RxSight, Inc.

Previous wording

We designed our RxSight system to address the shortcomings of competitive premium IOL technologies and provide a solution that doctors can trust to improve visual outcomes and achieve high levels of patient satisfaction. Competitive premium IOLs require patients to specify their visual priorities before surgery and be willing to accept various optical trade-offs associated with those choices. Once a patient has selected a competitive premium IOL, the surgeon must rely on a series of preoperative diagnostic tests and predictive formulae to choose the appropriate lens power. If the doctor’s prediction isn’t exact, the patient may experience suboptimal results that could necessitate a subsequent corneal refractive procedure or certain other compromises in order to reach vision targets.

Current wording

We designed our RxSight system to address the limitations of competitive premium IOL technologies and provide a solution that doctors can trust to deliver improved visual outcomes and achieve high levels of patient satisfaction. Competitive premium IOLs require patients to specify their visual priorities before surgery and to accept various optical trade-offs associated with those choices. Once a patient selects a competing premium IOL, the surgeon must rely on a series of preoperative diagnostic tests and predictive formulae to determine the appropriate lens power. If the prediction isn’t exact, the patient may experience suboptimal results, that could require wearing glasses or a subsequent corneal refractive procedure or other compromises to achieve desired vision targets.

Previous wording

In contrast, with the RxSight system, the surgeon implants the LAL during a standard cataract procedure, determines refractive error with patient input several weeks following surgery and then uses the LDD to modify the LAL with the precise visual correction needed to achieve the patient’s desired vision outcomes. We believe our RxSight system provides doctors and patients increased confidence and peace of mind by eliminating the high-stakes preoperative guesswork common to competitive premium IOLs and allowing patients to iterate their final vision characteristics with customized post-surgical adjustments.

Current wording

In contrast, with the RxSight system, the surgeon implants the LAL during a standard cataract procedure, determines refractive error with patient input several weeks following surgery, and then uses the LDD to modify the lens with the precise visual correction needed to achieve the patient’s desired vision outcome. We believe our

Previous wording

We compete primarily in the IOL market in the U.S. The LAL is a premium IOL which is partially reimbursable under Medicare, and in some cases by private payors. Premium IOLs are sold at a higher price point than conventional IOLs, as they provide refractive correction of vision unlike a conventional IOL that only replaces the natural lens with a clear lens (which is the standard for Medicare reimbursement). Our RxSight system is approved in the U.S., the European Union, South Korea, Singapore, Canada and Mexico for improving uncorrected visual acuity by adjusting the LAL power to correct residual postoperative refractive error. We may selectively pursue commercial expansion in these or other geographies that accept these approvals in the future, with a priority on markets where we see significant potential opportunities. New approvals may also be sought in large foreign cataract markets with more complex regulatory processes such as Asia and Europe.

Current wording

Currently, we primarily compete in the IOL market in the U.S. The LAL is a premium IOL which is partially reimbursable under Medicare, and in some cases by private payors. Premium IOLs are sold at a higher price point than conventional IOLs as they provide refractive vision correction, whereas conventional IOLs simply replace the natural lens with a clear lens (which is the standard for Medicare reimbursement). Our RxSight system is approved in the U.S., and several foreign countries for improving uncorrected visual acuity by adjusting the LAL power to correct residual postoperative refractive error. We may selectively pursue commercial expansion in these or other geographies that accept these approvals in the future, with a priority on markets where we see significant potential opportunities. New approvals may also be sought in large foreign cataract markets with more complex regulatory processes such as Asia and Europe.

Previous wording

We are a Delaware corporation headquartered in Aliso Viejo, California with two wholly owned subsidiaries located in Hong Kong (“RxSight, Limited”) and in Amsterdam, Netherlands (“RxSight, B.V.”). RxSight, B.V. has a registered branch in the United Kingdom and a wholly owned subsidiary located in Germany (“RxSight GmbH”).

