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 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.
+Added: For the three months ended March 31, 2026, we incurred net losses of $4.6 million.
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.
−Removed: Since our inception, we have financed our operations primarily through revenue from our products, the sale of our equity securities (including through our June 2021 IPO, September 2023 registered direct offering and private placements, as well as our July 2024 private placements), and debt.
+Added: Since our inception, we have financed our operations primarily through revenue from our products, the sale of our equity securities, and debt.
While our revenue has generally grown over the last several years, including 2025 compared to 2024, it decreased in 2023 compared to 2022.
1 unchanged sentence
We may never be able to generate sufficient revenue to achieve or maintain profitability, and our more recent growth and historical profitability should not be considered predictive of our future performance.
−Removed: A significant portion of our total outstanding shares of common stock are available for immediate resale and may be sold into the market in the near future.
−Removed: This could cause the market price of our common stock to drop significantly, even if our business is doing well.
−Removed: Sales of a substantial number of shares of our common stock in the public market could occur at any time.
−Removed: These sales, or the perception in the market that the holders of a large number of shares of common stock intend to sell shares, could reduce the market price of our common stock.
−Removed: 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 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.
−Removed: 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.
−Removed: These factors could also make it more difficult for us to raise additional funds through future offerings of our shares of common stock or other securities.
−Removed: 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 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.
−Removed: In addition, the 2021 Plan and the ESPP provide for annual automatic increases in the number of shares reserved thereunder.
−Removed: As of January 1, 2025, a total of 6,963,260 and 1,207,030 shares of common stock were available and have been reserved for future issuance under the 2021 Plan and our ESPP, respectively.
−Removed: In the future, we may also issue our securities in connection with investments or acquisitions.
−Removed: The amount of shares of our common stock issued in connection with an investment or acquisition could constitute a material portion of our then-outstanding shares of our common stock.
−Removed: Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to you.
Unregistered Sales of Equity Securities and Use of Proceeds.
7 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.