HARVARD BIOSCIENCE INC

Previous wording

Revenues decreased $2.6 million, or 11.5%, to $20.5 million for the three months ended June 30, 2025, compared to $23.1 million for the three months ended June 30, 2024. The decrease in revenues was primarily due to the continued softening of worldwide demand primarily from academic research institutions and CROs and impact of reciprocal tariffs.

Current wording

Revenues decreased $1.4 million, or 6.3%, to $20.6 million for the three months ended September 30, 2025, compared to $22.0 million for the three months ended September 30, 2024. The decrease in revenues was primarily due to the continued softening of worldwide demand primarily from academic research institutions and CROs and the impact of reciprocal tariffs.

Previous wording

Gross profit decreased $1.7 million, or 12.7%, to $11.5 million for the three months ended June 30, 2025, compared with $13.2 million for the three months ended June 30, 2024, primarily due to the decrease in revenues as well as the associated lower absorption of fixed manufacturing costs. Gross margin was 56.4% for the three months ended June 30, 2025, compared to 57.2% for the three months ending June 30, 2024. The decrease in gross margin was primarily the result of under-absorption of fixed manufacturing overhead costs due to the decrease in revenues, increases in purchase price variance as well as a higher mix of lower margin products.

Current wording

Gross profit decreased $0.8 million, or 5.8%, to $12.0 million for the three months ended September 30, 2025, compared with $12.8 million for the three months ended September 30, 2024, primarily due to the decrease in revenues as well as the associated lower absorption of fixed manufacturing costs. Gross margin was 58.4% for the three months ended September 30, 2025, compared to 58.1% for the three months ending September 30, 2024. The increase in gross margin was primarily due to favorable product mix.

Previous wording

Sales and marketing expenses decreased $0.9 million, or 15.9%, to $4.5 million for the three months ended June 30, 2025, compared with $5.4 million for the three months ended June 30, 2024. This decrease was primarily due to reduced compensation, travel and entertainment, consulting and trade show expenses.

Current wording

Sales and marketing expenses decreased $0.9 million, or 16.4%, to $4.6 million for the three months ended September 30, 2025, compared with $5.5 million for the three months ended September 30, 2024. This decrease was primarily due to reduced compensation, travel and entertainment, and trade show expenses.

Previous wording

General and administrative expenses decreased $1.4 million, or 25.0%, to $4.3 million for the three months ended June 30, 2025, compared with $5.7 million for the three months ended June 30, 2024. The decrease was primarily due to reduced compensation costs.

Current wording

General and administrative expenses decreased $0.8 million, or 17.2%, to $4.2 million for the three months ended September 30, 2025, compared with $5.0 million for the three months ended September 30, 2024. The decrease was primarily due to reduced compensation costs.

Previous wording

Research and development expenses decreased $0.4 million, or 16.6%, to $2.2 million for the three months ended June 30, 2025, compared with $2.6 million for the three months ended June 30, 2024. This decrease was primarily due to reduced compensation costs.

Current wording

Research and development expenses decreased $0.5 million, or 16.9%, to $2.1 million for the three months ended September 30, 2025, compared with $2.6 million for the three months ended September 30, 2024. This decrease was primarily due to reduced compensation costs.

Previous wording

Amortization of intangible assets included in operating expenses was $1.2 million for the three months ended June 30, 2025, compared with $1.3 million for the three months ended June 30, 2024.

Current wording

Amortization of intangible assets included in operating expenses was $0.9 million for the three months ended September 30, 2025, compared with $1.3 million for the three months ended September 30, 2024.

Previous wording

The income tax expense (benefit) was $0.0 million and ($0.4) million for the three months ended June 30, 2025 and 2024, respectively. The effective tax rates for the three months ended June 30, 2025 and 2024 were 1.2% and 10.8%, respectively. The lower effective tax rate during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was primarily due to the change in the mix of income by jurisdiction. The Company’s effective tax rate for the three months ended June 30, 2025, was different than the U.S. statutory rate primarily due to a Global Intangible Low-Tax Income (“GILTI”) inclusion to taxable income, and changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets.

