ENANTA PHARMACEUTICALS INC

Previous wording

We discovered glecaprevir, the second of two antiviral protease inhibitors developed through our collaboration with AbbVie for the treatment of chronic infection with hepatitis C virus, or HCV. Glecaprevir is co-formulated as part of AbbVie’s leading brand of direct-acting antiviral, or DAA, combination treatment for HCV, which has been marketed under the tradenames MAVYRET®(U.S.) and MAVIRET® (ex-U.S.) (glecaprevir/pibrentasvir) since 2017.

Current wording

We discovered glecaprevir, the second of two antiviral protease inhibitors developed through our collaboration with AbbVie for the treatment of acute or chronic infection with hepatitis C virus, or HCV. Glecaprevir is co-formulated as part of AbbVie’s leading brand of direct-acting antiviral, or DAA, combination treatment for HCV, which has been marketed under the tradenames MAVYRET®(U.S.) and MAVIRET® (ex-U.S.) (glecaprevir/pibrentasvir) since 2017.

Previous wording

In immunology, we are designing and developing highly potent and selective, oral small molecule inhibitors for the treatment of inflammatory disease by targeting key mechanisms of immune response. Our initial focus has been on mechanisms involved in an overactive type 2 immune phenotype, which is the response of the immune system upon encountering infections or allergens. An overactive response is a primary driver of a number of inflammatory diseases.

Current wording

In immunology, we are designing and developing highly potent and selective oral small molecule inhibitors for the treatment of inflammatory disease by targeting key mechanisms of immune response. Our initial focus has been on mechanisms involved in an overactive type 2 immune phenotype, which is part of the immune response upon encountering infections or allergens. An overactive response is a primary driver of a number of inflammatory diseases.

Previous wording

Our initial immunology targets involve the following mechanisms of immune response:

Current wording

Our initial immunology targets involve the following mechanisms:

Previous wording

The receptor tyrosine kinase, known as KIT, which is critical for regulating mast cell activity, a primary driver of inflammation in the skin and implicated in multiple allergic diseases; and

Current wording

The receptor tyrosine kinase, known as KIT, which is critical for regulating mast cell survival and activation, including release of potent inflammatory mediators such as histamine, which is a primary driver of inflammation in the skin and implicated in multiple allergic diseases; and

Previous wording

As of March 31, 2025, we had $193.4 million in cash, cash equivalents and short-term marketable securities. We expect that our existing cash, cash equivalents, short-term marketable securities, as well as the cash flows from our retained portion of future HCV royalties and our $33.8 million federal tax refund received in April 2025, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2028.

Current wording

As of June 30, 2025, we had $204.1 million in cash, cash equivalents and short-term marketable securities. Based on our operating plan, we expect that our existing cash, cash equivalents, short-term marketable securities, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2028.

Previous wording

RSV. In virology, we have two clinical stage candidates for RSV – zelicapavir (formerly EDP-938) and EDP-323. Both of these compounds are replication inhibitors that work by shutting down replication and the production of new virions, as opposed to the other mechanism in development of fusion inhibition that only blocks viral entry. Zelicapavir, which has Fast Track designation from the U.S. Food and Drug Administration, or FDA, is a potent inhibitor of the RSV N-protein for both major subgroups of RSV, referred to as RSV-A and RSV-B. Zelicapavir is being studied in two Phase 2 studies, each in a different high risk patient population. EDP-323, which also has a Fast Track designation from the FDA, is an inhibitor of the RSV L-protein for both major subgroups of RSV that has recently completed a Phase 2 challenge study. We will evaluate potential partnership opportunities to advance our RSV programs to the next stage of clinical development.

Current wording

RSV. In virology, we have two clinical stage candidates for RSV – zelicapavir (formerly EDP-938) and EDP-323. Both of these compounds are replication inhibitors that work by shutting down replication and the production of new virions, as opposed to the other mechanism in development of fusion inhibition that only blocks viral entry. Zelicapavir, which has Fast Track designation from the U.S. Food and Drug Administration, or FDA, is a potent inhibitor of the RSV N-protein for both major subgroups of RSV, referred to as RSV-A and RSV-B. Zelicapavir has been studied in two Phase 2 studies, each in a different high-risk patient population. EDP-323, which also has a Fast Track designation from the FDA, is an inhibitor of the RSV L-protein for both major subgroups of RSV that has completed a Phase 2 challenge study. We will evaluate potential partnership opportunities to advance our RSV programs to the next stage of clinical development.

