What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-10-27 compared with 2022-07-28 · 77 added, 65 removed, 224 unchanged (39% of the section changed)

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide information to assist you in better understanding and evaluating our financial condition and results of operations.

We encourage you to read this MD&A in conjunction with our unaudited consolidated financial statements and the notes thereto for the period ended June 30, 2022 included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

We encourage you to read this MD&A in conjunction with our unaudited consolidated financial statements and the notes thereto for the period ended September 30, 2022 included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

This discussion contains forward-looking statements that involve risks and uncertainties.

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There were no other material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our 2021 10-K.

We are a global oncology company with a proprietary platform technology called Tumor Treating Fields ("TTFields"), which are electric fields tuned to specific frequencies that disrupt cancer cell division.

We are a global oncology company with a proprietary platform technology called Tumor Treating Fields ("TTFields"), which are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms.

Our key priorities are to drive commercial adoption of Optune and Optune Lua, our commercial TTFields devices, and to advance clinical and product development programs intended to extend overall survival in some of the most aggressive forms of cancer.

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We are actively evaluating opportunities to expand our international footprint.

We believe the physical mechanism of action behind TTFields therapy may be broadly applicable to solid tumor cancers.

As a highly versatile first-in-class modality, TTFields therapy has significant potential for broad applicability across solid tumor types and lines of therapy.

Currently, we are conducting phase 3 pivotal studies evaluating the use of TTFields in non-small cell lung cancer ("NSCLC"), ovarian cancer, brain metastases from NSCLC, and pancreatic cancer.

In 2021, we completed patient enrollment in our phase 3 pivotal NSCLC and ovarian cancer studies.

Additionally, we have multiple ongoing or recently completed phase 2 pilot studies evaluating the use of TTFields.

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We anticipate expanding our clinical pipeline over time to study the safety and efficacy of TTFields for additional solid tumor indications and combinations with other cancer treatment modalities.

We completed enrollment of the phase 3 pivotal LUNAR trial in November 2021, which began the final patient’s 12-month follow-up period and our clinical operations and data collection efforts remain on track.

Given feedback we received from all interested parties, we recognized a pivotal data release the final week of the year is not ideal for

investigators, clinicians, investors, or potential patients.

For that reason, we are moving the top-line data announcement to early Q1 2023.

We completed enrollment of the phase 3 pivotal LUNAR trial in November 2021, which began the final patient’s 12-month follow-up period.

Our clinical operations and data collection efforts remain on track and, we expect to announce top-line results in early Q1 2023.

In March 2022, we announced that an independent data monitoring committee ("DMC") conducted a pre-specified interim analysis for the phase 3 pivotal INNOVATE-3 study for the treatment of platinum-resistant ovarian cancer.

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In May 2022, we entered into a clinical trial collaboration agreement with MSD, a tradename of Merck & Co., Inc., ("MSD") to conduct a double-blind, placebo-controlled study of TTFields concomitant with pembrolizumab and maintenance temozolomide for the treatment of newly diagnosed GBM.

We intend to engage the FDA in pre-submission discussions in the near-term regarding the parameters of the KEYNOTE D58 trial protocol design.

In June 2022, we announced results of the phase 2 pilot EF-31 study evaluating the use of TTFields together with standard-of-care (chemotherapy alone or in combination with trastuzumab for HER2-positive patients) as first-line treatment for gastric cancer.

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KEYNOTE B36 is designed to evaluate the safety and effectiveness of TTFields together with pembrolizumab for the treatment of locally advanced or metastatic intrathoracic NSCLC that expresses PD-L1.

In June 2022, by mutual agreement with GT Medical Technologies, Inc., we suspended indefinitely our joint plans to conduct a phase 2 pilot study to test the safety and effectiveness of neo-adjuvant TTFields followed by resection, GammaTile Therapy, and adjuvant TTFields for recurrent GBM.

Today, we announced data from the EF-33 pilot study evaluating the safety and preliminary efficacy of a higher intensity array design in 25 patients diagnosed with recurrent GBM.

Among those patients who used Optune as directed with higher intensity arrays for at least one month, median progression-free survival was 4.5 months.