Current wording

The income tax expense (benefit) was $0.1 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. The effective tax rates for the three months ended September 30, 2025 and 2024 were (8.6)% and (6.9)%, respectively. The higher effective tax rate during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily due to the change in the mix of income by jurisdiction. The Company’s effective tax rate for the three months ended September 30, 2025, was different than the U.S. statutory rate primarily due to a Global Intangible Low-Tax Income (“GILTI”) inclusion to taxable income, and changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets.

Previous wording

Revenues decreased $5.4 million, or 11.3%, to $42.2 million for the six months ended June 30, 2025, compared to $47.6 million for the six months ended June 30, 2024. The decrease in revenues was primarily due to the continued softening of worldwide demand primarily from academic research institutions and CROs and impact of reciprocal tariffs.

Current wording

Revenues decreased $6.8 million, or 9.7%, to $62.8 million for the nine months ended September 30, 2025, compared to $69.6 million for the nine months ended September 30, 2024. The decrease in revenues was primarily due to the continued softening of worldwide demand primarily from academic research institutions and CROs and the impact of reciprocal tariffs.

Previous wording

Gross profit decreased $4.3 million, or 15.3%, to $23.7 million for the six months ended June 30, 2025 compared with $28.0 million for the six months ended June 30, 2024, primarily due to the decrease in revenues as well as the associated lower absorption of fixed manufacturing costs. Gross margin decreased to 56.2% for the six months ended June 30, 2025, compared with 58.8% for the six months ended June 30, 2024. The decrease in gross margin was primarily the result of under-absorption of fixed manufacturing overhead costs due to the decrease in revenues, increases in purchase price variance as well as a higher mix of lower margin products.

Current wording

Gross profit decreased $5.1 million, or 12.3%, to $35.7 million for the nine months ended September 30, 2025, compared with $40.8 million for the nine months ended September 30, 2024, primarily due to the decrease in revenues as well as the associated lower absorption of fixed manufacturing costs. Gross margin decreased to 56.9% for the nine months ended September 30, 2025, compared with 58.6% for the nine months ended September 30, 2024. The decrease in gross margin was primarily the result of under-absorption of fixed manufacturing overhead costs due to the decrease in revenues, increases in purchase price variance as well as a higher mix of lower margin products.

Previous wording

Sales and marketing expenses decreased $1.8 million, or 15.8%, to $9.5 million for the six months ended June 30, 2025, compared with $11.3 million for the six months ended June 30, 2024. This decrease was primarily due to reduced compensation, travel and entertainment, consulting and trade show expenses.

Current wording

Sales and marketing expenses decreased $2.7 million, or 16.0%, to $14.1 million for the nine months ended September 30, 2025, compared with $16.8 million for the nine months ended September 30, 2024. This decrease was primarily due to reduced compensation, travel and entertainment, and trade show expenses.

Previous wording

General and administrative expenses decreased $2.2 million, or 18.9%, to $9.4 million for the six months ended June 30, 2025, compared with $11.6 million for the six months ended June 30, 2024. The decrease was primarily due to reduced compensation costs.

Current wording

General and administrative expenses decreased $3.1 million, or 18.4%, to $13.6 million for the nine months ended September 30, 2025, compared with $16.7 million for the nine months ended September 30, 2024. The decrease was primarily due to reduced compensation costs, partially offset by an increase of $0.2 million in audit and legal fees.

Previous wording

Amortization of intangible assets included in operating expenses decreased $0.4 million, or 12.8%, to $2.3 million for the six months ended June 30, 2025, compared with $2.7 million for the six months ended June 30, 2024.

Current wording

Amortization of intangible assets included in operating expenses decreased $0.8 million, or 20.5%, to $3.2 million for the nine months ended September 30, 2025, compared with $4.0 million for the nine months ended September 30, 2024.

Previous wording

Goodwill impairment expenses increase by $48.0 million for the six months ended June 30, 2025. We identified a triggering event, including the sustained decrease in our stock price, our recent operating results, liquidity risk and the current macroeconomic conditions impacting the life sciences industry, requiring an interim impairment test. We recorded a non-cash goodwill impairment charge of $48.0 million in connection with the interim impairment test.