Current wording

We are a Delaware corporation headquartered in Aliso Viejo, California with two wholly owned subsidiaries located in Hong Kong (“RxSight, Hong Kong”) and in Amsterdam, Netherlands (“RxSight, Netherlands”). RxSight, Netherlands has a registered branch in the United Kingdom and a wholly owned subsidiary located in Germany (“RxSight Germany”).

Previous wording

Our commercial efforts began in 2019 and have been primarily focused in the United States, where we are building a “razor and razor blade” business model to drive new customer adoption and ongoing LAL volume growth. Our United States commercial organization includes a direct sales team of LDD sales personnel and LAL account managers, as well as clinical specialists, field service engineers and marketing personnel. Our sales efforts are concentrated on the roughly 3,500 U.S. cataract surgeons that perform 70%-80% of all premium IOL procedures. As of June 30, 2025, we had established an installed base of 1,084 LDDs in ophthalmology practices and, since our inception through June 30, 2025, surgeons have implanted approximately 250,000 LALs.

Current wording

Our commercial efforts began in 2019 and have been primarily focused in the United States, where we are building a “razor and razor blade” business model to drive new customer adoption and ongoing LAL volume growth. Our sales efforts are concentrated on the roughly 3,500 U.S. cataract surgeons that perform approximately 70% to 80% of all premium IOL procedures. As of September 30, 2025, we had established an installed base of 1,109 LDDs in ophthalmology practices and, since our inception through September 30, 2025, surgeons have implanted approximately 276,000 LALs.

Previous wording

We believe this business model provides an attractive and concentrated market opportunity addressable with a focused sales force. We intend to continue to make significant investments in our sales, marketing, clinical and practice development organizations. We recently realigned our commercial structure by unifying our LAL sales and clinical support personnel into a single Customer Success Organization. Each team within the Customer Success Organization is responsible for a defined group of doctors and practices, managing the customer experience from onboarding through long-term LAL utilization growth. The majority of employees in our approximately 200-person commercial organization are in the Customer Success Organization. Our LDD sales team remains focused on selling to new high-potential accounts. Once onboarded, new RxSight customers are transitioned to the Customer Success Organization, that is responsible for clinical education and execution and sustained growth in LAL use. We plan growing our business by both increasing the adoption of the LAL and expanding the size of our LDD installed base. To further strengthen our competitive position in the premium IOL market, our research and development activities are focused primarily on programs that aim to improve clinical outcomes, improve customer experience, expand our indications for use, reduce manufacturing costs and support lifecycle management.

Current wording

We believe this business model provides an attractive and concentrated market opportunity addressable with a focused sales force. We intend to continue to make significant investments in our sales, marketing, clinical and practice development organizations. We recently completed a full realignment of our U.S. commercial organization by integrating our clinical and sales teams into a single unified Customer Success Organization. This new structure will not only help us better support our existing customers, but it will also position us for the next phase of adoption. Each integrated team within the Customer Success Organization is responsible for a defined group of doctors and practices, managing the customer experience from onboarding through long-term LAL utilization growth. The majority of employees in our approximately 200-person commercial organization are in the Customer Success Organization. We plan on growing our business by both increasing the adoption of the LAL and expanding the size of our LDD installed base, including in international markets. To further strengthen our competitive position in the premium IOL market, our research and development activities are focused primarily on products, including software upgrades and programs that aim to improve clinical outcomes, improve customer experience, expand our indications for use, reduce manufacturing costs and support lifecycle management.

Previous wording

Our near-term research and development activities are focused on enhancements to the RxSight system to improve the patient and doctor experience, expand the range of patients that can be treated, as well as expand the RxSight system indications and drive adoption. We believe that over time, our adjustable lens solution can be used to address a broad range of cataract surgery patients, including those that would otherwise elect for a conventional cataract procedure today. Additional development and clinical studies that are designed to provide clinical evidence of the safety and effectiveness of our existing and future generations of products are also anticipated. Finally, we may in the future seek to acquire or invest in additional businesses, products or technologies that we believe could complement or expand our portfolio, enhance our technical capabilities or otherwise offer growth opportunities.

