Artiva Biotherapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
ARTV$4.15+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000950170-25-104045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001193125-25-275872
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 110 previous paragraphs and 119 current paragraphs.
78 unchanged; 27 reworded; 13 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
In October 2025, we announced that:
Current report
we are prioritizing refractory RA as the lead indication for AlloNK development;
Current report
the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation to AlloNK for the treatment of refractory RA in combination with rituximab;
Current report
we plan to share initial safety and translational data for over 20 patients treated with AlloNK and mAb across multiple autoimmune diseases in mid-November 2025;
Current report
we plan to release clinical response data across dose levels from more than 15 refractory RA patients in the first half of 2026; and
Current report
we plan to conduct FDA regulatory interactions in the first half of 2026 to align on the potential pivotal trial design for AlloNK in refractory RA.
Current report
In November 2025, we announced that 32 patients with autoimmune disease have been treated with AlloNK and mAb across company-sponsored and investigator-initiated trials.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted in the United States. The OBBBA includes corporate provisions that make 100% bonus depreciation permanent, allow for the expensing of domestic research costs, and modifies the business interest expense limitation calculation. These changes were incorporated into our income tax provision for the nine months ended September 30, 2025, resulting in no impact to our fiscal year 2025 effective tax rate and net deferred tax assets as we maintain a full valuation allowance.
Current report
Comparison of the Nine Months Ended September 30, 2025 and 2024
Current report
At-the-Market Offering Program with Leerink Partners
Current report
In August 2025, we entered into a sales agreement (the Sales Agreement) with Leerink Partners LLC (the Agent or Leerink Partners), under which we may, from time to time, sell shares of the our common stock having an aggregate offering price of up to $11,950,000 in “at the market” offerings (the ATM Offering Program) through the Agent. Sales of the shares of common stock will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. We will pay a commission to the Agent of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. No shares of common stock were sold under the ATM Offering Program during the three months ended September 30, 2025.
Current report
Comparison of the Nine Months Ended September 30, 2025, and 2024
Current report
Net cash provided by financing activities for the nine months ended September 30, 2024, was $162.3 million related to net cash proceeds received from the IPO.
Removed paragraphs (4)
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted in the U.S. The Act includes significant changes to federal tax law, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Act has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently evaluating the impact the new tax law will have on our financial position and results of operations. We do not expect the Act to have a material impact on the estimated annual effective tax rate in 2025.
Previous report
Comparison of the Six Months Ended June 30, 2025 and 2024
Previous report
Comparison of the Six Months Ended June 30, 2025, and 2024
Previous report
Net cash used in financing activities for the six months ended June 30, 2024, was $1.6 million related to cash paid for deferred offering costs.
Reworded paragraphs (27)
Previous wording
We are a clinical-stage biotechnology company focused on developing natural killer (NK) cell-based therapies for patients suffering from devastating autoimmune diseases and cancers. Our product candidates are derived from donor cells (allogeneic) rather than a patient’s own cells (autologous) and are pre-manufactured, stored frozen and ready to ship to a patient’s treatment location, making them what we believe to be “off-the-shelf.” Our lead product candidate, AlloNK, is a non-genetically modified, cryopreserved NK cell therapy being evaluated in combination with B-cell targeted monoclonal antibodies (mAbs) in an ongoing Phase 1/1b trial in systemic lupus erythematosus (SLE) with or without lupus nephritis (LN), Phase 2a basket trial in multiple autoimmune indications, and basket investigator-initiated trial (IIT) in multiple autoimmune indications.
Current wording
We are a clinical-stage biotechnology company focused on developing natural killer (NK) cell-based therapies for patients suffering from devastating autoimmune diseases and cancers. Our product candidates are derived from donor cells (allogeneic) rather than a patient’s own cells (autologous) and are pre-manufactured, stored frozen and ready to ship to a patient’s treatment location, making them what we believe to be “off-the-shelf.” Our lead product candidate, AlloNK, is a non-genetically modified, cryopreserved NK cell therapy being evaluated in combination with B-cell targeted monoclonal antibodies (mAbs) in three ongoing clinical trials for the treatment of B-cell driven autoimmune diseases, including a Phase 2a basket trial in multiple autoimmune indications including rheumatoid arthritis (RA) and Sjögren’s disease and a basket investigator-initiated trial (IIT) in B-cell driven autoimmune indications.