Current wording

Goodwill impairment expenses increase by $48.0 million for the nine months ended September 30, 2025. We identified a triggering event, including the sustained decrease in our stock price, our recent operating results, liquidity risk and the current macroeconomic conditions impacting the life sciences industry, requiring an interim impairment test. We recorded a non-cash goodwill impairment charge of $48.0 million in connection with the interim impairment test.

Previous wording

Other operating expenses for the three months ended June 30, 2025 were $0.2 million, compared with $0.2 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, other operating expenses included a fee of $0.2 million in connection with the receipt of employee retention credits. During the three months ended June 30, 2024 other operating expenses included $0.4 million of restructuring costs in connection with headcount reductions in Europe and North America, which was partially offset by a credit of $0.1 million related to closure of an unclaimed property audit.

Current wording

Other operating expenses decreased by $0.9 million, or 63.3% to $0.5 million for the nine months ended September 30, 2025, compared to $1.4 million for the nine months ended September 30, 2024. Other operating expenses for the nine months ended September 30, 2025, included a fee of $0.3 million in connection with the receipt of employee retention credits and restructuring costs of $0.2 million in connection with headcount reductions in North America and Europe. Other operating expenses for the nine months ended September 30, 2024, included a fee of $0.5 million in connection with the receipt of employee retention tax credits, restructuring costs of $0.6 million in connection with headcount reductions, and $0.3 million related to settlement of an unclaimed property audit.

Previous wording

Interest expense increased $0.1 million, or 6.2%, to $1.6 million for the six months ended June 30, 2025, compared with $1.5 million for the six months ended June 30, 2024. The increase was primarily due to higher average borrowings during the period compared to prior year.

Current wording

Interest expense increased $0.2 million, or 8.6%, to $2.6 million for the nine months ended September 30, 2025, compared with $2.4 million for the nine months ended September 30, 2024. The increase was primarily due to a higher effective interest rate during the period compared to the prior year.

Previous wording

During the three months ended June 30, 2024, we sold all of our remaining Harvard Apparatus Regenerative Technology Inc. (“HRGN”) stock and recorded a loss on equity securities of $0.3 million. We did not hold any shares of HRGN stock during the three months ended June 30, 2025.

Current wording

During the nine months ended September 30, 2024, we sold all of our remaining Harvard Apparatus Regenerative Technology Inc. (“HRGN”) stock for $1.9 million and recorded a loss on equity securities of $1.6 million. We did not hold any shares of HRGN stock during the nine months ended September 30, 2025.

Previous wording

The income tax benefit was $0.4 million and $0.1 million for the six months ended June 30, 2025 and 2024, respectively. The effective tax rates for the six months ended June 30, 2025 and 2024 were 08.% and 1.8%, respectively. The lower effective tax rate during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was primarily due to the tax effect of goodwill impairment and the release of reserves related to uncertain tax positions.

Current wording

The income tax expense (benefit) was $(0.3) million and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively. The effective tax rates for the nine months ended September 30, 2025 and 2024 were 0.6% and (1.4)%, respectively. The higher effective tax rate during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to the tax effect of goodwill impairment and the release of reserves related to uncertain tax positions.

Previous wording

Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our shelf registration statement that provides for the issuance of common stock, preferred stock, warrants and units up to an amount equal to $100 million. Our expected cash outlays relate primarily to cash payments due under our Credit Agreement described below as well as salaries, inventory, and capital expenditures. We held cash and cash equivalents of $7.4 million and $4.1 million as of June 30, 2025 and December 31, 2024, respectively. Borrowings outstanding were $34.9 million and $37.0 million as of June 30, 2025 and December 31, 2024, respectively.

Current wording

Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our shelf registration statement that provides for the issuance of common stock, preferred stock, warrants and units up to an amount equal to $100 million. Our expected cash outlays relate primarily to cash payments due under our Credit Agreement described below as well as salaries, inventory, and capital expenditures. We held cash and cash equivalents of $6.8 million and $4.1 million as of September 30, 2025 and December 31, 2024, respectively. Borrowings outstanding, net of unamortized deferred financing costs, were $34.0 million and $37.0 million as of September 30, 2025 and December 31, 2024, respectively.

