Vogenx, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
VOGX$17.45-4.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-09-17.
0001185185-26-004101
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001185185-26-005245
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 82 previous paragraphs and 100 current paragraphs.
53 unchanged; 20 reworded; 26 added; 8 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 66 previous and 66 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
We have historically funded our operations primarily through the private sales of our Series A convertible preferred stock and convertible promissory notes, which generated approximately $11.5 million in aggregate gross proceeds, and more recently, through our initial public offering (“IPO”). In August 2026, we completed our IPO, generating aggregate net proceeds of approximately $84.4 million, after deducting underwriting discounts, commissions, and offering expenses payable by us.
Current report
Other income (expense) consists primarily of changes in the fair value of our warrant liabilities and related party convertible promissory notes. Prior to the completion of our IPO in August 2026, these instruments were classified as liabilities and remeasured at fair value on a recurring basis, with changes in fair value recognized in earnings each reporting period. During the three and nine months ended September 30, 2026, the Company recognized significant non-cash losses associated with the remeasurement of these instruments, including a remeasurement immediately prior to their conversion and settlement in connection with the IPO.
Current report
In August 2026, upon the closing of the IPO, all outstanding related party convertible promissory notes automatically converted into shares of common stock, and all warrants were settled through a cashless exercise into common stock. Following these transactions, the related liabilities were reclassified to stockholders’ equity and no warrant liabilities or convertible promissory note liabilities remained outstanding as of September 30, 2026. As a result, no further changes in fair value related to these instruments will be recognized in future periods.
Current report
The warrant liability was remeasured to approximately $3.4 million using a market approach based on the fair value of the Company’s common stock immediately prior to the cashless exercise. Management determined the fair value of the Company’s common stock to be $13.00 per share, based on the closing market price on the trading day immediately preceding the exercise date. The resulting increase in fair value was recognized as a non-cash loss in the Condensed Statements of Operations.
Current report
Immediately prior to the closing of the IPO, all outstanding liability-classified warrants were cashlessly exercised for 264,904 shares of common stock. Upon exercise, the warrant liability was settled in full and reclassified to stockholders’ equity. As a result, the warrant liability balance was $0 as of September 30, 2026, and no future changes in fair value associated with these warrants will be recognized.
Current report
The change in the fair value of our warrant liability for the three months ended September 30, 2025 was a decrease of approximately $17 thousand. This change resulted from the periodic mark-to-market remeasurement of the warrant liability using Level 3 unobservable inputs.
Current report
Additional information regarding the valuation methodology, assumptions and fair value measurements related to the warrant liability is included in Note 2, Fair Value Measurements.
Current report
For the three months ended September 30, 2026, we recognized a loss related to the final fair value remeasurement of our related party convertible promissory notes immediately prior to their conversion in connection with the IPO.
Current report
Immediately prior to the closing of our IPO, the convertible promissory notes were remeasured to an aggregate fair value of approximately $894 thousand. The increase in fair value from the June 30, 2026 carrying amount was recognized in the Condensed Statements of Operations as change in fair value of convertible promissory notes.
Current report
In August 2026, in connection with the closing of our IPO, all outstanding principal under the related party convertible promissory notes automatically converted into 64,102 shares of common stock at a conversion price of $11.70 per share, which represented 90% of the public offering price of $13.00 per share. Accrued interest of approximately $61 thousand was paid in cash.
Current report
Upon conversion, the carrying value of the convertible promissory notes was reclassified to stockholders’ equity. Following the conversion of the principal balance and settlement of accrued interest, the carrying amount of the related party convertible promissory notes was reduced to $0 as of August 13, 2026. Accordingly, no further changes in fair value associated with these notes will be recognized in future periods.
Current report
Additional information regarding the valuation methodology and fair value measurements of the convertible promissory notes is included in Note 5 to our unaudited condensed financial statements.
