Pulmonx Corp

Previous wording

We market and sell our products in the United States through a direct sales organization. Our sales territory managers are focused on promoting awareness and increasing adoption of our solution primarily among the pulmonologists performing interventional pulmonary procedures across approximately 500 high-volume hospitals in the United States. We are expanding our commercial operations in the United States while continuing to foster our international growth. We employ both direct and distributor-based sales models, with 99% of our revenue generated in markets where we sell directly for the three months ended March 31, 2026.

Current wording

We market and sell our products in the United States through a direct sales organization. Our sales territory managers are focused on promoting awareness and increasing adoption of our solution primarily among the pulmonologists performing interventional pulmonary procedures across approximately 500 high-volume hospitals in the United States. We are expanding our commercial operations in the United States while continuing to foster our international growth. We employ both direct and distributor-based sales models, with 99% of our revenue generated in markets where we sell directly for the six months ended June 30, 2026.

Previous wording

To date, we have financed our operations primarily through the sale of our products, the sale of equity securities, and debt financing arrangements. We have devoted substantially all of our resources to research and development activities related to our solution, including clinical and regulatory initiatives to obtain marketing approval, sales and marketing activities, and investing in general and administrative infrastructure. We generated revenue of $20.6 million, with a gross margin of 77.9% and a net loss of $13.7 million, for the three months ended March 31, 2026 compared to revenue of $22.5 million, with a gross margin of 72.5% and a net loss of $14.4 million, for the three months ended March 31, 2025. As of March 31, 2026, we had an accumulated deficit of $535.2 million, cash and cash equivalents of $61.6 million, and $37.3 million of outstanding term loans and credit agreements, net of debt discount and debt issuance costs.

Current wording

To date, we have financed our operations primarily through the sale of our products, the sale of equity securities, and debt financing arrangements. We have devoted substantially all of our resources to research and development activities related to our solution, including clinical and regulatory initiatives to obtain marketing approval, sales and marketing activities, and investing in general and administrative infrastructure. We generated revenue of $22.8 million, with a gross margin of 78.0% and a net loss of $10.1 million, for the three months ended June 30, 2026 compared to revenue of $23.9 million, with a gross margin of 72.1% and a net loss of $15.2 million, for the three months ended June 30, 2025. For the six months ended June 30, 2026, we generated revenue of $43.3 million, with a gross margin of 78.0% and a net loss of $23.7 million, compared to revenue of $46.4 million, with a gross margin of 72.3% and a net loss of $29.6 million, for the six months ended June 30, 2025. As of June 30, 2026, we had an accumulated deficit of $545.3 million, cash and cash equivalents of $55.8 million, and $37.5 million of outstanding term loans and credit agreements, net of debt discount and debt issuance costs.

Previous wording

We currently derive substantially all of our revenue from the sale of our products to hospitals and distributors. We market and sell our products through a direct sales organization in the United States and through direct sales and several third-party distributors in select markets outside the United States. We currently generate most of our revenue from the sales of Zephyr Valves and delivery catheters. We also generate a smaller amount of our revenue from our Chartis System, which is comprised of sales of the balloon catheters, usage fees and sales of the Chartis console, and from our LungTraX Platform, which is used to help identify patients potentially eligible for treatment with Zephyr Valves. No customer accounted for more than 10% of our revenue for the three months ended March 31, 2026. We had one customer that accounted for 10% of our revenue for the three months ended March 31, 2025.

Current wording

We currently derive substantially all of our revenue from the sale of our products to hospitals and distributors. We market and sell our products through a direct sales organization in the United States and through direct sales and several third-party distributors in select markets outside the United States. We currently generate most of our revenue from the sales of Zephyr Valves and delivery catheters. We also generate a smaller amount of our revenue from our Chartis System, which is comprised of sales of the balloon catheters, usage fees and sales of the Chartis console, and from our LungTraX Platform, which is used to help identify patients potentially eligible for treatment with Zephyr Valves. No customer accounted for more than 10% of our revenue for the three months ended June 30, 2026 and June 30, 2025.

Previous wording

Other income, net primarily consists of foreign currency exchange gains and losses.