Previous wording

The Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) provided an employee retention tax credit (“ERTC”) that was a refundable tax credit against certain employer taxes. The Company has received ERTC refunds of $5.4 million as of June 30, 2025 with $1.1 million received during the three months ended June 30, 2025. The Company’s compliance with the program’s qualifications may be subject to audit until May 2028, which is when the statute of limitation expires.

Current wording

The Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) provided an employee retention tax credit (“ERTC”) that was a refundable tax credit against certain employer taxes. The Company has received ERTC refunds of $5.4 million as of September 30, 2025. The Company’s compliance with the program’s qualifications may be subject to audit through May 2029, which is when the statute of limitation expires.

Previous wording

We maintain the Credit Agreement, which provides for a term loan of $40.0 million and a $25.0 million revolving credit facility with an original maturity of December 22, 2025. On March 10, 2025, we entered into an amendment to the Credit Agreement (the “March 2025 Amendment”). The March 2025 Amendment provided, among other things, that the Lenders’ commitment under our revolving credit facility would be capped at the amount outstanding thereunder as of the date thereof and thus we are unable to make additional borrowings under our revolving credit facility. The March 2025 Amendment also established certain Refinancing Milestones in connection with the refinancing of the Credit Agreement (the “Refinancing”), including receipt of a term sheet or commitment letter from one or more potential lenders, by the dates provided in the March 2025 Amendment, and the Company's consummation of the Refinancing by June 30, 2025. Pursuant to the March 2025 Amendment, the Lenders also agreed not to assert any breaches of the financial covenants included in the Credit Agreement for the first quarter of fiscal year 2025 provided that we continued to comply with our payment obligations, achieved the Refinancing Milestones, maintained minimum liquidity (defined as the sum of (a) unrestricted cash and cash equivalents and (b) the amount by which the aggregate amount committed under the Company’s revolving credit facility exceeds the total amount drawn under the credit facility) of $3.5 million and provided the administrative agent with certain financial reports. In addition, pursuant to the terms of the March 2025 Amendment the applicable interest rate margin was increased such that interest rate was equal to a rate per annum based on the Secured Overnight Financing Rate (“SOFR”) plus 400 bps and amortization payments were revised so that a proportionate payment must be made on a monthly rather than a quarterly basis.

Current wording

We maintain the Credit Agreement, which originally provided for a term loan of $40.0 million and a $25.0 million revolving credit facility with an original maturity of December 22, 2025. On March 10, 2025, we entered into an amendment to the Credit Agreement (the “March 2025 Amendment”). The March 2025 Amendment provided, among other things, that the Lenders’ commitment under our revolving credit facility would be capped at $12.65 million, which was the amount outstanding thereunder as of the date thereof, and thus we are unable to make additional borrowings under our revolving credit facility. The March 2025 Amendment also established certain Refinancing Milestones in connection with the refinancing of the Credit Agreement (the “Refinancing”), including receipt of a term sheet or commitment letter from one or more potential lenders, by the dates provided in the March 2025 Amendment, and the Company's consummation of the Refinancing by June 30, 2025. Pursuant to the March 2025 Amendment, the Lenders also agreed not to assert any breaches of the financial covenants included in the Credit Agreement for the first quarter of fiscal year 2025 provided that we continued to comply with our payment obligations, achieved the Refinancing Milestones, maintained minimum liquidity (defined as the sum of (a) unrestricted cash and cash equivalents and (b) the amount by which the aggregate amount committed under the Company’s revolving credit facility exceeds the total amount drawn under the credit facility) of $3.5 million and provided the administrative agent with certain financial reports. In addition, pursuant to the terms of the March 2025 Amendment the applicable interest rate margin was increased such that interest rate was equal to a rate per annum based on the Secured Overnight Financing Rate (“SOFR”) plus 400 bps and amortization payments were revised so that a proportionate payment must be made on a monthly rather than a quarterly basis.

