What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-08-04 compared with 2025-05-02 · 110 added, 55 removed, 219 unchanged (43% of the section changed)

2 unchanged sentences

Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties.

As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024 and in the "Risk Factors" section of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

We are a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for central nervous system, or CNS, disorders characterized by neuronal excitation-inhibition imbalance.

6 unchanged sentences

Through this approach, we have established a diversified, multimodal CNS portfolio with four clinical-stage product candidates across epilepsy and movement disorders.

For our vormatrigine program (formerly known as PRAX-628) within the Cerebrum™ platform, we announced positive results from our Photo-Paroxysmal Response, or PPR, study in the first quarter of 2024, and have initiated or plan to initiate four studies, called the ENERGY program, to generate patient eligibility, efficacy, safety and pharmacokinetics (PK) data for the program.

We initiated the EMPOWER study, an observational study of vormatrigine in patients with epilepsy, in the third quarter of 2024, and initiated or plan to initiate three efficacy studies.

The first efficacy study, RADIANT, is an open label eight-week study in patients with focal onset seizures or generalized epilepsy that is currently enrolling, with topline results expected by mid-year 2025.

We have also initiated the POWER1 study, a double-blind, placebo-controlled, 12-week study in focal onset seizures, with topline results expected in the second half of 2025, and plan to begin enrollment in the POWER2 study, a third efficacy study, in the second half of 2025.

Within our relutrigine program (formerly known as PRAX-562), we announced positive topline results from the first cohort of our EMBOLD study in the third quarter of 2024 and have initiated enrollment of the second cohort, with topline results expected no later than the first half of 2026.

We also plan to initiate the EMERALD study in a broader developmental and epileptic encephalopathies, or DEE, patient population in mid-2025.

For our vormatrigine program (formerly known as PRAX-628) within the Cerebrum™ platform, we announced positive results from our Photo-Paroxysmal Response, or PPR, study in the first quarter of 2024, and initiated the ENERGY program to generate patient eligibility, efficacy, safety and pharmacokinetics (PK) data.

The ENERGY program includes five studies:

EMPOWER, RADIANT, POWER1, POWER2 and POWER3.

We initiated the EMPOWER study, an observational study of vormatrigine in patients with epilepsy, in the third quarter of 2024.

In August 2025, we announced positive topline results from our first efficacy study, RADIANT, an open label study in patients with focal onset seizures or generalized epilepsy.

We are currently enrolling the POWER1 study, a double-blind, placebo-controlled, 12-week study in focal onset seizures, and expect to finalize the study in the fourth quarter of 2025.

POWER2, our third efficacy study, is planned to begin in the third quarter of 2025, with enrollment expected to be completed in the second half of 2026.

We intend to initiate POWER3, a clinical trial which will assess vormatrigine as a single-agent treatment for focal onset seizures, in the first half of 2026.

For our relutrigine program (formerly known as PRAX-562), we announced positive topline results from the first cohort of our EMBOLD study in the third quarter of 2024, and disclosed updated data from the study's open-label extension through 11 months in May 2025.

We are enrolling the second cohort of the EMBOLD study, with topline results expected no later than the first half of 2026.

In July 2025, the U.S.

Food and Drug Administration granted breakthrough therapy designation for relutrigine for the treatment of seizures associated with SCN2A and SCN8A developmental and epileptic encephalopathies, or DEEs.

We have also initiated the EMERALD study in a broader DEE patient population, and expect to complete enrollment in 2026.

For our ulixacaltamide program, we shared the results of a pre-planned statistic interim analysis of Study 1 of our Phase 3 Essential 3 clinical program for essential tremor in February 2025.

Based on the predefined decision framework for Study 1, the Independent Data Monitoring Committee, or IDMC, recommended that the study be stopped for futility, due to the results being unlikely to meet the primary efficacy endpoint under the parameters set by the statistical model.

The committee also indicated that some underlying assumptions of the statistical model might have influenced this outcome and encouraged us to explore alternative analysis methods.

Given the advanced state of enrollment for both Study 1 and Study 2 in the Essential3 program, and in the context of the advice received by the IDMC, we have decided to continue both studies to completion, with topline results expected in the third quarter of 2025.

We are making certain adjustments to the analysis of the Essential3 program based upon review of blinded data, and expect to conduct and disclose

the results of such analysis by early-fall 2025.

The decision about whether the data supports the submission of an NDA will be made after analyzing the final results for Study 1 and Study 2.

For our most advanced product candidate under the Solidus™ platform, elsunersen (formerly known as PRAX-222), we shared results from Part 1 of the EMBRAVE study in the fourth quarter of 2023.

