6 unchanged sentences
We have incurred operating losses in the past, may incur operating losses in the future and may never achieve or maintain profitability.
−Removed: For the three and six months ended June 30, 2025, we incurred net losses of $3.6 million and $8.2 million, respectively, and during the three and six months ended June 30, 2024, we incurred net losses of $5.4 million and $13.5 million, respectively.
+Added: For the three and nine months ended September 30, 2025, we incurred net losses of $4.3 million and $12.5 million, respectively, and during the three and nine months ended September 30, 2024, we incurred net losses of $7.6 million and $21.0 million, respectively.
We have incurred and will continue to incur costs in connection with legal, accounting, and other administrative expenses related to operating as a public company and we expect that our operating expenses will increase modestly with the growth of our business.
8 unchanged sentences
All shares sold in our IPO were freely tradable upon such sale without restriction or further registration under the Securities Act, except for any shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act (Rule 144), including our directors, executive officers, and other affiliates (including Telegraph Hill Partners), which may be sold only in compliance with certain limitations.
−Removed: As of June 30, 2025, we have 53,514,288 shares of common stock outstanding, substantially all of which are held by directors, executive officers, and other affiliates and are subject to volume, manner of sale, and other limitations under Rule 144.
+Added: As of September 30, 2025, we have 53,524,460 shares of common stock outstanding, the majority of which are held by directors, executive officers, and other affiliates and are subject to volume, manner of sale, and other limitations under Rule 144.
The market price of our stock could decline if the holders of currently restricted shares of common stock sell them or are perceived by the market as intending to sell them.
1 unchanged sentence
In addition, shares of our common stock that are issued pursuant to our equity incentive plans and our Employee Stock Purchase Plan (ESPP) will become eligible for sale in the public market, subject to provisions relating to various vesting agreements, lock-up agreements, and Rule 144, as applicable.
−Removed: As of June 30, 2025, there were 308,449, 1,527,105 and 3,507,177 shares of common stock reserved for issuance pursuant to outstanding stock option awards under the 2016 Stock Plan, as amended (2016 Plan), the 2020 Equity Incentive Plan, as amended (2020 Plan) and the 2021 Equity Incentive Plan (2021 Plan), respectively.
+Added: As of September 30, 2025, there were 308,449, 1,330,272 and 3,716,960 shares of common stock reserved for issuance pursuant to outstanding stock option awards under the 2016 Stock Plan, as amended (2016 Plan), the 2020 Equity Incentive Plan, as amended (2020 Plan) and the 2021 Equity Incentive Plan (2021 Plan), respectively.
In addition, the 2021 Plan and the ESPP provide for annual automatic increases in the number of shares reserved thereunder.
12 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.