Current wording

Other (expense) income, net primarily consists of foreign currency exchange gains and losses and change in fair value of the Additional Warrants.

Previous wording

Cost of goods sold decreased by $1.7 million, or 26.7%, to $4.5 million for the three months ended March 31, 2026, compared to $6.2 million for the three months ended March 31, 2025. The decrease was mainly due to a decrease in the number of products sold and as a result decreased manufacturing costs. Gross margin increased by 5.4% to

Current wording

Cost of goods sold decreased by $1.6 million, or 24.7%, to $5.0 million for the three months ended June 30, 2026, compared to $6.7 million for the three months ended June 30, 2025. The decrease was mainly due to a decrease in the number of products sold and as a result decreased manufacturing costs. Gross margin increased by 5.9% to 78.0% for the three months ended June 30, 2026, compared to 72.1% for the three months ended June 30, 2025. The increase in gross margin was primarily due to changes in geographic mix during the three months ended June 30, 2026.

Previous wording

Research and development expenses increased by $0.1 million, or 3.0%, to $4.9 million for the three months ended March 31, 2026, compared to $4.8 million for the three months ended March 31, 2025. The increase in research and development expense was primarily due to an increase of $0.2 million in payroll and personnel-related expenses, and an increase of $0.1 million in costs associated with our clinical trials, including fees paid to clinical research organizations, offset by a decrease of $0.2 million in testing and other expenses in support of product development.

Current wording

Research and development expenses decreased by $0.3 million, or 5.1%, to $5.0 million for the three months ended June 30, 2026, compared to $5.3 million for the three months ended June 30, 2025. The decrease in research and development expense was primarily due to a decrease of $0.2 million in payroll and personnel-related expenses, and a decrease of $0.3 million in testing and other expenses in support of product development, offset by an increase of $0.2 million in costs associated with our clinical trials, including fees paid to clinical research organizations.

Previous wording

Selling, general and administrative expenses decreased by $2.0 million, or 7.8%, to $24.1 million for the three months ended March 31, 2026, compared to $26.1 million for the three months ended March 31, 2025. The decrease in selling, general and administrative expenses was primarily due to a decrease of $1.4 million in advertising and marketing related expenses, a decrease of $0.4 million in travel and conference related expenses, and a decrease of $0.2 million in payroll and personnel-related expenses for our sales, marketing and administrative personnel.

Current wording

Selling, general and administrative expenses decreased by $4.9 million, or 18.5%, to $21.8 million for the three months ended June 30, 2026, compared to $26.7 million for the three months ended June 30, 2025. The decrease in selling, general and administrative expenses was primarily due to a decrease of $2.5 million in payroll and personnel-related expenses for our sales, marketing and administrative personnel, a decrease of $1.4 million in advertising and marketing related expenses, a decrease of $0.8 million in consulting and other professional expenses, and a decrease of $0.2 million in travel and conference related expenses.

Previous wording

Interest expense increased by $0.2 million to $1.0 million for the three months ended March 31, 2026 compared to $0.8 million for the three months ended March 31, 2025, primarily due to higher interest rates under our Perceptive Loan compared to our CIBC Loan which was fully repaid in March 2026. Interest income decreased by $0.5 million to $0.4 million for the three months ended March 31, 2026 compared to $0.9 million for the three months ended March 31, 2025. The decrease was primarily due to a lower balance of cash, cash equivalents and marketable securities, which resulted in reduced returns on these assets.

Current wording

Interest expense increased by $0.4 million to $1.2 million for the three months ended June 30, 2026 compared to $0.8 million for the three months ended June 30, 2025, primarily due to higher interest rates under our Perceptive Loan compared to our CIBC Loan which was fully repaid in March 2026. Interest income decreased by $0.4 million to $0.3 million for the three months ended June 30, 2026 compared to $0.7 million for the three months ended June 30, 2025. The decrease was primarily due to a lower balance of cash, cash equivalents and marketable securities, which resulted in reduced returns on these assets.

Previous wording

Other income, net was $0.1 million for the three months ended March 31, 2026 and $0.2 million for the three months ended March 31, 2025, primarily due to foreign currency exchange gains.

