Eledon Pharmaceuticals, Inc.

Previous wording

The unaudited interim condensed consolidated financial statements and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read together with the Notes to Financial Statements included in this Quarterly Report on Form 10-Q and our audited condensed consolidated financial statements and accompanying notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 20, 2025 (the “2024 Form 10-K”). In addition to historical information, this discussion and analysis contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q for a discussion of certain risk factors applicable to our business, financial condition, and results of operations. Operating results are not necessarily indicative of results that may occur for the full fiscal year or any other future period. See also “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. Unless otherwise indicated, references to the terms “Eledon”, the “Company”, “we”, “our”, and “us” refer to Eledon Pharmaceuticals, Inc.

Current wording

The unaudited interim condensed consolidated financial statements and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read together with the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q and our audited condensed consolidated financial statements and accompanying notes for the year ended December 31, 2024 included in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 20, 2025, as amended on August 14, 2025 (the “Amended Form 10-K”). In addition to historical information, this discussion and analysis contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q for a discussion of certain risk factors applicable to our business, financial condition, and results of operations. Operating results are not necessarily indicative of results that may occur for the full fiscal year or any other future period. See also “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. Unless otherwise indicated, references to the terms “Eledon”, the “Company”, “we”, “our”, and “us” refer to Eledon Pharmaceuticals, Inc.

Previous wording

Eledon is a clinical stage biotechnology company using our immunology expertise in targeting the CD40 Ligand (“CD40L”) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (“ALS”). Our lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that we believe has broad therapeutic potential. We believe the central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention.

Current wording

Eledon is a clinical stage biotechnology company using our immunology expertise in targeting the CD40 Ligand (“CD40L”) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (“ALS”). Our lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40L, a well-validated biological target that we believe has broad therapeutic potential. We believe the central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention.

Previous wording

In September 2020, we acquired Anelixis Therapeutics, Inc. (“Anelixis”), the company that owned and controlled the intellectual property related to tegoprubart. See Note 7. Commitments and Contingencies of the Notes to Financial Statements included in this Quarterly Report on Form 10-Q for further details of grants and licenses related to this acquisition.

Current wording

In September 2020, we acquired Anelixis Therapeutics, Inc. (“Anelixis”), the company that owned and controlled the intellectual property related to tegoprubart. See Note 7. Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further details of grants and licenses related to this acquisition.

Previous wording

In July 2022, we received Investigational New Drug (“IND”) application clearance from the FDA for our controlled, Phase 2 BESTOW trial of tegoprubart for the prevention of transplant rejection in persons receiving a kidney transplant. The BESTOW study is a multi-center, two-arm, active comparator, head-to-head superiority clinical study, and will enroll approximately 120 participants undergoing kidney transplantation in the U.S. and other countries to evaluate the safety, pharmacokinetics, and efficacy of tegoprubart compared to the calcineurin inhibitor tacrolimus. The study’s primary objective is to assess graft function as measured by estimated eGFR at 12 months post-transplant in participants treated with tegoprubart compared to tacrolimus. Secondary objectives will include assessment of graft survival, biopsy-proven acute rejection, and the incidence of new onset diabetes mellitus after transplant. The BESTOW study is running in parallel to the ongoing Phase 1b clinical trial of tegoprubart in kidney transplantation. The first subject in the BESTOW study was dosed in August 2023. On September 4, 2024, we announced the completion of enrollment in the BESTOW study.

Current wording

In July 2022, we received Investigational New Drug (“IND”) application clearance from the FDA for our controlled, Phase 2 BESTOW trial of tegoprubart for the prevention of transplant rejection in persons receiving a kidney transplant. The BESTOW study is a multi-center, two-arm, active comparator, head-to-head superiority clinical study, and will enroll approximately 120 participants undergoing kidney transplantation in the U.S. and other countries to evaluate the safety, pharmacokinetics, and efficacy of tegoprubart compared to the calcineurin inhibitor tacrolimus. The study’s primary objective is to assess graft function as measured by estimated eGFR at 12 months post-transplant in participants treated with tegoprubart compared to tacrolimus. Secondary objectives will include assessment of graft survival, biopsy-proven acute rejection, and the incidence of new onset diabetes mellitus after transplant. The BESTOW study is running in parallel to the ongoing Phase 1b clinical trial of tegoprubart in kidney transplantation. The first subject in the BESTOW study was dosed in August 2023. On September 4, 2024, we announced the completion of enrollment in the BESTOW study. We expect the last patient to be dosed in September 2025 and anticipate presenting topline results from the BESTOW study in November 2025.