Previous wording

Pediatric Study of Zelicapavir: In December 2024, we announced positive topline results from the first-in-pediatrics Phase 2 randomized, double-blind, placebo-controlled study evaluating zelicapavir in approximately 90 hospitalized and non-hospitalized children aged 28 days to 36 months with RSV. This Phase 2 study was a randomized, double-blind, dose ranging, placebo-controlled study in hospitalized and non- hospitalized pediatric patients with RSV aged 28 days to 36 months. The first part of the study included dose ranging in two different age cohorts, focused on safety and pharmacokinetics (PK), and the second part of the study focused on virology outcomes from a single dose selected from the first part of the study.

Current wording

Pediatric Study of Zelicapavir: In December 2024, we announced positive topline results from the first-in-pediatrics Phase 2 randomized, double-blind, placebo-controlled study evaluating zelicapavir in approximately 90 hospitalized and non-hospitalized children aged 28 days to 36 months with RSV. The first part of the study included dose ranging in two different age cohorts, focused on safety and pharmacokinetics (PK), and the second part of the study focused on virology outcomes from a single dose selected from the first part of the study.

Previous wording

Zelicapavir demonstrated a favorable safety profile over the initial 5-day dosing period and through 23 days of follow-up. There were no adverse effects leading to treatment discontinuation or study withdrawal.

Current wording

Zelicapavir demonstrated a favorable safety profile over the 5-day dosing period and through 23 days of follow-up. There were no adverse effects leading to treatment discontinuation or study withdrawal.

Previous wording

High-Risk Adults Study of Zelicapavir: We also have an ongoing Phase 2b study in high-risk adults, including those who are older than 65 years of age and those who have asthma, chronic obstructive pulmonary disease, or COPD, or congestive heart failure. Patients enrolled in the study are treated with zelicapavir or placebo for five days, and the primary endpoint is time to resolution of RSV lower respiratory tract disease symptoms. We recently met our target enrollment of 180 patients and we are continuing enrollment to capture the remainder of the Northern Hemisphere RSV season. Enrollment will complete before the end of May 2025, with topline data expected in late third quarter of 2025.

Current wording

High-Risk Adults Study of Zelicapavir: We also have an ongoing Phase 2b study in adults with RSV infection who are at high risk of complications. This includes patients who are older than 65 years of age and/or those who have asthma, chronic obstructive pulmonary disease, or COPD, or congestive heart failure. Patients enrolled in the study were treated with zelicapavir or placebo for five days, with a primary endpoint of time to resolution of RSV lower respiratory tract disease symptoms. Enrollment of 186 patients was completed in May 2025, with topline data expected in September 2025.

Previous wording

STAT6 Inhibitors. We have a discovery stage program to develop oral STAT6 inhibitors for the treatment of type 2 immune driven diseases, initially focusing on AD and potentially other indications by blocking the IL-4/IL-13 signaling pathway, thereby addressing a primary driver of these diseases. We have discovered novel, potent and selective oral STAT6 inhibitors, which are being optimized in the discovery stage. Our prototype inhibitors demonstrate nanomolar potency and high selectivity for STAT6 over other STATs in both biochemical and cellular assays, with good intrinsic permeability and oral bioavailability. Importantly, a prototype inhibitor resulted in complete inhibition of phosphorylated STAT6, or pSTAT6, in a mouse model, demonstratingin vivo STAT6 target engagement after a single dose with rapid and complete inhibition of pSTAT6. We are continuing to evaluate multiple compounds in preclinical studies, including toxicology studies, and conducting lead optimization activities. Our goal is to select a lead development candidate in the second half of 2025.

Current wording

STAT6 Inhibitors. We have a discovery stage program to develop an oral STAT6 inhibitor for the treatment of type 2 immune driven diseases, initially focusing on AD and potentially other indications by blocking the IL-4/IL-13 signaling pathway, thereby addressing a primary driver of these diseases. Our prototype inhibitors demonstrate nanomolar potency and high selectivity for STAT6 over other STATs in both biochemical and cellular assays, with good intrinsic permeability and oral bioavailability. In addition, after a single oral dose, our prototype inhibitors have demonstrated rapid and complete inhibition of phosphorylated STAT6 in a mouse model. We are continuing to evaluate multiple compounds in preclinical studies, including toxicology studies, and conducting lead optimization activities. Our goal is to select a lead development candidate in the second half of 2025.