Current wording

Other (expense) income, net was less than $(0.1) million for the three months ended June 30, 2026 and $(0.1) million for the three months ended June 30, 2025, primarily due to foreign currency exchange gains.

Previous wording

Revenue decreased by $2.0 million, or 8.7%, to $20.6 million for the three months ended March 31, 2026, compared to $22.5 million for the three months ended March 31, 2025. The sale of products in the United States decreased by $0.9 million to $13.3 million for the three months ended March 31, 2026, compared to $14.2 million for the three months ended March 31, 2025. The sale of products in international markets decreased by $1.0 million to $7.3 million for the three months ended March 31, 2026, compared to $8.3 million for the three months ended March 31, 2025. The decrease in revenue was primarily attributable to a lack of sales into China as we await the renewal of our registration certificate.

Current wording

Revenue decreased by $3.1 million, or 6.6%, to $43.3 million for the six months ended June 30, 2026, compared to $46.4 million for the six months ended June 30, 2025. The sale of products in the United States decreased by $1.6 million to $27.4 million for the six months ended June 30, 2026, compared to $29.0 million for the six months ended June 30, 2025. The sale of products in international markets decreased by $1.5 million to $15.9 million for the six months ended June 30, 2026, compared to $17.4 million for the six months ended June 30, 2025. The decrease in revenue in the United States was primarily attributable to a decrease in Zephyr Valve procedure volumes. The decrease in international revenue was primarily attributable to a lack of sales into China as we awaited the renewal of our registration certificate.

Previous wording

To date, we have financed our operations primarily through our initial public offering, private placements of equity securities, debt financing arrangements and sales of our products. As of March 31, 2026, we had cash and cash equivalents of $61.6 million, an accumulated deficit of $535.2 million, and $37.3 million outstanding under the Perceptive Agreement and Swiss COVID-19 Credit Agreement, net of debt discount and debt issuance costs.

Current wording

To date, we have financed our operations primarily through our initial public offering, private placements of equity securities, debt financing arrangements and sales of our products. As of June 30, 2026, we had cash and cash equivalents of $55.8 million, an accumulated deficit of $545.3 million, and $37.5 million outstanding under the Perceptive Agreement and Swiss COVID-19 Credit Agreement, net of debt discount and debt issuance costs.

Previous wording

On the Closing Date, we borrowed an initial loan under the Perceptive Agreement in an aggregate principal amount of $40.0 million (the “Perceptive Loan”). The Loan Facility permits us to borrow up to an additional $20.0 million, in two additional equal tranches (the “Additional Loan Draws”). The first $10.0 million Additional Loan Draw becomes available if we reach at least $92.5 million in revenue for any trailing twelve-month period ending as of the end of last day of any fiscal quarter through, and including, the fiscal quarter ending September 30, 2027, and the second $10.0 million Additional Loan Draw becomes available if we reach at least $100.0 million in revenue for any trailing twelve-month period ending as of the end of last day of any fiscal quarter through, and including, the fiscal quarter ending December 31, 2027.

Current wording

On the Closing Date, we borrowed an initial loan under the Perceptive Agreement in an aggregate principal amount of $40.0 million (the “Perceptive Loan”). The Loan Facility permits us to borrow up to an additional $20.0 million, in two additional equal tranches (the “Additional Loan Draws”). The first $10.0 million Additional Loan Draw becomes available if we reach at least $92.5 million in revenue for any trailing twelve-month period ending as of the end of the last day of any fiscal quarter through, and including, the fiscal quarter ending September 30, 2027, and the second $10.0 million Additional Loan Draw becomes available if we reach at least $100.0 million in revenue for any trailing twelve-month period ending as of the end of the last day of any fiscal quarter through, and including, the fiscal quarter ending December 31, 2027.

Previous wording

On each payment date occurring on or prior to March 2, 2029, we have the option to pay interest as follows: 2.0% per annum paid-in-kind (“PIK”) by increasing the principal of the Perceptive Loan and the remaining interest payable paid in cash. For each payment date through March 31, 2026, we elected the PIK option, increasing the principal of the Perceptive Loan by $0.1 million.

