In addition, the increase resulted from $78,000 related to production facility downtime for maintenance, write-offs of $58,000 and $3,000

in miscellaneous expense.

This decrease was offset by an increase of the revenues of $616,000 as described above.

margin (gross profits as a percentage of revenue) decreased to 20.5% during the nine months ended September 30, 2024, from 29.3% during

the nine months ended September 30, 2023, driven by the factors mentioned above.

and Development Expenses .

Research and Development Expenses .

For the nine months ended September 30, 2024, research and development

expenses increased by 67.2%, or $3,995,000 to $9,941,000, from $5,946,000 during the nine months ended September 30, 2023.

This increase

resulted primarily from an increase in compensation expenses of $2,032,000, mainly due to an increase of share-based compensation-related

expenses and due to the hiring of the Executive Vice President and General Manager of North America in connection with our expansion

plans in the United States, an increase of $1,518,000 of SwitchGuard NPS development and regulatory approval process including expenses

related to the IDE application for the CGUARDIANS II pivotal study of the CGuard Prime 80cm Carotid Stent System, an increase of $376,000

related to an early feasibility study of CGuard Prime for the treatment of acute stroke patients with tandem lesions, an increase of

$161,000 related to the establishment of operations in the United States and an increase of $394,000 in miscellaneous expenses.

increases were offset by a decrease of $486,000 in expenses associated with the C-Guardians FDA Study as the one-year follow-up finalized

in the second quarter of 2024 and the submission this quarter of the PMA application to the U.S.

and Marketing Expenses .

For the nine months ended September 30, 2024, selling and marketing expenses increased by 62.5%, or $1,598,000,

to $4,154,000, from $2,556,000 during the nine months ended September 30, 2023.

This increase resulted primarily from an increase in

compensation expenses of $1,374,000 and an increase of $224,000 in miscellaneous expenses.

market in anticipation of the potential FDA approval for CGuard Prime.

In addition, there was an increase of $236,000 in promotional

activities and an increase of $25,000 in miscellaneous expenses.

and Administrative Expenses .

For the nine months ended September 30, 2024, general and administrative expenses increased by 36.2%,

or $2,944,000, to $11,079,000, from $8,135,000 during the nine months ended September 30, 2023.

This increase resulted primarily from

an increase in share-based compensation expenses of $2,868,000 and an increase of $76,000 in miscellaneous expenses.

For the nine months ended September 30, 2024, financial income increased by $481,000, to $1,305,000 of financial income,

from $824,000 of financial income during the nine months ended September 30, 2023.

The increase in financial income primarily resulted

from a $478,000 increase in interest income from investment in marketable securities, money market funds and short-term bank deposits.

For the nine months ended September 30, 2024, there was no material change in our tax expenses as compared to the nine

months ended September 30, 2023.

Our net loss increased by $8,320,000, or 57.3%, to $22,831,000, for the nine months ended September 30, 2024, from $14,511,000

during the nine months ended September 30, 2023.

For the three months ended March 31, 2025, general and administrative expenses increased by $1,099,000,

or 28.6%, to $4,943,000, from $3,844,000 during the three months ended March 31, 2024.

The increase was primarily driven by a $757,000

increase in compensation expenses and related accruals, mainly due to new hires for our Miami headquarters, salary increases and expected

severance payments accrued for as a result of our chief financial officer’s announced retirement, a $223,000 increase in employee

headhunting fees, $98,000 for rent expenses, mainly related to our Miami headquarters, and an increase of $21,000 in miscellaneous expenses.

For the three months ended March 31, 2025, financial income decreased by $88,000 or 23.0%, to $294,000, from $382,000 during

the three months ended March 31, 2024.

The decrease in financial income primarily resulted from a $90,000 decrease in interest income

from investment in marketable securities, money market funds and short-term bank deposits.

For the three months ended March 31, 2025, there was no material change in our tax expenses as compared to the three months

ended March 31, 2024.

Our net loss increased by $4,134,000, or 58.8%, to $11,166,000, for the three months ended March 31, 2025, from $7,032,000

during the three months ended March 31, 2024.

The increase in net loss resulted primarily from an increase of $4,046,000 in operating

expenses and decrease of $265,000 in gross profit, offset by an increase of $481,000 in financial income.

and Capital Resources

had an accumulated deficit as of September 30, 2024, of $244 million, as well as a net loss of $22,831,000 and negative operating cash

We expect to continue incurring losses and negative cash flows from operations until our product, CGuard EPS, reaches commercial

profitability.

As a result of these expected losses and negative cash flows from operations, along with our current cash position, we

believe we do not have sufficient resources to fund operations for at least the next 12 months.

Therefore, there is substantial doubt

about our ability to continue as a going concern.

had an accumulated deficit as of March 31, 2025, of $265 million, as well as a net loss of $11,166,000 and negative operating cash flows.

We expect to continue incurring losses and negative cash flows from operations until our product, CGuard EPS, reaches commercial profitability.

As a result of these expected losses and negative cash flows from operations, along with our current cash position, we believe we do

not have sufficient resources to fund operations for at least the next 12 months.

Therefore, there is substantial doubt about our ability

to continue as a going concern.

plans include continued commercialization of our products and raising capital through sale of additional equity securities, debt or capital

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of gross proceeds.

May 2024, we entered into an Equity Distribution Agreement with Piper Sandler & Co., as sales

agent (“Piper Sandler) to which we may offer and sell, from time to time, at our option, through or to Piper Sandler up to $17,000,000

shares of our common stock (the “ATM Program”).

