RxSight, Inc.

Previous wording

We are a commercial-stage medical technology company dedicated to providing high quality customized vision to patients following cataract surgery. Our proprietary RxSight® Light Adjustable Lens system (“RxSight system”) is the first and only commercially available premium cataract technology that enables doctors to customize and optimize visual acuity for patients after surgery. The RxSight system is comprised of our RxSight Light Adjustable Lens® (“LAL®” and “LAL+®”, collectively the “LAL”), RxSight Light Delivery Device (“LDD™”), and accessories. Our LAL is a premium intraocular lens (“IOL”) made of proprietary photosensitive material that changes shape in response to specific patterns of ultraviolet (“UV”) light generated by our LDD.

Current wording

We are a commercial-stage medical technology company dedicated to providing high-quality customized vision to patients following cataract surgery. Our proprietary RxSight®Light Adjustable Lens system (“RxSight system”) is the first and only commercially available premium cataract technology that enables doctors to customize and optimize visual acuity for patients after surgery. The RxSight system is comprised of our RxSight Light Adjustable Lens®(LAL®/LAL+®, collectively the “LAL”), RxSight Light Delivery Device™ (“LDD™”) and related accessories. The LAL is a premium intraocular lens (“IOL”) made from the proprietary silicone-based photosensitive material that undergoes controlled changes in refractive power when exposed to specific ultraviolet (“UV”) light patterns generated by the LDD.

Previous 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.

Current wording

We designed our RxSight system to address limitations of conventional premium IOL technologies by providing doctors with a more precise and adaptable method for achieving desired visual outcomes for their patients. Conventional premium IOLs require patients to select their visual priorities before surgery and accept the optical trade-offs inherent in those choices. Surgeons must rely on a series of preoperative measurements and predictive formulae to determine the appropriate lens power. If the selected power is not optimal, the patient may experience less-than-ideal results that could require a subsequent corneal refractive procedure or other corrective measures to achieve intended 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 lens with the precise visual correction needed to achieve the patient’s desired vision outcome. We believe our

Current wording

In contrast, with the RxSight system, the surgeon implants the LAL as they would in any other 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 with increased confidence and peace of mind by eliminating the high-stakes preoperative guesswork common to conventional premium IOLs and allowing patients to iterate their final vision characteristics with customized post-surgical adjustments.

Previous 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.

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 in several foreign countries for improving uncorrected visual acuity by adjusting the LAL power to correct residual postoperative refractive error. We intend to seek additional approvals in the future to broaden our international presence. While we are growing our presence outside the U.S., we do not anticipate meaningful near-term sales from these non-U.S. regions.

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 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.

Current wording

Our commercial efforts began in 2019, and have been primarily focused in the U.S., 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 approximately 4,000 U.S. cataract surgeons that perform approximately 60% of all premium IOL procedures. As of March 31, 2026, we have established an installed base of 1,154 LDDs in ophthalmology practices and, since our inception through March 31, 2026, surgeons have implanted approximately 332,000 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 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.

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 and marketing organization. We believe selectively increasing the number of sales representatives, practice development personnel and clinical trainers will help facilitate further adoption of our products among existing customer accounts as well as broaden awareness of our products to new accounts. We plan to grow our business primarily by expanding the size of our LDD installed base and driving increased utilization of our LAL through heightened awareness of the superior clinical outcomes that our RxSight system provides patients. To continue strengthening our competitive position in the premium IOL market, our research and development activities are focused primarily on programs that 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 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 clinical outcomes, enhance customer experience, expand our indications for use, reduce manufacturing costs and support lifecycle management. 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. We will undertake additional clinical studies to expand the existing body of evidence related to the safety and effectiveness of our current and future generations of products. 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 intend to continue to make investments in our sales and marketing organization, including personnel in clinical applications, practice development, sales and technical service personnel. We will expand our marketing efforts though additional print and digital, social media, education and other customer tools to drive further adoption of the RxSight system. We will also continue to make significant investments in research and development and clinical expenses to make enhancements in our current products. Additionally, as a public company, we have incurred and expect to continue to incur increased costs for employee-related expenses, director and officer insurance premiums, audit fees, costs for compliance with Section 404(b) of the Sarbanes-Oxley Act, legal fees, investor relations fees, fees to members of our Board of Directors, and expenses for compliance with public-company reporting requirements. Because of these and other factors, we expect to continue to incur net losses and negative cash flows from operations in the near future.