Current wording

On each interest payment date occurring on or prior to March 2, 2029, we have the option to pay interest as follows: 2.0% per annum paid-in-kind (“PIK”) by increasing the principal of the Perceptive Loan and the remaining interest payable paid in cash. For each payment date through June 30, 2026, we elected the PIK option, increasing the principal of the Perceptive Loan by $0.3 million.

Previous wording

The Perceptive Agreement contains certain representations and warranties, affirmative covenants, negative covenants, and events of default that are customarily required for similar financings. In addition, the Perceptive Agreement contains financial covenants requiring us to (i) at all times prior to the Maturity Date, maintain minimum unrestricted cash and certain types of marketable securities of at least $4.0 million and (ii) as of each calculation date set forth in the Perceptive Agreement, maintain our consolidated revenue determined in accordance with U.S. GAAP that is not less than the amounts specified in the Perceptive Agreement. The occurrence of an event of default under the Perceptive Agreement could result in, among other things, the declaration that all outstanding principal and interest thereunder are immediately due and payable in whole or in part.

Current wording

The Perceptive Agreement contains certain representations and warranties, affirmative covenants, negative covenants, and events of default that are customarily required for similar financings. In addition, the Perceptive Agreement contains financial covenants requiring us to (i) at all times prior to the Maturity Date, maintain minimum unrestricted cash and certain types of marketable securities of at least $4.0 million and (ii) maintain our annual trailing consolidated revenue determined in accordance with U.S. GAAP, tested on a quarterly basis, starting from $85.0 million over a trailing 12-month period ending March 31, 2026, and increasing to $107.5 million for the trailing 12-month period ending December 31, 2030. The occurrence of an event of default under the Perceptive Agreement could result in, among other things, the declaration that all outstanding principal and interest thereunder are immediately due and payable in whole or in part. As of June 30, 2026, we were in compliance with the covenants contained in the Perceptive Agreement.

Previous wording

Interest expense on the Perceptive Loan was $0.4 million during the three months ended March 31, 2026, including interest expense related to debt discount and debt issuance costs of the Perceptive Loan of less than $0.1 million.

Current wording

Interest expense on the Perceptive Loan was $1.2 million and $1.6 million during the three and six months ended June 30, 2026, respectively, including interest expense related to debt discount and debt issuance costs of the Perceptive Loan of $0.1 million and $0.1 million, respectively.

Previous wording

In May 2020, Pulmonx International Sàrl, our wholly owned subsidiary, received 0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) from a COVID-19 Credit Agreement under a Swiss Federal Government program. The COVID-19 Credit Agreement currently bears interest at a rate of 1.5% per year, payable at the end of each calendar quarter. The loan principal is being repaid in twelve equal installments, paid semi-annually, which began in March of 2022. As of March 31, 2026, Pulmonx International Sàrl has repaid $0.4 million to the lender.

Current wording

In May 2020, Pulmonx International Sàrl, our wholly owned subsidiary, received 0.5 million Swiss Francs ($0.5 million U.S. dollar equivalent) from a COVID-19 Credit Agreement under a Swiss Federal Government program. The COVID-19 Credit Agreement currently bears interest at a rate of 1.5% per year, payable at the end of each calendar quarter. The loan principal is being repaid in twelve equal installments, paid semi-annually, which began in March of 2022. As of June 30, 2026, Pulmonx International Sàrl has repaid 0.4 million Swiss Francs to the lender.

Previous wording

Net cash used in operating activities was $10.1 million for the three months ended March 31, 2026. Cash used in operating activities was primarily a result of the net loss of $13.7 million, a decrease in accrued liabilities of $1.2 million primarily due to payment of incentive compensation expense associated with the achievement of performance objectives, an increase in inventory of $1.0 million mainly due to an increase in finished goods, a decrease in accounts payable of $0.4 million due to timing of payments to our vendors, and a decrease in lease liabilities of $0.3 million due to lease payments. This is partially offset by stock-based compensation expense of $4.1 million, a decrease in accounts receivable of $1.2 million due to the timing of payments from our customers, non-cash lease expense of $0.4 million, and depreciation and amortization expense of $0.2 million.