Previous wording
In May 2025, we announced our initiation in late 2024 of patient treatment with AlloNK in combination with mAbs in the Phase 1/1b trial in SLE / LN, and prioritization of patient enrollment for AlloNK in combination with obinutuzumab. In addition, we announced that, following Investigational New Drug application clearance by the U.S. Food and Drug Administration (FDA), we have initiated a global Phase 2a company-sponsored basket clinical trial for AlloNK in combination with rituximab for refractory rheumatoid arthritis (RA), Sjögren’s disease, idiopathic inflammatory myopathies and systemic sclerosis, with site initiation and enrollment underway, which we believe is the first company-sponsored trial exploring an allogeneic cell therapy in refractory RA and Sjögren’s disease in the U.S. In August 2025, we announced that we treated the first patient in the Phase 2a basket trial. The protocol for the Phase 2a basket trial allows for continuous enrollment with no stagger within dose levels and no hospitalization or inpatient requirement for patients dosed with AlloNK, and we are currently exploring 1 billion cells per AlloNK dose in company-sponsored trials with plan to escalate to 4 billion cells per AlloNK dose, across both company-sponsored trials.
Current wording
In August 2025, we announced that we treated the first patient in our global Phase 2a basket clinical trial for AlloNK in combination with rituximab for refractory RA, Sjögren’s disease, idiopathic inflammatory myopathies and systemic sclerosis. The protocol for the Phase 2a basket trial allows for continuous enrollment with no stagger within dose levels and no hospitalization or inpatient requirement for patients dosed with AlloNK, and we are currently exploring dose levels of 1 billion cells and 4 billion cells per AlloNK dose in company-sponsored trials.
Previous wording
Seminal peer-reviewed clinical studies using autologous CD19 chimeric antigen receptor (CAR) T-cell therapy (auto-CAR-T) for the treatment of autoimmune diseases have demonstrated that deep B-cell depletion in the periphery and in the lymphoid tissue can lead to drug free disease remission. We have already demonstrated that AlloNK in combination with rituximab was able to drive deep B-cell depletion in the periphery and observed complete responses (CRs) in heavily pre-treated patients naïve to auto-CAR-T in our Phase 1/2 clinical trial in patients with relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL). We believe the preliminary results from our Phase 1/2 clinical trial evaluating AlloNK in combination with rituximab in patients with B-NHL provide for a readthrough to autoimmune disease because efficacy in both diseases appears to be accomplished with a shared mechanism of action involving B-cell depletion in the periphery and in the lymphoid tissues, followed by an immunological reset and B-cell reconstitution. In July 2025, we completed this trial and decided to discontinue the remaining long term follow up period to focus our resources on pursuing autoimmune indications. We expect to report initial safety and translational data for AlloNK in combination with a mAb across multiple autoimmune indications from ongoing clinical trials, and disclosure of our lead autoimmune indication for further development, by the end of 2025, and to report initial clinical response data in the lead autoimmune indication from ongoing clinical trials with longer follow-up to inform registrational strategy in the first half of 2026.
Current wording
Seminal peer-reviewed clinical studies using autologous CD19 chimeric antigen receptor (CAR) T-cell therapy (auto-CAR-T) for the treatment of autoimmune diseases have demonstrated that deep B-cell depletion in the periphery and in the lymphoid tissue can lead to drug free disease remission. We have already demonstrated that AlloNK in combination with rituximab was able to drive deep B-cell depletion in the periphery and observed complete responses (CRs) in heavily pre-treated patients naïve to auto-CAR-T in our Phase 1/2 clinical trial in patients with relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL). We believe the preliminary results from our Phase 1/2 clinical trial evaluating AlloNK in combination with rituximab in patients with B-NHL provide for a readthrough to autoimmune disease because efficacy in both diseases appears to be accomplished with a shared mechanism of action involving B-cell depletion in the periphery and in the lymphoid tissues, followed by an immunological reset and B-cell reconstitution.
Previous wording
We have incurred a net loss of $41.6 million and $31.8 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $288.2 million, cash, cash equivalents and investments of $142.4 million. We expect to continue to incur significant losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, continue to build our operations and transition to operating as a public company. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other capital sources, which may include our existing and any future strategic collaborations and other strategic arrangements with third parties. However, we may not be able to raise additional funds or enter into such other arrangements when needed or on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through collaboration or licensing arrangements with third parties or other strategic transactions, we may have to relinquish rights to our intellectual property, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional capital or enter into such arrangements when needed, we could be forced to delay, limit, reduce or terminate our research and development programs or future commercialization efforts, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.