Current report
Comparison of the nine months ended September 30, 2026 and 2025
Current report
General and administrative expenses increased by $573 thousand to $1.1 million for the nine months ended September 30, 2026, from $555 thousand for the nine months ended September 30, 2025. The increase was primarily attributable to personnel-related costs of $228 thousand due to an increase in headcount, an increase of approximately $122 thousand in professional fees for accounting, tax, audit, and valuation services, and an increase of $97 thousand in directors’ and officers’ (D&O) insurance expenses following the completion of our IPO in August 2026.
Current report
The change in fair value of our warrant liability was an expense of approximately $3.4 million for the nine months ended September 30, 2026. This expense resulted from the final remeasurement of the liability-classified warrants immediately prior to their automatic cashless exercise in connection with the closing of our IPO in August 2026. The warrant liability was remeasured to a fair value of approximately $3.4 million using a market approach based on the $13.00 per share closing market price of the Company’s common stock on the trading day immediately preceding the exercise date.
Current report
In August 2026, immediately prior to the closing of our IPO, all outstanding liability-classified warrants were cashlessly exercised for 264,904 shares of common stock. Upon exercise, the warrant liability was settled in full and reclassified to stockholders’ equity, resulting in a carrying balance of $0 as of September 30, 2026.
Current report
The change in fair value of our warrant liability was a decrease of approximately $44 thousand for the nine months ended September 30, 2025. The change resulted from the periodic mark-to-market remeasurement of the warrant liability using Level 3 unobservable inputs.
Current report
Additional information regarding the valuation methodology, significant assumptions and fair value measurements related to the warrant liability is included in Note 2 to our unaudited condensed financial statements.
Current report
For the nine months ended September 30, 2026, the carrying value of our related party convertible promissory notes was remeasured to fair value at each reporting period through the date of settlement, with changes in fair value recognized in earnings. Immediately prior to the closing of our IPO in August 2026, the aggregate fair value of the convertible promissory notes was approximately $894 thousand.
Current report
In August 2026, immediately prior to the closing of our IPO, the outstanding principal amount of the related party convertible promissory notes automatically converted into 64,102 shares of common stock at a conversion price of $11.70 per share, which represented 90% of the public offering price of $13.00 per share. Accrued interest of approximately $61 thousand was paid in cash upon settlement.
Current report
The increase in the fair value of the convertible promissory notes immediately prior to settlement was recognized in the Condensed Statements of Operations as a change in fair value of convertible promissory notes. Upon conversion, the carrying value of the notes was reclassified to stockholders’ equity. Following the conversion of principal and settlement of accrued interest, the carrying amount of the related party convertible promissory notes was reduced to $0 as of August 13, 2026.
Current report
There was no change in the fair value of related party convertible promissory notes for the nine months ended September 30, 2025, as the notes were issued in December 2025.
Current report
Additional information regarding the valuation methodology, significant assumptions and fair value measurements related to the convertible promissory notes is included in Note 5 to our unaudited condensed financial statements.
Current report
As of September 30, 2026, and December 31, 2025, we had approximately $82.1 million and $601 thousand, respectively, of cash, cash equivalents, and marketable securities. We have not generated any revenue from product sales to date and do not expect to generate revenue from product sales in the foreseeable future, if at all, as our product candidates remain in clinical and preclinical development.
Current report
We had $82.1 million and $601 thousand of cash, cash equivalents, and marketable securities as of September 30, 2026 and December 31, 2025, respectively.
Current report
Net cash provided by financing activities for the nine months ended September 30, 2026 was approximately $84.4 million, which consisted of net proceeds from our August 2026 IPO, after deducting underwriting discounts, commissions, and offering costs paid during the period. There were no cash flows from financing activities for the nine months ended September 30, 2025.
Removed paragraphs (8)
Previous report
Other income (expense) includes expenses incurred in connection with our related party convertible promissory notes and warrants we issued in connection with our Series A convertible preferred stock financing, including changes in the fair value of warrant liabilities, the change in fair value of our related party convertible promissory notes, and the loss on issuance of our related party convertible promissory notes.
