What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-05 compared with 2025-08-04 · 97 added, 72 removed, 448 unchanged (27% of the section changed)

3 unchanged sentences

(Amounts in thousands, except share and per share data)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current assets:

20 unchanged sentences

Preferred stock, $ 0.0001 par value;

10,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024

10,000,000 shares authorized and no shares issued or outstanding as of September 30, 2025 and December 31, 2024

Common stock, $ 0.0001 par value;

150,000,000 shares authorized;

21,040,474 shares issued and outstanding as of June 30, 2025, and 19,422,358 shares issued and outstanding as of December 31, 2024

21,165,933 shares issued and outstanding as of September 30, 2025, and 19,422,358 shares issued and outstanding as of December 31, 2024

Additional paid-in capital 1,394,088 1,281,522

8 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

16 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net loss $ ( 73,934 ) $ ( 51,910 ) $ ( 214,357 ) $ ( 124,140 )

Change in unrealized (loss) gain on marketable securities, net of tax ( 264 ) ( 74 ) ( 259 ) ( 71 )

Change in unrealized gain (loss) on marketable securities, net of tax 105 1,402 ( 154 ) 1,331

Comprehensive loss $ ( 73,829 ) $ ( 50,508 ) $ ( 214,511 ) $ ( 122,809 )

30 unchanged sentences

Balance at June 30, 2025 21,040,474 $ 14 $ 1,380,978 $ ( 977,163 ) $ 395 $ 404,224

Stock-based compensation expense — — 7,447 — — 7,447

Issuance of common stock from at-the-market offerings, net of issuance and commission costs of $ 359

102,364 — 4,907 — — 4,907

Vesting of restricted stock units 3,746 — — — — —

Shares withheld for taxes for vesting of restricted stock units ( 1,106 ) — ( 52 ) — — ( 52 )

Issuance of common stock upon exercise of stock options 20,455 — 808 — — 808

Change in unrealized gain on marketable securities, net of tax — — — — 105 105

Net loss — — — ( 73,934 ) — ( 73,934 )

Balance at September 30, 2025 21,165,933 $ 14 $ 1,394,088 $ ( 1,051,097 ) $ 500 $ 343,505

Common Stock Additional

28 unchanged sentences

Balance at June 30, 2024 17,755,506 $ 14 $ 1,145,308 $ ( 726,151 ) $ ( 71 ) $ 419,100

Stock-based compensation expense — — 12,432 — — 12,432

Issuance of common stock from at-the-market public offerings, net of issuance and commission costs of $ 70

25,189 1,442 1,442

Issuance of common stock from exercise of stock options 4,971 201 201

Vesting of restricted stock units 51 — — — — —

Shares withheld for taxes for vesting of restricted stock units ( 20 ) — ( 1 ) — — ( 1 )

Change in unrealized loss on marketable securities, net of tax — — — — 1,402 1,402

Net loss — — — ( 51,910 ) — ( 51,910 )

Balance at September 30, 2024 17,785,697 $ 14 $ 1,159,382 $ ( 778,061 ) $ 1,331 $ 382,666

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(Amounts in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

18 unchanged sentences

Maturities of marketable securities 250,836 64,525

Net cash used in investing activities ( 33,170 ) ( 287,142 )

Net cash provided by (used in) investing activities 17,243 ( 237,576 )

Cash flows from financing activities:

5 unchanged sentences

Net cash provided by financing activities 89,655 400,556

Increase (decrease) in cash, cash equivalents and restricted cash ( 57,957 ) 63,843

(Decrease) increase in cash, cash equivalents and restricted cash ( 65,845 ) 87,345

Cash, cash equivalents and restricted cash, beginning of period 215,788 81,716

5 unchanged sentences

Supplemental disclosures of non-cash activities:

Purchase of property and equipment included in accrued expenses $ 64 $ —

Issuance costs from at-the-market offering included in accounts payable and accrued expenses $ — $ 134

Offering costs from follow-on offering included in accounts payable $ — $ 108

Issuance costs from at-the-market offering included in accrued expenses $ 221 $ 36

The accompanying notes are an integral part of these condensed consolidated financial statements.