Previous wording

Glecaprevir is the HCV protease inhibitor we discovered that was developed by AbbVie in a fixed-dose combination with its NS5A inhibitor, pibrentasvir, for the treatment of chronic HCV. This patented combination, currently marketed under the brand names MAVYRET® (U.S.) and MAVIRET® (ex-U.S.), is referred to in this report as MAVYRET/MAVIRET. The first protease inhibitor developed through this collaboration, paritaprevir, is part of AbbVie’s initial HCV regimens, which have been almost entirely replaced by MAVYRET/MAVIRET. Since August 2017, substantially all of our royalty revenue has been derived from AbbVie’s net sales of MAVYRET/MAVIRET. Our ongoing royalty revenues from this regimen consist of annually tiered, double-digit, per-product royalties on 50% of the calendar year net sales of the 2-DAA glecaprevir/pibrentasvir combination in MAVYRET/MAVIRET. The annual royalty tiers return to the lowest tier for sales on and after each January 1.

Current wording

Glecaprevir is the HCV protease inhibitor we discovered that was developed by AbbVie in a fixed-dose combination with its NS5A inhibitor, pibrentasvir, for the treatment of acute or chronic HCV. This patented combination, currently marketed under the brand names MAVYRET® (U.S.) and MAVIRET® (ex-U.S.), is referred to in this report as MAVYRET/MAVIRET. The first protease inhibitor developed through this collaboration, paritaprevir, is part of AbbVie’s initial HCV regimens, which have been almost entirely replaced by MAVYRET/MAVIRET. Since August 2017, substantially all of our royalty revenue has been derived from AbbVie’s net sales of MAVYRET/MAVIRET for the treatment of chronic HCV. Our ongoing royalty revenues from this regimen consist of annually tiered, double-digit, per-product royalties on 50% of the calendar year net sales of the 2-DAA glecaprevir/pibrentasvir combination in MAVYRET/MAVIRET. The annual royalty tiers return to the lowest tier for sales on and after each January 1. In June 2025, the FDA approved a label expansion for MAVYRET as the first and only treatment for acute HCV.

Previous wording

We are currently funding all research and development for our wholly-owned programs, which are targeted toward the discovery and development of novel compounds. As of the date of this report, we are conducting a Phase 2b study of zelicapavir in high risk adults and have recently completed a Phase 2b study of zelicapavir in pediatric patients and a Phase 2a human challenge study of EDP-323. We are also conducting preclinical research and discovery efforts in the field of immunology.

Current wording

We are currently funding all research and development for our wholly-owned programs, which are targeted toward the discovery and development of novel compounds. As of the date of this report, we are conducting a Phase 2b study of zelicapavir in high-risk adults, which completed enrollment in May 2025, and have completed a Phase 2b study of zelicapavir in pediatric patients and a Phase 2a human challenge study of EDP-323. We are also conducting preclinical research and discovery efforts in the field of immunology.

Previous wording

As a result of the timing of our clinical and preclinical development programs, we expect our research and development expenses will fluctuate from period to period. However, in the next 12 months, we anticipate a reduction in our external research and development expenses, primarily driven by the completion of the Phase 2a human challenge study of EDP-323 and the Phase 2b study of zelicapavir in pediatric patients. These milestones, along with strategic adjustments, have positioned us to reduce spending in 2025 while maintaining our commitment to advancing key programs.

Current wording

As a result of the timing of our clinical and preclinical development programs, we expect our research and development expenses will fluctuate from period to period. However, in the next 12 months, we anticipate a reduction in our external research and development expenses, primarily driven by the timing of clinical trials in our RSV programs. These milestones, along with strategic adjustments, have positioned us to reduce spending in 2025 while maintaining our commitment to advancing key programs.

Previous wording

To date, we have funded our operations primarily through milestone and royalty payments received under our collaboration agreement with AbbVie, a $200.0 million payment received in April 2023 from our royalty sale agreement, and our existing cash, cash equivalents, and short-term marketable securities. We believe that our existing cash, cash equivalents and short-term marketable securities, as well as the cash flows from our retained portion of future HCV royalties and our $33.8 million federal tax refund received in April 2025, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2028.