Previous report
The change in fair value of our warrant liability for the three months ended June 30, 2025, and the three months ended June 30, 2026 was a decrease of $14 thousand and $3 thousand, respectively. The change was a result of the remeasurement of the liability at the end of each reporting period. Details of our fair value measurements can be found in Note 2 to our unaudited condensed financial statements included elsewhere in this report.
Previous report
The change in fair value of our related party convertible promissory notes was an expense of $32 thousand during the three months ended June 30, 2026. The change was a result of the remeasurement of the liability at the period ended June 30, 2026. There was no such activity during the three months ended June 30, 2025. Details of our fair value measurements can be found in Note 2 to our unaudited condensed financial statements included elsewhere in this report.
Previous report
Comparison of the six months ended June 30, 2026 and 2025
Previous report
General and administrative expenses increased by $47 thousand, from $377 thousand for the six months ended June 30, 2025, to $424 thousand for the six months ended June 30, 2026. The increase was primarily attributable to an increase of approximately $80 thousand in accounting and tax expenses associated with audit, review, valuation and tax-related services. This increase was partially offset by decreases of approximately $15 thousand in professional fees, $16 thousand in dues and subscription expenses and $9 thousand in personnel-related costs.
Previous report
The change in fair value of our warrant liability for the six months ended June 30, 2025, and the six months ended June 30, 2026 was a decrease of $27 thousand and $10 thousand, respectively. The change was a result of the remeasurement of the liability at the end of each reporting period. Details of our fair value measurements can be found in Note 2 to our unaudited condensed financial statements included elsewhere in this report.
Previous report
The change in fair value of our related party convertible promissory notes was an expense of $51 thousand during the six months ended June 30, 2026. The change was a result of the remeasurement of the liability at the period ended June 30, 2026. There was no such activity during the six months ended June 30, 2025. Details of our fair value measurements can be found in Note 2 to our unaudited condensed financial statements included elsewhere in this report.
Previous report
We had $193 thousand and $601 thousand in cash and cash equivalents as of June 30, 2026 and December 31, 2025, respectively. In December 2025, we received $750 thousand in gross proceeds from the issuance of our convertible promissory notes.
Reworded paragraphs (20)
Previous wording
We are a clinical-stage life science and drug development company focused on the development of novel therapeutics for the treatment of serious diseases associated with dysfunctions in human metabolism and high unmet medical needs, including post-bariatric hypoglycemia (“PBH”) and gastroparesis. Our company was founded in 2021 by experienced leaders that have an in-depth understanding of drug development in the metabolic disease space. Our primary objective is to advance our lead investigational product candidate, mizagliflozin, a selective SGLT1 inhibitor in development for disorders related to glucose absorption and postprandial dysregulation, through clinical development and towards regulatory approval.
Current wording
We are a clinical-stage life science and drug development company focused on the development of novel therapeutics for the treatment of serious diseases associated with dysfunctions in human metabolism and high unmet medical needs, including post-bariatric hypoglycemia (“PBH”) and gastroparesis. Our company was founded in 2021 by experienced leaders that have an in-depth understanding of drug development in the metabolic disease space. Our primary objective is to advance our lead investigational product candidate, mizagliflozin, a selective sodium-dependent glucose transporter 1 (“SGLT1”) inhibitor in development for disorders related to glucose absorption and postprandial dysregulation, through clinical development and towards regulatory approval.
Previous wording
Since our inception, we have devoted substantially all of our resources to development of our mizagliflozin product candidate for PBH, gastroparesis, and GIP-dependent Cushing’s Syndrome and VGX-2857 for weight maintenance, building our intellectual property portfolio, organizing and staffing our company, business planning, raising capital and providing general and administrative support for these operations. We have historically funded our operations primarily through sales of our Series A convertible preferred stock and convertible promissory notes, which have generated approximately $11.5 million in aggregate gross proceeds.