Current wording

Additionally, we have incurred and expect to continue to incur costs related to operating as a public company, such as director and officer insurance premiums, audit fees, costs for compliance with Section 404(b) of the Sarbanes-Oxley Act, legal fees, investor relations fees, fees to members of our Board of Directors, and expenses for compliance with public-company reporting requirements. Because of our ongoing investment in our business and products and these and other factors, we expect to continue to incur net losses and negative cash flows from operations for the near future.

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, LDD installed base 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.

Previous 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.

Current wording

During the quarter ended March 31, 2026, we sold 20 LDD units and 27,472 LALs.

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 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.

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. 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 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.

Current wording

Our sales consist 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 U.S. 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 the first quarter of 2026, however, we expect our commercial realignment initiatives to position the company for 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

In the U.S. LALs are held at customer sites on consignment. Revenue is recognized for LALs upon customer notification that the LALs have been implanted in a patient. Outside the U.S., generally, LALs are held at distributor sites and distributor customer locations, with revenue recognized for LALs upon the distributor notification that the LALs have been implanted in a patient.

Current wording

In the U.S. LALs are held at customer sites on consignment. Revenue is recognized for LALs upon customer notification that the LALs have been implanted in a patient. Outside the U.S., generally, LALs are held at distributor sites and distributor customer locations, with revenue recognized for LALs upon the distributor notification that the LALs have been implanted in a patient or upon shipment to the distributor.

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 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.

Current wording

Our LDD contracts contain multiple performance obligations bundled into one transaction price, with all obligations generally satisfied within one year. Revenue for the LDD capital asset is recognized at a point in time either at installation and acceptance or upon shipment to our international distributors. Revenue for training is also recorded at a point in time, generally 60 days after installation. Revenue for the device service is recognized ratably over time after installation, generally 12-24 months. After the first year, service contracts can be purchased separately on a standalone basis. Revenue for such service agreements will be recognized ratably over the term of each contract.

Previous wording

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

Current wording

For the three months ended March 31, 2026 and 2025, revenue from contracts with customers consisted of the following (in thousands):

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025 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. 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.

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 grow our revenue, we expect cost of sales to increase in absolute dollars reflecting the higher volume of products 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, increase or decrease units of production for both the LDD and LAL 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

Previous 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.

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.

Previous wording

Selling, general and administrative (“SG&A”), expenses consist primarily of personnel-related expenses, including wages, incentive bonuses, stock-based compensation and benefits related to administrative, selling and marketing functions, education programs for doctors, commercial operations and analytics, finance, information technology and human resource functions. Other SG&A expenses include sales commissions, travel expenses, promotional activities, marketing initiatives, market research and analysis, conferences and trade shows, training for doctors, professional services fees such as legal, patent registration costs, accounting, audit fees (including costs for compliance with Section 404(b) of the Sarbanes-Oxley Act), tax fees, board of directors’ expenses, insurance costs, general corporate expenses and facilities-related expenses. We expect SG&A expenses to continue to increase in absolute dollars as we expand our sales and marketing organization and infrastructure to both drive and support the anticipated growth in revenue and due to additional legal, accounting audit and tax fees, insurance and other expenses associated with being a public company.

Current wording

Selling, general and administrative (“SG&A”), expenses consist primarily of personnel-related expenses, including wages, incentive bonuses, stock-based compensation and benefits related to administrative, selling and marketing functions, education programs for doctors, commercial operations and analytics, finance, information technology and human resource functions. Other SG&A expenses include sales commissions, travel expenses, promotional activities, marketing initiatives, market research and analysis, conferences and trade shows, training for doctors, professional services fees such as legal, patent registration costs, accounting, audit fees (including costs for compliance with Section 404(b) of the Sarbanes-Oxley Act), tax fees, board of directors’ expenses, insurance costs, general corporate expenses and facilities-related expenses. We expect SG&A expenses to continue to increase in absolute dollars as we expand our international sales and marketing organization and infrastructure.

Previous wording

All components of comprehensive loss, including net loss, are reported in the consolidated financial statements in the period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments and foreign currency translation adjustments.

Current wording

All components of comprehensive loss, including net loss, are reported in the condensed consolidated financial statements in the period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments and foreign currency translation adjustments.

Previous 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.

Current wording

Cost of sales decreased by $2.2 million, or 22.7%, to $7.4 million for the three months ended March 31, 2026, from $9.6 million for the three months ended March 31, 2025, primarily due to decreased LDDs sold during the period. Gross margin increased to 76.1% in the three months ended March 31, 2026, from 74.8% for the three months ended March 31, 2025, primarily due to a favorable product mix from a greater percentage of revenue from LAL sales.