Previous wording

In January 2024, we announced that tegoprubart would be utilized in an investigator-initiated trial, conducted at the University of Chicago Medicine's Transplantation Institute. This pilot study is assessing the safety of using a monoclonal antibody against CD40 Ligand to achieve a calcineurin inhibitor-free immunosuppression regimen in patients with T1D mellitus undergoing islet cell transplantation. The Company is not funding this trial but is providing tegoprubart for use in the study.

Current wording

In January 2024, we announced that tegoprubart would be utilized in an investigator-initiated trial, conducted at the University of Chicago Medicine's Transplantation Institute. This pilot study is assessing the safety of using a monoclonal antibody against CD40L to achieve a calcineurin inhibitor-free immunosuppression regimen in patients with T1D mellitus undergoing islet cell transplantation. The Company is not funding this trial but is providing tegoprubart for use in the study.

Previous wording

On October 29, 2024, positive data were reported for the first three islet transplant recipients in the study, potentially demonstrating the first human cases of insulin independence achieved using an anti-CD40L monoclonal antibody therapy without the use of tacrolimus. The first two subjects achieved insulin independence and normal hemoglobin A1C (HbA1c) levels, a measure of average blood glucose, post-transplant. The third subject, decreased insulin use by more than 60% three days following the procedure and continues on insulin independence trajectory typically observed one-to-two months post-transplant. Subjects in the study received islet transplants combined with induction therapy and for chronic maintenance therapy, mycophenolate mofetil plus tegoprubart given every third week by intravenous infusion. The first two subjects achieved insulin independence and presented stable islet graft function at approximately three months and six months post-transplant, respectively. Islet engraftment, measured by graft function standardized to the number of islets infused, was three to five times higher than three comparable subjects who received tacrolimus-based immunosuppression, suggesting treatment with tegoprubart results is less toxic to transplanted islet cells resulting in improved graft survival and function. Treatment was generally well tolerated in all subjects with no unexpected adverse events or hypoglycemic episodes. After initial islet transplant, the first participant reduced insulin requirements by over 60% and normalized blood glucose control. As of October 29, 2024, the first patient had achieved insulin independence within approximately a week after a second islet transplantation procedure.

Current wording

On October 29, 2024, positive data were reported for the first three islet transplant recipients in the study, potentially demonstrating the first human cases of insulin independence achieved using an anti-CD40L monoclonal antibody therapy without the use of tacrolimus. The first two subjects achieved insulin independence and normal hemoglobin A1C (HbA1c) levels, a measure of average blood glucose, post-transplant. The third subject, decreased insulin use by more than 60% three days following the procedure and continues on insulin independence trajectory typically observed one-to-two months post-transplant. Subjects in the study received islet transplants combined with induction therapy and for chronic maintenance therapy, mycophenolate mofetil plus tegoprubart given every third week by intravenous infusion. The first two subjects achieved insulin independence and presented stable islet graft function at approximately three months and six months post-transplant, respectively. Islet engraftment, measured by graft function standardized to the number of islets infused, was three to five times higher than three comparable subjects who received tacrolimus-based immunosuppression, suggesting treatment with tegoprubart results is less toxic to transplanted islet cells resulting in improved graft survival and function. Treatment was generally well tolerated in all subjects with no unexpected adverse events or hypoglycemic episodes. After initial islet transplant, the first participant reduced insulin requirements by over 60% and normalized blood glucose control. As of October 29, 2024, the first patient had achieved insulin independence within approximately a week after a second islet transplantation procedure. In July 2025, updated data were presented for the three islet transplant recipients enrolled in the study. All three patients achieved stable islet graft function, improved blood glucose control, and insulin independence. Islet engraftment in these participants were two to three times higher than that observed in comparable historical patients treated with tacrolimus. Tegoprubart was generally well-tolerated, with no severe hypoglycemic episodes, infections, hypertension, cases of nephrotoxicity or neurotoxicity, or signs of rejection observed to date. An additional six patients are expected to be enrolled in the ongoing study by the end of 2025.