Previous wording

As of June 30, 2025, we were not in compliance with the Refinancing Milestones and quarterly financial covenants contained in the March 2025 Amendment. On August 8, 2025, we entered into the August 2025 Amendment Agreement, pursuant to which the Lenders and administrative agent agreed, subject to the terms contained in the August 2025 Amendment, to waive the events of default due to the Company’s failure to achieve certain Refinancing Milestones and its failure to comply with the consolidated net leverage ratio covenant and the consolidated fixed charge coverage ratio covenant as of the June 30, 2025 test date. Pursuant to the terms of the August 2025 Amendment, the Lenders also agreed not to test the financial covenants for the fiscal quarter ended September 30, 2025, provided that the Company continues to comply with its payment obligations, maintain minimum liquidity (defined as the sum of (a) unrestricted cash and (b) the amount by which the aggregate amount committed under the Company’s revolving credit facility exceeds the total amount drawn under the credit facility) of $3.0 million and provides the administrative agent with certain financial reports. The August 2025 Amendment also added as a mandatory prepayment event the receipt of cash proceeds upon a Refinancing or upon the sale of the equity interests or all or substantially all of the assets of the Company. In addition, pursuant to the terms of the August 2025 Amendment, the applicable interest rate margin was increased such that the interest rate is equal to a rate per annum based on the SOFR plus 700 bps. In connection with the August 2025 Amendment, the Company has also agreed to accomplish steps towards the Refinancing or repayment of the Credit Agreement by no later than December 5, 2025. The failure to accomplish such steps shall constitute an event of default under the Credit Agreement. In such event, in addition to other actions the Lenders may require, the amounts outstanding under the Credit Agreement may become immediately due and payable.

Current wording

As of June 30, 2025, we were not in compliance with the Refinancing Milestones and quarterly financial covenants contained in the March 2025 Amendment. On August 8, 2025, we entered into the August 2025 Amendment Agreement, pursuant to which the Lenders and administrative agent agreed, subject to the terms contained in the August 2025 Amendment, to waive the events of default due to the Company’s failure to achieve certain Refinancing Milestones and its failure to comply with the consolidated net leverage ratio covenant and the consolidated fixed charge coverage ratio covenant as of the June 30, 2025 test date. Pursuant to the terms of the August 2025 Amendment, the Lenders also agreed not to test the net leverage ratio financial covenant and the consolidated fixed charge coverage ratio financial covenant for the fiscal quarter ended September 30, 2025, and to reduce the Company’s covenant to maintain minimum liquidity (defined as the sum of (a) unrestricted cash and (b) the amount by which the aggregate amount committed under the Company’s revolving credit facility exceeds the total amount drawn under the credit facility) of $3.0 million. The August 2025 Amendment also added as a mandatory prepayment event the receipt of cash proceeds upon a Refinancing or upon the sale of the equity interests or all or substantially all of the assets of the Company. In addition, pursuant to the terms of the August 2025 Amendment, the applicable interest rate margin was increased such that the interest rate is equal to a rate per annum based on the SOFR plus 700 bps. In connection with the August 2025 Amendment, the Company has also agreed to accomplish steps towards the Refinancing or repayment of the Credit Agreement by no later than December 5, 2025. The Company continues to make progress on these steps, and is working actively to reach a definitive agreement that will accomplish one of these outcomes. The failure to accomplish such steps on the agreed timeline shall constitute an event of default under the Credit Agreement. In such event, in addition to other actions the Lenders may require, the amounts outstanding under the Credit Agreement may become immediately due and payable.

Previous wording

The Company continues to explore alternative sources of capital that would allow it to refinance the outstanding indebtedness under the Credit Agreement, but its ability to access such other sources of capital is uncertain. There is no assurance that such capital will be available, be obtainable on commercially acceptable terms, or provide the Company with sufficient funds to meet its objectives. Based on its anticipated cash flows from operations, unless the Company is able to access other sources of capital or extend the date for repayment under the Credit Agreement, the Company will be unable to pay its debt obligations and fund its operations for at least twelve months from the date of issuance of the unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q. As a result, there is substantial doubt about the Company's ability to continue as a going concern.

Current wording

There is no assurance that such capital will be available, be obtainable on commercially acceptable terms, or provide the Company with sufficient funds to meet its objectives. Based on its anticipated cash flows from operations, unless the Company is able to access other sources of capital or extend the date for repayment under the Credit Agreement, the Company will be unable to pay its debt obligations and fund its operations for at least twelve months from the date of issuance of the unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q. As a result, there is substantial doubt about the Company's ability to continue as a going concern.

