SUTRO BIOPHARMA, INC.

Previous wording

We are an oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF®, and our site-specific conjugation platform, XpressCF+®. We aim to design and develop therapeutics using the most relevant and potent modalities, including ADCs, bispecific ADCs, and dual conjugate ADCs, which include immunostimulatory ADCs, or iADCs. Our molecules are directed primarily against clinically validated targets where the current standard of care is suboptimal. We believe that our platform allows us to accelerate the discovery and development of potential first-in-class and/or best-in-class molecules by enabling the rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates. Our mission is to transform the lives of patients by creating medicines with improved therapeutic profiles for areas of unmet need.

Current wording

We are an oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF®, and our site-specific conjugation platform, XpressCF+®. We aim to design and develop therapeutics using the most relevant and potent modalities, including ADCs, bispecific ADCs, and dual-payload ADCs, which include immunostimulatory ADCs, or iADCs. Our molecules are directed primarily against clinically validated targets where the current standard of care is suboptimal. We believe that our platform allows us to accelerate the discovery and development of potential first-in-class and/or best-in-class molecules by enabling the rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates. Our mission is to transform the lives of patients by creating medicines with improved therapeutic profiles for areas of unmet need.

Previous wording

Once identified, production of protein drug candidates can be rapidly and predictably scaled in our current Good Manufacturing Practices, or cGMP, compliant manufacturing facility or in the facility of one of our contract development and manufacturing organization, or CDMO, partners. We have the ability to manufacture our proprietary cell-free extract that supports our production of proteins on a large scale using a semi-continuous fermentation process.

Current wording

Once identified, production of protein drug candidates can be rapidly and predictably scaled in our current Good Manufacturing Practices, or cGMP, compliant manufacturing facility or in the facility of one of our contract development and manufacturing organization, or CDMO, partners. We have the ability to manufacture our proprietary cell-free extract that supports our production of proteins on a large scale using a proprietary fermentation process.

Previous wording

We believe STRO-004 has the potential to be a best-in-class ADC targeting TF. Preclinical data suggest that STRO-004 has potent antitumor activity and the potential for a differentiated safety profile. Our other preclinical assets include STRO-006, an ADC targeting Integrinβ6, and dual conjugate ADCs, including iADCs. We plan to file three INDs over the next three years, including for STRO-004 and for STRO-006.

Current wording

We believe STRO-004 has the potential to be a best-in-class ADC targeting TF. Preclinical data suggest that STRO-004 has potent antitumor activity and the potential for a differentiated safety profile. Our other preclinical assets include STRO-006, an ADC targeting Integrinβ6, and dual-payload ADCs, including iADCs. We plan to file three INDs by the end of 2027, including for STRO-004 and for STRO-006.

Previous wording

Since the commencement of our operations, we have devoted substantially all of our resources to performing research and development and manufacturing activities in support of our own product development efforts and those of our collaborators, raising capital to support and expand such activities and providing general and administrative support for these operations. We have funded our operations to date primarily from upfront, milestone and other payments under our collaboration agreements with BMS, Merck, Astellas, Vaxcyte, Ipsen, EMD Serono, BioNova, and Tasly, the issuance and sale of redeemable convertible preferred stock, our initial public offering, or IPO, follow-on public and other offerings of common stock, sales of our common stock through our At-the-Market Facility (“ATM Facility”) pursuant to our Open Market Sales Agreement SM dated April 2, 2021 (the “Sales Agreement”) with Jefferies LLC (“Jefferies”), debt financing, sale of our holdings of Vaxcyte common stock, and the royalty monetization agreement with Blackstone.