Current wording

Our near-term research and development activities are focused on enhancements to the RxSight system to improve the patient and doctor experience, expand the range of patients that can be treated, as well as expand the RxSight system indications and drive adoption. We believe our adjustable lens solution can be used to address a broad range of cataract surgery patients, including those that would otherwise elect for a conventional cataract procedure today. Additional development and clinical studies that are designed to provide clinical evidence of the safety and effectiveness of our existing and future generations of products are also anticipated. Finally, we may in the future seek to acquire or invest in additional businesses, products or technologies that we believe could complement or expand our portfolio, enhance our technical capabilities or otherwise offer growth opportunities.

Previous wording

We regularly review several operating and financial metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate our business plan and make strategic decisions. We believe the number of LDDs installed and LALs implanted are indicators of our ability to drive adoption and generate revenue.

Current wording

We regularly review several operating and financial metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate our business plan and make strategic decisions. We believe the number of LDDs installed, LDD installed base and LALs implanted are indicators of our ability to drive adoption and generate revenue.

Previous wording

During the quarter ended June 30, 2025, we sold 40 LDD's which was a decrease of 38 when compared to the prior year period due to slower adoption of our RxSight technology by practices and doctors. LAL sales increased by 3,166 when compared to the quarter ended June 30, 2024 primarily due to an increased LDD installed base.

Current wording

During the quarter ended September 30, 2025, we sold 25 LDD's, which was a decrease of 53 LDDs when compared to the prior year period due to slower adoption of our RxSight technology by practices and doctors. LAL sales increased by 1,491 when compared to the quarter ended September 30, 2024 primarily due to a larger LDD installed base.

Previous wording

Our quarterly and annual financial results may fluctuate as a result of a variety of factors, many of which are outside our control. We may be affected by other seasonal trends in the future, including severe weather (which can impact the number of elective procedures performed), particularly as our business matures. We may not yet be able to accurately assess seasonality and other trends, and we will continue to evaluate our business in the future using these and other financial metrics as we observe trends in our business. To the extent we experience this seasonality, it may cause fluctuations in our operating results and financial metrics and make forecasting our future operating results and financial metrics more difficult.

Current wording

Our quarterly and annual financial results may fluctuate as a result of a variety of factors, many of which are outside our control. We may not yet be able to accurately assess seasonality and other trends, and we will continue to evaluate our business in the future using these and other financial metrics as we observe trends in our business. Seasonality may cause fluctuations in our operating results and financial metrics and make forecasting our future operating results and financial metrics more difficult.

Previous wording

Our sales consist of the sale of LALs used in cataract surgeries, the LDDs for delivering light to the LALs to adjust the lens post-surgery, as needed, and service and accessories. Revenue is derived from sales of products mainly in the United States. Customers are primarily comprised of ophthalmic practices (LDD sales) and ambulatory surgery centers (LAL sales). While sales declined in the first and second quarters of 2025 following several years of rapid growth, we expect to return to revenue growth in absolute dollars. In order to increase LAL use at our current customers, we recently realigned our commercial structure by unifying our LAL sales and clinical support personnel into a single Customer Success Organization. Each team within the Customer Success Organization is responsible for a defined group of doctors and practices, overseeing customer experience from initial onboarding through ongoing efforts to drive long-term utilization growth. Our LDD sales team remains focused on acquiring new high-potential accounts, that are subsequently transitioned to the Customer Success Organization for clinical support, education, and to maximize long-term utilization and growth and LAL use. We also plan to continue to grow our business by expanding the size of our LDD installed base.

