40 unchanged sentences
Since inception, we have incurred significant operating losses.
−Removed: Our net losses were $31.3 million and $52.7 million for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.
−Removed: As of June 30, 2025, we had an accumulated deficit of $186.0 million and cash and cash equivalents of $83.4 million.
+Added: Our net losses were $46.0 million and $52.7 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.
+Added: As of September 30, 2025, we had an accumulated deficit of $200.7 million and cash and cash equivalents of $70.3 million.
We have funded our operations primarily through private placements of our common stock and preferred stock and issuance of convertible debt.
−Removed: As of June 30, 2025, we believe our cash resources are sufficient to fund our planned operations for at least the next 12 months from the date of issuance of these financial statements.
+Added: As of September 30, 2025, we believe our cash resources are sufficient to fund our planned operations for at least the next 12 months from the date of issuance of these financial statements.
Components of Our Results of Operations
32 unchanged sentences
Results of Operations
−Removed: Comparison of the Three Months Ended June 30, 2025 and 2024
+Added: Comparison of the Three Months Ended September 30, 2025 and 2024
The following table summarizes our results of operations for the periods indicated:
Three Months Ended
+Added: September 30,
(in thousands)
10 unchanged sentences
Research and Development Expenses
−Removed: Research and development expenses were $12.6 million for the three months ended June 30, 2025 compared to $10.8 million for the three months ended June 30, 2024.
−Removed: The increase of approximately $1.9 million was primarily due to a $1.4 million increase in clinical trial and outsourced manufacturing expenses, and a $0.3 million increase in outsourced research expenses which is a result of an increase in clinical trials.
+Added: Research and development expenses were $11.9 million for the three months ended September 30, 2025 compared to $10.1 million for the three months ended September 30, 2024.
+Added: The increase of approximately $1.8 million was primarily due to a $1.9 million increase in personnel-related costs, including $1.3 million of increased share-based compensation charges.
General and Administrative Expenses
−Removed: General and administrative expenses were $3.7 million for the three months ended June 30, 2025 compared to $3.6 million for the three months ended June 30, 2024.
+Added: General and administrative expenses were $3.6 million for the three months ended September 30, 2025 compared to $1.4 million for the three months ended September 30, 2024.
The increase of approximately $2.2 million was primarily due to $1.5 million in increased personnel-related costs, including $1.3 million of increased share-based compensation charges.
In addition, director compensation, consulting, filing fees and franchise taxes and other professional service fees, including audit fees and insurance, increased by $0.5 million.
−Removed: These increases were partially offset by a $1.6 million decrease in legal expenses in 2025 as compared to the same period in 2024 due to non-recurring costs related to the Merger completed in 2024.
Other Income (Expense)
−Removed: Other income (expense), net was $0.9 million for the three months ended June 30, 2025 compared to $0.2 million for the three months ended June 30, 2024.
−Removed: The change was primarily due to an increase in interest income due to an increase in cash and cash equivalents available to invest during the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.
−Removed: Comparison of the Six Months Ended June 30, 2025 and 2024
+Added: Other income (expense), net was $0.8 million for the three months ended September 30, 2025 compared to $0.1 million for the three months ended September 30, 2024.
+Added: The change was primarily due to an increase in interest income due to an increase in cash and cash equivalents available to invest during the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
+Added: Comparison of the Nine Months Ended September 30, 2025 and 2024
The following table summarizes our results of operations for the periods indicated:
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
(in thousands)
10 unchanged sentences
Research and Development Expenses
−Removed: Research and development expenses were $25.6 million for the six months ended June 30, 2025 compared to $19.3 million for the six months ended June 30, 2024.
+Added: Research and development expenses were $37.5 million for the nine months ended September 30, 2025 compared to $29.4 million for the nine months ended September 30, 2024.
The increase of approximately $8.1 million was primarily due to a $3.8 million increase in personnel-related costs, including $2.4 million of increased share-based compensation charges.
2 unchanged sentences
General and Administrative Expenses
−Removed: General and administrative expenses were $7.7 million for the six months ended June 30, 2025 compared to $4.9 million for the six months ended June 30, 2024.
+Added: General and administrative expenses were $11.3 million for the nine months ended September 30, 2025 compared to $6.3 million for the nine months ended September 30, 2024.
The increase of approximately $5.0 million was primarily due to $4.4 million in increased personnel-related costs, including $3.5 million of increased share-based compensation charges.
−Removed: In addition, director compensation, consulting, filing fees and franchise taxes and other professional service fees, including audit fees and insurance, increased by $1.1 million.