Current wording

Net cash used in operating activities was $15.3 million for the six months ended June 30, 2026. Cash used in operating activities was primarily a result of the net loss of $23.7 million, an increase in inventory of $1.2 million mainly due to an increase in finished goods, a decrease in accrued liabilities of $0.4 million primarily due to payment of incentive compensation expense associated with the achievement of performance objectives, a decrease in lease liabilities of $0.6 million due to lease payments, and an increase in accounts receivable of $0.3 million due to the timing of payments from our customers. This is partially offset by stock-based compensation expense of $7.8 million, non-cash lease expense of $0.8 million, an increase in accounts payable of $0.8 million due to timing of payments to our vendors, depreciation and amortization expense of $0.4 million, a decrease in prepaid expenses and other current assets of $0.5 million primarily due to the timing of payments to our vendors, and $0.3 million of interest incurred but paid-in-kind.

Previous wording

Net cash used in operating activities was $13.2 million for the three months ended March 31, 2025. Cash used in operating activities was primarily a result of the net loss of $14.4 million, a decrease in accrued liabilities of $4.9 million primarily due to payment of incentive compensation expense associated with the achievement of performance objectives, an increase in accounts receivable of $0.7 million due to the timing of payments from our customers, an increase in other assets of $0.4 million primarily due to capitalized implementation costs of a hosting arrangement, and amortization of premiums and discounts on marketable securities of $0.2 million. This is partially offset by stock-based compensation expense of $5.6 million, an increase in accounts payable of $0.5 million due to timing of payments to our vendors, a decrease in inventory of $0.4 million due to shipment of products, non-cash lease expense of $0.4 million, a decrease in prepaid expenses and other current assets of $0.3 million primarily due to the timing of payments to our vendors, and depreciation and amortization expense of $0.3 million.

Current wording

Net cash used in operating activities was $17.1 million for the six months ended June 30, 2025. Cash used in operating activities was primarily a result of the net loss of $29.6 million, a decrease in accrued liabilities of $2.4 million primarily due to payment of incentive compensation expense associated with the achievement of performance objectives, an increase in accounts receivable of $1.9 million primarily due to the timing of payments from our customers, an increase in other assets of $0.4 million primarily due to capitalized implementation costs of a hosting arrangement, amortization of premiums and discounts on marketable securities of $0.3 million, and a decrease in lease liabilities of $0.3 million due to lease payments. This is partially offset by stock-based compensation expense of $11.8 million, an increase in accounts payable of $2.6 million due to timing of payments to our vendors, a decrease in inventory of $1.1 million due to shipment of products, a decrease in prepaid expenses and other current assets of $1.1 million primarily due to the timing of payments to our vendors, non-cash lease expense of $0.6 million, and depreciation and amortization expense of $0.6 million.

Previous wording

Net cash used in investing activities in the three months ended March 31, 2026 was less than $0.1 million, consisting of purchases of property and equipment.

Current wording

Net cash used in investing activities in the six months ended June 30, 2026 was less than $0.1 million, consisting of purchases of property and equipment.

Previous wording

Net cash provided by investing activities in the three months ended March 31, 2025 was $16.3 million, consisting of proceeds from maturities of marketable securities of $20.5 million, offset by purchases of marketable securities of $3.9 million and purchases of property and equipment of $0.3 million.

Current wording

Net cash provided by investing activities in the six months ended June 30, 2025 was $21.8 million, consisting of proceeds from maturities of marketable securities of $27.8 million, offset by purchases of marketable securities of $5.7 million and purchases of property and equipment of $0.4 million.

Previous wording

Net cash provided by financing activities in the three months ended March 31, 2026 was $2.0 million, consisting of proceeds from our Perceptive Loan of $38.8 million, and proceeds from the issuance of common stock under the employee stock purchase plan of $0.2 million, partially offset by repayment of our CIBC Loan of $37.0 million.

Current wording

Net cash provided by financing activities in the six months ended June 30, 2026 was $1.5 million, consisting of proceeds from our Perceptive Loan of $38.8 million, and proceeds from the issuance of common stock under the employee stock purchase plan of $0.2 million, partially offset by repayment of our CIBC Loan of $37.0 million.