Current wording

Since the commencement of our operations, we have devoted substantially all of our resources to performing research and development and manufacturing activities in support of our own product development efforts and those of our collaborators, raising capital to support and expand such activities and providing general and administrative support for these operations. We have funded our operations to date primarily from upfront, milestone and other payments under our collaboration agreements with BMS, Merck, Astellas, Vaxcyte, Ipsen, EMD Serono, BioNova, and Tasly, the issuance and sale of redeemable convertible preferred stock, our initial public offering, or IPO, follow-on public and other offerings of common stock, sales of our common stock through our At-the-Market Facility pursuant to our Open Market Sales Agreement SM dated April 2, 2021, or the Sales Agreement, with Jefferies LLC, or Jefferies, debt financing, sale of our holdings of Vaxcyte common stock, and the royalty monetization agreement with Blackstone.

Previous wording

In March 2025, the Board of Directors approved the Restructuring Plan, with an associated planned reduction in our workforce, as a result of a review of current strategic priorities, resource allocation, and cost reduction intended to reduce operating costs, streamline operations and extend our cash runway. In connection with this Restructuring Plan, we deprioritized further investment in luvelta and refocused our activities on our preclinical pipeline, including STRO-004 and STRO-006. In addition, we intend to decommission or otherwise exit our San Carlos manufacturing facility by the end of 2025 and rely on an external manufacturing strategy, in which all elements of our product candidates and platform reagents are manufactured by qualified third-party CMOs.

Current wording

In March 2025, the Board of Directors approved a strategic portfolio review, or the Restructuring Plan, with an associated planned reduction in our workforce, as a result of a review of current strategic priorities, resource allocation, and cost reduction intended to reduce operating costs, streamline operations and extend our cash runway. In connection with this Restructuring Plan, we deprioritized further investment in luvelta and refocused our activities on our preclinical pipeline, including STRO-004 and STRO-006. In addition, we intend to decommission or otherwise exit our San Carlos manufacturing facility by the end of 2025 and rely on an external manufacturing strategy, in which all elements of our product candidates and platform reagents are manufactured by qualified third-party CMOs.

Previous wording

We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. We had a loss from operations of $68.5 million and a net loss of $76.0 million for the three months ended March 31, 2025. We had a loss from operations of $56.6 million and a net loss of $58.2 million for the three months ended March 31, 2024. Substantially all of our losses have resulted from expenses incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We cannot assure you that we will have net income or that we will generate positive cash flow from operating activities in the future. As of March 31, 2025, we had an accumulated deficit of $862.8 million. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, access, marketing, manufacturing and distribution. We expect a reduction in operating expenses as we strategically reprioritize our resources. However, we anticipate our operating expenses would increase if we advance our product candidates through clinical development, seek regulatory approvals for our product candidates, engage in other research and development activities, expand our pipeline of product candidates, maintain and expand our intellectual property portfolio, seek regulatory and marketing approval for any product candidates that we may develop, acquire or in-license other assets or technologies, ultimately establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain marketing approval, and operate as a public company. In light of our current resources and the cost of development, we are continuing our process of evaluating our programs and spending. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials, our expenditures on other research and development and general and administrative activities, and the timing of achievement and receipt of upfront, milestones and other collaboration agreement payments.

Current wording

We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. We had a loss from operations of $71.9 million and a net loss of $87.5 million for the six months ended June 30, 2025. We had a loss from operations of $105.3 million and a net loss of $106.2 million for the six months ended June 30, 2024. Substantially all of our losses have resulted from expenses incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We cannot assure you that we will have net income or that we will generate positive cash flow from operating activities in the future. As of June 30, 2025, we had an accumulated deficit of $874.3 million. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, access, marketing, manufacturing and distribution. We expect a reduction in operating expenses as we strategically reprioritize our resources. However, we anticipate our operating expenses would increase if we advance our product candidates through clinical development, seek regulatory approvals for our product candidates, engage in other research and development activities, expand our pipeline of product candidates, maintain and expand our intellectual property portfolio, seek regulatory and marketing approval for any product candidates that we may develop, acquire or in-license other assets or technologies, ultimately establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain marketing approval, and operate as a public company. In light of our current resources and the cost of development, we are continuing our process of evaluating our programs and spending. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials, our expenditures on other research and development and general and administrative activities, and the timing of achievement and receipt of upfront, milestones and other collaboration agreement payments.