10 unchanged sentences

The Company's platforms utilize a deliberate, pragmatic and patient-guided approach, leveraging a suite of translational tools, including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients.

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

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

Praxis was incorporated in 2015 and commenced operations in 2016.

The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock, from the sale of common stock through an initial public offering, at-the-market offerings under its shelf registration statement, and follow-on public offerings of common stock and pre-funded warrants to purchase common stock.

From inception through June 30, 2025, the Company raised $ 1.2 billion in aggregate cash proceeds from these transactions, net of issuance costs.

From inception through September 30, 2025, the Company raised $ 1.2 billion in aggregate cash proceeds from these transactions, net of issuance costs.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations.

3 unchanged sentences

In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) , the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued.

The Company has incurred recurring losses since its inception, including a net loss of $ 140.4 million for the six months ended June 30, 2025.

In addition, as of June 30, 2025, the Company had an accumulated deficit of $ 977.2 million.

The Company has incurred recurring losses since its inception, including a net loss of $ 214.4 million for the nine months ended September 30, 2025.

In addition, as of September 30, 2025, the Company had an accumulated deficit of $ 1.1 billion.

The Company expects to continue to generate operating losses for the foreseeable future.

The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2025 of $ 446.6 million will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to

advance its research efforts and clinical trials for at least one year from the date of issuance of these condensed consolidated financial statements.

The Company expects that its cash, cash equivalents and marketable securities as of September 30, 2025 of $ 389.2 million, together with net proceeds of $ 567.0 million from the October 2025 financing, will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to advance its program activities for at least one year from the date of issuance of these condensed consolidated financial statements.

The future viability of the Company is dependent on its ability to raise additional capital to finance its operations.

5 unchanged sentences

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB.

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2025 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2024 Annual Report on Form 10-K, other than as noted below.

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2025 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2024 Annual Report on Form 10-K, other than as noted below.

Unaudited Interim Condensed Consolidated Financial Information

The accompanying condensed consolidated balance sheet as of June 30, 2025, the condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024, the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024, the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2025 and 2024 are unaudited.

The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2025, the results of its operations for the three and six months ended June 30, 2025 and 2024 and its cash flows for the six months ended June 30, 2025 and 2024.

Financial statement disclosures for the three and six months ended June 30, 2025 and 2024 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP.

The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ended December 31, 2025, any other interim periods, or any future year or period.

The accompanying condensed consolidated balance sheet as of September 30, 2025, the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024, the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2025 and 2024, the condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 and the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2025 and 2024 are unaudited.

The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2025, the results of its operations for the three and nine months ended September 30, 2025 and 2024 and its cash flows for the nine months ended September 30, 2025 and 2024.

Financial statement disclosures for the three and nine months ended September 30, 2025 and 2024 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP.

The results for the three and nine months ended September 30, 2025 are not necessarily indicative of results to be expected for the year ended December 31, 2025, any other interim periods, or any future year or period.

Common Stock Warrants

10 unchanged sentences

The OBBBA legislation provides for the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, revisions to the international tax framework and the reinstatement of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in future periods.

The Company maintains a full valuation allowance against its U.S.

federal and state deferred tax assets.

As such, it does not anticipate the OBBBA will have a material impact on its income tax provision in the near term.

However, the Company is currently evaluating the legislation’s potential impact on its tax attributes, including net operating loss carryforwards and tax credits, and on its condensed consolidated financial statements.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in future

While tax changes in the OBBBA do not have a material impact to the Company's effective tax rate, we anticipate that certain tax provisions in the OBBBA, namely the provision allowing for immediate expensing of certain research and development expenses, will result in accelerated deductions of previously capitalized expenses of approximately $ 203.9 million.

We continue to evaluate the tax and other provisions of the OBBBA and the potential effects on our financial position, results of operations, and cash flows.

