Anika Therapeutics, Inc.

Previous wording

You should read the following discussion in conjunction with our financial statements and related notes appearing elsewhere in this report and our audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our 2025 Form 10-K. In addition to historical information, this report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, concerning our business, consolidated financial condition, and results of operations. The Securities and Exchange Commission, or the SEC, encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as "will," "likely," "may," "believe," "expect," "anticipate," "intend," "seek," "designed," "develop," "would," "future," "can," "could," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans, and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements regarding expected future operating results, expectations regarding the timing and receipt of regulatory results, anticipated levels of capital expenditures, and expectations of the effect on our financial condition of claims, litigation, and governmental and regulatory proceedings.

Current wording

You should read the following discussion in conjunction with our financial statements and related notes appearing elsewhere in this report and our audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our 2025 Form 10-K. In addition to historical information, this report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, concerning our business, consolidated financial condition, and results of operations. The Securities and Exchange Commission, or the SEC, encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as "will," "likely," "may," "believe," "expect," "anticipate," "intend," "seek," "designed," "develop," "would," "future," "can," "could," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans, and objectives are forward-looking statements. Examples of forward-looking statements include, among others, express or implied statements regarding expected future operating results, expectations regarding the timing and receipt of regulatory results, anticipated levels of capital expenditures, and expectations of the effect on our financial condition of claims, litigation, and governmental and regulatory proceedings.

Previous wording

We are a global leader in the design, development, manufacturing, and commercialization of hyaluronic acid, or HA innovations. In partnership with clinicians, our sole focus is dedicated to delivering and advancing osteoarthritis, or OA pain management, and orthopedic regenerative solutions. At our core is a passion to deliver a differentiated portfolio that improves patient outcomes around the world.

Current wording

We are a global leader in the design, development, manufacturing and commercialization of hyaluronic acid, or HA, innovations. In partnership with our clinicians, our sole focus is dedicated to delivering and advancing osteoarthritis, or OA, pain management and orthopedic regenerative solutions. At our core is a passion to deliver a differentiated portfolio that improves patient outcomes around the world.

Previous wording

We have over thirty years of global expertise developing, manufacturing and commercializing products based on our technology platform, HA. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses, including enabling longer residence time to support OA pain management and creating a solid form of HA called Hyaff, which is a platform utilized in our Regenerative Solutions portfolio.

Current wording

We have over 30 years of global expertise developing, manufacturing and commercializing products based on our technology platform, HA. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses, including enabling longer residence time to support OA pain management and creating a solid form of HA called Hyaff, which is a platform utilized in our Regenerative Solutions portfolio.

Previous wording

Our OA Pain Management product family consists of Monovisc and Orthovisc, our injectable, HA-based OA pain management offerings that are indicated to provide pain relief from OA conditions; and Cingal, our novel, single-injection OA Pain Management product consisting of our proprietary cross-linked HA material combined with a fast-acting steroid.

Current wording

Our OA Pain Management product family consists of Monovisc and Orthovisc, our injectable, HA-based OA pain management offerings that are indicated to provide pain relief from osteoarthritis conditions; and Cingal, our novel, single-injection OA Pain Management product consisting of our proprietary cross-linked HA material combined with a fast-acting steroid.

Previous wording

Cingal is our next generation fast-acting, long-lasting, non-opioid, clinically proven OA pain product that is designed to provide both short- and long-term pain relief through at least six months. It is currently sold outside the United States in over 35 countries. In 2022, we completed a third Phase III clinical trial for Cingal, which achieved its primary endpoint. We have been actively engaging with the U.S. Food and Drug Administration, or the FDA, on next steps for U.S. regulatory approval. We have made significant progress in addressing the FDA's requirements for Cingal's approval. In April 2023, we held a Type-C meeting with the FDA, which led to an advice letter received from the FDA in April 2024. The letter included positive feedback and new challenges that we are actively addressing. We also received confirmation that the clinical data for Cingal is a review issue and not a filing issue. Additionally, in September 2024, we acquired the Aristospan New Drug Application, or NDA, which allowed us to address a recent FDA requirement and will enable us to source the reference drug for a bioequivalence study. In April 2025, we subsequently sold the Aristospan NDA to a third-party manufacturer who will supply the reference drug for the bioequivalence study. We had another Type-C meeting with the FDA in February 2025 to discuss finalizing NDA submission requirements, including bioequivalence study requirements. The preclinical and bioequivalence studies have been initiated. We are committed to bringing this revolutionary pain management therapy to the approximate $1 billion U.S. addressable market.