Previous wording

We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. Our total revenue to date has been generated principally from our collaboration and license agreements with BMS, Merck, Astellas, Vaxcyte, Ipsen, EMD Serono, BioNova, and Tasly, and to a lesser extent, from manufacturing, supply and services and materials we provide to the above collaborators.

Current wording

We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. Our total revenue to date has been generated principally from our collaboration and license agreements with Astellas, Vaxcyte, Ipsen, and Tasly, and to a lesser extent, from manufacturing, supply and services and materials we provide to the above collaborators.

Previous wording

We expect a reduction in research and development expenses as we strategically reprioritize our resources. However, we anticipate such expenses would increase if we advance our product candidates through clinical development, and continue to develop our external manufacturing capabilities.

Current wording

We expect a reduction in research and development expenses throughout 2025 as we strategically reprioritize our resources. However, we anticipate such expenses would increase if we advance our product candidates through clinical development, and continue to develop our external manufacturing capabilities.

Previous wording

In March 2025, we announced the Restructuring Plan resulting in the prioritization of our three wholly-owned preclinical programs in our next-generation ADC pipeline. We also announced that we are deprioritizing additional investment into development of luvelta across all indications and are reducing headcount by nearly 50 percent. In connection with these events, we reported the following restructuring costs in "Restructuring and Related Costs" in our interim condensed Statements of Operations for the three months ended March 31, 2025:

Current wording

In March 2025, we announced the Restructuring Plan resulting in the prioritization of our three wholly-owned preclinical programs in our next-generation ADC pipeline. We also announced that we are deprioritizing additional investment into development of luvelta across all indications and are reducing headcount by nearly 50 percent. In connection with these events, we reported the following restructuring costs in "Restructuring and Related Costs" in our interim condensed Statements of Operations for the three and six months ended June 30, 2025:

Previous wording

Total revenue increased by $4.4 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This was primarily due to a $5.5 million increase from Astellas, of which $5.7 million was from the ongoing performance related to partially unsatisfied performance obligations, and included a $5.7 million cumulative catch-up in revenue as a result of the change in transaction price due to a $7.5 million contingent payment earned in the first quarter of 2025 for the initiation by Astellas of the first IND-enabling toxicology study under the Astellas Agreement, and $1.5 million from materials supply, which was partially offset by decreases of $1.0 million from the financing component related to the Astellas Agreement and $0.7 million from research and development services. Additionally, there was a $0.3 million increase in Ipsen revenue from research and development services and materials supply, which commenced in the second quarter of 2024. These increases were partially offset by a $0.9 million decrease in Tasly revenue, primarily due to a decrease in research and development services and materials supply, and a $0.4 million decrease in Vaxcyte revenue, primarily due to a decrease in research and development services.

Current wording

Total revenue increased by $38.0 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. This was primarily due to a $56.0 million increase from Ipsen, which included the derecognition of $53.2 million in deferred revenue as a result of Ipsen's strategic decision not to advance the STRO-003 program under its partnership with us, and a $2.7 million increase in manufacturing activities supporting clinical trial supply. These increases were partially offset by a $17.3 million decrease from Astellas, of which $16.2 million related to ongoing performance on partially unsatisfied performance obligations, including a $5.7 million cumulative catch-up adjustment due to a change in transaction price reflecting a $7.5 million contingent payment earned in the first quarter of 2025 for the initiation by Astellas of the first IND-enabling toxicology study under the Astellas Agreement. An additional $0.9 million was from the financing component under the Astellas Agreement, and $0.2 million was from research and development services. Additionally, there was a $0.7 million decrease in Vaxcyte revenue from research and development services.