This compares to 2.2 months from our pivotal EF-11 study in recurrent GBM.

Further, alongside the increased dosage, EF-33 patients reported no TTFields-related toxicity.

We now expect to complete enrollment in our phase 3 pivotal METIS study for the treatment of brain metastases from NSCLC in the first quarter of 2023.

This will begin the final patient's 12-month follow-up period and we anticipate top-line data in the first quarter of 2024.

The table below presents the current status of the ongoing clinical studies in our oncology pipeline and anticipated timing of data readout.

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We view our operations and manage our business in one operating segment.

For the three and six months ended June 30, 2022, our net revenues were $140.9 million and $278.4 million, respectively.

Our net loss for the three and six months ended June 30, 2022 were $24.0 million and $28.7 million, respectively.

As of June 30, 2022, we had an accumulated deficit of $714.6 million.

For the three and nine months ended September 30, 2022, our net revenues were $131.0 million and $409.4 million, respectively.

Our net loss for the three and nine months ended September 30, 2022 were $26.6 million and $55.2 million, respectively.

As of September 30, 2022, we had an accumulated deficit of $741.2 million.

Our net loss resulted primarily from net revenue growth which was more than offset by increasing investments in research, development and clinical trial initiatives and sales and marketing initiatives that support our ongoing exploration of the benefits of TTFields across numerous cancer indications, as well as geographic expansion and pre-commercial activities associated with potential future indication launches.

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Centers for Disease Control and Prevention, and local health authorities in all of our active markets and we have adjusted the way we conduct business to adapt to the evolving situation.

The COVID-19 pandemic did not have a material impact on our financial results through the second quarter of 2022.

The COVID-19 pandemic did not have a material impact on our financial results through the third quarter of 2022.

The pandemic has had and is having an impact on our day-to-day operations, which varies by region based on factors such as geographical spread, stage of containment and recurrence of the pandemic in each region.

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The COVID-19 pandemic may also have the effect of heightening many of the other risks described in our risk factors disclosed in our 2021 10-K.

Impact of Medical Device Regulation Implementation

As a result of the implementation of the Medical Device Regulation ("MDR"), our notified body (as well as many other notified bodies throughout the European Economic Area ("EEA") has suffered a significant backlog in issuing CE Certificate renewals.

That may affect our ability to obtain a renewal of our CE Certificate for Optune before the current CE Certificate expires in October 2022.

In the event of a gap between expiration of the current CE Certificate and issuance of the renewal, we are able to continue to sell and market CE marked Optune from current inventories in the EEA and Switzerland under the expired CE Certificate.

We have been assured in writing from the notified body that our renewal application has passed technical review and no issues are expected while the certification team completes the renewal.

We are proactively procuring an adequate supply of Optune to ensure the avoidance of any material disruption in the event that there is a gap between expiration of the current CE Certificate and issuance of the renewal.

Commentary on Results of Operations

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Results of Operations

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and six months ended June 30, 2022 as compared to the three and six months ended June 30, 2021.

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and nine months ended September 30, 2022 as compared to the three and nine months ended September 30, 2021.

The tables contained in this section report U.S.

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The following table sets forth our consolidated statements of operations data:

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2022 2021 2022 2021

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The following table details the share-based compensation expense included in costs and expenses:

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2022 2021 2022 2021

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An "active patient" is a patient who is receiving treatment under a commercial prescription order as of the measurement date, including patients who may be on a temporary break from treatment and who plan to resume treatment in less than 60 days.

Prescriptions are a leading indicator of demand.

Prescriptions

are a leading indicator of demand.

A "prescription received" is a commercial order for Optune or Optune Lua that is received from a physician certified to treat patients with our Products for a patient not previously on Optune or Optune Lua.

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The following table includes certain commercial operating statistics for and as of the end of the periods presented.

September 30,

Operating statistics 2022 2021

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Total 3,420 3,502

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2022 2021 2022 2021

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Total 1,389 1,380 4,156 4,232

(1) North America includes data for the United States and Canada for 2022 and the United States only for 2021.

There were 8 active MPM patients on therapy as of June 30, 2022 and 11 MPM prescriptions were received in the three months ended June 30, 2022.