We are currently enrolling the second cohort of the EMBRAVE study in Brazil, with topline results expected in the first half of 2026, and plan to initiate EMBRAVE3, a Phase 3 registrational study, in mid-2025.

We are currently enrolling the second cohort of the EMBRAVE study in Brazil, with topline results expected in the first half of 2026, and have initiated EMBRAVE3, a Phase 3 registrational study for SCN2A gain-of-function DEE.

We also have three earlier stage novel ASOs with preclinical proof of mechanism.

8 unchanged sentences

Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates, if approved.

We have incurred recurring operating losses since inception, including a net loss of $69.3 million for the three months ended March 31, 2025.

As of March 31, 2025, we had an accumulated deficit of $906.0 million.

We have incurred recurring operating losses since inception, including a net loss of $140.4 million for the six months ended June 30, 2025.

As of June 30, 2025, we had an accumulated deficit of $977.2 million.

We expect to incur significant expenses and operating losses for the foreseeable future as we expand our research and development activities.

1 unchanged sentence

We anticipate that our expenses will be maintained or increased in connection with our ongoing activities, as we:

• advance relutrigine (formally PRAX-562) in the EMBOLD clinical trial;

• advance elsunersen (formerly PRAX-222) into the registrational stage of the program;

• advance vormatrigine (formerly PRAX-628) into efficacy clinical trials for focal onset seizures;

• advance vormatrigine (formerly PRAX-628) in the ENERGY program;

• advance relutrigine (formally PRAX-562) in the EMBOLD and EMERALD clinical trials;

• advance elsunersen (formerly PRAX-222) in the EMBRAVE and EMBRAVE3 clinical trials;

• advance ulixacaltamide through the Phase 3 Essential3 clinical trial program for ET;

8 unchanged sentences

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy.

Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources, including potential collaborations with other companies or other strategic transactions.

Until such time as we can generate significant revenue from product sales, if ever, we expect to

finance our operations through the sale of equity, debt financings or other capital sources, including potential collaborations with other companies or other strategic transactions.

We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all.

If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or

discontinue the development and commercialization of one or more of our product candidates or delay our pursuit of potential in-licenses or acquisitions.

If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our product candidates or delay our pursuit of potential in-licenses or acquisitions.

Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability.

1 unchanged sentence

If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.

As of March 31, 2025, we had cash, cash equivalents and marketable securities of $472.0 million.

We expect that our cash, cash equivalents, and marketable securities as of March 31, 2025 will be sufficient to fund our operating expenditures and capital expenditure requirements necessary to advance our research efforts and clinical trials into 2028.

As of June 30, 2025, we had cash, cash equivalents and marketable securities of $446.6 million.

We expect that our cash, cash equivalents, and marketable securities as of June 30, 2025 will be sufficient to fund our operating expenditures and capital expenditure requirements necessary to advance our research efforts and clinical trials into 2028.

The analysis included consideration of our current financial needs and ongoing research and development plans.

4 unchanged sentences

As discussed in Note 7 to our condensed consolidated financial statements, we entered into an Option and License Agreement, or the Collaboration Agreement, with UCB Biopharma SRL, or UCB, in December 2022.

During the three months ended March 31, 2024, we recognized $0.4 million of collaboration revenue.

During the three and six months ended June 30, 2024, we recognized $0.4 million and $0.8 million of collaboration revenue, respectively.

In December 2024, UCB exercised its option to in-license global development and commercialization rights under the terms of the Collaboration Agreement.

Accordingly, we did not recognize any collaboration revenue from the Collaboration Agreement during the three months ended March 31, 2025.

Accordingly, we did not recognize any collaboration revenue from the Collaboration Agreement during the three and six months ended June 30, 2025.

We have no further research service obligations under the terms of the Collaboration Agreement.

15 unchanged sentences

We recognize external development costs based on an evaluation of the progress to completion of specific tasks using information provided to us by our vendors and our clinical investigative sites.

Payments for these activities are based on the terms of the individual agreements,

which may differ from the pattern of costs incurred, and are reflected in our condensed consolidated balance sheets as prepaid expenses or accrued expenses.

Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in our condensed consolidated balance sheets as prepaid expenses or accrued expenses.

Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized, even when there is no alternative future use for the research and development.

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

$ 46,977 $ 14,967 $ 89,809 $ 27,752

1,979 1,680 3,327 2,870

Personnel-related (including stock-based compensation) 11,459 8,450 24,310 19,402

3 unchanged sentences

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials.

We expect that our research and development expenses will be maintained or increase in the foreseeable future as we advance our product candidates through the development phase, and as we continue to discover and develop additional product candidates, build manufacturing capabilities and expand into additional therapeutic areas.