Previous wording

Other income (expense), net, was $2.4 million for the three months ended September 30, 2025, and $2.9 million for the three months ended September 30, 2024. The decrease in other income was due to reduced interest income from lower cash balances and lower interest rates.

Current wording

Other income (expense), net, decreased $0.6 million to income of $2.0 million for the three months ended March 31, 2026, compared to income of $2.5 million for the three months ended March 31, 2025. The decrease was primarily due to decreased interest income from lower interest rates and lower cash and short-term investment balances.

Previous 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.

Current wording

As of March 31, 2026, we had cash, cash equivalents and short-term investments of $217.9 million. Our losses from operations were $17.8 million and $10.7 million for the three months ended March 31, 2026, and March 31, 2025, respectively. We had an accumulated deficit of $676.9 million as of March 31, 2026.

Previous wording

We believe that our current cash, cash equivalents and short-term investments through the date of filing of this report will be sufficient to fund our operations for at least the next 12 months. Although, based on our current planned operations, we do not anticipate the need to raise additional capital or incur additional debt in order to reach profit from operations, as the same may be disclosed in the Company’s future Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q filed with the SEC, we may be required to raise additional capital through public or private equity offerings or debt financings, credit or loan facilities or by entering into partnerships or a combination of one or more of these funding sources in order to meet our liquidity requirements. If we determine that we need to raise additional funds, which may not be available to us when needed or on terms that we deem to be favorable. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing and preferred 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 acquisitions or capital expenditures or declaring dividends. If we are unable to maintain sufficient financial resources, our business, financial condition and results of operations will be materially and adversely affected, including potentially requiring us to delay, limit, reduce or terminate certain of our product discovery and development activities or future commercialization efforts. If we raise additional funds by issuing equity securities, our stockholders may experience dilution.

Current wording

We believe that our current cash, cash equivalents and short-term investments through the date of filing of this report will be sufficient to fund our operations for at least the next 12 months. Although, based on our current planned operations, we do not anticipate the need to raise additional capital or incur additional debt, we may be required to raise additional capital through public or private equity offerings or debt financings, credit or loan facilities or by entering into partnerships or a combination of one or more of these funding sources in order to meet our liquidity requirements. If we determine that we need to raise additional funds, such capital may not be available to us when needed or on terms that we deem to be favorable. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing and preferred 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 acquisitions or capital expenditures or declaring dividends. If we are unable to maintain sufficient financial resources, our business, financial condition and results of operations will be materially and adversely affected, including potentially requiring us to delay, limit, reduce or terminate certain of our product discovery and development activities or future commercialization efforts. If we raise additional funds by issuing equity securities, our stockholders may experience dilution.

Previous wording

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

Current wording

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

Previous 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.

Current wording

Net cash used in operating activities for the three months ended March 31, 2026, was $10.9 million, consisting primarily of a net loss of $15.9 million and a change in operating assets and liabilities of $2.0 million and amortization of discount on short-term investments of $1.9 million, partially offset by non-cash stock-based compensation of $7.9 million and depreciation and amortization of $0.8 million.

Previous 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.

Current wording

Net cash used in operating activities for the three months ended March 31, 2025, was $8.8 million, consisting primarily of a net loss of $8.2 million and a change in operating assets and liabilities of $6.2 million and amortization of discount on short-term investments of $2.4 million, partially offset by non-cash stock-based compensation of $7.1 million and depreciation and amortization of $0.8 million.

Previous 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.

Current wording

Net cash provided by investing activities for the three months ended March 31, 2026, was $8.8 million, consisting of net maturities of short-term investments of $9.6 million, partially offset by purchases of property and equipment of $0.8 million.

Previous 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.

Current wording

Net cash provided by investing activities for the three months ended March 31, 2025, was $20.9 million, consisting of net maturities of short-term investments of $21.4 million, partially offset by purchases of property and equipment of $0.6 million.

Previous 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.

Current wording

Net cash used in financing activities for the three months ended March 31, 2026, was $0.3 million consisting primarily of payments for employee taxes related to stock compensation of $0.5 million, partially offset by proceeds from issuance of common stock of $0.1 million.

Previous wording

Uncertain macroeconomic conditions including recent inflationary pressures and tariffs have created significant uncertainty in the U.S. economy and capital markets, which may continue through the remainder of 2025 and beyond and could negatively impact our financial results and liquidity.

Current wording

Uncertain macroeconomic conditions including recent inflationary pressures and the rise in interest rates have created significant uncertainty in the U.S. economy and capital markets, which is expected to continue through 2026 and beyond and could negatively impact our financial results and liquidity.