Current wording
Since our inception, we have devoted substantially all of our resources to the development of our mizagliflozin product candidate for PBH, gastroparesis, and GIP-dependent Cushing’s Syndrome and VGX-2857 for weight maintenance, building our intellectual property portfolio, organizing and staffing our company, business planning, raising capital, and providing general and administrative support for these operations.
Previous wording
We have incurred significant operating losses since inception and expect to continue to incur substantial losses for the foreseeable future. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were approximately $384 thousand and $295 thousand for the three months ended June 30, 2026 and 2025, respectively, and approximately $860 thousand and $651 thousand for the six months ended June 30, 2026 and 2025, respectively. Our net losses were approximately $1.4 million and $2.2 million for the years ended December 31, 2025 and 2024, respectively. We had an accumulated deficit of approximately $11.7 million and $10.8 million as of June 30, 2026 and December 31, 2025, respectively.
Current wording
We have incurred significant operating losses since inception and expect to continue to incur substantial losses for the foreseeable future. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were approximately $4.9 million and $284 thousand for the three months ended September 30, 2026 and 2025, respectively, and approximately $5.8 million and $936 thousand for the nine months ended September 30, 2026 and 2025, respectively. Our net losses were approximately $1.4 million and $2.2 million for the years ended December 31, 2025 and 2024, respectively. We had an accumulated deficit of approximately $16.6 million and $10.8 million as of September 30, 2026 and December 31, 2025, respectively.
Previous wording
Interest income is comprised of interest income earned on our cash and cash equivalents.
Current wording
Interest income is comprised of interest income earned on our cash and cash equivalents as well as short-term marketable securities.
Previous wording
Research and development expenses rose by $20 thousand, from $136 thousand in the three months ended June 30, 2025, to $157 thousand in the three months ended June 30, 2026, as discussed below.
Current wording
Research and development expenses rose by $954 thousand, from $125 thousand in the three months ended September 30, 2025, to $1.1 million in the three months ended September 30, 2026, as discussed below.
Previous wording
The increase in research and development expenses for the three months ended June 30, 2026 was primarily attributable to increased spending on our PBH development program. Direct research and development program expenses related to PBH increased by approximately $6 thousand, primarily due to the clinical trial materials for the planned EMERGE phase 2b study, and an increase of $28 thousand in intellectual property legal expense offset by a decrease to other research and development support activities such as R&D salaries.
Current wording
The increase in research and development expenses for the three months ended September 30, 2026 was primarily attributable to increased spending on our PBH development program. Direct research and development program expenses related to PBH increased by approximately $714 thousand, primarily due to the start up costs for the EMERGE Phase 2b study and an increase of $184 thousand in R&D personnel-related expenses due to an increase in our headcount in the R&D department following the IPO.
Previous wording
General and administrative expenses increased by $24 thousand, from $174 thousand for the three months ended June 30, 2025, to $199 thousand for the three months ended June 30, 2026. The increase was primarily attributable to an increase of approximately $25 thousand in accounting and tax expenses associated with audit, review, valuation and tax-related services.
Current wording
General and administrative expenses increased by $526 thousand, from $178 thousand for the three months ended September 30, 2025, to $704 thousand for the three months ended September 30, 2026. The increase was primarily attributable to an increase of approximately $237 thousand in personnel-related expenses due to increased headcount in the G&A department following the IPO and an increase of $214 thousand in increased costs as a public company such as insurance, directors’ fees, legal and listing fees.
Previous wording
Interest income, which includes interest income on our cash and cash equivalents, decreased by $2 thousand, from $2 thousand for the three months ended June 30, 2025, to less than $0.1 thousand for the three months ended June 30, 2026, due to decreases in our available cash and cash equivalents. We did not have any material interest expense during the three months ended June 30, 2025, or 2026.
Current wording
Interest income, which includes interest income on our cash and cash equivalents and short term marketable securities, increased by $338 thousand, from $1 thousand for the three months ended September 30, 2025, to $339 thousand for the three months ended September 30, 2026, due to increases in our available cash and cash equivalents and short term marketable securities from the net proceeds of the IPO. We did not have any material interest expense during the three months ended September 30, 2025, or 2026.