Current wording

Cingal is our next generation fast-acting, long-lasting, non-opioid, clinically proven OA pain product that is designed to provide both short- and long-term pain relief through at least six months. It is currently sold outside the United States in over 35 countries. In 2022, we completed a third Phase 3 clinical trial for Cingal, which achieved its primary endpoint. We have been actively engaging with FDA, on next steps for U.S. regulatory approval. We have made significant progress in addressing the FDA's requirements for Cingal's approval. In April 2023, we held a Type-C meeting with the FDA, which led to an advice letter received from the FDA in April 2024. The letter included positive feedback and new challenges that we are actively addressing. We also received confirmation that the clinical data for Cingal is a review issue and not a filing issue. Additionally, in September 2024, we acquired the Aristospan New Drug Application, or NDA, which allowed us to address a recent FDA requirement and will enable us to source the reference drug for a bioequivalence study. In April 2025, we subsequently sold the Aristospan NDA to a third-party manufacturer who will supply the reference drug for the bioequivalence study. We had another Type-C meeting with the FDA in February 2025 to discuss finalizing NDA submission requirements, including bioequivalence study requirements. We are continuing to advance NDA preparation activities and are working towards a submission to the FDA. Chemistry, Manufacturing and Controls (“CMC”) activities required for approval of HA as a drug remain a key milestone in the regulatory pathway and are expected to be a primary focus as we advance toward filing. While we remain confident in the clinical profile and commercial opportunity for Cingal, the timing of any potential NDA submission or regulatory approval remains subject to the completion of these development and regulatory requirements. We are committed to bringing this revolutionary pain management therapy to the approximate $1 billion U.S. addressable market.

Previous wording

Our Regenerative Solutions product family consists of: (a) our portfolio of orthopedic regenerative solutions products utilizing HA, including Integrity, our HA-based scaffold for rotator cuff repair and other tendon procedures, Tactoset, an HA-enhanced, flowable, injectable and settable bone void filler used to facilitate bone regeneration and augment hardware in poor quality bone, and Hyalofast, a hyaluronic acid scaffold for cartilage repair, sold outside of the United States in over 30 countries. In the United States, Hyalofast is a pipeline product under a pivotal Investigational Device Exemption or IDE clinical trial and is not available for commercial sale. We submitted a premarket approval or PMA on October 31, 2025 with the FDA, and we are targeting a U.S. launch by 2027, pending approval from the FDA.

Current wording

Our Regenerative Solutions product family consists of: (a) our portfolio of orthopedic regenerative solutions products utilizing HA, including Integrity, our hyaluronic acid-based scaffold for rotator cuff repair and other tendon procedures, Tactoset, an HA-enhanced, flowable, injectable and settable bone void filler used to facilitate bone regeneration and augment hardware in poor quality bone, and Hyalofast, a hyaluronic acid scaffold for cartilage repair, sold outside of the United States in over 30 countries.

Previous wording

Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025

Current wording

Three and Six Months Ended June 30, 2026, Compared to Three and Six Months Ended June 30, 2025

Previous wording

The following table presents revenue by product family for the three-month periods ended March 31, 2026, and 2025 as follows:

Current wording

The following table presents revenue by product family for the three and six-month periods ended June 30, 2026, and 2025:

Previous wording

Revenue for the three-month period ended March 31, 2026, was $29.6 million, an increase of $3.4 million, or 13%, compared to the same period in 2025. The increase in revenue was driven by higher sales activity with our Original Equipment Manufacturer, or OEM Channel partners, primarily J&J MedTech and certain non-orthopedic products as well as higher Integrity revenues and international OA Pain Management revenues.

Current wording

Revenue for the three- and six- month periods ended June 30, 2026, was $32.6 million and $62.2 million, respectively. Revenue increased $4.4** *million and $7.8 million, or 16% and 14%, for the three- and six- month periods ended June 30, 2026, compared to the same periods in 2025, respectively. The increase in revenue was driven by higher sales activity with our Original Equipment Manufacturer, or OEM Channel partners, primarily J&J MedTech, as well as higher Commercial Channel revenue due to international OA Pain Management revenues and Integrity revenues. *

Previous wording

Revenue from our OEM Channel product family increased by 14% for the three-month period ended March 31, 2026, as compared to the same period in 2025. For the three-month period ended March 31, 2026, the $2.1 million increase was driven by a $1.0 million increase in J&J MedTech revenue and a $1.1 million increase in non-orthopedic revenue. The J&J MedTech revenue increase was primarily due to $2.8 million increase in sales volume, offset by a $1.8 million decrease due to lower pricing. The non-orthopedic increase was due to a $1.5 million increase in the timing of veterinary product sales offset by a $0.4 million decrease in ophthalmic and wound care revenues.