Current wording

Our sales consist of the sale of LALs used in cataract surgeries, the LDDs for delivering light to the LALs to adjust the lens post-surgery, as needed, and service and accessories. Revenue is derived from sales of products mainly in the United States and select international markets. Customers are primarily comprised of ophthalmic practices (LDD sales) and ambulatory surgery centers (LAL sales). We recently completed a full realignment of our U.S. commercial organization by integrating our clinical and sales teams into a single unified Customer Success Organization. Each integrated team within the Customer Success Organization is responsible for a defined group of doctors and practices, managing customer experience from onboarding through long-term LAL utilization growth. Following several years of rapid growth, sales moderated in 2025, and we expect our commercial realignment initiatives to position the company for renewed revenue growth. We plan to drive continued expansion by supporting existing practices and strategically expanding our LDD installed base and helping new adopters in achieving early success and sustained long-term growth.

Previous wording

Our LDD contracts contain multiple performance obligations bundled into one transaction price, with all obligations generally satisfied within one year. The LDD capital asset and related components revenue is recognized upon installation and customer acceptance, training revenue is recognized upon completion of training by at least one doctor and the initial warranty and service agreement are recognized ratably over the service period. After the first year, service contracts can be purchased separately on a standalone basis. Revenue for such service agreements will be recognized over the term of each contract.

Current wording

Our LDD contracts contain multiple performance obligations bundled into one transaction price, with all obligations generally satisfied within one year. The LDD capital asset and related components revenue is recognized upon installation and customer acceptance or shipment to our international distributors. Training revenue is recognized upon completion of training by at least one doctor and the initial warranty and service agreement are recognized ratably over the service period. After the first year, service contracts can be purchased separately on a standalone basis. Revenue for such service agreements will be recognized over the term of each contract.

Previous wording

For the three and six months ended June 30, 2025 and 2024, revenue from contracts with customers consisted of the following (in thousands):

Current wording

For the three and nine months ended September 30, 2025 and 2024, revenue from contracts with customers consisted of the following (in thousands):

Previous wording

For the three and six months ended June 30, 2025 and 2024 we did not have any one customer who individually accounted for more than 10% of revenue.

Current wording

For the three and nine months ended September 30, 2025 and 2024 we did not have any one customer who individually accounted for more than 10% of revenue.

Previous wording

Cost of sales consist of materials, labor and manufacturing overhead internally to produce our products as well as the cost of shipping and handling. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations management and stock-based compensation. Cost of sales also includes depreciation expense for production equipment and certain direct costs such as shipping costs and royalty and license fee expense. Shipping costs billed to customers are included in sales. We expect cost of sales to increase in absolute dollars as our revenue grows and more of our products are sold.

Current wording

Cost of sales consist of materials, labor and manufacturing overhead internally to produce our products as well as the cost of shipping and handling. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations management and stock-based compensation. Cost of sales also includes depreciation expense for production equipment and certain direct costs such as shipping costs. Shipping costs billed to customers are included in sales. As we return to growth, we expect cost of sales to increase in absolute dollars as our revenue grows and higher volume of products are sold.

Previous wording

We calculate gross margin as gross profit divided by sales. Our gross margin has been and will continue to be affected by a variety of factors, including average selling prices, product sales mix, production and ordering volumes, manufacturing costs, product yields, headcount and cost-reduction strategies. Our gross margin could fluctuate from quarter to quarter as we introduce new products, and as we adopt new manufacturing processes and technologies.

Current wording

We calculate gross margin as gross profit divided by sales. Our gross margin has been and will continue to be affected by a variety of factors, including average selling prices, product sales mix, production and ordering volumes, manufacturing costs, product yields, headcount and cost-reduction strategies. Our gross margin could fluctuate from quarter to quarter as we introduce new products, increase or decrease units of production for both the LDD and LAL and as we adopt new manufacturing processes and technologies.