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025:
Previous wording
Research and development expenses rose by $89 thousand, from $306 thousand in the six months ended June 30, 2025, to $395 thousand in the six months ended June 30, 2026, as discussed below.
Current wording
Research and development expenses rose by $1.0 million, from $431 thousand in the nine months ended September 30, 2025, to $1.5 million in the nine months ended September 30, 2026, as discussed below.
Previous wording
The increase in research and development expenses for the six months ended June 30, 2026 was primarily attributable to increased spending on our PBH development program. Direct research and development program expenses related to PBH increased by approximately $61 thousand, primarily due to clinical trial materials for the planned EMERGE Phase 2b study, and intellectual property legal expenses increased by approximately $59 thousand. The increases were offset by a decrease of $24 thousand in research and development salaries and an $8 thousand decrease to other research and development support activities.
Current wording
The increase in research and development expenses for the nine months ended September 30, 2026 was primarily attributable to increased spending on our PBH development program. Direct research and development program expenses related to PBH increased by approximately $790 thousand, primarily due to startup costs and clinical trial materials for the EMERGE Phase 2b study. Personnel-related costs increased by approximately $160 thousand from $375 thousand for the nine months ended September 30, 2025 to $535 thousand for the nine months ended September 30, 2026 due to an increase in headcount following the IPO in August 2026.
Previous wording
Interest income, which includes interest income on our cash and cash equivalents, decreased by $4 thousand, from $5 thousand for the six months ended June 30, 2025, to $0.1 thousand for the six months ended June 30, 2026, due to decreases in our available cash and cash equivalents. We did not have any material interest expense during the six months ended June 30, 2026, or 2025.
Current wording
Interest income, which includes interest income on our cash and cash equivalents and marketable securities, increased by $333 thousand, from $6 thousand for the nine months ended September 30, 2025, to $339 thousand for the nine months ended September 30, 2026, due to increases in our available cash, cash equivalents and marketable securities from the net proceeds of the IPO. We did not have any material interest expense during the nine months ended September 30, 2026, or 2025.
Previous wording
Since our inception, we have incurred significant operating losses and negative cash flows from operations and expect to continue to incur significant operating losses and negative cash flows from operations for the foreseeable future. To date, prior to our IPO, we funded our operations primarily through sales of our Series A convertible preferred stock and convertible promissory notes, which generated approximately $11.5 million in aggregate gross proceeds through June 30, 2026. As of June 30, 2026 and December 31, 2025, we had approximately $193 thousand and $601 thousand in cash and cash equivalents, respectively. We have not yet generated any revenue from product sales and do not expect to in the foreseeable future, if at all, as our product candidates are in various phases of clinical and preclinical development.
Current wording
Since our inception, we have incurred significant operating losses and negative cash flows from operations, and we expect to continue to incur significant operating losses and negative cash flows from operations for the foreseeable future. Prior to our IPO, we funded our operations primarily through the private sales of our Series A convertible preferred stock and convertible promissory notes, which generated approximately $11.5 million in aggregate gross proceeds.
Previous wording
In August 2026, we completed the IPO, pursuant to which we issued and sold 7,187,500 shares of our common stock at a public offering price of $13.00 per share, including 937,500 additional shares of its common stock pursuant to the exercise in full by the underwriter of its option to purchase shares of common stock from us at the IPO price. As a result, we received net proceeds from the IPO of approximately $84.9 million, after deducting underwriting discounts, commissions and offering expenses payable by us.
Current wording
In August 2026, we completed our IPO, in which we issued and sold an aggregate of 7,187,500 shares of our common stock (including 937,500 shares issued pursuant to the full exercise of the underwriter’s over-allotment option) at a public offering price of $13.00 per share. The IPO generated approximately $84.4 million in net proceeds to us, after deducting underwriting discounts, commissions, and offering expenses payable by us.