Three and six months ended June 30, 2022 compared to three and six months ended June 30, 2021

Three months ended June 30, Six months ended June 30,

(1) North America includes data for the United States and Canada for the second half of 2021 and all of 2022, and the United States only for the first half of 2021.

There were 12 active MPM patients on therapy as of September 30, 2022 and 8 MPM prescriptions were received in the three months ended September 30, 2022.

Three and nine months ended September 30, 2022 compared to three and nine months ended September 30, 2021

Three months ended September 30, Nine months ended September 30,

2022 2021 % Change 2022 2021 % Change

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Net revenues.

Net revenues increased 6% to $140.9 million for the three month period ending June 30, 2022 from $133.5 million for the same period in 2021, and increased 4% to $278.4 million for the six month period ended June 30, 2022 from $268.2 million for the same period in 2021.

The increase resulted primarily from an increase in active patients in the U.S.

and Japan and increased collections for previously denied and appealed claims in the U.S.

The increase was partially offset by a reduction in German active patient numbers and approval rates as a result of updated coverage criteria, and the impact of foreign exchange rate fluctuations.

Net revenues decreased 2% to $131.0 million for the three month period ending September 30, 2022 from $133.6 million for the same period in 2021, and increased 2% to $409.4 million for the nine month period ended September 30, 2022 from $401.8 million for the same period in 2021.

For the three month period ending September 30, 2022, the decrease resulted primarily from a reduction in German approval rates as a result of updated coverage criteria and the impact of foreign exchange rate fluctuations.

For the nine month period ending September 30, 2022, the increase in net revenues resulted primarily from an increase in collections from previously denied and appealed claims in the U.S.

offset by a reduction in current period German net revenues and prior period accounts receivable to reflect updated coverage criteria.

We continue to actively appeal and pursue previously denied claims, but the cadence and size of these collections are impossible to predict.

Three months ended June 30, Six months ended June 30,

We believe the claims which are most accessible will largely be exhausted this year and the remaining outstanding claims will take a greater level of time and effort to collect in the future.

Three months ended September 30, Nine months ended September 30,

2022 2021 % Change 2022 2021 % Change

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Cost of revenues.

Our cost of revenues for the three month period ended June 30, 2022 was $28.5 million, virtually unchanged from $28.6 million for the same period in 2021.

Cost of revenues for the six months ended June 30, 2022 increased by 2% to $56.2 million from $55.0 million for the same period in 2021.

For the six month period ended June 30, 2022, the increase in cost of revenues was primarily driven by increased shipments to Zai and the cost of shipping arrays to a higher average volume of commercial patients, offset by lower manufacturing costs per array.

Our cost of revenues for the three month period ended September 30, 2022 decreased 2% to $29.7 million, from $30.2 million for the same period in 2021.

Cost of revenues for the nine months ended September 30, 2022 increased by 1% to $86.0 million from $85.2 million for the same period in 2021.

For the three month period ended September 30, 2022, the decrease in cost of revenues was primarily driven by decreased shipments to Zai.

For the nine month period ended September 30, 2022, the increase in cost of revenues was primarily a result of increased shipments to Zai.

We continue to focus on opportunities to increase efficiencies and scale within our supply chain.

This includes evaluating new materials, manufacturers, and processes that could lead to lower costs.

Gross margin was 80% for the three months ended June 30, 2022 compared to 79% for the three months ended June 30, 2021.Gross margin was 80% for the six months ended June 30, 2022 and 79% for the six months ended June 30, 2021.

Excluding sales to Zai, cost of revenues per active patient per month was $2,391 for the three months ended June 30, 2022, a decrease of 5% from $2,520 for the same period in 2021, with increasing supply chain optimization and cost reduction initiatives more than offsetting the impact of broader economic challenges.

Gross margin was 77% for the three months ended September 30, 2022 compared to 77% for the three months ended September 30, 2021.

Gross margin was 79% for the nine months ended September 30, 2022 and 79% for the nine months ended September 30, 2021.

Excluding sales to Zai, cost of revenues per active patient per month was $2,543 for the three months ended September 30, 2022, an increase of 2% from $2,485 for the same period in 2021, due to increased investments intended to expand capacity in advance of future potential launches in new indications.