Current wording
We have incurred a net loss of $63.1 million and $49.3 million during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $309.8 million, cash, cash equivalents and investments of $123.0 million. We expect to continue to incur significant losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, continue to build our operations and transition to operating as a public company. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other capital sources, which may include sales of shares of common stock under the Sales Agreement (as defined below) entered into with Leerink Partners LLC in August 2025, or other sources, such as our existing and any future strategic collaborations and other strategic arrangements with third parties. However, we may not be able to raise additional funds or enter into such other arrangements when needed or on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through collaboration or licensing arrangements with third parties or other strategic transactions, we may have to relinquish rights to our intellectual property, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional capital or enter into such arrangements when needed, we could be forced to delay, limit, reduce or terminate our research and development programs or future commercialization efforts, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.
Previous wording
License and development support-related revenues related to GC Cell’s development support activities under the AB-201 Agreement were zero during the three months ended June 30, 2025 and 2024, and zero and $0.3 million during the six months ended June 30, 2025 and 2024, respectively.
Current wording
License and development support-related revenues related to GC Cell’s development support activities under the AB-201 Agreement were zero during the three months ended September 30, 2025 and 2024, and zero and $0.3 million during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Research and development expenses were $17.9 million for the three months ended June 30, 2025, compared to $12.3 million for the three months ended June 30, 2024. The increase of $5.5 million was primarily due to a $4.0 million increase in external research and development expense, and a $1.5 million increase in internal research and development expense. The $4.0 million increase in external research and development expense is due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $1.5 million increase in internal research and development expense is primarily due to a $1.7 million increase in personnel-related expenses due to increased headcount, partially offset by a $0.2 million decrease in other operating costs.
Current wording
Research and development expenses were $17.6 million for the three months ended September 30, 2025, compared to $13.5 million for the three months ended September 30, 2024. The increase of $4.1 million was primarily due to a $2.6 million increase in external research and development expense, and a $1.5 million increase in internal research and development expense. The $2.6 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $1.5 million increase in internal research and development expense is primarily due to a $2.0 million increase in personnel-related expenses due to increased headcount, partially offset by a $0.5 million decrease in other operating costs.
Previous wording
General and Administrative Expenses. General and administrative expenses were $4.9 million for the three months ended June 30, 2025, compared to $3.9 million for the three months ended June 30, 2024. The increase of $1.1 million was primarily comprised of a $1.0 million increase in personnel-related costs due to increased headcount, including a $0.9 million increase in administrative personnel expenses and a $0.1 million increase in non-cash stock-based compensation, in addition to a $0.1 million increase in other operational and legal costs.
Current wording
General and Administrative Expenses. General and administrative expenses were $5.3 million for the three months ended September 30, 2025, compared to $4.8 million for the three months ended September 30, 2024. The increase of $0.5 million was primarily comprised of a $0.2 million increase in personnel-related costs due to increased headcount, including a $0.3 million increase in administrative personnel expenses partially offset by a $0.1 million decrease in non-cash stock-based compensation, in addition to a $0.3 million increase in other operational and legal costs.
Previous wording
Other Income (Expense), Net. Other income was $1.6 million for the three months ended June 30, 2025, compared to other expense of $1.7 million for the three months ended June 30, 2024. The increase of $3.2 million was primarily due to a $0.9 million increase in interest income due to higher investment balances in 2025. Additionally there was a $2.3 million change in fair value of SAFEs in 2024 that did not occur in 2025.
Current wording
Other Income, Net. Other income was $1.4 million for the three months ended September 30, 2025, compared to other income of $0.9 million for the three months ended September 30, 2024. The increase of $0.5 million was primarily due to a $1.0 million change in fair value of SAFEs in 2024 that did not occur in 2025, partially offset by a $0.5 million decrease in interest income due to lower investment balances during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.
Previous wording
Unrealized Gain (Loss) on Investments. Unrealized gain on investments was $0.1 million for the six months ended June 30, 2025, compared to an unrealized loss of $0.2 million for the six months ended June 30, 2024. The increase between periods of $0.3 million was primarily due to the change in fair value of investments.
Current wording
Unrealized Gain on Investments, Net. Unrealized gain on investments was $0.1 million for the three months ended September 30, 2025, compared to an unrealized gain of $0.2 million for the three months ended September 30, 2024. The decrease between periods of $0.1 million was due to the change in fair value of investments.