Previous wording

Research and development expense decreased by $5.3 million, or 9%, during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The overall decrease was due primarily to decreases of $3.2 million in outside services, $1.6 million in personnel-related expenses, $0.4 million in preclinical research and clinical development expenses, and $0.3 million in facilities and IT-related expenses. Following the implementation of the Restructuring Plan, we began reporting restructuring-related costs and other costs associated with the deprioritized luvelta program under "Restructuring and related costs" in our interim condensed financial statements. These decreases were partially offset by a $0.3 million increase in laboratory supply expenses.

Current wording

Research and development expense decreased by $23.7 million, or 38%, during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The overall decrease was due primarily to decreases of $12.1 million in preclinical research and clinical development expenses, $6.3 million in outside services, $4.1 million in personnel-related expenses, $0.8 million in facilities expenses, $0.2 million in laboratory supplies, and $0.1 million in travel-related expenses. Following the implementation of the Restructuring Plan, we began reporting restructuring costs and other costs associated with the deprioritized luvelta program under "Restructuring and related costs" in our interim condensed financial statements.

Previous wording

Interest income decreased by $0.9 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, due primarily to lower average investment balances and lower average rates of return in 2025.

Current wording

Interest income decreased by $2.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, due primarily to lower average investment balances and lower average rates of return in 2025.

Previous wording

We sold our remaining shares of Vaxcyte common stock during the year ended December 31, 2024, resulting in no unrealized gain on equity securities during the three months ended March 31, 2025, as compared to an unrealized gain of $3.7 million for the three months ended March 31, 2024.

Current wording

We sold our remaining shares of Vaxcyte common stock during the year ended December 31, 2024, resulting in no unrealized gain on equity securities during the three months ended June 30, 2025, as compared to an unrealized gain of $4.8 million for the three months ended June 30, 2024.

Previous wording

Non-cash interest expense increased by $2.2 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Non-cash interest expense was recognized on our deferred royalty obligation related to the June 2023 sale of future Vaxcyte royalties pursuant to the Purchase Agreement, using the effective interest method based on the imputed interest rate derived from estimated amounts and timing of potential future royalty payments to be earned and received by Blackstone from Vaxcyte under the 2015 License Agreement.

Current wording

Non-cash interest expense increased by $2.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. Non-cash interest expense was recognized on our deferred royalty obligation related to the June 2023 sale of future Vaxcyte royalties pursuant to the Purchase Agreement, using the effective interest method based on the imputed interest rate derived from estimated amounts and timing of potential future royalty payments to be earned and received by Blackstone from Vaxcyte under the 2015 License Agreement.

Previous wording

Interest and other income (expense), net, decreased by $0.9 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to a decrease of $1.0 million from the financing component related to the Astellas Agreement.

Current wording

Interest and other income (expense), net, decreased by $0.7 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, primarily due to a decrease of $0.9 million from the financing component related to the Astellas Agreement, partially offset by a $0.2 million increase from foreign exchange fluctuations.

Previous wording

General and administrative expense increased by $0.5 million, or 4%, during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The overall increase was due primarily to increases of $0.3 million in outside services, $0.3 million in IT-related expenses, and $0.2 million in personnel-related expenses, partially offset by a $0.2 million decrease in travel and office-related expenses. Some general and administrative expenses previously recorded under this category are now reported under "Restructuring and related costs" in our interim condensed financial statements following the implementation of our Restructuring Plan.

Current wording

General and administrative expense decreased by $1.5 million, or 6%, during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The overall decrease was due primarily to decreases of $1.7 million in personnel-related expenses, $0.2 million in equipment and office-related expenses, and $0.1 million in travel-related expenses, partially offset by increases of $0.3 million in allocated facilities-related expenses and $0.2 million in outside services. Some general and administrative expenses previously recorded under this category are now reported under "Restructuring and related costs" in our interim condensed financial statements following the implementation of our Restructuring Plan.

Previous wording

To date, we have incurred significant net losses, and negative cash flows from operations. Our operations have been funded primarily by payments received from our collaborators, and net proceeds from equity sales, debt, sale of shares of Vaxcyte common stock, and a royalty monetization. As of March 31, 2025, we had cash, cash equivalents and marketable securities of $249.0 million, and an accumulated deficit of $862.8 million.

