3 unchanged sentences
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: Based on our updated evaluation of the effectiveness of internal control over financial reporting under the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, and in light of the material weaknesses discussed above, our management continued to conclude that our internal control over financing reporting was not effective at the reasonable assurance level as of March 31, 2025.
+Added: Based on our updated evaluation of the effectiveness of internal control over financial reporting under the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, and in light of the material weaknesses discussed above, our management continued to conclude that our internal control over financing reporting was not effective at the reasonable assurance level as of June 30, 2025.
Evaluation of Disclosure Controls and Procedures
2 unchanged sentences
Our disclosure controls and procedures are designed to provide a reasonable assurance of achieving their objectives.
−Removed: Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2025.
−Removed: Because our efforts to remediate the material weaknesses in our internal control over financial reporting are still underway and we have not had a sufficient period of time to test the operating effectiveness of our internal control over financial reporting, which we view as an integral part of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at a reasonable assurance level as of March 31, 2025.
+Added: Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of June 30, 2025.
+Added: Because our efforts to remediate the material weaknesses in our internal control over financial reporting are still underway and we have not had a sufficient period of time to test the operating effectiveness of our internal control over financial reporting, which we view as an integral part of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at a reasonable assurance level as of June 30, 2025.
Nevertheless, based on a number of factors, including the performance of additional procedures by management designed to ensure the reliability of our financial reporting, we believe that the Consolidated Financial Statements and Notes to Consolidated Financial Statements in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows as of the dates, and for the periods, presented, in conformity with U.S.
2 unchanged sentences
Our remediation activities undertaken to date and additional planned actions include, but are not limited to, the efforts summarized below:
−Removed: • we have hired a Vice President, SOX Transformation and continue hiring personnel on our internal SOX Transformation team to:
−Removed: ◦ oversee the remediation of our material weaknesses and drive further improvements across our internal controls;
−Removed: ◦ continue evaluating and designing effective and scalable internal controls and to strengthen the documentation of our existing controls;
−Removed: ◦ establish new internal controls evaluating the accounting for inventory and enhance inventory valuation review procedures;
−Removed: ◦ enhance and expand our existing revenue recognition control procedures and attributes to sufficiently document our assessment of, and reviews over, information used to record Accelerator Laboratory revenue;
−Removed: ◦ provide trainings on a regular basis related to internal control over financial reporting for all control owners;
−Removed: ◦ identify opportunities to enhance our use of our systems through automating certain controls and processes.
−Removed: • we are working with accounting advisory consultants to implement new software solutions to automate key manual inventory valuation processes and outputs;
+Added: • we have hired a Vice President, SOX Transformation and completed the hiring of personnel for our internal SOX Transformation team.
+Added: This team is actively:
+Added: ◦ overseeing the remediation of our material weaknesses and driving further improvements across our internal controls;
+Added: ◦ continuing to evaluate and design effective and scalable internal controls, and strengthening the documentation of our existing controls;
+Added: ◦ establishing new internal controls evaluating the accounting for inventory and enhancing inventory valuation review procedures;
+Added: ◦ enhancing and expanding our existing revenue recognition control procedures and attributes to sufficiently document our assessment of, and reviews over, information used to record Accelerator Laboratory revenue;
+Added: ◦ providing trainings on a regular basis related to internal control over financial reporting for all control owners;
+Added: ◦ identifying opportunities to enhance our use of our systems through automating certain controls and processes.
+Added: • we implemented new software solutions to automate key manual inventory valuation processes and outputs;
• we have completed the design of new controls and will continue to implement additional compensating controls throughout the remainder of fiscal year 2025;
−Removed: • we are working to bring additional internal systems into the scope of our internal control environment to reduce reliance on manual processes and controls;
+Added: • we have brought additional internal systems into the scope of our internal control environment to reduce reliance on manual processes and controls;
• we continue to execute controls that we worked to improve during fiscal year 2024 that did not have a sufficient period of time to demonstrate operating effectiveness as of December 31, 2024, including the analysis of labor and overhead cost capitalization and related controls implemented in the fourth quarter of 2024;
7 unchanged sentences
Changes in Internal Control over Financial Reporting
−Removed: Other than the changes outlined above to remediate the material weaknesses, there have been no changes in our internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Other than the changes outlined above to remediate the material weaknesses, there have been no changes in our internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
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.