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
License and Development Support Revenue. License and development support revenues were zero for the six months ended June 30, 2025, compared to $0.3 million for the six months ended June 30, 2024. Revenues were related to development support activities under the AB-201 Agreement.
Current wording
License and Development Support Revenue. License and development support revenues were zero for the nine months ended September 30, 2025, compared to $0.3 million for the nine months ended September 30, 2024. Revenues were related to development support activities under the AB-201 Agreement.
Previous wording
Research and Development Expenses. We track outsourced development, outsourced personnel costs and other external research and development costs of specific programs. We do not track our internal research and development costs on a program-by-program basis. The following table summarizes our research and development expenses for the six months ended June 30, 2025 and 2024 (in thousands):
Current wording
Research and Development Expenses. We track outsourced development, outsourced personnel costs and other external research and development costs of specific programs. We do not track our internal research and development costs on a program-by-program basis. The following table summarizes our research and development expenses for the nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
Research and development expenses were $34.9 million for the six months ended June 30, 2025, compared to $23.5 million for the six months ended June 30, 2024. The increase of $11.4 million was primarily due to a $8.4 million increase in external research and development expense, and a $3.0 million increase in internal research and development expense. The $8.4 million increase in external research and development expense is due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $3.0 million increase in internal research and development expense is primarily due to a $3.2 million increase in personnel-related expenses due to increased headcount, inclusive of an increase of $0.1 million of non-cash stock-based compensation expense, partially offset by a $0.2 million decrease in other operating costs.
Current wording
Research and development expenses were $52.5 million for the nine months ended September 30, 2025, compared to $37.0 million for the nine months ended September 30, 2024. The increase of $15.5 million was primarily due to a $11.0 million increase in external research and development expense, and a $4.5 million increase in internal research and development expense. The $11.0 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $4.5 million increase in internal research and development expense is primarily due to a $5.2 million increase in personnel-related expenses due to increased headcount, inclusive of an increase of $0.1 million of non-cash stock-based compensation expense, partially offset by a $0.7 million decrease in other operating costs.
Previous wording
General and Administrative Expenses. General and administrative expenses were $10.1 million for the six months ended June 30, 2025, compared to $7.4 million for the six months ended June 30, 2024. The increase of $2.6 million was primarily comprised of a $2.2 million increase in personnel-related costs due to increased headcount, including a $1.6 million increase in administrative personnel expenses and a $0.6 million increase in non-cash stock-based compensation, in addition to a $0.4 million increase in other operational and legal costs.
Current wording
General and Administrative Expenses. General and administrative expenses were $15.3 million for the nine months ended September 30, 2025, compared to $12.3 million for the nine months ended September 30, 2024. The increase of $3.1 million was primarily comprised of a $2.4 million increase in personnel-related costs due to increased headcount, including a $2.0 million increase in administrative personnel expenses and a $0.4 million increase in non-cash stock-based compensation, in addition to a $0.7 million increase in other operational and legal costs.
Previous wording
Other Income (Expense), Net. Other income was $3.4 million for the six months ended June 30, 2025, compared to other expense of $1.1 million for the six months ended June 30, 2024. The increase of $4.5 million was primarily due to a $2.1 million increase in interest income due to higher investment balances in 2025. Additionally there was a $2.6 million change in fair value of SAFEs in 2024 that did not occur in 2025. These increases were partially offset by a $0.2 million decrease in other income.
Current wording
Other Income (Expense), Net. Other income was $4.8 million for the nine months ended September 30, 2025, compared to other expense of $0.3 million for the nine months ended September 30, 2024. The increase of $5.0 million was primarily due to a $3.6 million change in fair value of SAFEs in 2024 that did not occur in 2025. Additionally, there was a $1.6 million increase in interest income due to higher investment balances in 2025. These increases were partially offset by a $0.2 million decrease in other income.
Previous wording
Unrealized Gain (Loss) on Investments. Unrealized gain on investments was $2 thousand for the three months ended June 30, 2025, compared to an unrealized loss of $86 thousand for the three months ended June 30, 2024. The increase between periods of $88 thousand was primarily due to the change in fair value of investments.
Current wording
Unrealized Gain on Investments, Net. Unrealized gain on investments was $0.2 million for the nine months ended September 30, 2025, compared to an unrealized gain of $30 thousand for the nine months ended September 30, 2024. The increase between periods of $0.2 million was due to the change in fair value of investments.