Previous wording

Net cash provided by operations was $5.7 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively. Cash flow from operations for the six months ended June 30, 2025 was positively impacted by reduction in inventories of $3.4 million and $2.2 million cash inflows from ERTC refunds received compared with the six months ended June 30, 2024.

Current wording

Net cash provided by (used in) operations was $6.8 million and $(0.3) million for the nine months ended September 30, 2025 and 2024, respectively. Cash flow from operations for the nine months ended September 30, 2025 was positively impacted by a reduction in accounts receivable of $2.8 million, a reduction in inventories of $1.6 million, and $2.2 million of cash inflows from ERTC refunds received.

Previous wording

Net cash used in investing activities was $0.9 million for the six months ended June 30, 2025 compared to cash provided by investing activities of $0.2 million for the six months ended June 30, 2024. Cash used in investing for the six months ended June 30, 2025 consisted of $0.9 million of capital expenditures for manufacturing and capitalized software development. Cash provided by investing activities for the six months ended June 30, 2024 primarily consisted of $1.9 million in proceeds from the sale of marketable equity securities, offset by $1.7 million of capital expenditures in manufacturing and information technology infrastructure and software development.

Current wording

Net cash used in investing activities was $1.3 million for the nine months ended September 30, 2025, compared to cash used in investing activities of $0.9 million for the nine months ended September 30, 2024. Cash used in investing activities for the nine months ended September 30, 2025 consisted of $1.3 million of capital expenditures for manufacturing and capitalized software development. Cash used in investing activities for the nine months ended September 30, 2024 consisted of $2.8 million of capital expenditures for manufacturing and information technology infrastructure and software development, offset by $1.9 million in proceeds from the sale of marketable equity securities.

Previous wording

Net cash used in financing activities was $2.5 million and $0.9 million for the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, we made $2.0 million in debt repayments on our term loan and paid $0.4 million in debt issuance costs as part of the March 2025 Amendment. During the six months ended June 30, 2024, debt outstanding under our credit facility decreased by $1.0 million, consisting of net borrowings under our revolver of $3.0 million, and payments of $4.0 million against the term loan. We also received proceeds of $0.2 million from the exercise of stock options and employee stock purchases and paid $0.1 million for taxes related to net share settlement of equity awards.

Current wording

Net cash (used in) provided by financing activities was $(3.7) million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, we made $3.0 million in debt repayments on our term loan and paid $0.7 million in debt issuance costs as part of the March 2025 Amendment and the August 2025 Amendment. During the nine months ended September 30, 2024, debt outstanding under our credit facility increased by $1.2 million, consisting of net borrowings under our revolver of $6.2 million, and payments of $5.0 million against the term loan.

Previous wording

During the three months ended June 30, 2025, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.4 million and an unfavorable effect on expenses of $0.4 million. During the six months ended June 30, 2025, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.2 million and an unfavorable effect on expenses of $0.3 million.

Current wording

During the three months ended September 30, 2025, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.3 million and an unfavorable effect on expenses of $0.6 million. During the nine months ended September 30, 2025, changes in foreign currency exchange rates resulted in a favorable effect on revenues of $0.6 million and an unfavorable effect on expenses of $0.9 million.

Previous wording

The gain (loss) associated with the translation of our foreign equity into U.S. dollars included as a component of other comprehensive loss was $2.6 million and ($0.1) million for the three months ended June 30, 2025 and 2024, respectively and $3.9 millions and ($0.9) million for the six months ended June 30, 2025 and 2024, respectively.

Current wording

The gain (loss) associated with the translation of our foreign equity into U.S. dollars included as a component of other comprehensive loss was $(0.8) million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively, and $3.1 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Currency exchange rate fluctuations included as a component of net loss resulted in currency losses of $0.4 million and $0.1 million for three months ended June 30, 2025 and 2024, respectively, and $0.6 million and $0.1 million for both the six months ended June 30, 2025 and 2024, respectively.

Current wording

Currency exchange rate fluctuations included as a component of net loss resulted in currency gain (loss) of $0.0 million and $(0.4) million for three months ended September 30, 2025 and 2024, respectively, and $0.6 million and $(0.5) million for both the nine months ended September 30, 2025 and 2024, respectively.