Recent Accounting Pronouncements

12 unchanged sentences

Cash Equivalents and Marketable Securities

The following is a summary of the Company's investment portfolio as of June 30, 2025 and December 31, 2024 (in thousands):

As of June 30, 2025

The following is a summary of the Company's investment portfolio as of September 30, 2025 and December 31, 2024 (in thousands):

As of September 30, 2025

Gross Unrealized Estimated

23 unchanged sentences

Total cash equivalents and marketable securities $ 398,109 $ 654 $ — $ 398,763

As of June 30, 2025, the Company had 21 securities with a total fair market value of $ 72.0 million in an unrealized loss position.

The Company believes that any unrealized losses associated with the decline in value of

its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity.

As of September 30, 2025, the Company had 4 securities with a total fair market value of $ 16.1 million in an unrealized loss position.

The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity.

The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized.

Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Within one year $ 117,630 $ 177,195

2 unchanged sentences

Securities are evaluated for impairment at the end of each reporting period.

The Company did not record any impairment related to its available-for-sale securities during the three and six months ended June 30, 2025 and 2024.

The Company did not record any impairment related to its available-for-sale securities during the three and nine months ended September 30, 2025 and 2024.

Fair Value Measurements

5 unchanged sentences

Prices or valuation techniques that require inputs that are both significant to the valuation of the asset and unobservable.

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2025 and December 31, 2024 (in thousands):

As of June 30, 2025

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2025 and December 31, 2024 (in thousands):

As of September 30, 2025

Level 1 Level 2 Level 3 Total

17 unchanged sentences

Accrued expenses consisted of the following (in thousands):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Accrued external research and development expenses $ 15,624 $ 13,363

5 unchanged sentences

The base rent increases by approximately 2 % annually.

The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected within prepaid expenses and other current assets and other non-current assets on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.

This lease qualifies as an operating lease.

14 unchanged sentences

Upon notice of the exercise, the Company recognized the $ 6.0 million option exercise fee and the $ 2.6 million of remaining collaboration revenue associated with the $ 5.0 million up front payment as collaboration revenue within the December 31, 2024 consolidated statement of operations, as the Company had no further research service obligations under the terms of the Collaboration Agreement.

The Company did not recognize any collaboration revenue associated with this Collaboration Agreement during the three and six months ended June 30, 2025.

As of June 30, 2025, there was no deferred revenue recorded in the condensed consolidated balance sheet.

During the three and six months ended June 30, 2024, the Company recognized $ 0.4 million and $ 0.8 million, respectively, related to the Collaboration Agreement in the condensed consolidated statement of operations.

The Company did not recognize any collaboration revenue associated with this Collaboration Agreement during the three and nine months ended September 30, 2025.

As of September 30, 2025, there was no deferred revenue recorded in the condensed consolidated balance sheet.

During the three and nine months ended September 30, 2024, the Company recognized $ 0.3 million and $ 1.1 million, respectively, related to the Collaboration Agreement in the condensed consolidated statement of operations.

As of December 31, 2024, there was no deferred revenue recorded in the consolidated balance sheet.

15 unchanged sentences

(i) $ 10.0 million gross proceeds from the sale of common stock under the Stock Purchase Agreement and (ii) $ 4.8 million, net of tax, related to the up-front payment under the License Agreement, both of which were received in January 2024.

During the three and six months ended June 30, 2025 and 2024, the Company did not achieve any development or sales milestones or earn any royalties under the License Agreement.

During the three and nine months ended September 30, 2025 and 2024, the Company did not achieve any development or sales milestones or earn any royalties under the License Agreement.

The Company recorded the common stock sold to BCPE at its issuance date fair value of $ 38.95 per share, or $ 17.3 million in the aggregate, which exceeded the proceeds received which were calculated based on the 20 % premium over the prior 30-day volume-weighted average price.