Current wording

Revenue from our OEM Channel product family increased by 14% for each of the three- and six-month periods ended June 30, 2026, respectively, compared to the same periods in 2025. For the three-month period ended June 30, 2026, the $2.4 million increase was primarily due to a $3.2 million increase in J&J MedTech revenue due to $6.1 million increase in sales volume, offset by a $2.9 million decrease due to lower pricing. This was offset by a $0.9 million decline in non-orthopedic revenue, largely attributable to shipment timing of veterinary products. For the six-month period ended June 30, 2026, OEM revenue increased as result of a $4.2 million increase in J&J MedTech revenue, due to $8.9 million increase in sales volume, offset by a $4.7 million decrease due to lower pricing. Non-orthopedic product revenue also increased by $0.3 million, due to timing on surgical product sales.

Previous wording

Research and development expenses for the three-month period ended March 31, 2026, are as follows:

Current wording

Research and development expenses for the three- and six-month periods ended June 30, 2026, were as follows:

Previous wording

The income tax expense was $0.2 million for the three-month period ended March 31, 2026, resulting in an effective tax rate of (4.9%). The income tax expense was $0.1 million for the three-month period ended March 31, 2025, resulting in an effective tax rate of (2.3%). The tax rates are consistent for the three-month period ended March 31, 2026, as compared to the same period in 2025, primarily due to a full valuation allowance being recorded against domestic deferred tax assets on March 31, 2026, and 2025.

Current wording

The income tax expense was $0.1 million and $0.3 million for the three- and six-month periods ended June 30, 2026, resulting in effective tax rates of 2.1% and (21.2) %, respectively. The income tax expense was $0.7 million and $0.8 million for the three- and six-month periods ended June 30, 2025, resulting in an effective tax rate of (17.2) % and (9.8) %, respectively. The decrease in income tax expense was due to lower taxable income expected in the U.S. in 2026 due to the ability to deduct more research and development costs. The Company’s effective tax rate for the three-month and six-month periods ended June 30, 2026, was primarily driven by the full valuation on the Company's deferred tax assets in the US and the projected taxable income for the Company resulting in current tax expense in 2026.

Previous wording

We present certain information with respect to adjusted Earnings Before Interest, Tax, Depreciation and Amortization, or EBITDA, adjusted net income(loss), and adjusted diluted earnings per share or adjusted EPS, which are financial measures not based on any standardized methodology prescribed by accounting principles generally accepted in the United States, or GAAP, and are not necessarily comparable to similarly titled measures presented by other companies.

Current wording

We present certain information with respect to adjusted Earnings Before Interest, Tax, Depreciation and Amortization, or EBITDA, adjusted net income, (loss) from continuing operations, and adjusted diluted earnings per share or adjusted EPS, which are financial measures not based on any standardized methodology prescribed by accounting principles generally accepted in the United States, or GAAP, and are not necessarily comparable to similarly titled measures presented by other companies.

Previous wording

We have presented adjusted EBITDA, adjusted net income, and adjusted EPS, because they are key measures used by our management and board of directors to understand and evaluate our operating performance and to develop operational goals for managing our business. We believe these financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. In particular, we believe that the exclusion of these items in calculating these measures can provide a useful tool for period-to-period comparisons of our core operating performance. Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making.

Current wording

We have presented adjusted EBITDA, adjusted net income, (loss) from continuing operations, and adjusted EPS, because they are key measures used by our management and board of directors to understand and evaluate our operating performance and to develop operational goals for managing our business. We believe these financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. In particular, we believe that the exclusion of these items in calculating these measures can provide a useful tool for period-to-period comparisons of our core operating performance. Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making.

Previous wording

We present information below with respect to adjusted EBITDA, which we define as our net loss excluding interest and other (income), net, provision for income tax, depreciation and amortization, share-based compensation, severance costs and non-recurring professional fees.

Current wording

We present information below with respect to adjusted EBITDA, which we define as our net income (loss) from continuing operations excluding interest and other (income) expense, net, income tax benefit (provision), depreciation and amortization, share-based compensation, and severance costs.