At this time, we cannot reasonably estimate or know the nature, timing and estimated costs of the efforts that will be necessary to complete the development of, and obtain regulatory approval for, any of our product candidates.

37 unchanged sentences

Our income tax provision may be significantly affected by changes to our estimates.

There was no income tax provision recognized for the three months ended March 31, 2025 and 2024.

There was no income tax provision recognized for the three and six months ended June 30, 2025 and 2024.

Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

Comparison of the Three Months Ended June 30, 2025 and 2024

The following table summarizes our condensed consolidated statements of operations for each period presented (in thousands):

Three Months Ended

March 31, Change

June 30, Change

Collaboration revenue $ — $ 357 $ (357)

11 unchanged sentences

In December 2024, UCB exercised its option to in-license global development and commercialization rights for a development candidate as part of the Collaboration Agreement.

As such, we have no further research service obligations under the terms of the Collaboration Agreement and did not record any associated revenue during the three months ended March 31, 2025.

As such, we have no further research service obligations under the terms of the Collaboration Agreement and did not record any associated revenue during the three months ended June 30, 2025.

Research and Development Expense

1 unchanged sentence

Three Months Ended

March 31, Change

June 30, Change

$ 46,977 $ 14,967 $ 32,010

5 unchanged sentences

• $32.0 million increase in expense related to our Cerebrum™ platform, driven primarily by:

◦ a $13.0 million increase in spend for our vormatrigine program, primarily driven by spend related to the ENERGY program;

◦ a $15.9 million increase in spend for our vormatrigine program, primarily driven by spend related to Radiant and POWER1, as well as phase 1 study spend;

◦ a $9.1 million increase in spend for our relutrigine program, primarily related to spend for our EMBOLD study, startup expense for our EMERALD study, phase 1 study spend and current quarter manufacturing spend;

◦ a $6.4 million increase in spend for our ulixacaltamide program, primarily due to Essential3 study spend;

◦ a $0.6 million increase in activities for our earlier stage assets as we advance our portfolio.

• $3.0 million increase in personnel-related costs due to increased headcount;

• $0.4 million increase in indirect expenses, none of which were individually significant;

• $0.3 million increase in expense related to our Solidus™ platform, primarily elsunersen program spend.

General and Administrative Expense

The $2.5 million increase in general and administrative expenses was primarily attributable to the following:

• $1.3 million increase in indirect expenses, primarily software to support operations and increased sponsorships and advocacy activities;

• $0.8 million increase in personnel-related costs due to increased headcount;

• $0.4 million increase in professional expenses primarily related to audit fees.

Other income for the three months ended June 30, 2025 and 2024 was comprised of interest income on our cash, cash equivalents and marketable securities and investment premium and discount amortization.

Results of Operations

Comparison of the Six Months Ended June 30, 2025 and 2024

The following table summarizes our condensed consolidated statements of operations for each period presented (in thousands):

Six Months Ended

June 30, Change

Collaboration revenue $ — $ 788 $ (788)

Operating expenses:

Research and development 123,812 54,244 69,568

General and administrative 26,983 25,918 1,065

Total operating expenses 150,795 80,162 70,633

Loss from operations (150,795) (79,374) (71,421)

Other income:

Other income, net 10,372 7,144 3,228

Total other income 10,372 7,144 3,228

Net loss $ (140,423) $ (72,230) $ (68,193)

Collaboration Revenue

The $0.8 million decrease in collaboration revenue is associated with a decrease in the revenue recorded under the Collaboration Agreement with UCB that was executed in December 2022.

In December 2024, UCB exercised its option to in-license global development and commercialization rights for a development candidate as part of the Collaboration Agreement.

As such, we have no further research service obligations under the terms of the Collaboration Agreement and did not record any associated revenue during the six months ended June 30, 2025.

Research and Development Expense

The following table summarizes our research and development expenses for each period presented, along with the changes in those items (in thousands):

Six Months Ended

June 30, Change

$ 89,809 $ 27,752 $ 62,057

3,327 2,870 457

Personnel-related (including stock-based compensation) 24,310 19,402 4,908

Other indirect research and development expenses 6,366 4,220 2,146

Total research and development expenses $ 123,812 $ 54,244 $ 69,568

The $69.6 million increase in research and development expenses was primarily attributable to the following:

• $62.1 million increase in expense related to our Cerebrum™ platform, driven primarily by:

◦ a $29.0 million increase in spend for our vormatrigine program, driven primarily by spend related to Radiant and POWER1, as well as phase 1 study spend;

◦ a $18.7 million increase in spend for our ulixacaltamide program, primarily due to increased Essential3 activity compared to prior year;

◦ a $4.3 million increase in spend for our relutragine program, primarily related to EMBOLD clinical trial costs and current quarter manufacturing spend.