Current wording

To date, we have incurred significant net losses, and negative cash flows from operations. Our operations have been funded primarily by payments received from our collaborators, and net proceeds from equity sales, debt, sale of shares of Vaxcyte common stock, and a royalty monetization. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $205.1 million, and an accumulated deficit of $874.3 million.

Previous wording

Cash used in operating activities for the three months ended March 31, 2025 was $67.9 million. Our net loss of $76.0 million included non-cash amounts of $9.3 million for non-cash interest expense on our deferred royalty obligation, $5.5 million for stock-based compensation, $1.9 million for depreciation and amortization, $1.4 million for non-cash lease expense, and $1.1 million for the accretion of discount on marketable securities. Cash used in operating activities also reflected a net change in operating assets and liabilities of $9.1 million, due to an increase of $4.9 million in accounts receivable primarily due to a $7.5 million receivable from Astellas for their initiation of an IND-enabling toxicology study for the first program in our collaboration with Astellas, which was partially offset by a decrease in accounts receivable from our other collaborators, a decrease of $4.7 million in deferred revenue primarily due to revenue recognized under the Astellas Agreement, a decrease of $1.7 million in our operating lease liability, and a decrease of $1.3 million in accrued compensation expense primarily due to bonuses paid in 2025 in connection with certain company 2024 goal achievements, which was partially offset by an increase in severance and benefits obligations under the Restructuring Plan. The decrease in operating assets and liabilities were partially offset by an increase of $3.7 million in accounts payable, accrued expenses and other liabilities due to timing of payments,

Current wording

Cash used in operating activities for the six months ended June 30, 2025 was $112.6 million. Our net loss of $87.5 million included non-cash amounts of $19.0 million for non-cash interest expense on our deferred royalty obligation, $10.8 million for stock-based compensation, $3.8 million for depreciation and amortization, $2.8 million for non-cash lease expense, and $2.1 million for the accretion of discount on marketable securities. Cash used in operating activities also reflected a net change in operating assets and liabilities of $59.7 million, due to a decrease of $63.4 million in deferred revenue resulting from Ipsen's strategic decision not to advance the STRO-003 program under its partnership with us, a decrease of $5.7 million in accounts payable due to timing of payments, a decrease of $3.6 million in operating lease liabilities, and a decrease in $1.1 million in accrued compensation primarily due to severance payments made under the Restructuring Plan, partially offset by an increase of $7.1 million in accrued expenses and other liabilities due primarily to increases in CMO restructuring costs as a result of the deprioritization of luvelta, and a decrease of $6.4 million in prepaid expenses and other assets due to a decrease in clinical trials and CMO-related activities as a result of the deprioritization of STRO-002.

Previous wording

Cash used in operating activities for the three months ended March 31, 2024 was $64.7 million. Our net loss of $58.2 million included non-cash charges of $7.2 million for non-cash interest expense on our deferred royalty obligation, $6.1 million for stock-based compensation, $3.7 million for the unrealized gain on equity securities as a result of the remeasurement of the estimated fair value of our investment in Vaxcyte common stock, $2.7 million for the accretion of discount on marketable securities, $1.8 million for depreciation and amortization, and $1.2 million for non-cash lease expense. Cash used in operating activities also reflected a net change in operating assets and liabilities of $16.6 million, due to a decrease of $7.2 million in deferred revenue from revenue recognized under our collaboration agreements, decrease of $7.6 million in accrued compensation expense primarily due to bonuses paid in 2024 in connection with certain company 2023 goal achievements, a decrease of $2.7 million in accounts payable, accrued expenses and other liabilities due to timing of payments, an increase of $2.4 million in prepaid expenses and other assets, and a decrease of $1.5 million in our operating lease liability, which was partially offset by a decrease of $4.8 million in accounts receivable from our collaborators.

Current wording

Cash used in operating activities for the six months ended June 30, 2024 was $55.3 million. Our net loss of $106.2 million included non-cash charges of $14.5 million for non-cash interest expense on our deferred royalty obligation, $12.2 million for stock-based compensation, $8.5 million for the unrealized gain on equity securities as a result of the remeasurement of the estimated fair value of our investment in Vaxcyte common stock, $5.5 million for the accretion of discount on marketable securities, $3.5 million for depreciation and amortization, and $2.5 million for non-cash lease expense. Cash used in operating activities also reflected a net change in operating assets and liabilities of $31.7 million, due to a decrease of $29.1 million in accounts receivable primarily from receiving $25.0 million from Vaxcyte as the second of two installment payments for the Option exercise price under the Vaxcyte Agreement, and an increase of $21.2 million in deferred revenue primarily due to the upfront payment from Ipsen, partially offset by revenue recognized under the Astellas Agreement, which were partially offset by a decrease of $8.7 million in accounts payable, accrued expenses and other liabilities due to timing of payments, a decrease of $4.7 million in accrued compensation expense primarily due to bonuses paid in 2024 in connection with certain company 2023 goal achievements, a decrease of $3.0 million in our operating lease liability, and an increase of $2.1 million in prepaid expenses and other assets.

Previous wording

Cash provided by investing activities of $64.1 million for the three months ended March 31, 2024 was primarily related to maturities and sales of marketable securities of $199.5 million, partially offset by purchases of marketable securities of $135.0 million, and purchases of property and equipment of $0.4 million, principally for laboratory equipment.

Current wording

Cash used in investing activities of $13.7 million for the six months ended June 30, 2025 was primarily related to purchases of marketable securities of $171.0 million, and purchases of property and equipment of $1.3 million, principally for laboratory equipment, partially offset by maturities and sales of marketable securities of $135.7 million, and sales of marketable securities of $22.8 million.

Previous wording

Cash used in investing activities of $16.3 million for the three months ended March 31, 2025 was primarily related to purchases of marketable securities of $142.4 million, and purchases of property and equipment of $1.2 million, principally for laboratory equipment, partially offset by maturities and sales of marketable securities of $127.3 million.

Current wording

Cash used in investing activities of $16.3 million for the six months ended June 30, 2024 was primarily related to purchases of marketable securities of $292.3 million, and purchases of property and equipment of $1.2 million, principally for laboratory equipment, partially offset by maturities and sales of marketable securities of $277.2 million,.

Previous wording

Cash provided by financing activities of $0.1 million for the three months ended March 31, 2025 was primarily related to $0.3 million of net proceeds received from participants in our employee equity plans, partially offset by a $0.2 million tax payment related to the net shares settlement of vested restricted stock units.

Current wording

Cash provided by financing activities for the six months ended June 30, 2025 was immaterial, primarily related to $0.2 million of net proceeds received from participants in our employee equity plans, partially offset by a $0.2 million tax payment related to the net shares settlement of vested restricted stock units.

Previous wording

Cash used in financing activities of $3.4 million for the three months ended March 31, 2024 was primarily related to a debt repayment of $4.1 million, and a $0.4 million tax payment related to the net shares settlement of vested restricted stock units, partially offset by a $0.9 million of net proceeds received from participants in our employee equity plans, and $0.1 million of proceeds received from the exercise of common stock options.

Current wording

Cash provided by financing activities of $93.1 million for the six months ended June 30, 2024 was primarily related to $71.5 million of net proceeds from the underwritten offering, $25.0 million of proceeds from Ipsen USA upon the purchase of our common stock under the Ipsen Investment Agreement, $0.9 million of net proceeds received from participants in our employee equity plans, and $0.1 million of proceeds received from the exercise of common stock options, partially offset by debt repayment of $4.1 million and a $0.4 million tax payment related to the net shares settlement of vested restricted stock units.