Previous wording

Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds

Current wording

Change in fair value of warrant liabilities

Previous wording

Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds represents the initial recognition of warrant liabilities at fair value in excess of proceeds received, as well as subsequent period remeasurements of these warrant liabilities at fair value. These remeasurements reflect changes in market conditions, such as fluctuations in stock price, volatility, interest rates, and other valuation inputs that impact the fair value of the liability.

Current wording

Change in fair value of warrant liabilities represents the initial recognition of warrant liabilities at fair value in excess of proceeds received, as well as subsequent period remeasurements of these warrant liabilities at fair value. These remeasurements reflect changes in market conditions, such as fluctuations in stock price, volatility, interest rates, and other valuation inputs that impact the fair value of the liability.

Previous wording

Our management’s discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amount of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities as of the date of the financial statements. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. In Part II, Item 7 of the 2024 Form 10-K, we disclosed our critical accounting estimates, which are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operation. There have been no significant changes in our critical accounting estimates during the three months ended March 31, 2025, as compared to those disclosed in the 2024 Form 10-K.

Current wording

Our management’s discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amount of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities as of the date of the financial statements. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. In Part II, Item 7 of the Amended Form 10-K, we disclosed our critical accounting estimates, which are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operation. There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2025, as compared to those disclosed in the Amended Form 10-K.

Previous wording

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is set forth in Note 2. Summary of Significant Accounting Policies, of the Notes to Financial Statements included in this Quarterly Report on Form 10-Q.

Current wording

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is set forth in Note 2. Summary of Significant Accounting Policies, of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

Previous wording

Research and development expenses increased $6.1 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was primarily attributable to the following:

Current wording

Research and development expenses increased $10.2 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was primarily attributable to the following:

Previous wording

an increase of $4.0 million in expenses related to Tegoprubart - kidney transplantation programs, primarily driven by external CRO costs associated with increased activities in our Phase 1b, Phase 2 BESTOW, and Phase 2 open-label extension trials;

Current wording

an increase of $4.1 million in expenses related to Tegoprubart - kidney transplantation programs, primarily driven by external CRO costs associated with increased activities in our Phase 1b, Phase 2 BESTOW, and Phase 2 open-label extension trials;

Previous wording

an increase of $0.9 million in manufacturing expenses, primarily with contract manufacturing organizations, for the increased production of drug substance and drug product clinical trial supply;

Current wording

an increase of $4.8 million in manufacturing expenses, primarily with contract manufacturing organizations, for the increased production of drug substance and drug product clinical trial supply;

Previous wording

an increase of $0.7 million in personnel-related expenses. primarily due to increased headcount to support ongoing clinical development programs; and

Current wording

an increase of $1.3 million in personnel-related expenses, primarily due to increased headcount to support ongoing clinical development programs; and

Previous wording

an increase of $0.7 million in stock-based compensation expense, primarily attributable to new time-based restricted stock unit and stock option grants.

Current wording

an increase of $0.3 million in stock-based compensation expense, primarily attributable to new time-based restricted stock unit and stock option grants.

Previous wording

an increase of $0.3 million in professional and consulting expenses, primarily driven by increased audit and legal services;

Current wording

an increase of $0.6 million in professional and consulting expenses, primarily driven by increased audit and legal services;

Previous wording

an increase of $0.2 million in personnel-related expenses, primarily due to increased headcount; and

Current wording

an increase of $0.1 million in personnel-related expenses, primarily due to increased headcount; and

Previous wording

The $0.8 million increase in other income, net was primarily due to an increase in interest income, driven by higher balances of our cash and cash equivalents and short-term investments during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.

Current wording

The $0.4 million increase in other income, net was primarily due to an increase in interest income, driven by higher balances of our cash and cash equivalents and short-term investments during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

Previous wording

a decrease of $0.2 million in expenses related to Tegoprubart - other development programs, primarily due to the termination of our IgAN program in 2023;

Current wording

a decrease of $0.6 million in expenses related to Tegoprubart - other development programs, primarily due to the termination of our IgAN program in 2023;

Previous wording

an increase of $0.5 million in stock-based compensation expense, primarily attributable to new time-based restricted stock unit and stock option grants.