Previous wording

Our LDD, as is typical of many medical device capital equipment products, has a low gross margin, as the material cost of the LDD is a significant portion of the total cost to manufacture. In addition, we do not mark up our LDD substantially because LDDs, once sold, can generate LAL procedures. Our LAL gross margin is higher, with low material cost but high fixed overhead costs. When our manufacturing volume of the LAL increases, we expect improved gross margin.

Current wording

Our LDD, as is typical of many medical device capital equipment products, has a lower gross margin, as the material cost of the LDD is a significant portion of the total cost to manufacture. In addition, we do not mark up our LDD substantially because LDDs, once sold, can generate LAL procedures. Our LAL gross margin is higher, with low material cost but high fixed overhead costs. When our manufacturing volume of the LAL increases, we expect gross margins to improve, and conversely, if we produce fewer LALs, our gross margins to decrease.

Previous wording

Sales decreased by $1.3 million, or 3.6%, to $33.6 million for the three months ended June 30, 2025, from $34.9 million for the three months ended June 30, 2024. The decrease in total sales was primarily due to a 49% reduction, or 38 unit reduction from 78 LDDs sold in the three months ended June 30, 2025 to 40 units sold in the three months ended June 30, 2024. The reduced LDD sales were partially offset by increased LAL sales of 3,166, or a 13% increase, when compared to the prior quarter last year. The reduction in LDD sales was due to slower year-over-year growth in LAL sales over the last nine months. This, in turn, reduced the rate of new customer acquisitions of LDDs. Broader worldwide economic uncertainty, world-wide instability stemming from international conflicts further contributed to the reduction in LDD sales. To address slower or negative LAL growth, we have realigned the sales and marketing organization to better address existing customer LAL growth, which affected new LDD customer sales.

Current wording

Sales decreased by $5.0 million, or 14.1%, to $30.3 million for the three months ended September 30, 2025, from $35.3 million for the three months ended September 30, 2024. The decrease in total sales was primarily due to a 68% reduction, or 53 unit reduction from 78 LDDs sold in the three months ended September 30, 2024, to 25 units sold in the three months ended September 30, 2025. The reduced LDD sales were partially offset by increased LAL sales of 1,491, or a 6% increase, when compared to the prior quarter last year. The reduction in LDD sales was due to slower year-over-year growth in LAL sales in 2025, primarily driven by reduced adoption among practices and doctors, which in turn we believe contributed to reduced demand for LDDs by prospective customers.

Previous wording

Cost of sales decreased by $2.2 million, or 20.6%, to $8.5 million for the three months ended June 30, 2025, from $10.6 million for the three months ended June 30, 2024, primarily due to the decreased number of LDDs sold during the period. Gross margin increased to 74.9% in the three months ended June 30, 2025, from 69.5% for the three months ended June 30, 2024, primarily due to improved operating leverage and favorable product mix from a greater percentage of revenue from LAL sales.

Current wording

Cost of sales decreased by $4.0 million, or 39.4%, to $6.1 million for the three months ended September 30, 2025, from $10.1 million for the three months ended September 30, 2024, primarily due to the decreased number of LDDs sold during the period. Gross margin increased to 79.9% in the three months ended September 30, 2025, from 71.4% for the three months ended September 30, 2024, primarily due to favorable product mix from a greater percentage of revenue from LAL sales, with LAL revenue comprising 85% of revenue during the three months ended September 30, 2025, compared to 69% of revenue in the three months ended September 30, 2024.

Previous wording

SG&A expenses increased by $4.7 million, or 19.3%, to $29.0 million for the three months ended June 30, 2025, from $24.3 million for the three months ended June 30, 2024. This increase was primarily attributable to an increase in selling and marketing costs of $4.3 million, mainly due to increased compensation and benefits of $1.1 million from increased headcount of 26, $0.9 million of increased stock-based compensation expense and $0.7 million primarily due to additional post market studies, in each case when compared to the three months ended June 30, 2024. General and administrative expenses increased $0.4 million due to increased stock-based compensation of $0.6 million partially offset by $0.3 million of lower audit and audit related expenses in each case when compared to the three months ended June 30, 2024.