Previous wording

Net cash provided by financing activities in the three months ended March 31, 2025 was $0.7 million, consisting of proceeds from the issuance of common stock under the employee stock purchase plan of $0.6 million and proceeds from the exercise of common stock options of $0.1 million.

Current wording

Net cash provided by financing activities in the six months ended June 30, 2025 was $0.6 million, consisting of proceeds from the issuance of common stock under the employee stock purchase plan of $0.6 million and proceeds from the exercise of common stock options of $0.1 million, offset by repayment of debt under the Credit Agreement of less than $0.1 million and payment of debt issuance cost of less than $0.1 million.

Previous wording

Our net cash operating expenditures were $10.1 million in the three months ended March 31, 2026 and $13.2 million in the three months ended March 31, 2025. We intend to continue to make investments in the development of our products, including ongoing research and development programs. Our cash outflows for capital expenditures were less than $0.1 million and $0.3 million in the three months ended March 31, 2026 and March 31, 2025, respectively, and we expect to maintain the level of expenditures in the future to support our commercial infrastructure, sales force and other commercialization efforts. Recent and expected working and other capital requirements include amounts related to future lease payments for operating lease obligations, which totaled $28.9 million as of March 31, 2026, with $3.0 million expected to be paid within the next 12 months, and amounts related to future short-term and long-term debt which totaled $63.3 million, with $3.7 million expected to be paid within the next 12 months. Lastly, we may undertake additional expenses to further expand our commercial organization and efforts, enhance our research and development efforts and pursue product expansion opportunities.

Current wording

Our net cash operating expenditures were $15.3 million in the six months ended June 30, 2026 and $17.1 million in the six months ended June 30, 2025. We intend to continue to make investments in the development of our products, including ongoing research and development programs. Our cash outflows for capital expenditures were less than $0.1 million and $0.4 million in the six months ended June 30, 2026 and June 30, 2025, respectively, and we expect to maintain the level of expenditures in the future to support our commercial infrastructure, sales force and other commercialization efforts. Recent and expected working and other capital requirements include amounts related to future lease payments for operating lease obligations, which totaled $28.2 million as of June 30, 2026, with $3.0 million expected to be paid within the next 12 months, and amounts related to future short-term and long-term debt which totaled $62.3 million, with $3.7 million expected to be paid within the next 12 months. Lastly, we may undertake additional expenses to further expand our commercial organization and efforts, enhance our research and development efforts and pursue product expansion opportunities.

Previous wording

As of March 31, 2026, we had cash and cash equivalents of $61.6 million. Based on our current planned operations, we expect that our cash and cash equivalents will enable us to fund our operating expenses for at least 12 months from the issuance of our condensed consolidated financial statements as of and for the three months ended March 31, 2026. We believe we will meet longer-term expected future cash requirements and obligations through a combination of available cash and cash equivalents, sales of our products, debt financings, and access to other public or private equity offerings. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect.

Current wording

As of June 30, 2026, we had cash and cash equivalents of $55.8 million. Based on our current planned operations, we expect that our cash and cash equivalents will enable us to fund our operating expenses for at least 12 months from the issuance of our condensed consolidated financial statements as of and for the six months ended June 30, 2026. We believe we will meet longer-term expected future cash requirements and obligations through a combination of available cash and cash equivalents, sales of our products, debt financings, and access to other public or private equity offerings. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect.

Previous wording

Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 10, 2026, and the notes to the unaudited condensed consolidated financial statements included in “Part I, Item 1 — Financial Statements” of this Quarterly Report on Form 10-Q. During the three months ended March 31, 2026, except as described in Note 2 to the unaudited interim condensed financial statements appearing elsewhere in this Quarterly Report on Form 10-Q, there were no material changes to our critical accounting estimates from those discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 10, 2026.

Current wording

Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 10, 2026, and the notes to the unaudited condensed consolidated financial statements included in “Part I, Item 1 — Financial Statements” of this Quarterly Report on Form 10-Q. During the six months ended June 30, 2026, except as described in Note 2 to the unaudited interim condensed financial statements appearing elsewhere in this Quarterly Report on Form 10-Q, there were no material changes to our critical accounting estimates from those discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 10, 2026.