Current wording

an increase of $0.9 million in stock-based compensation expense, primarily attributable to new time-based restricted stock unit and stock option grants; and

Previous wording

General and administrative expenses increased $1.0 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was primarily attributable to the following:

Current wording

General and administrative expenses increased by $1.0 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease was primarily attributable to the following:

Previous wording

As of March 31, 2025, the Company had cash and cash equivalents and short-term investments of $124.9 million, working capital of $118.5 million and an accumulated deficit of $362.1 million.

Current wording

As of June 30, 2025, the Company had cash and cash equivalents and short-term investments of $107.6 million, working capital of $97.7 million and an accumulated deficit of $373.3 million.

Previous wording

Our primary use of cash is to fund operating expenses, which consist of clinical research and development expenses, manufacturing expenses, legal and compliance expenses, compensation and related expenses, and general overhead costs. Cash used to fund operating expenses is impacted by the timing of when we pay or prepay these expenses. As of March 31, 2025, there have been no changes in our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, as disclosed under “Liquidity and Capital Resources—Material Cash Requirements” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2024 Form 10-K.

Current wording

Our primary use of cash is to fund operating expenses, which consist of clinical research and development expenses, manufacturing expenses, legal and compliance expenses, compensation and related expenses, and general overhead costs. Cash used to fund operating expenses is impacted by the timing of when we pay or prepay these expenses. As of June 30, 2025, there have been no changes in our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, as disclosed under “Liquidity and Capital Resources—Material Cash Requirements” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Amended Form 10-K.

Previous wording

Conditions in the financial and credit markets may also limit the availability of funding or increase the cost of funding. As a result of any of the foregoing factors, adequate additional funding may not be available to us on acceptable terms on a timely basis, or at all. The severity and duration of any such impacts cannot be predicted. Any such failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies or cause us to delay our clinical development plans, research and development programs or commercialization efforts, out-license intellectual property rights to our product candidates or sell unsecured assets, or a combination of the above. Any of these actions could materially harm our business. The issuance of shares of common stock in the 2023 Private Placement, the 2024 Private Placement and the 2024 Underwritten Offering diluted the ownership interests of our existing stockholders, and to the extent that we raise additional capital through the sale of additional equity, including through our “at the market” equity offering program, or convertible debt securities in the future, our stockholders’ ownership interests may be further diluted, and the terms of these securities may also include liquidation or other preferences that adversely affect our stockholders’ rights. Debt financing, if available, would result in fixed payment obligations and may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact our ability to conduct our business. If we raise funds through collaborations, licenses and other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. Please see Part II, Item 1A. “Risk Factors” of this Quarterly Report for additional risks associated with our substantial capital requirements and the challenges we may face in raising capital.

Current wording

Conditions in the financial and credit markets may also limit the availability of funding or increase the cost of funding. As a result of any of the foregoing factors, adequate additional funding may not be available to us on acceptable terms on a timely basis, or at all. The severity and duration of any such impacts cannot be predicted. Any such failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies or cause us to delay our clinical development plans, research and development programs or commercialization efforts, out-license intellectual property rights to our product candidates or sell unsecured assets, or a combination of the above. Any of these actions could materially harm our business. The issuance of shares of common stock in the 2023 Private Placement, the 2024 Private Placement and the 2024 Underwritten Offering diluted the ownership interests of our existing stockholders, and to the extent that we raise additional capital through the sale of additional equity, including through our “at the market” equity offering program, or convertible debt securities in the future, our stockholders’ ownership interests may be further diluted, and the terms of these securities may also include liquidation or other preferences that adversely affect our stockholders’ rights. Debt financing, if available, would result in fixed payment obligations and may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact our ability to conduct our business. If we raise funds through collaborations, licenses and other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms that may not be favorable to us. Please see Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q for additional risks associated with our substantial capital requirements and the challenges we may face in raising capital.