Cost of revenues per active patient is calculated by dividing the cost of revenues for the quarter less equipment sales to Zai for the quarter by the average of the active patients at the end of the prior quarter and the ending active patients in the current quarter.

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Sales to Zai are deducted because they are sold at cost and in anticipation of future royalties from Zai, and Zai patient counts are not included in our active patient population.

Product sales to Zai totaled $3.4 million and $5.3 million for the three and six months ended June 30, 2022 compared to $2.4 million and $3.9 million for the three and six months ended June 30, 2021.

Product sales to Zai totaled $3.5 million and $8.8 million for the three and nine months ended September 30, 2022 compared to $4.2 million and $8.0 million for the three and nine months ended September 30, 2021.

Operating Expenses.

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2022 2021 % Change 2022 2021 % Change

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Research, development and clinical study expenses.

Research, development and clinical study expenses increased 13% to $57.1 million for the three month period ended June 30, 2022 from $50.3 million for the same period in 2021, and increased 3% to $99.3 million for the six month period ended June 30, 2022 from $96.2 million in the same period in 2021, primarily driven by an increase in direct clinical study costs for both the three and six month

Direct clinical study costs can fluctuate quarter-to-quarter, dependent on the amount of clinical research organization services delivered and clinical materials procured within a given quarter.

Research, development and clinical study expenses increased 8% to $52.0 million for the three month period ended September 30, 2022 from $48.1 million for the same period in 2021, and increased 5% to $151.3 million for the nine month period ended September 30, 2022 from $144.4 million in the same period in 2021.

For both the three and nine month periods, the change was primarily driven by an increase in direct clinical study costs, preclinical costs associated with the design of future trials, and costs associated with regulatory affairs.

Sales and marketing expenses.

Sales and marketing expenses increased 31% to $44.7 million for the three months ended June 30, 2022 from $34.1 million for the same period in 2021, and increased 26% to $82.6 million for the six month period ended June 30, 2022 from $65.5 million for the same period in 2021.

For the three and six month period ended June 30, 2022, the change was primarily due to an increase in market research and strategic planning activities intended to enhance our commercial capabilities in anticipation of potential future approvals in new indications, including NSCLC and ovarian cancer.

Sales and marketing expenses increased 27% to $41.4 million for the three months ended September 30, 2022 from $32.6 million for the same period in 2021, and increased 26% to $124.0 million for the nine month period ended September 30, 2022 from $98.1 million for the same period in 2021.

For the three and nine month period ended September 30, 2022, the change was primarily due to an increase in market research and strategic planning activities intended to enhance our commercial capabilities in anticipation of potential future approvals in new indications, including NSCLC and ovarian cancer.

Additionally, we are investing in market access capabilities in order to evaluate opportunities, identify optimal access pathways, and successfully gain reimbursement in new geographies.

General and administrative expenses.

General and administrative expenses decreased 3% to $31.7 million for the three months ended June 30, 2022 from $32.8 million for the same period in 2021, and decreased 3% to $62.2 million for the six months ended June 30, 2022 from $63.9 million for the same period in 2021.

For the three and six month periods, the change was primarily due to a decrease in personnel costs.

Three months ended June 30, Six months ended June 30,

General and administrative expenses increased 4% to $32.5 million for the three months ended September 30, 2022 from $31.2 million for the same period in 2021, and totaled $94.7 million for the nine month period ended September 30, 2022, virtually unchanged from $95.1 million for the same period in 2021.

For the three month period, the change was primarily due to an increase in information technology and

supply chain investments to enhance operational capabilities in advance of potential future launches in new indications.

Three months ended September 30, Nine months ended September 30,

2022 2021 % Change 2022 2021 % Change

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Financial expenses, net.

Financial expenses increased 137% to $2.2 million for the three months ended June 30, 2022 from $0.9 million for the same period in 2021, and increased 10% to $3.9 for the six months ended June 30, 2022 from $3.6 for the same period in 2021.

For the three and six month periods, the increase was primarily due to increased foreign exchange rate fluctuations offset by interest income.