As of the issuance date of this report, we have sold 134,316 shares

of our common stock for total gross proceeds of approximately $341 thousands under the ATM program.

May 2024, we entered into an Equity Distribution Agreement with Piper Sandler & Co., as sales agent (“Piper Sandler), pursuant

to which we may offer and sell, from time to time, at our option, through or to Piper Sandler up to $75,000,000 of our common stock (the

“ATM Program”).

As of the issuance date of this report, we have sold 920,898 shares of our common stock for total gross proceeds

of approximately $2,396 thousands under the ATM Program.

June 2024, Series H warrants to purchase 12,914,086 shares of common stock were exercised in full into 292,996 of shares of common stock

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H Warrants were $16.9 million after deducting placement agent fees.

months ended September 30, 2024 compared to the Nine months ended September 30, 2023

At September 30, 2024, we had cash and cash equivalents of $15,818,000 and marketable securities of $24,584,000, as compared to cash

and cash equivalents of $9,640,000 and marketable securities of $29,383,000 as of December 31, 2023.

We have historically met our cash

needs through a combination of issuing new shares, borrowing activities and product sales.

months ended March 31, 2025, compared to the Three months ended March 31, 2024

At March 31, 2025, we had cash and cash equivalents of $12,383,000 and marketable securities of $13,703,000, as compared to cash and

cash equivalents of $18,916,000 and marketable securities of $15,721,000 as of December 31, 2024.

We have historically met our cash needs

through a combination of issuing new shares, borrowing activities and product sales.

Our cash requirements are generally for research

and development, marketing and sales activities, finance and administrative costs, capital expenditures and general working capital.

the nine months ended September 30, 2024, net cash used in our operating activities increased by $2,919,000, or 23.9%, to $15,118,000,

from $12,199,000 during the same period in 2023.

The primary reason for the increase in cash used in our operating activities was an

increase of $2,276,000 in payments for third party related expenses and for professional services, an increase of $1,506,000 in compensation

costs paid during the nine months ended September 30, 2024, from $7,332,000 in the nine months ended September 30, 2023 to $8,838,000,

a decrease of $99,000 in interest income received from money market funds, marketable securities and bank deposits, offset in part by

an increase of $933,000 in payments received from customers.

provided in our investing activities was $4,399,000 during the nine months ended September 30, 2024, compared to cash used of $16,056,000

during the nine months ended September 30, 2023.

The primary reason for the increase in cash provided by our investing activities is

proceeds from matured marketable securities of $5,556,000, net of investment in marketable securities in the nine months ended September

30, 2024, compared to an investment in marketable securities of $28,838,000, offset by a withdrawal from short-term bank deposits, net

of investment in short-term deposits, of $18,500,000 in the nine months ended September 30, 2023 and by an increase of $925,000 in payments

made for purchase of property, plant and equipment during the nine months ended September 30, 2024.

provided by financing activities for the nine months September 30, 2024, was $16,889,000.

the three months ended March 31, 2025, net cash used in our operating activities increased by $3,728,000, or 73.6%, to $8,792,000, from

$5,064,000 during the same period in 2024.

The primary reason for the increase in cash used in our operating activities was an increase

of $986,000 in payments for third party related expenses and for professional services, an increase of $2,151,000 in compensation costs

paid during the three months ended March 31, 2025 (from $3,675,000 in the three months ended March 31, 2024 to $5,826,000 in the three

months ended March 31, 2025), a decrease of $555,000 in payments received from customers during the three months ended March 31, 2025

(from $2,110,000 in the three months ended March 31, 2024 to $1,555,000 during the three months ended March 31, 2025) and a decrease

of $36,000 in interest income received from money market funds and marketable securities.

provided by our investing activities was $1,702,000 during the three months ended March 31, 2025, compared to $4,817,000 during the three

months ended March 31, 2024.

The primary reason for the decrease in cash provided by our investing activities is withdrawal of $2,949,000,

net of investment in marketable securities and an increase of $164,000 in payments made for purchase of property, plant and

equipment during the three months ended March 31, 2025.

provided by financing activities for the three months ended March 31, 2025, was $506,000.

The source of the cash provided by financing

activities during the nine months ended September 30, 2024, were the proceeds from exercise of Series H warrants.

Cash provided by financing

activities for the nine months September 30, 2023, was $37,534,000.

The source of the cash provided by financing activities during the

nine months ended September 30, 2023, were the proceeds from the Private Placement Offering in May 2023 that resulted in approximately

$37,534,000 of aggregate net proceeds.

of September 30, 2024, our current assets exceeded our current liabilities by a multiple of 6.4.

Current assets increased by $2,235,000

during the period and current liabilities increased by $1,245,000 during the period.

As a result, our working capital increased by $990,000

to $39,129,000 as of September 30, 2024.

activities during the three months ended March 31, 2025, were the proceeds from issuance of shares of $506,000, net

of issuance costs, received from our ATM Program.

There was no cash provided by financing activities for the three months ended March

Balance Sheet Arrangements

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Obligations and Commitments

the nine months ended September 30, 2024, there were no material changes to our contractual obligations and commitments since the year

ended December 31, 2023.

the three months ended March 31, 2025, there were no material changes to our contractual obligations and commitments since the year ended

December 31, 2024.

Adopted and Issued Accounting Pronouncements

2 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 2. Management’s Discussion and Analysis