Previous wording

The following table provides a summary of our net cash flow activity for the three months ended March 31, 2025 and 2024 (in thousands):

Current wording

The following table provides a summary of our net cash flow activity for the six months ended June 30, 2025 and 2024 (in thousands):

Previous wording

For the three months ended March 31, 2024, operating activities used $8.7 million in cash, primarily reflecting our net loss of $23.6 million. Operating activities include adjustments for certain non-cash charges including $13.3 million due to changes in warrant liabilities and fair value of financial instruments issued in excess of proceeds, $1.7 million in stock-based compensation, and $0.1 million in non-cash lease expense, partially offset by $0.5 million in accretion of investment discounts. Net operating assets and liabilities changed by $0.3 million, driven by a $0.5 million increase in accounts payable and accrued expenses, a $0.1 million increase in prepaid expenses and other assets, and $0.1 million decrease in operating lease liabilities.

Current wording

For the six months ended June 30, 2025, operating activities used $33.8 million in cash, primarily reflecting our net loss of $17.7 million. Operating activities included adjustments for certain non-cash charges, including $22.4 million due to changes in warrant liabilities, and $1.1 million from accretion of investment discounts. These were partially offset by $5.6 million in stock-based compensation, and $0.2 million in non-cash lease expense. Net operating assets and liabilities changed by $1.7 million, driven by a $2.1 million increase in accounts payable and accrued expenses, a $0.3 million increase in prepaid expenses and other assets, and a $0.2 million decrease in operating lease liabilities.

Previous wording

For the three months ended March 31, 2025, operating activities used $16.1 million in cash, primarily reflecting our net loss of $6.5 million. Operating activities included adjustments for certain non-cash charges, including $10.1 million due to changes in warrant liabilities and fair value of financial instruments issued in excess of proceeds, and $0.7 million from accretion of investment discounts. These were partially offset by $2.9 million in stock-based compensation, and $0.1 million in non-cash lease expense. Net operating assets and liabilities changed by $1.8 million, driven by an $2.4 million decrease in accounts payable and accrued expenses, a $0.7 million decrease in prepaid expenses and other assets, and a $0.1 million decrease in operating lease liabilities.

Current wording

For the six months ended June 30, 2024, operating activities used $16.5 million in cash, primarily reflecting our net loss of $68.5 million. Operating activities include adjustments for certain non-cash charges including $44.6 million due to changes in warrant liabilities, $4.8 million in stock-based compensation, and $0.2 million in non-cash lease expense, partially offset by $1.0 million in accretion of investment discounts and gain on lease termination. Net operating assets and liabilities changed by $3.4 million, primarily driven by a $2.2 million increase in accounts payable and accrued expenses, a $1.3 million decrease in prepaid expenses and other assets, and a $0.1 million decrease in operating lease liabilities.

Previous wording

Net cash provided by investing activities for the three months ended March 31, 2025 was $3.9 million. This consisted of $35.7 million in proceeds from maturity of available-for-sale short-term investments, partially offset by $31.9 million used to purchase available-for-sale short-term investments.

Current wording

Net cash provided by investing activities for the six months ended June 30, 2025 was $18.9 million. This consisted of $78.1 million in proceeds from maturity of available-for-sale short-term investments, partially offset by $59.3 million used to purchase available-for-sale short-term investments.

Previous wording

Net cash provided by investing activities for the three months ended March 31, 2024 was $9.8 million. This consisted of $22.7 million in proceeds from maturity of available-for-sale short-term investments, partially offset by $12.9 million used to purchase available-for-sale short-term investments.

Current wording

Net cash used in investing activities for the six months ended June 30, 2024 was $10.1 million. This consisted of $49.2 million used to purchase available-for-sale short-term investments, partially offset by $39.1 million in proceeds from maturity of available-for-sale short-term investments.

Previous wording

Net cash provided by financing activities for the three months ended March 31, 2025, consisted of $0.1 million from exercise of stock options.

Current wording

Net cash provided by financing activities for the six months ended June 30, 2025 consisted of $0.1 million from exercise of stock options.

Previous wording

Net cash provided by financing activities for the three months ended March 31, 2024, consisted of $1,000 from net proceeds from issuance of common stock and pre-funded warrants.

Current wording

Net cash provided by financing activities for the six months ended June 30, 2024 consisted of the 2024 Private Placement, totaling $48.1 million in net proceeds from the sale of 13.1 million shares of common stock and 8.0 million pre-funded warrants to purchase common stock.