3 unchanged sentences

For agreements where the licenses are considered separate performance obligations or represent the only performance obligation, the Company recognizes revenue at the point in time that the Company effectively grants the license, as the licenses or assignments represent functional intellectual property.

As of June 30, 2025 and December 31, 2024, the Company did not have any receivables or deferred revenue related to the arrangement with Tenacia.

The Company did not recognize any contract assets related to costs to obtain a contract with a customer or costs to fulfill a contract with a customer through June 30, 2025 because no qualifying costs were incurred.

During the three and six months ended June 30, 2025 and 2024, the Company did not recognize any revenue associated with the combined arrangement.

As of September 30, 2025 and December 31, 2024, the Company did not have any receivables or deferred revenue related to the arrangement with Tenacia.

The Company did not recognize any contract assets related to costs to obtain a contract with a customer or costs to fulfill a contract with a customer through September 30, 2025 because no qualifying costs were incurred.

During the three and nine months ended September 30, 2025 and 2024, the Company did not recognize any revenue associated with the combined arrangement.

Common Stock and Preferred Stock

As of June 30, 2025 and December 31, 2024, the authorized capital stock of the Company included 150,000,000 shares of common stock, $ 0.0001 par value.

As of June 30, 2025 and December 31, 2024, the Company did no t hold any treasury shares.

As of September 30, 2025 and December 31, 2024, the authorized capital stock of the Company included 150,000,000 shares of common stock, $ 0.0001 par value.

As of September 30, 2025 and December 31, 2024, the Company did no t hold any treasury shares.

Follow-On Public Offerings

12 unchanged sentences

No cash proceeds associated with the exercise were received by the Company.

During the six months ended June 30, 2025, 200,355 pre-funded warrants were exercised via cashless exercise, resulting in 200,349 shares of common stock issued.

During the nine months ended September 30, 2025, 200,355 pre-funded warrants were exercised via cashless exercise, resulting in 200,349 shares of common stock issued.

No cash proceeds associated with the exercise were received by the Company.

As of June 30, 2025, a total of 704,225 pre-funded warrants associated with this offering remained outstanding.

As of September 30, 2025, a total of 704,225 pre-funded warrants associated with this offering remained outstanding.

April 2024 Public Offering

10 unchanged sentences

Following the occurrence of certain fundamental transactions, the holders of the pre-funded warrants have the right to receive upon exercise of the warrants the same amount and kind of securities, cash or property as they would have been entitled to receive if they had been holders of the common shares issuable under the warrants immediately prior to such transaction.

As of June 30, 2025, none of the pre-funded warrants have been exercised and all remained outstanding.

As of September 30, 2025, none of the pre-funded warrants have been exercised and all remained outstanding.

The Company determined that the pre-funded warrants related to the January 2024 and April 2024 public offerings are freestanding financial instruments because they are both legally detachable and separately exercisable from the common stock sold in the offering.

8 unchanged sentences

The Company has reserved the following shares of common stock for future issuance:

September 30,

2025 December 31,

8 unchanged sentences

Preferred Stock

As of June 30, 2025 and December 31, 2024, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $ 0.0001 par value.

As of September 30, 2025 and December 31, 2024, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $ 0.0001 par value.

Stock-Based Compensation

3 unchanged sentences

In January 2025, the number of shares of common stock authorized for issuance under the Inducement Plan was increased by 870,000 shares.

The total number of shares of common stock authorized for issuance under the Inducement Plan as of June 30, 2025 and December 31, 2024 was 1,000,000 shares and 130,000 shares, respectively.

The total number of shares of common stock authorized for issuance under the Inducement Plan as of September 30, 2025 and December 31, 2024 was 1,000,000 shares and 130,000 shares, respectively.

2020 Stock Option and Incentive Plan

The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of June 30, 2025 and December 31, 2024 was 2,941,950 shares and 1,970,833 shares, respectively.

The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of September 30, 2025 and December 31, 2024 was 2,941,950 shares and 1,970,833 shares, respectively.