Previous wording
We have incurred net losses and negative cash flows from operations since our inception and expect to continue to incur significant and increasing operating losses for the foreseeable future. We have never generated any revenue from product sales and do not expect to generate any revenues from product sales unless and until we successfully complete development of and obtain regulatory approval for our product candidates, which will not be for several years, if ever. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. From our inception through June 30, 2025, we have raised aggregate gross proceeds of $401.7 million to fund our operations, comprised primarily from proceeds received from the IPO, including proceeds from the underwriters’ partial exercise of their overallotment option, our issuance of convertible promissory notes, SAFEs and private placements of our convertible preferred stock. In February 2021, we received a $30.0 million up-front payment from Merck for our two target programs. In addition, as of June 30, 2025, we have received $9.9 million related to reimbursable research services from Merck. As of June 30, 2025, we had cash, cash equivalents and investments of $142.4 million, and an accumulated deficit of $288.2 million. Based on our current operating plans, we expect our existing cash, cash equivalents and investments will be sufficient to fund our planned operating expenses and capital expenditure requirements into the second quarter of 2027. Our total future capital requirements will depend on many factors and is subject to the risks and uncertainties set forth in the section titled “Risk Factors.”
Current wording
We have incurred net losses and negative cash flows from operations since our inception and expect to continue to incur significant and increasing operating losses for the foreseeable future. We have never generated any revenue from product sales and do not expect to generate any revenues from product sales unless and until we successfully complete development of and obtain regulatory approval for our product candidates, which will not be for several years, if ever. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. From our inception through September 30, 2025, we have raised aggregate gross proceeds of $441.7 million to fund our operations, comprised primarily from proceeds received from the IPO, including proceeds from the underwriters’ partial exercise of their overallotment option, our issuance of convertible promissory notes, SAFEs, private placements of our convertible preferred stock, and funds received from collaboration arrangements. As of September 30, 2025, we had cash, cash equivalents and investments of $123.0 million, and an accumulated deficit of $309.8 million. Based on our current operating plans, we expect our existing cash, cash equivalents and investments will be sufficient to fund our planned operating expenses and capital expenditure requirements into the second quarter of 2027. Our total future capital requirements will depend on many factors and is subject to the risks and uncertainties set forth in the section titled “Risk Factors.”
Previous wording
The following table sets forth a summary of the net cash flow activity for the six months ended June 30, 2025, and 2024 (in thousands):
Current wording
The following table sets forth a summary of the net cash flow activity for the nine months ended September 30, 2025, and 2024 (in thousands):
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025, was $42.8 million, consisting primarily of our net loss incurred during the period of $41.6 million and net changes in operating assets and liabilities of $4.9 million, partially offset by $3.6 million of net non-cash charges. Net non-cash charges consisted of $3.6 million in stock-based compensation expense, $1.2 million in depreciation and amortization expense, partially offset by $1.2 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $3.6 million increase in prepaid expense and other current assets, a $1.5 million decrease in accrued expenses, and a $0.2 million change in other net balance sheet assets and liabilities.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025, was $62.0 million, consisting primarily of our net loss incurred during the period of $63.1 million and net changes in operating assets and liabilities of $4.5 million, partially offset by $5.6 million of net non-cash charges. Net non-cash charges consisted of $5.2 million in stock-based compensation expense, $2.0 million in depreciation and amortization expense, partially offset by $1.6 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $3.4 million increase in prepaid expense and other current assets, a $0.6 million decrease in accounts payable, a $0.4 million decrease in accrued expenses, and a $0.1 million change in other net balance sheet assets and liabilities.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2024, was $28.8 million, consisting primarily of our net loss incurred during the period of $31.8 million and $3.1 million of a net decrease in operating assets and liabilities, partially offset by $6.1 million of non-cash charges. Non-cash charges consisted of $2.9 million in stock-based compensation expense, $1.2 million in depreciation and amortization expense and a $2.6 million in change in fair value of SAFEs, offset by $0.6 million of accretion of discounts on investments. The net change in operating assets and liabilities primarily related to a $2.8 million decrease in accrued expenses, a $0.3 million decrease in receivables, a $0.1 million decrease in other net balance sheet liabilities and a $0.1 million decrease in accounts payable, offset by a $0.6 million increase in prepaid expense and other current assets.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2024, was $40.4 million, consisting primarily of our net loss incurred during the period of $49.3 million, offset by $8.9 million of non-cash charges. Non-cash charges consisted of $4.8 million in stock-based compensation expense, $3.6 million in change in fair value of SAFEs, and $1.8 million in depreciation and amortization expense, offset by $1.3 million of accretion of discounts on investments. Changes in operating assets and liabilities included a $1.1 million decrease in receivables, a $0.6 million increase in accounts payable, a $0.3 million increase in accrued expenses, and a $0.1 million change in other net balance sheet assets and liabilities, partially offset by a $2.1 million increase in prepaid expense and other current assets.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2025, was $31.1 million related to $57.3 million in maturities of investments, partially offset by $24.6 million in purchases of investments and $1.6 million in purchases of property and equipment.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2025, was $47.4 million related to $86.9 million in maturities of investments, partially offset by $37.3 million in purchases of investments and $2.2 million in purchases of property and equipment.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2024, was $11.1 million related to $30.0 million in maturities of investments, partially offset by $18.4 million of purchases of investments and $0.5 million of purchases of property and equipment.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2024, was $119.5 million related to $161.3 million of purchases of investments and $0.6 million of purchases of property and equipment, partially offset by $42.4 million in maturities of investments.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025, was $0.2 million primarily related to cash received from stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP).