Current wording

SG&A expenses increased by $1.7 million, or 6.8%, to $27.3 million for the three months ended September 30, 2025, from $25.6 million for the three months ended September 30, 2024. This increase was primarily attributable to an increase in selling and marketing costs of $1.7 million, due to additional marketing study expense, in each case when compared to the three months ended September 30, 2024. General and administrative expenses increased due to increased stock-based compensation of $0.4 million partially offset by reduced compensation and benefits related expenses of $0.2 million, in each case when compared to the three months ended September 30, 2024.

Previous wording

The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024 together with the dollar increase or decrease and percentage change in those items:

Current wording

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 together with the dollar increase or decrease and percentage change in those items:

Previous wording

Cost of sales decreased by $1.5 million, or 7.5%, to $18.0 million for the six months ended June 30, 2025 from $19.5 million for the six months ended June 30, 2024, primarily due to the decrease in the number of LDDs sold during the period. Gross margin increased to 74.8% for the six months ended June 30, 2025 from 69.8% for the six months ended June 30, 2024, primarily due to favorable product mix from a greater percentage of revenue from LAL sales and increased margins on our LDD due to lower material costs.

Current wording

Cost of sales decreased by $5.4 million, or 18.4%, to $24.1 million for the nine months ended September 30, 2025, from $29.6 million for the nine months ended September 30, 2024, primarily due to the decrease in the number of LDDs sold during the period. Gross margin increased to 76.3% for the nine months ended September 30, 2025, from 70.4% for the nine months ended September 30, 2024, primarily due to favorable product mix from a greater percentage of revenue from LAL sales, with LAL revenue comprising 78% of revenue during the nine months ended September 30, 2025, compared to 68% of revenue for the nine months ended September 30, 2024.

Previous wording

SG&A expenses increased by $10.0 million, or 21.0%, to $57.6 million for the six months ended June 30, 2025, from $47.6 million for the six months ended June 30, 2024. This increase was primarily attributable to an increase in selling and marketing costs of $9.0 million, mainly due to increased compensation and benefits of $2.8 million from increased headcount of 26, $1.8 million of increased stock-based compensation expense, $2.6 million in additional post market study costs, new customer acquisition costs and increased travel costs of $0.5 million, in each case when compared to the six months ended June 30, 2024. General and administrative expenses increased $1.0 million due to increased personnel expenses of $0.3 million, increased stock-based compensation of $1.2 million and increased facility costs of $0.3 million, partially offset by reduced legal and accounting fees of $0.5 million when compared to the six months ended June 30, 2024.

Current wording

SG&A expenses increased by $11.7 million, or 16.0%, to $85.0 million for the nine months ended September 30, 2025, from $73.2 million for the nine months ended September 30, 2024. This increase was primarily attributable to an increase in selling and marketing costs of $10.7 million, mainly due to increased compensation and benefits of $3.0 million and $2.3 million of increased stock-based compensation expense, $3.3 million in additional post market study costs, new customer acquisition costs and increased travel costs of $0.3 million, in each case when compared to the nine months ended September 30, 2024. General and administrative expenses increased $1.1 million due to increased personnel expenses of $0.3 million and increased stock-based compensation of $1.6 million partially offset by reduced professional fees of $0.6 million when compared to the nine months ended September 30, 2024.

Previous wording

Research and development expenses increased by $1.9 million, or 23.2%, to $10.2 million for the three months ended June 30, 2025, from $8.2 million for the three months ended June 30, 2024. This increase was primarily attributable to $1.0 million due to increased overhead costs, $0.7 million from increased stock-based compensation and $1.1 million in increased personnel costs when compared to the three months ended June 30, 2024.