Previous wording

Adjusted EBITDA is not prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net (loss) income, which is the nearest GAAP equivalent. Some of these limitations are:

Current wording

Adjusted EBITDA is not prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net income (loss) from continuing operations, which is the nearest GAAP equivalent. Some of these limitations are:

Previous wording

The following is a reconciliation of adjusted EBITDA, a non-GAAP metric, to net loss, the most directly comparable GAAP financial measure, for the three-month periods ended March 31, 2026 and 2025, respectively:

Current wording

The following is a reconciliation of adjusted EBITDA, a non-GAAP metric, to net loss, the most directly comparable GAAP financial measure, for the three and six-month periods ended June 30, 2026, and 2025, respectively:

Previous wording

Adjusted EBITDA in the three-month period ended March 31, 2026, increased $4.2 million as compared with the same period in 2025. The increase in adjusted EBITDA for the period was primarily due to higher revenue and gross profit.

Current wording

Adjusted EBITDA in the six-month period ended June 30, 2026, increased $11.6** **million as compared with the same period in 2025. The increase in Adjusted EBITDA for the period was primarily due to higher revenue and gross profit.

Previous wording

We present information below with respect to adjusted net income(loss) and adjusted EPS. We define adjusted net income (loss) as our net loss excluding share-based compensation, severance costs, and non-recurring professional fees. We define adjusted EPS as GAAP diluted EPS excluding the above adjustments to net income (loss) used in calculating adjusted net income (loss), each on a per share and tax effected basis.

Current wording

We present information below with respect to adjusted net income (loss) from continuing operations and adjusted EPS. We define adjusted net income (loss) as our net income (loss) from continuing operations excluding amortization and depreciation of acquired assets, share-based compensation, and other non-recurring items, such as professional fees and severance costs. We define adjusted EPS as GAAP diluted earnings per share excluding the above adjustments to net income (loss) from continuing operations used in calculating adjusted net income (loss), each on a per share and tax effected basis.

Previous wording

The following is a reconciliation of adjusted net income (loss), a non-GAAP metric, to net loss, the most directly comparable GAAP financial measure, for the three-month periods ended March 31, 2026 and 2025, respectively:

Current wording

The following is a reconciliation of adjusted net income (loss) from continuing operations, a non-GAAP metric, to net income (loss) from continuing operations, the most directly comparable GAAP financial measure, for the three and six-month periods ended June 30, 2026, and 2025, respectively:

Previous wording

The following is a reconciliation of adjusted diluted EPS, a non-GAAP metric, to diluted EPS, the most directly comparable GAAP financial measure, for the three-month periods ended March 31, 2026, and 2025, respectively:

Current wording

The following is a reconciliation of adjusted diluted EPS, a non-GAAP metric, to diluted EPS, the most directly comparable GAAP financial measure, for the three and six-month periods ended June 30, 2026, and 2025, respectively:

Previous wording

Adjusted net income and adjusted diluted earnings per share in the three-month period ended March 31, 2026, increased by $4.7 million and $0.33, respectively, as compared with the same period in 2025. The increase for the period was primarily due to higher revenue and gross profit.

Current wording

Adjusted net income (loss) from continuing operations and adjusted diluted earnings per share in the six-month period ended June 30, 2026, increased $14.1 million and $1.03, respectively, as compared with the same period in 2025. The increase for the period was primarily due to higher revenues and gross profit.

Previous wording

We require cash to fund our operating activities and to make capital expenditures and other investments in the business. We expect that our requirements for cash to fund these uses will increase as our operations expand. We continue to generate cash from operating activities and believe that our operating cash flows, cash currently on our condensed consolidated balance sheet and availability under our credit facility will be sufficient to allow us to continue to invest in our existing business, to manage our capital structure on a short and long-term basis, and to meet our anticipated operating cash needs. Cash and cash equivalents aggregated $41.0 million and $57.5 million, and working capital totaled $72.6 million and $80.2 million, at March 31, 2026, and December 31, 2025, respectively.

Current wording

We require cash to fund our operating activities and to make capital expenditures and other investments in the business. We expect that our requirements for cash to fund these uses will increase as our operations expand. We continue to generate cash from operating activities and believe that our operating cash flows, cash currently on our balance sheet and availability under our credit facility will be sufficient to allow us to continue to invest in our existing business, to manage our capital structure on a short and long-term basis, and to meet our anticipated operating cash needs. Cash and cash equivalents aggregated $38.4** **million and $57.5 million, and working capital totaled $77.0 million and $80.2 million, at June 30, 2026, and December 31, 2025, respectively.