+Added: In addition, director compensation, consulting, filing fees and franchise taxes and other professional service fees, including audit, filing fees and insurance, increased by $1.6 million.
These increases were partially offset by a $1.2 million decrease in legal expenses in 2025 as compared to the same period in 2024 due to non-recurring costs related to the Merger completed in 2024.
1 unchanged sentence
Other Income (Expense)
−Removed: Other income (expense) was $2.0 million for the six months ended June 30, 2025 compared to $0.5 million for the six months ended June 30, 2024.
−Removed: The change was primarily due to an increase in interest income due to an increase in cash and cash equivalents available to invest during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.
+Added: Other income (expense) was $2.8 million for the nine months ended September 30, 2025 compared to $0.5 million for the nine months ended September 30, 2024.
+Added: The change was primarily due to an increase in interest income due to an increase in cash and cash equivalents available to invest during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
We expect other income in 2025 to be higher than 2024 with higher average available cash available to invest during 2025.
5 unchanged sentences
We have funded our operations primarily through private placements of equity and convertible debt.
−Removed: Based on our current operating plan, we believe that our existing cash and cash equivalents will be sufficient to fund our planned operations for at least the next 12 months from the date of issuance of our unaudited condensed consolidated financial statements for the quarter ended June 30, 2025.
+Added: Based on our current operating plan, we believe that our existing cash and cash equivalents will be sufficient to fund our planned operations for at least the next 12 months from the date of issuance of our unaudited condensed consolidated financial statements for the quarter ended September 30, 2025.
Funding Requirements
28 unchanged sentences
The following table summarizes our cash flows for the periods indicated, in thousands:
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended
+Added: September 30,
(in thousands)
5 unchanged sentences
Cash Flows from Operating Activities
−Removed: Cash used in operating activities during the six months ended June 30, 2025 was $27.3 million.
+Added: Cash used in operating activities during the nine months ended September 30, 2025 was $40.3 million.
This consisted primarily of a net loss of $46.0 million, a net decrease in operating assets and liabilities of $3.5 million, and non-cash share-based compensation of $8.6 million.
−Removed: Cash used in operating activities during the six months ended June 30, 2024 was $17.1 million.
−Removed: This consisted primarily of a net loss of $23.7 million, and a net decrease in our operating assets and liabilities of $4.4 million, partially offset for share-based compensation and depreciation and amortization.
+Added: Cash used in operating activities during the nine months ended September 30, 2024 was $27.8 million.
+Added: This consisted primarily of a net loss of $35.2 million, and a net decrease in our operating assets and liabilities of $4.9 million, and by an increase in non-cash charges for share-based compensation and depreciation and amortization of $2.6 million.
Cash Flows from Investing Activities
−Removed: Cash used in investing activities was $31 thousand and $19 thousand for the six months ended June 30, 2025 and 2024, respectively, and related to purchase of property and equipment.
+Added: Cash used in investing activities was $37 thousand and $37 thousand for the nine months ended September 30, 2025 and 2024, respectively, and related to purchase of property and equipment.
Cash Flows from Financing Activities
−Removed: Cash used in financing activities during the six months ended June 30, 2025 was $77 thousand and related to payment of issuance costs from the Concurrent Financing and reverse recapitalization transaction costs in connection with the Merger.
−Removed: Cash provided by financing activities during the six months ended June 30, 2024 was $5.9 million and primarily related to proceeds from the issuance of convertible notes payable.
+Added: Cash used in financing activities during the nine months ended September 30, 2025 was $77 thousand and related to payment of issuance costs from the Concurrent Financing and reverse recapitalization transaction costs in connection with the Merger.
+Added: Cash provided by financing activities during the nine months ended September 30, 2024 was $5.9 million and primarily related to proceeds from the issuance of convertible notes payable.
Material Cash Requirements
−Removed: The discussion below summarizes our significant contractual obligations and commitments as of June 30, 2025.
+Added: The discussion below summarizes our significant contractual obligations and commitments as of September 30, 2025.
See Note 5 of Notes to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for information regarding our leases, including the future operating lease minimum payments.
5 unchanged sentences
Our critical accounting policies are described in our audited financial statements and the related notes for the years ended December 31, 2024 and 2023 included in our Annual Report on Form 10-K for the year ended December 31, 2024, and the notes to the condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.
−Removed: During the three months ended June 30, 2025, there were no material changes to our critical accounting policies from those discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.
+Added: During the three months ended September 30, 2025, there were no material changes to our critical accounting policies from those discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Recent Accounting Pronouncements
3 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.