2017 Stock Incentive Plan

The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of June 30, 2025 and December 31, 2024 was 395,850 shares.

The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of September 30, 2025 and December 31, 2024 was 395,850 shares.

Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan.

2020 Employee Stock Purchase Plan

The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of June 30, 2025 and December 31, 2024 was 369,368 shares and 175,145 shares, respectively.

The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of September 30, 2025 and December 31, 2024 was 369,368 shares and 175,145 shares, respectively.

Restricted Stock Units

5 unchanged sentences

Forfeited ( 30,446 ) 59.46

Unvested as of June 30, 2025 515,596 $ 61.57

As of June 30, 2025, total unrecognized compensation cost related to unvested restricted stock units was $ 27.2 million, which is expected to be recognized over a weighted-average period of 3.28 years.

Unvested as of September 30, 2025 516,119 $ 61.24

As of September 30, 2025, total unrecognized compensation cost related to unvested restricted stock units was $ 25.0 million, which is expected to be recognized over a weighted-average period of 3.09 years.

Stock Options

10 unchanged sentences

Cancelled or Forfeited ( 28,765 ) 67.76

Outstanding as of June 30, 2025 2,102,627 $ 86.63 8.18 $ 1,566

Exercisable as of June 30, 2025 1,132,791 $ 111.08 7.42 $ 1,336

Vested and expected to vest as of June 30, 2025 2,102,627 $ 86.63 8.18 $ 1,566

Outstanding as of September 30, 2025 2,070,371 $ 87.20 7.94 $ 8,662

Exercisable as of September 30, 2025 1,197,365 $ 108.73 7.28 $ 6,571

Vested and expected to vest as of September 30, 2025 2,070,371 $ 87.20 7.94 $ 8,662

Valuation of Stock Options

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and six months ended June 30, 2025:

Three Months Ended

June 30, Six Months Ended

No stock options were granted during the three months ended September 30, 2025.

Nine Months Ended

September 30,

Risk-free interest rate 4.45 %

3 unchanged sentences

Weighted average grant-date fair value per share $ 46.74

As of June 30, 2025, total unrecognized compensation cost related to unvested stock options was $ 41.8 million, which is expected to be recognized over a weighted-average period of 2.40 years.

As of September 30, 2025, total unrecognized compensation cost related to unvested stock options was $ 36.4 million, which is expected to be recognized over a weighted-average period of 2.24 years.

Stock-Based Compensation

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

3 unchanged sentences

2,600,285 2,059,389 2,600,285 2,059,389

Common shares issuable upon exercise of the pre-funded warrants that were sold in connection with the January 2024 and April 2024 underwritten public offerings are included in the calculation of basic weighted average number of common shares outstanding for the three and six months ended June 30, 2025.

Consistent with the guidance in ASC 260-10-45-13, the underlying common shares are issuable for little to no consideration and there are no vesting conditions or contingencies associated with the warrants.

17 unchanged sentences

The majority of the Company's long-lived assets are held in the United States.

The following table presents selected financial information about the Company's single operating segment for the three and six months ended June 30, 2025 and 2024 (in thousands):

The following table presents selected financial information about the Company's single operating segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

15 unchanged sentences

Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the condensed consolidated financial statements to provide additional evidence for certain estimates or identify matters that require additional disclosure.

The Company has concluded that no subsequent events have occurred that require disclosure .

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure.

The Company has concluded that no subsequent events have occurred that require disclosure other than those noted below.

October 2025 Public Offering

On October 20, 2025, the Company completed a public offering of:

(i) an aggregate of 3,527,072 shares of its common stock at a public offering price of $ 157.00 per share, including the underwriters' full exercise of their option to purchase 501,592 additional shares of common stock, and (ii) pre-funded warrants to purchase 318,470 shares of common stock at a public offering price of $ 156.9999 per share of common stock underlying the warrants.

The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, less the $ 0.0001 per share exercise price of each underlying share.

Total net proceeds generated from the offering were approximately $ 567.0 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements