Natera, Inc.

Previous wording

During the six months ended June 30, 2025, we processed approximately 1,708,200 tests, comprised of approximately 1,680,100 tests accessioned in our laboratory, compared to approximately 1,496,000 tests processed, comprised of approximately 1,462,800 tests accessioned in our laboratory, during the six months ended June 30, 2024. This increase in volume primarily represents continued commercial growth of Signatera, Panorama and Horizon, both as tests performed in our laboratory as well as through our Constellation software platform.

Current wording

During the nine months ended September 30, 2025, we processed approximately 2,601,900 tests, comprised of approximately 2,559,800 tests accessioned in our laboratory, compared to approximately 2,271,800 tests processed, comprised of approximately 2,223,500 tests accessioned in our laboratory, during the nine months ended September 30, 2024. This increase in volume primarily represents continued commercial growth of Signatera, Panorama and Horizon, both as tests performed in our laboratory as well as through our Constellation software platform.

Previous wording

The percent of our revenues attributable to our U.S. direct sales force for the six months ended June 30, 2025 was 96%, an increase compared to 95% for the six months ended June 30, 2024. The percent of our revenues attributable to U.S. laboratory distribution partners for the six months ended June 30, 2025 was 2%, a decrease compared to 3% from the same period in the prior year. Our ability to increase our revenues and gross profit will depend on our ability to further penetrate the U.S. market with our direct sales force. The percent of our revenues attributable to international laboratory distribution partners and other international sales for both the six months ended June 30, 2025 and 2024 was 2%.

Current wording

The percent of our revenues attributable to our U.S. direct sales force for the nine months ended September 30, 2025 was 96%, an increase compared to 94% for the nine months ended September 30, 2024. The percent of our revenues attributable to U.S. laboratory distribution partners for the nine months ended September 30, 2025 was 2%, a decrease compared to 3% from the same period in the prior year. Our ability to increase our revenues and gross profit will depend on our ability to further penetrate the U.S. market with our direct sales force. The percent of our revenues attributable to international laboratory distribution partners and other international sales for the nine months ended September 30, 2025 and 2024 was 2% and 3%, respectively.

Previous wording

For the six months ended June 30, 2025, total revenues were $1,048.4 million compared to $781.1 million in the six months ended June 30, 2024. Product revenues accounted for $1,044.5 million, nearly 100% of total revenues for the six months ended June 30, 2025 compared to $776.0 million, representing 99% of total revenues for the six months ended June 30, 2024. For the six months ended June 30, 2025 and 2024, no customers exceeded 10% of the total revenues on an individual basis. Revenues from customers outside the United States were $18.3 million, representing approximately 2% of total revenues for the six months ended June 30, 2025. For the six months ended June 30, 2024, revenues from customers outside the United States were $16.8 million, representing approximately 2% total revenues. Most of our revenues have been denominated in U.S. dollars, though we generate some revenue in foreign currency, primarily denominated in Euros and Singapore Dollars.

Current wording

For the nine months ended September 30, 2025, total revenues were $1,640.6 million compared to $1,220.9 million in the nine months ended September 30, 2024. Product revenues accounted for $1,634.7 million, nearly 100% of total revenues for the nine months ended September 30, 2025 compared to $1212.2 million, representing 99% of total revenues for the nine months ended September 30, 2024. For the nine months ended September 30, 2025 and 2024, no customers exceeded 10% of the total revenues on an individual basis. Revenues from customers outside the United States were $28.1 million, representing approximately 2% of total revenues for the nine months ended September 30, 2025. For the nine months ended September 30, 2024, revenues from customers outside the United States were $30.3 million, representing approximately 3% total revenues. Most of our revenues have been denominated in U.S. dollars, though we generate some revenue in foreign currency, primarily denominated in Euros and Singapore Dollars.

Previous wording

Our net loss for the six months ended June 30, 2025 and 2024 was $167.9 million and $105.1 million, respectively. This included non-cash stock compensation expense of $171.2 million and $131.9 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $2.7 billion.

Current wording

Our net loss for the nine months ended September 30, 2025 and 2024 was $255.4 million and $136.7 million, respectively. This included non-cash stock compensation expense of $261.8 million and $202.5 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $2.8 billion.

Previous wording

In November 2024,*Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)*was issued which requires disaggregation of any relevant expense caption presented on the face of the income statement for certain expense categories. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of the guidance on our consolidated financial statements.

Current wording

In November 2024, ASU 2024-03,*Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)*was issued which requires disaggregation of any relevant expense caption presented on the face of the income statement for certain expense categories. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of the guidance on our consolidated financial statements.

Previous wording

Total revenues are comprised of product revenues, which are primarily driven by sales of our Panorama and Horizon tests, oncology testing, and licensing and other revenues, which primarily includes development licensing revenue and licensing of our Constellation software. Total revenues for the three months ended June 30, 2025 increased by $133.2 million, or 32.2%, when compared to the three months ended June 30, 2024.

Current wording

Total revenues are comprised of product revenues, which are primarily driven by sales of our Panorama and Horizon tests, oncology testing, and licensing and other revenues, which primarily includes development licensing revenue and licensing of our Constellation software. Total revenues for the three months ended September 30, 2025 increased by $152.4 million, or 34.7%, when compared to the three months ended September 30, 2024.

Previous wording

We derive our revenues from tests based on units reported to customers—tests delivered with a result. All reported units are either accessioned in our laboratory or processed outside of our laboratory. As noted in the section titled “Overview” above, the number of tests that we process is a key metric as it tracks our overall volume growth. During the three months ended June 30, 2025, total reported units were approximately 812,900, comprised of approximately 799,900 tests reported in our laboratory. Comparatively, during the three months ended June 30, 2024, total reported units were approximately 725,200, which is comprised of approximately 709,800 tests reported in our laboratory. During the three months ended June 30, 2025 and 2024, total oncology units processed were approximately 188,800 and 125,400, respectively.

Current wording

We derive our revenues from tests based on units reported to customers—tests delivered with a result. All reported units are either accessioned in our laboratory or processed outside of our laboratory. As noted in the section titled “Overview” above, the number of tests that we process is a key metric as it tracks our overall volume growth. During the three months ended September 30, 2025, total reported units were approximately 832,900, comprised of approximately 819,900 tests reported in our laboratory. Comparatively, during the three months ended September 30, 2024, total reported units were approximately 750,100, which is comprised of approximately 735,900 tests reported in our laboratory. During the three months ended September 30, 2025 and 2024, total oncology units processed were approximately 211,000 and 137,100, respectively.

Previous wording

During the three months ended June 30, 2025, product revenues increased by $133.1 million, or 32.3%, compared to the three months ended June 30, 2024, primarily due to continued revenue growth from increased test volumes, and average selling price improvements.

Current wording

During the three months ended September 30, 2025, product revenues increased by $154.1 million, or 35.3%, compared to the three months ended September 30, 2024, primarily due to continued revenue growth from increased test volumes, and average selling price improvements.

Previous wording

Licensing and other revenues increased by $0.2 million, or 9.4%, during the three months ended June 30, 2025 when compared to the three months ended June 30, 2024. The increase was primarily due to an increase in revenue from our collaborative agreements.

Current wording

Licensing and other revenues decreased by $1.6 million, or 45.3%, during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024. The decrease was primarily due to a decrease in revenue from our collaborative agreements.

Previous wording

During the three months ended June 30, 2025, cost of product revenues increased compared to the three months ended June 30, 2024 by approximately $29.7 million, or 17.5%, primarilydue to a $2.6 million increase in third-party fees, higher costs related to inventory consumption of $12.4 million driven by an increase in accessioned cases, and a $14.7 million increase in equipment and related depreciation expense, labor, overhead, shipping and other related costs driven by headcount growth and product support.

Current wording

During the three months ended September 30, 2025, cost of product revenues increased compared to the three months ended September 30, 2024 by approximately $39.6 million, or 23.6%, primarilydue to a $9.2 million increase in third-party fees, higher costs related to inventory consumption of $14.9 million driven by an increase in accessioned cases, and a $15.5 million increase in equipment and related depreciation expense, labor, overhead, shipping and other related costs driven by headcount growth and product support.

Previous wording

Research and development expenses during the three months ended June 30, 2025, increased by $57.3 million, or 64.3%, when compared to the three months ended June 30, 2024. The increase was attributable to a $31.9 million increase in salary and related compensation expenditures, (including a $8.8 million increase in stock-based compensation expense), a $5.5 million increase in consulting expenses, a $5.7 million increase in office related expenses, a $10.1 million increase in lab and clinical trial-related expenses, and a $4.1 million net increase in travel, office, facilities, and other expenses.

Current wording

Research and development expenses during the three months ended September 30, 2025, increased by $76.5 million, or 78.9%, when compared to the three months ended September 30, 2024. The increase was attributable to a $35.1 million increase in salary and related compensation expenditures, (including a $8.5 million increase in stock-based compensation expense), a $27.8 million increase in lab and clinical trial-related expenses, a $6.9 million increase in consulting expenses, a $4.5 million increase in office related expenses, and a $2.2 million net increase in travel, facilities, and other expenses.

Previous wording

Selling, general, and administrative expenses increased by $112.6 million, or 56.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was attributable to a $59.6 million increase in salary and related compensation expenditures (including a $14.8 million increase in stock-based compensation expense), a $20.0 million increase in consulting expenses, a $4.7 million increase in marketing expenses, a $20.2 million increase in legal related expenses, and a $8.1 million net increase in travel, facilities, office and other costs.

Current wording

Selling, general, and administrative expenses increased by $94.4 million, or 44.1%, during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was attributable to a $58.4 million increase in salary and related compensation expenditures (including a $9.8 million increase in stock-based compensation expense), a $10.0 million increase in consulting expenses, a $11.4 million increase in marketing expenses, a $5.1 million increase in legal related expenses, and a $9.5 million net increase in travel, facilities, office and other costs.

Previous wording

Interest and other income for the six months ended June 30, 2025, increased $3.4 million compared to the same period in the prior year, primarily due to higher interest income driven by greater cash and investment balances.

Current wording

Interest and other income for the three months ended September 30, 2025, decreased $0.3 million compared to the same period in the prior year, primarily due to lower interest income driven by lower interest rates.

Previous wording

Total revenues are comprised of product revenues, which are primarily driven by sales of our Panorama and Horizon tests, oncology testing, and licensing and other revenues, which predominantly includes development licensing revenue and licensing of our Constellation software. Total revenues for the six months ended June 30, 2025 increased by $267.3 million, or 34.2%, when compared to the six months ended June 30, 2024.

Current wording

Total revenues are comprised of product revenues, which are primarily driven by sales of our Panorama and Horizon tests, oncology testing, and licensing and other revenues, which predominantly includes development licensing revenue and licensing of our Constellation software. Total revenues for the nine months ended September 30, 2025 increased by $419.8 million, or 34.4%, when compared to the nine months ended September 30, 2024.

Previous wording

We derive our revenues from tests based on units reported to customers—tests delivered with a result. All reported units are either accessioned in our laboratory or processed outside of our laboratory. As noted in the section titled “Overview” above, the number of tests that we process is a key metric, as it tracks overall volume growth. During the six months ended June 30, 2025, total reported units were approximately 1,617,700, comprised of approximately 1,591,300 tests reported in our laboratory. Comparatively, during the six months ended June 30, 2024, total reported units were approximately 1,404,600, which is comprised of approximately 1,373,300 tests reported in our laboratory. During the six months ended June 30, 2025 and 2024, total oncology units processed were approximately 356,500 and 240,200, respectively.

Current wording

We derive our revenues from tests based on units reported to customers—tests delivered with a result. All reported units are either accessioned in our laboratory or processed outside of our laboratory. As noted in the section titled “Overview” above, the number of tests that we process is a key metric, as it tracks overall volume growth. During the nine months ended September 30, 2025, total reported units were approximately 2,450,100, comprised of approximately 2,410,600 tests reported in our laboratory. Comparatively, during the nine months ended September 30, 2024, total reported units were approximately 2,154,700, which is comprised of approximately 2,109,200 tests reported in our laboratory. During the nine months ended September 30, 2025 and 2024, total oncology units processed were approximately 567,500 and 377,400, respectively.

Previous wording

During the six months ended June 30, 2025, product revenues increased by $268.4 million, or 34.6% compared to the six months ended June 30, 2024, primarily as a result of the continued revenue growth from increased test volumes, and average selling price improvements.

Current wording

During the nine months ended September 30, 2025, product revenues increased by $422.5 million, or 34.9% compared to the nine months ended September 30, 2024, primarily as a result of the continued revenue growth from increased test volumes, and average selling price improvements.

Previous wording

Licensing and other revenues decreased by $1.1 million, or 21.5%, during the six months ended June 30, 2025 when compared to the six months ended June 30, 2024. The decrease was primarily due to the termination of certain collaborative agreements.

Current wording

Licensing and other revenues decreased by $2.7 million, or 31.4%, during the nine months ended September 30, 2025 when compared to the nine months ended September 30, 2024. The decrease was primarily due to the termination of certain collaborative agreements.

Previous wording

During the six months ended June 30, 2025, cost of product revenues increased compared to the six months ended June 30, 2024 by approximately $55.5 million, or 16.9%, due to a $7.8 million increase in third-party fees, higher costs related to inventory consumption of $24.0 million driven by an increase in accessioned cases, and a $23.7 million increase in shipping, equipment and related depreciation expense, labor, overhead, and other related costs driven by headcount growth and product support.

Current wording

During the nine months ended September 30, 2025, cost of product revenues increased compared to the nine months ended September 30, 2024 by approximately $95.1 million, or 19.2%, due to a $17.0 million increase in third-party fees, higher costs related to inventory consumption of $38.9 million driven by an increase in accessioned cases, and a $39.2 million increase in shipping, equipment and related depreciation expense, labor, overhead, and other related costs driven by headcount growth and product support.

Previous wording

Cost of licensing and other revenues for the six months ended June 30, 2025, when compared to the six months ended June 30, 2024, decreased by $0.3 million, or 44.2%, primarily due to a net decrease in costs to support our collaborative agreements.

Current wording

Cost of licensing and other revenues for the nine months ended September 30, 2025, when compared to the nine months ended September 30, 2024, increased by $0.5 million, or 48.0%, primarily due to a net increase in costs to support our collaborative agreements.

Previous wording

Research and development expenses during the six months ended June 30, 2025, increased by $97.8 million, or 55.0%, when compared to the six months ended June 30, 2024. The increase was attributable to an increase of $56.9 million in salary and related compensation expenditures (including a $14.7 million increase in stock-based compensation expense), an $8.8 million increase in consulting expenses, an $8.4 million increase in office related expenses, a $17.5 million increase in lab related expenses, and a $6.2 million net increase in facilities, clinical trial related, and other expenses.

Current wording

Research and development expenses during the nine months ended September 30, 2025, increased by $174.2 million, or 63.4%, when compared to the nine months ended September 30, 2024. The increase was attributable to an increase of $92.0 million in salary and related compensation expenditures (including a $23.4 million increase in stock-based compensation expense), a $15.7 million increase in consulting expenses, a $12.9 million increase in office related expenses, a $45.3 million increase in lab related and clinical trial expenses, a $4.8 million net increase in facilities related expenses and a $3.5 million increase in travel and other expenses.

Previous wording

Selling, general and administrative expenses increased by $185.2 million, or 47.2%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was attributable to an increase of $98.0 million in salary and related compensation expenditures (including a $20.8 million increase in stock-based compensation expense), a $28.1 million increase in consulting expenses, a $9.0 million increase in marketing expenses, an $8.2 million increase in office costs, a $5.7 million increase in vendor expenses, a $30.7 million increase in legal related expenses, and a $5.5 million increase in travel, facilities and other costs.

Current wording

Selling, general and administrative expenses increased by $279.6 million, or 46.1%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to an increase of $156.4 million in salary and related compensation expenditures (including a $30.6 million increase in stock-based compensation expense), a $38.1 million increase in consulting expenses, a $20.4 million increase in marketing expenses, a $5.9 million increase in travel related costs, a $11.5 million increase in office costs, a $6.9 million increase in vendor expenses, a $35.8 million increase in legal related expenses, and a $4.6 million increase in facilities and other costs.

Previous wording

Interest expense decreased $4.2 million, or 67.5%, in the six months ended June 30, 2025 compared to the same period in the prior year due to the redemption of the Convertible Notes in October 2024.

Current wording

Interest expense decreased $6.3 million, or 67.2%, in the nine months ended September 30, 2025 compared to the same period in the prior year due to the redemption of the Convertible Notes in October 2024.

Previous wording

Interest and other income for the three months ended June 30, 2025, increased $0.3 million compared to the same period in the prior year, primarily due to higher interest income driven by greater cash and investment balances.

Current wording

Interest and other income for the nine months ended September 30, 2025, increased $3.1 million compared to the same period in the prior year, primarily due to higher interest income driven by greater cash and investment balances.

Previous wording

We have incurred net losses each year since our inception. For the six months ended June 30, 2025, we had a net loss of $167.9 million, and we expect to continue to incur losses in future periods as we continue to devote a substantial portion of our resources to our research and development and commercialization efforts for our existing and new products. As of June 30, 2025, we had an accumulated deficit of $2.7 billion. As of June 30, 2025, we had $1.0 billion in cash and cash equivalents and restricted cash, $16.0 million in marketable securities, and $80.3 million of outstanding balance under the Credit Line including accrued interest. As of June 30, 2025, we had $20.0 million remaining and available on the Credit Line.

Current wording

We have incurred net losses each year since our inception. For the nine months ended September 30, 2025, we had a net loss of $255.4 million, and we expect to continue to incur losses in future periods as we continue to devote a substantial portion of our resources to our research and development and commercialization efforts for our existing and new products. As of September 30, 2025, we had an accumulated deficit of $2.8 billion. As of September 30, 2025, we had $1.0 billion in cash and cash equivalents and restricted cash, $1.0 million in marketable securities, and $80.3 million of outstanding balance under the Credit Line, including accrued interest. As of September 30, 2025, we had $20.0 million remaining and available on the Credit Line.

Previous wording

While we have introduced multiple products that are generating revenues, these revenues have not been sufficient to fund all operations. Accordingly, we have funded the portion of operating costs that exceeds revenues through a combination of equity issuances and debt and other financings. We expect to develop and commercialize future products and continue to invest in the growth of our business and, consequently, we will need to generate additional revenues to achieve future profitability and may need to raise additional equity or incur additional debt. If we raise additional funds by issuing equity securities, our stockholders would experience dilution. Additional debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any additional debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders and requires significant debt service payments, which diverts resources from other activities. Additional financing may not be available at all, or in amounts or on terms acceptable to us. If we are unable to obtain additional financing, we may be required to delay the development and commercialization of our products and significantly scale back our business and operations.

Current wording

While we have introduced multiple products that are generating revenues, these revenues have not been sufficient to fund all operations. Accordingly, we have funded the portion of operating costs that exceeds revenues through a combination of equity issuances, debt, and other financings. We expect to develop and commercialize future products and continue to invest in the growth of our business, and consequently, we will need to generate additional revenues to achieve future profitability and may need to raise additional equity or incur additional debt. If we raise additional funds by issuing equity securities, our stockholders would experience dilution. Additional debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any additional debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders and require significant debt service payments, which diverts resources from other activities. Additional financing may not be available at all, or in amounts or on terms acceptable to us. If we are unable to obtain additional financing, we may be required to delay the development and commercialization of our products and significantly scale back our business and operations.

Previous wording

Based on our current business plan, we believe that our existing cash and marketable securities will be sufficient to meet our anticipated cash requirements for at least 12 months after August 7, 2025.

Current wording

Based on our current business plan, we believe that our existing cash, cash equivalents, and marketable securities will be sufficient to meet our anticipated cash requirements for at least 12 months after the date of issuance of the accompanying financial statements.

Previous wording

Cash provided by operating activities during the six months ended June 30, 2025 was $82.0 million. The net loss of $167.9 million includes $195.7 million in non-cash charges resulting from $19.1 million of depreciation and amortization, $171.2 million of stock-based compensation expense, and $9.3 million of non-cash lease expense, offset by a $3.2 million change in fair value of warrants and preferred stock and a $0.7 million decrease in non-cash expense recovery. Operating assets had cash outflows of $11.2 million resulting from a $9.5 million increase in inventory and a $6.6 million increase in prepaid expenses and other assets, offset by a $4.9 million decrease in accounts receivable. Operating liabilities had cash inflows of $65.4 million resulting from a $7.0 million increase in accounts payable, a $25.8 million increase in accrued compensation, a $40.4 million increase in other accrued liabilities, and a $1.5 million increase in deferred revenue, offset by a $9.3 million decrease in lease liabilities.

Current wording

Cash provided by operating activities during the nine months ended September 30, 2025 was $141.4 million. The net loss of $255.4 million includes $301.7 million in non-cash charges resulting from $29.4 million of depreciation and amortization, $261.8 million of stock-based compensation expense, and $14.8 million of non-cash lease expense, offset by a $3.2 million change in fair value of warrants and preferred stock and a $1.1 million decrease in non-cash expense recovery. Operating assets had cash outflows of $1.0 million resulting from a $19.9 million increase in inventory and a $9.0 million increase in prepaid expenses and other assets, offset by a $27.8 million decrease in accounts receivable and a $0.1 million decrease in operating lease right-of-use assets. Operating liabilities had cash inflows of $96.1 million resulting from a $12.3 million increase in accounts payable, a $48.2 million increase in accrued compensation, a $48.2 million increase in other accrued liabilities, and a $1.6 million increase in deferred revenue, offset by a $14.2 million decrease in lease liabilities.