Foreign exchange rate expenses increased to $3.4 million for the three months ended June 30, 2022 from income of $0.3 million for the same period in 2021, and increased 166% to $4.8 million for the six months ended June 30, 2022 from $1.8 million for the same period in 2021.

Three months ended June 30, Six months ended June 30,

Financial expenses decreased 160% to financial income of $1.2 million for the three months ended September 30, 2022 from $2.0 million for the same period in 2021, and decreased 51% to $2.7 for the nine months ended September 30, 2022 from $5.6 for the same period in 2021.

For the three and nine month periods, the decrease was primarily due to increased interest income partially offset by increased foreign exchange rate fluctuations.

Foreign exchange rate expenses increased to $2.5 million for the three months ended September 30, 2022 from $0.9 million expenses for the same period in 2021, and increased 272% to $7.7 million for the nine months ended September 30, 2022 from $2.8 million for the same period in 2021.

Three months ended September 30, Nine months ended September 30,

2022 2021 % Change 2022 2021 % Change

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Income taxes.

Income taxes decreased 54% to $0.7 million for the three months ended June 30, 2022 from $1.4 million for the same period in 2021, and was unchanged at $2.8 million for the six months ended June 30, 2022 compared to the same period in 2021.

For the three months ended June 30, 2022 the increase reflects a change in the mix of applicable statutory tax rates in active jurisdictions.

Income taxes increased 22% to $3.2 million for the three months ended September 30, 2022 from $2.6 million for the same period in 2021, and was increased by 10% to $5.9 million from $5.4 million for the nine months ended September 30, 2022 compared to the same period in 2021.

For the three and nine months ended September 30, 2022 the increase reflects a change in the mix of applicable statutory tax rates in active jurisdictions.

Non-GAAP financial measures

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The following table reconciles net income (loss), which is the most directly comparable GAAP operating performance measure, to Adjusted EBITDA.

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2022 2021 % Change 2022 2021 % Change

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Adjusted EBITDA $ 4,353 $ 19,940 (78) % $ 38,552 $ 59,151 (35) %

Adjusted EBITDA decreased by 59% to $7.3 million for the three months ended June 30, 2022 from $18.1 million for the same period in 2021, and decreased by 13% to $34.2 million for the six months ended June 30, 2022 from $39.2 million for the same period in 2021.

Adjusted EBITDA decreased by 78% to $4.4 million for the three months ended September 30, 2022 from $19.9 million for the same period in 2021, and decreased by 35% to $38.6 million for the nine months ended September 30, 2022 from $59.2 million for the same period in 2021.

The changes in both periods were primarily due to a decrease in net income driven by increased investment in research, development and clinical studies and sales and marketing intended to maximize future growth opportunities.

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We have incurred significant losses and cumulative negative cash flows from operations since our founding in 2000.

As of June 30, 2022, we had an accumulated deficit of $714.6 million.

As of September 30, 2022, we had an accumulated deficit of $741.2 million.

To date, we have primarily financed our operations through the issuance and sale of equity and the proceeds from long-term loans.

At June 30, 2022, we had $948.5 million in cash, cash equivalents and short-term investments, an increase of $10.8 million compared to $937.7 million at December 31, 2021.

We believe our cash, cash equivalents and short-term investments as of June 30, 2022 are sufficient for our operations for at least the next 12 months based on our existing business plan and our ability to control the timing of significant expense commitments.

At September 30, 2022, we had $970.3 million in cash, cash equivalents and short-term investments, an increase of $32.6 million compared to $937.7 million at December 31, 2021.

We believe our cash, cash equivalents and short-term investments as of September 30, 2022 are sufficient for our operations for at least the next 12 months based on our existing business plan and our ability to control the timing of significant expense commitments.

We expect that our research, development and clinical study expenses, sales and marketing expenses and general and administrative expenses will continue to increase over the next several years and may outpace our gross profit.

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The following summary of our cash flows for the periods indicated has been derived from our unaudited consolidated financial statements, which are included elsewhere in this Quarterly Report:

Six months ended June 30,

Nine months ended September 30,

2022 2021 Change % Change

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Operating cash flows are also impacted by changes in working capital.