Current wording

To date, we have funded our operations primarily through milestone and royalty payments received under our collaboration agreement with AbbVie, a $200.0 million payment received in April 2023 from our royalty sale agreement, and our existing cash, cash equivalents, and short-term marketable securities. Based on our operating plan, we believe that our existing cash, cash equivalents and short-term marketable securities, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2028.

Previous wording

Our revenue is primarily derived from our collaboration agreement with AbbVie and AbbVie’s sales of MAVYRET/MAVIRET, an 8-week treatment regimen for chronic HCV.

Current wording

Our revenue is primarily derived from our collaboration agreement with AbbVie and AbbVie’s sales of MAVYRET/MAVIRET, an 8-week treatment regimen for HCV.

Previous wording

The following table is a summary of revenue recognized for the three and six months ended March 31, 2025 and 2024:

Current wording

The following table is a summary of revenue recognized for the three and nine months ended June 30, 2025 and 2024:

Previous wording

As our internal product candidates are currently in Phase 1 or Phase 2 clinical development, we have not generated any revenue from our own product sales. We do not expect to generate any revenue from product sales derived from these product candidates for at least the next several years.

Current wording

As our internal product candidates are currently in clinical or preclinical development, we have not generated any revenue from our own product sales. We do not expect to generate any revenue from product sales derived from these product candidates for at least the next several years.

Previous wording

At any given time, we have later stage programs in clinical development as well as several active early-stage research and drug discovery projects. Our internal resources, employees and infrastructure are utilized across multiple projects, including our early-stage discovery projects. As such, we report information regarding costs incurred based on our programs (i.e., disease area) rather than on a project specific basis. All indirect costs are allocated to programs based on headcount and square footage of our facilities. We expect that our research and development expenses will fluctuate from period to period as we advance our research and development programs. However, in the next 12 months, we anticipate a reduction in our external research and development expenses, primarily driven by the completion of the Phase 2a human challenge study of EDP-323 and the Phase 2b study of zelicapavir in pediatric patients. These milestones, along with strategic adjustments, have positioned us to reduce spending in 2025 while maintaining our commitment to advancing key programs. To date, we have not identified any significant impact of inflation on spending in research and development, but it is uncertain whether there will be inflationary impacts, including as a result of tariffs, in future periods.

Current wording

At any given time, we have later stage programs in clinical development as well as several active early-stage research and drug discovery projects. Our internal resources, employees and infrastructure are utilized across multiple projects, including our early-stage discovery projects. As such, we report information regarding costs incurred based on our programs (i.e., disease area) rather than on a project specific basis. All indirect costs are allocated to programs based on headcount and square footage of our facilities. We expect that our research and development expenses will fluctuate from period to period as we advance our research and development programs. However, in the next 12 months, we anticipate a reduction in our external research and development expenses, primarily driven by the timing of clinical trials in our RSV programs. These milestones, along with strategic adjustments, have positioned us to reduce spending in 2025 while maintaining our commitment to advancing key programs. To date, we have not identified any significant impact of inflation on spending in research and development, but it is uncertain whether there will be inflationary impacts, including as a result of tariffs, in future periods.

Previous wording

Income tax benefit (expense) is based on our best estimate of taxable net income (loss), applicable income tax rates, net research and development tax credits and carryforwards, net operating loss carrybacks and interest earned on such refunds, changes in valuation allowance estimates and deferred income taxes.

Current wording

Income tax (expense) benefit is based on our best estimate of taxable net income (loss), applicable income tax rates, net research and development tax credits and carryforwards, net operating loss carrybacks and interest earned on such refunds, changes in valuation allowance estimates and deferred income taxes.

Previous wording

We recognized revenue of $14.9 million during the three months ended March 31, 2025 as compared to $17.1 million during the three months ended March 31, 2024. The $2.1 million decrease in revenue was primarily due to AbbVie’s lower reported HCV sales as compared to the comparable period in 2024.

Current wording

We recognized revenue of $18.3 million during the three months ended June 30, 2025 as compared to $18.0 million during the three months ended June 30, 2024. The $0.3 million increase in revenue was primarily due to AbbVie’s higher reported HCV sales as compared to the same period in 2024.