• $1.9 million increase in personnel-related costs, primarily due to increased headcount;

◦ a $13.5 million increase in spend for our relutrigine program, primarily spend for our EMBOLD study, startup expense for our EMERALD study, manufacturing spend and phase 1 study spend;

◦ a $0.9 million increase in activities for our earlier stage assets.

• $4.9 million increase in personnel-related costs due to increased headcount;

• $2.1 million increase in indirect expenses driven primarily by software and consulting spend to support operations;

• $0.5 million increase in expense related to our Solidus™ platform, primarily elsunersen program spend for our EMBRAVE study and EMBRAVE3 startup costs.

General and Administrative Expense

The $1.4 million decrease in general and administrative expenses was primarily attributable to the following:

The $1.1 million increase in general and administrative expenses was primarily attributable to the following:

• $1.6 million increase in professional expenses primarily related to consulting, legal and audit expenses;

• $1.5 million increase in indirect expenses, primarily software to support operations and increased sponsorships and advocacy activities;

• $2.0 million decrease in personnel-related costs mainly due to decreased stock-based compensation expense.

• $1.4 million increase in indirect expenses, primarily consulting expenses to support operations.

Other income for the three months ended March 31, 2025 and 2024 was comprised of interest income on our cash, cash equivalents, and marketable securities and investment premium and discount amortization.

Other income for the six months ended June 30, 2025 and 2024 was comprised of interest income on our cash, cash equivalents, and marketable securities and investment premium and discount amortization.

Liquidity and Capital Resources

2 unchanged sentences

We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all.

To date, we have financed our operations primarily with proceeds from the issuance of redeemable convertible preferred stock and from the sale of common stock through an initial public offering, common stock and pre-funded warrants through follow-on public offerings and common stock from at-the-market offerings under our shelf registration statement.

From inception through March 31, 2025, we have raised $1.2 billion in aggregate cash proceeds from such transactions, net of issuance costs.

As of March 31, 2025, we had cash, cash equivalents, and marketable securities of $472.0 million.

registration statement.

From inception through June 30, 2025, we have raised $1.2 billion in aggregate cash proceeds from such transactions, net of issuance costs.

As of June 30, 2025, we had cash, cash equivalents and marketable securities of $446.6 million.

In December 2023, we entered into an Open Market Sale Agreement, or the 2023 Sales Agreement, with Jefferies, to provide for the offering, issuance and sale of up to an aggregate amount of $75.0 million of common stock from time to time in at-the-market offerings.

The 2023 Sales Agreement was terminated in January 2024.

During the three months ended March 31, 2024, we issued and sold an aggregate of 192,190 shares under the 2023 Sales Agreement for aggregate net proceeds of $5.3 million, after deducting commissions and offering expenses payable by us.

During the six months ended June 30, 2024, we issued and sold an aggregate of 192,190 shares under the 2023 Sales Agreement for aggregate net proceeds of $5.3 million, after deducting commissions and offering expenses payable by us.

In January 2024, we completed a public offering of:

2 unchanged sentences

Total net proceeds generated from the offering were approximately $161.6 million, after deducting underwriting discounts, commissions and other offering expenses payable by us.

As of March 31, 2025, 325,988 warrants associated with this offering were exercised on a cashless basis with no cash proceeds received by us.

As of June 30, 2025, 352,500 warrants associated with this offering were exercised on a cashless basis with no cash proceeds received by us.

In March 2024, we entered into an Open Market Sale Agreement, or the 2024 Sales Agreement, with Jefferies, to provide for the offering, issuance, and sale of up to an aggregate amount of $150.0 million of common stock in at-the-market offerings.

During the three months ended March 31, 2024, we issued and sold an aggregate of 17,662 shares under the 2024 Sales Agreement for aggregate net proceeds of $0.9 million, after deducting commissions and offering expenses payable by us.

During the six months ended June 30, 2024, we issued and sold an aggregate of 17,662 shares under the 2024 Sales Agreement for aggregate net proceeds of $0.9 million, after deducting commissions and offering expenses payable by us.

In April 2024, we completed a public offering of:

3 unchanged sentences

In December 2024, we entered into an amendment to the 2024 Sales Agreement with Jefferies to provide for the offering, issuance and sale of up to an aggregate of $250.0 million of common stock from time to time in at-the-market offerings.