Previous wording

On November 12, 2021, we entered into a Third Amendment to Credit Agreement with Bank of America N.A. as administrative agent, which amended our existing revolving line of credit agreement dated October 24, 2017, which provides up to $75.0 million in the form of a senior revolving line of credit. Subject to certain conditions, we may request up to an additional $75.0 million for a maximum aggregate commitment of $150.0 million. As of March 31, 2026, and December 31, 2025, there were no outstanding borrowings, and we are in compliance with the terms of the credit facility.

Current wording

On July 10, 2026, we entered into a Fifth Amendment to Credit Agreement with Bank of America N.A. as administrative agent, which amended our existing revolving line of credit agreement dated October 24, 2017, which provides up to $50.0 million in the form of a senior revolving line of credit. Subject to certain conditions, we may request up to an additional $50.0 million for a maximum aggregate commitment of $100.0 million. As of June 30, 2026, and December 31, 2025, there were no outstanding borrowings, and we are in compliance with the terms of the credit facility.

Previous wording

The following changes contributed to the net change in cash and cash equivalents in the three-month period ended March 31, 2026 as compared to the same period in 2025.

Current wording

The following changes contributed to the net change in cash and cash equivalents in the six-month period ended June 30, 2026, as compared to the same period in 2025.

Previous wording

Cash used in operating activities was $4.9 million and $0.1 million for the three-month periods ended March 31, 2026 and 2025, respectively. The increase in cash used in operating expenses was mainly due to inventory purchases with increased manufacturing production and building up safety stock and higher accounts receivable due to higher revenues. This was offset by higher stock-based compensation expense primarily related to the acceleration of stock-based compensation associated with the departure of our former Chief Executive Officer and an income tax refund received in the U.S.

Current wording

Cash used in operating activities was $5.5 million and $0.3 million for the six-month periods ended June 30, 2026, and 2025, respectively. The increase in cash used in operating activities was primarily due higher inventory purchases with increased manufacturing production and the building up safety stock and higher accounts receivable due to higher revenues. This was offset somewhat by higher stock-based compensation expense primarily related to the acceleration of stock-based compensation associated with the departure of our former Chief Executive Officer and an income tax refund received in the U.S.

Previous wording

Cash used in financing activities was $10.3 million and $5.4 million for the three-month periods ended March 31, 2026 and 2025, respectively. The increase in cash used in financing activities was primarily attributable to $8.7 million funding share repurchases during the three-month period ended March 31, 2026 versus $5.0 million in share repurchases in the prior year.

Current wording

Cash used in financing activities was $11.0 million and $5.3 million for the six-month periods ended June 30, 2026, and 2025, respectively. The increase in cash used in financing activities was primarily attributable to higher share repurchases and employee tax withholding in exchange for shares surrendered by employees in the six-month period ended June 30, 2026.

Previous wording

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to use judgment in making estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We believe that our accounting policies for revenue recognition, accounts receivable and allowance for credit losses, goodwill, acquired in-process research and development, inventory and contingencies are based on, among other things, judgments and assumptions made by management that include inherent risks and uncertainties. There have been no significant changes to the above critical accounting policies or in the underlying accounting assumptions and estimates used in such policies from those disclosed in our annual consolidated financial statements and accompanying notes included in our 2025 Form 10-K for the year ended December 31, 2025. We monitor our estimates on an ongoing basis for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from our estimates if past experience or other assumptions do not turn out to be substantially accurate.

Current wording

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to use judgment in making estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We believe that our accounting policies for revenue recognition, accounts receivable and allowance for credit losses, goodwill, acquired in-process research and development, inventory and contingencies are based on, among other things, judgments and assumptions made by management that include inherent risks and uncertainties. There have been no significant changes to the above critical accounting policies or in the underlying accounting assumptions and estimates used in such policies from those disclosed in our annual consolidated financial statements and accompanying notes included in our 2025 Form 10-K. We monitor our estimates on an ongoing basis for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from our estimates if past experience or other assumptions do not turn out to be substantially accurate.

Previous wording

A discussion of Recent Accounting Pronouncements is included in our 2025 Form 10-K for the fiscal year ended December 31, 2025 and is updated in the Notes to the condensed consolidated financial statements included in this report.

Current wording

A discussion of Recent Accounting Pronouncements is included in our 2025 Form 10-K and is updated in the Notes to the condensed consolidated financial statements included in this report.