Previous wording

Our royalty revenues eligible to be earned in the future will depend on AbbVie’s HCV market share, the pricing of the MAVYRET/MAVIRET regimen and the number of patients treated. In addition, at the beginning of each calendar year (the second quarter of our fiscal year), our royalty rate resets to the lowest tier for each of our royalty-bearing products licensed to AbbVie.

Current wording

Our royalty revenues eligible to be earned in the future will depend on AbbVie’s HCV market share, the pricing of the MAVYRET/MAVIRET regimen, the number of patients treated and the effect of the label expansion for MAVYRET in the United States for the treatment of patients with acute HCV. In addition, at the beginning of each calendar year (the second quarter of our fiscal year), our royalty rate resets to the lowest tier for each of our royalty-bearing products licensed to AbbVie.

Previous wording

Research and development expenses for the three months ended March 31, 2025 decreased by $7.5 million compared to the same period in 2024.

Current wording

Research and development expenses for the three months ended June 30, 2025 decreased by $1.5 million compared to the same period in 2024.

Previous wording

The costs in our immunology programs increased by $5.1 million primarily due to the initiation of preclinical studies and lead optimization activities for our STAT6 program.

Current wording

The costs in our immunology programs increased by $1.1 million primarily due to the ongoing preclinical studies and lead optimization activities for our STAT6 program.

Previous wording

Other program costs decreased by $1.7 million primarily due to the completion of the discovery-stage activities related to our STAT6 program.

Current wording

Other program costs decreased by $0.3 million primarily due to the completion of the discovery-stage activities related to our STAT6 program.

Previous wording

General and administrative expenses decreased by $2.8 million for the three months ended March 31, 2025 compared to the same period in 2024. The change was primarily due to a decrease in legal expenses related to our patent infringement suit against Pfizer.

Current wording

General and administrative expenses decreased by $3.4 million for the three months ended June 30, 2025 compared to the same period in 2024. The change was primarily due to a decrease in legal expenses related to our patent infringement suit against Pfizer.

Previous wording

Interest expense decreased $0.8 million for the three months ended March 31, 2025, as compared to the same period in 2024 due to the paydown of our obligation associated with our royalty sale agreement entered into during April 2023 with an affiliate of OMERS.

Current wording

Interest expense decreased by $0.7 million for the three months ended June 30, 2025, as compared to the same period in 2024 due to the paydown of our obligation associated with our royalty sale agreement entered into during April 2023 with an affiliate of OMERS.

Previous wording

Interest and investment income, net, decreased $1.5 million for the three months ended March 31, 2025, as compared to the same period in 2024. The decrease was due to lower cash and investment balances year over year.

Current wording

Interest and investment income, net, decreased by $1.2 million for the three months ended June 30, 2025, as compared to the same period in 2024. The decrease was due to lower cash and investment balances year over year.

Previous wording

The income tax benefit during the three months ended March 31, 2025 was primarily due to an additional federal income tax refund from a net operating loss carryback of $871. The income tax benefit during the three months ended March 31, 2024 related to interest recorded on our federal tax refund. We received $33.8 million in April 2025 related to our outstanding income tax receivable as of March 31, 2025.

Current wording

The income tax expense during the three months ended June 30, 2025 was primarily due to state income taxes. The income tax benefit during the three months ended June 30, 2024 related to interest recorded on our $33.8 million federal tax refund, which we received in April 2025.

Previous wording

We recognized revenue of $31.9 million during the six months ended March 31, 2025 as compared to $35.1 million during the six months ended March 31, 2024. The $3.2 million decrease in revenue was primarily due to AbbVie’s lower reported HCV sales as compared to the comparable period in 2024.

Current wording

We recognized revenue of $50.2 million during the nine months ended June 30, 2025 as compared to $53.0 million during the nine months ended June 30, 2024. The $2.8 million decrease in revenue was primarily due to AbbVie’s lower reported HCV sales as compared to the same period in 2024.

Previous wording

Research and development expenses for the six months ended March 31, 2025 decreased by $16.2 million compared to the same period in 2024.

Current wording

Research and development expenses for the nine months ended June 30, 2025 decreased by $17.8 million compared to the same period in 2024.

Previous wording

The costs in our virology program decreased $17.5 million primarily due to the timing of our clinical trials in our RSV program and to a lesser extent, a decrease in costs associated with our COVID-19 program as we stopped further internal development and will only progress the program in the context of one or more collaborations.