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025, was $0.1 million primarily related to $0.3 million in cash received from stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP), partially offset by $0.2 million in financing lease payments and payments to taxing authorities related to net-settlement of vested RSUs.
Previous wording
We lease certain office space in San Diego, California, under a non-cancelable operating lease, with a term through December 2025 (the Executive Drive Lease). The Executive Drive Lease commenced on December 23, 2019, with a six-year initial term and includes aggregate payments to the lessor of approximately $2.8 million. The Executive Drive Lease also provides for rent abatements and scheduled increases in base rent. In connection with the lease, we made a one-time cash security deposit in the amount of $0.4 million, of which $0.2 million was refunded in October 2021 and the remaining $0.2 million is refundable at the end of the lease term and is included in long-term assets in the balance sheets. The Executive Drive Lease includes a renewal option, which includes an option to renew for five additional years. We will not exercise the option and, as such, is not reflected as part of the right of use asset and associated lease liabilities.
Current wording
We lease certain office space in San Diego, California, under a non-cancelable operating lease, with a term through December 2025 (the Executive Drive Lease). The Executive Drive Lease commenced on December 23, 2019, with a six-year initial term and includes aggregate payments to the lessor of approximately $2.8 million. The Executive Drive Lease also provides for rent abatements and scheduled increases in base rent. In connection with the lease, we made a one-time cash security deposit in the amount of $0.4 million, of which $0.2 million was refunded in October 2021 and the remaining $0.2 million is refundable at the end of the lease term and is included in prepaid expenses and other current assets in the balance sheets. The Executive Drive Lease includes a renewal option, which includes an option to renew for five additional years. We will not exercise the option and, as such, is not reflected as part of the right of use asset and associated lease liabilities.
Previous wording
In August 2022, we entered into a lease agreement to use designated laboratory and vivarium space in San Diego, California (the Explora Lease). The Explora Lease is accounted for as an operating lease and commenced in August 2022. The Explora Lease has an initial term of 36 months and includes aggregate payments to the lessor of approximately $0.8 million with a rent escalation clause.
Current wording
In August 2022, we entered into a lease agreement to use designated laboratory and vivarium space in San Diego, California (the Explora Lease). The Explora Lease is accounted for as an operating lease and commenced in August 2022. The Explora Lease has an initial term of 36 months with automatic one-year renewals for up to three additional years and includes aggregate payments to the lessor of approximately $0.8 million with a rent escalation clause. We expect to extend the lease through August 2026.
Previous wording
As of June 30, 2025, we have future remaining operating lease payments of $15.5 million relating to leases we have recognized in the condensed balance sheets, of which $2.1 million is payable before December 31, 2025.
Current wording
As of September 30, 2025, we have future remaining operating lease payments of $13.5 million relating to leases we have recognized in the condensed balance sheets, of which $0.6 million is payable before December 31, 2025.
Previous wording
We are an emerging growth company under the Jumpstart Our Business Startups Act (JOBS Act). Under the JOBS Act, we can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates.
Current wording
We are an emerging growth company under the Jumpstart Our Business Startups Act (JOBS Act). Under the JOBS Act, we can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates. However, we may elect to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. We may take advantage of these exemptions up until the time that we are no longer an emerging growth company.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In July 2025, we completed this trial and decided to discontinue the remaining long term follow up period to focus our resources on pursuing autoimmune indications.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
However, we may elect to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. We may take advantage of these exemptions up until the time that we are no longer an emerging growth company.