Current wording

Research and development expenses increased by $4.5 million, or 17.8%, to $29.6 million for the nine months ended September 30, 2025, from $25.2 million for the nine months ended September 30, 2024. This increase was primarily attributable to $3.5 million in increased personnel costs including $1.9 million from increased stock-based compensation and increased overhead costs of $2.9 million which were partially offset by reduced materials and supplies of $0.8 million when compared to the nine months ended September 30, 2024.

Previous wording

As of June 30, 2025, we had cash, cash equivalents and short-term investments of $227.5 million. For the six months ended June 30, 2025, and 2024, our loss from operations were $24.7 million and $19.0 million, respectively. We had an accumulated deficit of $642.1 million as of June 30, 2025.

Current wording

As of September 30, 2025, we had cash, cash equivalents and short-term investments of $227.5 million. For the nine months ended September 30, 2025, and 2024, our loss from operations were $36.9 million and $28.2 million, respectively. We had an accumulated deficit of $651.9 million as of September 30, 2025.

Previous wording

See Part II, Item 1A (“Risk Factors”) of this report for additional risks associated with our substantial capital requirements.

Current wording

See Part II, Item 1A (“Risk Factors”) of this report for additional risks associated with our funding requirements.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2025, was $13.2 million, consisting primarily of a net loss of $20.0 million and a change in operating assets and liabilities of $7.2 million, partially offset by non-cash stock-based compensation of $15.7 million and depreciation and amortization of $1.6 million.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2025, was $14.4 million, consisting primarily of a net loss of $29.8 million and a change in operating assets and liabilities of $5.5 million, partially offset by non-cash stock-based compensation of $23.8 million and depreciation and amortization of $2.4 million.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2024, was $13.3 million, consisting primarily of a net loss of $15.2 million and a change in operating assets and liabilities of $7.5 million, partially offset by non-cash stock-based compensation of $10.8 million and depreciation and amortization of $1.9 million.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2024, was $12.7 million, consisting primarily of a net loss of $21.5 million and a change in operating assets and liabilities of $5.6 million, partially offset by non-cash stock-based compensation of $17.4 million and depreciation and amortization of $3.1 million.

Previous wording

Net cash provided by investing activities for the six months ended June 30, 2025, was $35.5 million, consisting of net maturities of short-term investments of $37.6 million and was partially offset by purchases of property and equipment of $2.1 million.

Current wording

Net cash provided by investing activities for the nine months ended September 30, 2025, was $26.5 million, consisting of net maturities of short-term investments of $29.2 million and was partially offset by purchases of property and equipment of $2.7 million.

Previous wording

Net cash used in investing activities for the six months ended June 30, 2024, was $91.4 million, consisting of net purchase of short-term investments of $87.9 million and purchases of property and equipment of $3.5 million.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2024, was $100.6 million, consisting of net purchases of short-term investments of $96.0 million and purchases of property and equipment of $4.6 million.

Previous wording

Net cash provided by financing activities for the six months ended June 30, 2025, was $1.3 million consisting of proceeds from issuance of common stock from stock option exercises of $2.7 million, partially offset by tax payments for employee stock compensation of $1.4 million.

Current wording

Net cash provided by financing activities for the nine months ended September 30, 2025, was $0.8 million consisting of proceeds from issuance of common stock from stock option exercises of $2.9 million, partially offset by tax payments for employee stock compensation of $2.1 million.

Previous wording

Net cash provided by financing activities for the six months ended June 30, 2024, was $119.5 million consisting primarily of proceeds from issuances of common stock from the May 2024 public offering of $108.1 million, proceeds from issuance of common stock from stock option exercises of $14.0 million partially offset by tax payments for employee stock compensation of $2.1 million.

Current wording

Net cash provided by financing activities for the nine months ended September 30, 2024, was $120.3 million consisting primarily of proceeds from issuances of common stock from the May 2024 public offering of $108.1 million and, proceeds from issuance of common stock from stock option exercises of $17.8 million, partially offset by tax payments for employee stock compensation of $4.8 million.