Previous wording

Cash provided by operating activities during the six months ended June 30, 2024 was $31.0 million. The net loss of $105.1 million includes $154.5 million in non-cash charges resulting from $15.0 million of depreciation and amortization, $131.9 million of stock-based compensation expense, $7.2 million of non-cash lease expense, $0.6 million for amortization of debt discount and issuance cost, and $0.4 million for foreign exchange adjustment, offset by a $0.6 million decrease in premium amortization and discount accretion on investment securities. Operating assets had cash outflows of $36.9 million resulting from a $57.6 million increase in accounts receivable, a $0.2 million increase in inventory, offset by a $20.9 million decrease in prepaid expenses and other assets. Operating liabilities resulted in cash inflows of $18.5 million resulting from a $16.7 million increase in accounts payable, $19.7 million increase in accrued compensation and a $1.0 million increase in deferred revenue, offset by, a $8.3 million decrease in lease liabilities and a $10.6 million decrease in other accrued liabilities.

Current wording

Cash provided by operating activities during the nine months ended September 30, 2024 was $82.8 million. The net loss of $136.7 million includes $240.2 million in non-cash charges resulting from $23.2 million of depreciation and amortization, $202.5 million of stock-based compensation expense, $11.2 million of non-cash lease expense, $0.9 million for amortization of debt discount and issuance cost, $0.4 million for foreign exchange adjustment, and $2.7 million of non-cash interest expense offset by a $0.6 million decrease in amortization of premiums and accretion of purchase discounts on investment securities and a $0.1 million decrease in non-cash expense recovery. Operating assets had cash outflows of $22.9 million resulting from a $28.6 million increase in accounts receivable, an $8.0 million increase in inventory, offset by a $13.7 million decrease in prepaid expenses and other assets. Operating liabilities resulted in cash inflows of $2.2 million resulting from a $10.8 million increase in accounts payable and a $27.3 million increase in accrued compensation offset by a $12.5 million decrease in lease liabilities, a $22.5 million decrease in other accrued liabilities, and a $0.9 million decrease in deferred revenue.

Previous wording

Cash used by investing activities for the six months ended June 30, 2025 totaled $40.7 million, comprised of $47.7 million in acquisitions of property and equipment offset by $7.0 million from proceeds of investments maturities.

Current wording

Cash used by investing activities for the nine months ended September 30, 2025 totaled $60.6 million, comprised of $70.1 million in acquisitions of property and equipment and $12.5 million in acquisition of intangible assets offset by $22.0 million from proceeds of investments maturities.

Previous wording

Cash provided by investing activities for the six months ended June 30, 2024 totaled $106.2 million, which was comprised of $221.5 million from proceeds of investments maturities, offset by $72.8 million in new investment purchases, $32.0 million in acquisitions of property and equipment and $10.5 million in asset acquisition.

Current wording

Cash provided by investing activities for the nine months ended September 30, 2024 totaled $148.7 million, which was comprised of $24.8 million from proceeds from sale of investments and $307.4 million from proceeds of investments maturities, offset by $122.0 million in purchasing of new investments, $48.3 million in acquisitions of property and equipment, $2.7 million for investment in related party, and $10.5 million in asset acquisition.

Previous wording

Cash provided by financing activities for the six months ended June 30, 2025, totaled $13.1 million which was comprised of $0.9 million from proceeds from the exercise of stock options and $12.2 million from the issuance of common stock under the employee stock purchase plan.

Current wording

Cash provided by financing activities for the nine months ended September 30, 2025, totaled $15.1 million which was comprised of $2.9 million from proceeds from the exercise of stock options and $12.2 million from the issuance of common stock under the employee stock purchase plan.

Previous wording

Cash provided by financing activities for the six months ended June 30, 2024, totaled $17.5 million which was comprised of $8.6 million from proceeds from the exercise of stock options and $8.9 million from the issuance of common stock under the employee stock purchase plan.

Current wording

Cash provided by financing activities for the nine months ended September 30, 2024, totaled $19.2 million which was comprised of $10.3 million from proceeds from the exercise of stock options and $8.9 million from the issuance of common stock under the employee stock purchase plan.

Previous wording

Our lease commitments consist of $1.7 million of payments, which will be paid over the terms of the leases. The leases have not commenced under Accounting Standards Codification, or ASC, Topic 842, Leases, as of June 30, 2025. As a result, these leases are not reflected within the consolidated balance sheets.

Current wording

Our lease commitments consist of $0.6 million of payments, which will be paid over the terms of the leases. The leases have not commenced under Accounting Standards Codification, or ASC, Topic 842, Leases, as of September 30, 2025. As a result, these leases are not reflected within the consolidated balance sheets.