Net cash provided by operating activities decreased by $31.9 million from $44.0 million net cash provided by operating activities for the six months ended June 30, 2021 to $12.1 million net cash provided by operating activities for the six months ended June 30, 2022.

This decrease was a result of net income decreasing by $9.9 million compared to the same period in 2021, with a $24.4 million increase in working capital, including a $9.7 million decrease in accounts payables and accrued expenses, $12.9 million increase in accounts receivables and $5.4 million increase in inventories, partially offset by a $2.4 million change in the mix from cash to non-cash based expenses.

Net cash provided by operating activities decreased by $33.9 million from $68.4 million net cash provided by operating activities for the nine months ended September 30, 2021 to $34.5 million net cash provided by operating activities for the nine months ended September 30, 2022.

This decrease was a result of net income decreasing by $23.3 million compared to the same period in 2021 and a $12.2 million decrease in net cash provided by working capital, including a $14.3 million decrease in accounts payables and accrued expenses, a $6.2 million increase in inventories and a $4.2 million decrease in accounts receivables, partially offset by a $1.6 million change in the mix from cash to non-cash based expenses.

Investing activities.

Our investing activities consist primarily of investments in and redemptions of our short-term investments as well as investments in property and equipment.

Net cash provided by investing activities was $138.3 million for the six months ended June 30, 2022, compared to $51.6 million provided by investing activities for the six months ended June 30, 2021.

The net cash provided by investing activities for the six months ended June 30, 2022 was primarily attributable to $147.6 million of net proceeds from maturity of short-term investments, offset by the purchase of $9.2 million of property and equipment.

The net cash provided by investing activities for the six months ended June 30, 2021 was primarily attributable to $58.2 million of net proceeds from maturity of short-term investments, partially offset by the purchase of $6.6 million of property and equipment.

Net cash used in investing activities was $11.9 million for the nine months ended September 30, 2022, compared to $354.3 million provided by investing activities for the nine months ended September 30, 2021.

The net cash used in investing activities for the nine months ended September 30, 2022 was primarily attributable to $3.0 million of net proceeds from maturity of short-term investments, offset by the purchase of $14.9 million of property and equipment.

The net cash provided by investing activities for the nine months ended September 30, 2021 was primarily attributable to $364.2 million of net proceeds from maturity of short-term investments, partially offset by the purchase of $9.9 million of property and equipment.

Financing activities.

To date, our primary financing activities have been the sale of equity and the proceeds from long-term loans.

Net cash provided by financing activities was $7.9 million for the six months ended June 30, 2022, as compared to $19.0 million provided by financing activities for the six months ended June 30, 2021.

The net cash provided by financing activities for the six months ended June 30, 2022 and June 30, 2021 included proceeds from the issuance of shares as well as proceeds from the exercise of options under the Company's employee stock purchase plan and stock option plan.

Net cash provided by financing activities was $12.1 million for the nine months ended September 30, 2022, as compared to $22.1 million provided by financing activities for the nine months ended September 30, 2021.

The net cash provided by financing activities for the nine months ended September 30, 2022 and September 30, 2021 included proceeds from the issuance of shares as well as proceeds from the exercise of options under the Company's employee stock purchase plan and stock option plan.

Convertible Notes

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Additionally, the 2020 Credit Facility contains a fee for the unused revolving credit commitments at a sliding scale based on our secured leverage ratio from 0.35% to 0.45%.

The 2020 Credit Facility contains financial covenants requiring maintenance of a minimum fixed charge coverage

ratio and specifying a maximum senior secured net leverage ratio, as well as customary events of default which include a change of control.

As of June 30, 2022, we were in compliance with such covenants.

As of June 30, 2022, we had no outstanding balance borrowed under the 2020 Credit Facility.

The 2020 Credit Facility contains financial covenants requiring maintenance of a minimum fixed charge coverage ratio and specifying a maximum senior secured net leverage ratio, as well as customary events of default which include a change of control.

As of September 30, 2022, we were in compliance with such covenants.

As of September 30, 2022, we had no outstanding balance borrowed under the 2020 Credit Facility.

Contractual Obligations and Commitments

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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