Previous wording
Based on our current operating plan, we estimate that our existing cash and cash equivalents, together with the net proceeds from the IPO, will be sufficient to fund our projected operating expenses and capital expenditure requirements for at least the next 12 months. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect.
Current wording
Based on our current operating plan, we estimate that our existing cash and cash equivalents and marketable securities will be sufficient to fund our projected operating expenses and capital expenditure requirements for at least the next 12 months. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2026 was approximately $323 thousand. This was primarily due to our net loss of approximately $860 thousand, partially offset by non-cash charges of approximately $41 thousand and a net source of cash from changes in operating assets and liabilities of approximately $495 thousand. The changes in operating assets and liabilities primarily consisted of an increase in accounts payable of approximately $104 thousand and an increase in accrued expenses of approximately $386 thousand. Non-cash charges primarily consisted of an increase in the fair value of our related party convertible promissory notes of approximately $51 thousand, partially offset by a decrease in the fair value of our warrant liability of approximately $10 thousand.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2026 was approximately $2.9 million. This was primarily driven by our net loss of approximately $5.8 million, non-cash adjustments of approximately $3.3 million, and a net use of cash from changes in operating assets and liabilities of approximately $429 thousand. Non-cash adjustments primarily consisted of a change in the fair value of warrant liabilities of $3.4 million, a change in the fair value of the convertible promissory note of $78 thousand, and stock-based compensation expense of $5 thousand, partially offset by accretion of discount on marketable securities of $228 thousand. The net use of cash from changes in operating assets and liabilities was primarily due to an increase in prepaid expenses and other current assets of $483 thousand, a decrease in accrued expenses of $391 thousand, and interest paid on the convertible note payable of $61 thousand partially offset by an increase in accounts payable of $506 thousand.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025 was approximately $573 thousand. This was primarily due to our net loss of approximately $651 thousand, adjusted for non-cash charges of approximately $22 thousand and changes in operating assets and liabilities of approximately $100 thousand. Non-cash charges primarily consisted of stock-based compensation expense of approximately $5 thousand, partially offset by a decrease in the fair value of our warrant liability of approximately $27 thousand.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025 was approximately $729 thousand. This was primarily due to our net loss of approximately $936 thousand, adjusted for net non-cash adjustments of approximately $36 thousand and changes in operating assets and liabilities of approximately $243 thousand. Non-cash adjustments primarily consisted of a decrease in the fair value of our warrant liability of approximately $44 thousand, partially offset by stock-based compensation expense of approximately $8 thousand.
Previous wording
Net cash used in financing activities for the six months ended June 30, 2026 was approximately $85 thousand, which consisted entirely of payments related to offering costs in connection with the Company’s IPO. There were no cash flows from financing activities for the six months ended June 30, 2025.
Current wording
Net cash used in investing activities was approximately $77 million for the nine months ended September 30, 2026, which consisted entirely of purchases of marketable securities following the completion of our IPO. There were no cash flows from investing activities for the nine months ended September 30, 2025.
Previous wording
A description of recently issued accounting pronouncements that may potentially impact our financial position, results of operations or cash flows is disclosed in Note 2 to our unaudited condensed financial statements included elsewhere in this report.
Current wording
A description of recently issued accounting pronouncements that may potentially impact our financial position, results of operations or cash flows is disclosed in Note 2 to our unaudited condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Our critical accounting policies and estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our IPO Prospectus. We have reviewed and determined that those critical accounting estimates remain the Company’s critical accounting estimates as of and for the three months and six months ended June 30, 2026.
Current wording
Our critical accounting policies and estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our IPO Prospectus. We have reviewed and determined that those critical accounting estimates remain the Company’s critical accounting estimates as of and for the three and nine months ended September 30, 2026.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Additionally, intellectual property legal expenses increased by approximately $100 thousand.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
There were no cash flows from investing activities for the six months ended June 30, 2026, or June 30, 2025.