During the three months ended March 31, 2025, we issued and sold an aggregate of 694,212

shares under the amended 2024 Sales Agreement for aggregate net proceeds of $54.9 million, after deducting commissions and offering expenses payable by us.

During the six months ended June 30, 2025, we issued and sold an aggregate of 1,351,689 shares under the amended 2024 Sales Agreement for aggregate net proceeds of $83.3 million, after deducting commissions and offering expenses payable by us.

The following table provides information regarding our cash flows for each period presented (in thousands):

Three Months Ended

Six Months Ended

Net cash (used in) provided by:

2 unchanged sentences

Financing activities 82,899 399,120

Net increase (decrease) in cash, cash equivalents and restricted cash $ (49,805) $ 70,680

Net (decrease) increase in cash, cash equivalents and restricted cash $ (57,957) $ 63,843

Operating Activities

Our cash flows from operating activities are greatly influenced by our use of cash for operating expenses and working capital requirements to support our business.

We have historically experienced negative cash flows from operating activities as we have invested in developing our portfolio, drug discovery efforts and related infrastructure.

We have historically experienced negative cash flows from

operating activities as we have invested in developing our portfolio, drug discovery efforts and related infrastructure.

The cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and changes in operating assets and liabilities, which are primarily the result of increased expenses and timing of vendor payments.

During the three months ended March 31, 2025, net cash used in operating activities of $53.0 million was primarily due to our $69.3 million net loss, partially offset by $8.4 million in changes in operating assets and liabilities primarily related to an increase in accounts payable and $7.9 million of non-cash charges primarily related to stock-based compensation.

During the three months ended March 31, 2024, net cash used in operating activities of $20.9 million was primarily due to our $39.6 million net loss, partially offset by $1.5 million in changes in operating assets and liabilities primarily related to a decrease in accounts payable and $17.2 million of non-cash charges primarily related to stock-based compensation.

During the six months ended June 30, 2025, net cash used in operating activities of $107.7 million was primarily due to our $140.4 million net loss, partially offset by $17.8 million in changes in operating assets and liabilities primarily related to an increase in accounts payable and $14.9 million of non-cash charges primarily related to stock-based compensation.

During the six months ended June 30, 2024, net cash used in operating activities of $48.1 million was primarily due to our $72.2 million net loss, partially offset by $2.2 million in changes in operating assets and liabilities primarily related to increases in accounts payable and accrued expenses, and $21.9 million of non-cash charges primarily related to stock-based compensation.

Investing Activities

During the three months ended March 31, 2025, net cash used in investing activities of $51.1 million was primarily related to purchases of marketable securities offset by maturities of marketable securities.

During the three months ended March 31, 2024, net cash used in investing activities of $91.2 million was related to maturities of marketable securities.

During the six months ended June 30, 2025, net cash used in investing activities of $33.2 million was primarily related to purchases of marketable securities offset by maturities of marketable securities.

During the six months ended June 30, 2024, net cash used in investing activities of $287.1 million was primarily related to maturities of marketable securities.

Financing Activities

During the three months ended March 31, 2025, net cash provided by financing activities of $54.3 million consisted primarily of net proceeds from our at-the-market offerings.

During the three months ended March 31, 2024, net cash provided by financing activities of $182.8 million consisted of net proceeds from our January 2024 public offering, our at-the-market offerings and our collaboration and license agreement with Tenacia Biotechnology (Shanghai) Co., Ltd.

During the six months ended June 30, 2025, net cash provided by financing activities of $82.9 million consisted primarily of net proceeds from our at-the-market offerings.

During the six months ended June 30, 2024, net cash provided by financing activities of $399.1 million consisted primarily of net proceeds from our January 2024 and April 2024 follow-on public offerings, our at-the-market offerings and our collaboration and license agreement with Tenacia Biotechnology (Shanghai) Co., Ltd.

Plan of Operation and Future Funding Requirements

11 unchanged sentences

• experience any delays or encounter any issues with any of the above, including but not limited to failed studies, complex results, safety issues or other regulatory challenges.

We are unable to estimate the exact amount of our working capital requirements, but based on our current operating plan, we believe that our cash, cash equivalents, and marketable securities as of March 31, 2025 will be sufficient to fund our operating expenses and capital expenditure requirements into 2028.

We are unable to estimate the exact amount of our working capital requirements, but based on our current operating plan, we believe that our cash, cash equivalents, and marketable securities as of June 30, 2025 will be sufficient to fund our operating expenses and capital expenditure requirements into 2028.

However, we have based this estimate on assumptions that may prove to be wrong and we could exhaust our capital resources sooner than we expect.

32 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