Current wording

The costs in our virology programs decreased by $19.8 million primarily due to the timing of our clinical trials in our RSV programs and, to a lesser extent, a decrease in costs associated with our COVID-19 program as we stopped further internal development and will only progress the program in the context of one or more collaborations.

Previous wording

The costs in our immunology programs increased by $2.6 million primarily due to the initiation of preclinical studies and lead optimization activities for our STAT6 program.

Current wording

The costs in our immunology programs increased by $6.2 million primarily due to the initiation of preclinical studies and lead optimization activities for our STAT6 program.

Previous wording

Other program costs decreased by $3.9 million primarily due to the completion of the discovery-stage activities related to our STAT6 program.

Current wording

Other program costs decreased by $4.2 million primarily due to the completion of the discovery-stage activities related to our STAT6 program.

Previous wording

General and administrative expenses decreased by $6.5 million for the six months ended March 31, 2025 compared to the same period in 2024. The change was primarily due to a decrease in legal expenses related to our patent infringement suit against Pfizer.

Current wording

General and administrative expenses decreased by $9.9 million for the nine months ended June 30, 2025 compared to the same period in 2024. The change was primarily due to a decrease in legal expenses related to our patent infringement suit against Pfizer.

Previous wording

Interest expense decreased $2.3 million for the six months ended March 31, 2025, as compared to the same period in 2024 due to the paydown of our obligation associated with our royalty sale agreement entered into during April 2023 with an affiliate of OMERS.

Current wording

Interest expense decreased by $3.1 million for the nine months ended June 30, 2025, as compared to the same period in 2024 due to the paydown of our obligation associated with our royalty sale agreement entered into during April 2023 with an affiliate of OMERS.

Previous wording

Interest and investment income, net, decreased $3.0 million for the six months ended March 31, 2025, as compared to the same period in 2024. The decrease was due to lower cash and investment balances year over year.

Current wording

Interest and investment income, net, decreased by $4.2 million for the nine months ended June 30, 2025, as compared to the same period in 2024. The decrease was due to lower cash and investment balances year over year.

Previous wording

The income tax benefit during the six months ended March 31, 2025 was primarily due to an additional federal tax refund from a net operating loss carryback of $871. The income tax benefit during the six months ended March 31, 2024 related to interest recorded on our federal tax refund. We received $33.8 million in April 2025 related to our outstanding income tax receivable as of March 31, 2025.

Current wording

The income tax benefit during the nine months ended June 30, 2025 was primarily due to an additional federal tax refund from a net operating loss carryback of $0.9 million. The income tax benefit during the nine months ended June 30, 2024 related to interest recorded on our federal tax refund. We received our federal tax refund of $33.8 million in April 2025.

Previous wording

We fund our operations with cash flows from our retained portion of our royalty revenue and our existing financial resources. At March 31, 2025, our principal sources of liquidity were cash and cash equivalents and short-term marketable securities of $193.4 million.

Current wording

We fund our operations with cash flows from our retained portion of our royalty revenue and our existing financial resources. At June 30, 2025, our principal sources of liquidity were cash and cash equivalents and short-term marketable securities of $204.1 million.

Previous wording

Cash used in operating activities was $30.3 million for the six months ended March 31, 2025 as compared to cash used in operating activities of $53.6 million for the same period in 2024. Our cash used in operating activities decreased $23.3 million primarily due to lower research and development payments, offset by lower cash receipts associated with our AbbVie agreement.

Current wording

Cash used in operating activities was $12.8 million for the nine months ended June 30, 2025 as compared to cash used in operating activities of $68.4 million for the same period in 2024. Our cash used in operating activities decreased $55.6 million primarily due to lower research and development payments and receipt of a $33.8 million income tax refund in April 2025, offset by lower cash receipts associated with our AbbVie agreement.

Previous wording

Cash provided by investing activities was $64.5 million for the six months ended March 31, 2025 as compared to cash provided by investing activities of $45.5 million for the same period in 2024. Our cash provided by investing activities increased $19.0 million, driven by the timing of maturities of marketable securities in 2025 compared to 2024.

Current wording

Cash provided by investing activities was $38.1 million for the nine months ended June 30, 2025 as compared to cash provided by investing activities of $39.2 million for the same period in 2024. Our cash provided by investing activities decreased $1.1 million, driven by the timing of maturities of marketable securities in 2025 compared to 2024.