Korro Bio, Inc.

Previous wording

We are generating a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process to effect a precise yet transient single base edit. By editing RNA instead of DNA, we are expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. Using an oligonucleotide-based approach, we expect to bring our medicines to patients by leveraging our proprietary platform with precedented delivery modalities, manufacturing know-how, and established regulatory pathways of approved oligonucleotide drugs. However, the scientific evidence to support the feasibility of developing product candidates using our RNA editing technology is both preliminary and limited. Moreover, regulators have not yet established any definitive guidelines related to overall development considerations for RNA editing therapies and limited clinical data has been generated to date.

Current wording

We are a biopharmaceutical company leveraging a novel oligonucleotide promoted editing of RNA, or OPERA, platform to develop a new class of genetic medicines for rare and highly prevalent diseases. OPERA provides precise, tissue-directed delivery of oligonucleotides that modify the targeted native mRNA transcript to repair or form a de-novo protein with enhanced functionality. The platform combines a suite of capabilities consisting of sophisticated knowledge of transcription biology through ADAR proteins (Adenosine Deaminases Acting on RNA), machine learning optimization of oligonucleotides, linker chemistry expertise, along with use of a highly targeted tissue-specific delivery methodology. As such, the OPERA platform has enabled us to generate and advance a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process, providing precise yet transient single base edits to produce therapeutic proteins with augmented activity versus its endogenous counterpart. By editing RNA instead of DNA, we are expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. Using an oligonucleotide-based approach, we expect to bring our medicines to patients by leveraging our proprietary OPERA platform with precedented delivery modalities, including N-acetylgalactosamine, or GalNAc, conjugated for delivery for subcutaneous administration, manufacturing know-how, and established regulatory pathways of approved oligonucleotide medicines. However, the scientific evidence to support the feasibility of developing our development candidates using our RNA editing technology is both preliminary and limited. Moreover, regulators have not yet established any definitive guidelines related to overall development considerations for RNA editing therapies and limited clinical data has been generated to date.

Previous wording

Since inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, securing related intellectual property, and conducting research and development activities for our potential programs and product candidates. Since inception, we have funded our operations primarily through the private placement of our equity securities. To date, we have raised approximately $223.6 million of aggregate gross proceeds from the sale of our convertible preferred stock, $117.3 million from the sale of shares of common stock issued in a private placement that closed immediately prior to the November 2023 business combination and $70.0 million from the April 2024 private placement of shares of our common stock.

Current wording

Since inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, securing related intellectual property, and conducting research and development activities for our potential programs and development candidates. Since inception, we have funded our operations primarily through the private placement of our equity securities. To date, we have raised approximately $501.0 million of aggregate gross proceeds from sales of our equity securities.

Previous wording

We have incurred significant operating losses since inception. Our net losses were $67.2 million and $62.4 million for the nine months ended September 30, 2025 and 2024, respectively. We had an accumulated deficit of $333.8 million as of September 30, 2025. We expect to continue to incur significant and increasing expenses and operating losses and negative operating cash flows for the foreseeable future as we continue our research and development efforts, advance product candidates through clinical development, and seek regulatory approvals for our pipeline candidates. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies, initiation and conduct of any clinical trials, and our expenditures on other research and development activities, including the expansion of our pipeline.

Current wording

We have incurred significant operating losses since inception. Our net losses were $19.6 million and $23.4 million for the three months ended March 31, 2026 and 2025, respectively. We had an accumulated deficit of $403.5 million as of March 31, 2026. We expect to continue to incur significant and increasing expenses and operating losses and negative operating cash flows for the foreseeable future as we continue our research and development efforts, advance development candidates through clinical development, and seek regulatory approvals for our development candidates. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies, initiation and conduct of any clinical trials, and our expenditures on other research and development activities, including the expansion of our pipeline.

Previous wording

We do not have any product candidates approved for sale and have not generated any revenue from product sales. We will not generate revenue from product sales unless and until we successfully obtain regulatory approval for our product candidates, if ever, and as appropriate, move pipeline candidates into the clinic and complete clinical development. If we obtain regulatory approval for our product candidates and do not enter into third-party commercialization partnerships, we expect to incur significant expenses related to developing commercialization capabilities to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our development and growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private offerings of securities, debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to raise capital or enter into such agreements as, and when needed, could have a negative effect on our business, results of operations and financial condition.

Current wording

We do not have any development candidates approved for sale and have not generated any revenue from product sales. We will not generate revenue from product sales unless and until we successfully obtain regulatory approval for our development candidates, if ever, and as appropriate, move pipeline candidates into the clinic and complete clinical development. If we obtain regulatory approval for our development candidates and do not enter into third-party commercialization partnerships, we expect to incur significant expenses related to developing commercialization capabilities to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our development and growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private offerings of securities, debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to raise capital or enter into such agreements as, and when needed, could have a negative effect on our business, results of operations and financial condition.

Previous wording

We have not generated any revenue from product sales, and do not expect to generate any revenue from the sale of products in the near future. During the nine months ended September 30, 2025, we recognized $5.1 million of collaboration revenue, which is related to our September 2024 research collaboration and license agreement with Novo Nordisk. During the nine months ended September 30, 2024, we recognized no collaboration revenue. In November 2025, we agreed to a 12 month pause on such collaboration with Novo Nordisk, accordingly, we do not expect to recognize any material collaboration revenue under such

Current wording

We have not generated any revenue from product sales, and do not expect to generate any revenue from the sale of products in the near future. During the three months ended March 31, 2026 and 2025, we recognized $0.0 million and $2.6 million of collaboration revenue, respectively, which is related to our research collaboration and license agreement with Novo Nordisk. In November 2025, we agreed to a 12-month pause on such collaboration with Novo Nordisk, accordingly, we do not expect to recognize any material collaboration revenue under such agreement during the 12-month hold period.

Previous wording

For additional information about our revenue recognition policy and our collaboration and license agreement with Novo Nordisk, which is now paused, see Note 11 and Note 17 in the condensed consolidated financial statements included in this Quarterly Report.

Current wording

For additional information about our revenue recognition policy and our collaboration and license agreement with Novo Nordisk, which is now paused, see Note 11 in the condensed consolidated financial statements included in this Quarterly Report.

Previous wording

Research and development expenses consist primarily of costs incurred for our research activities, including our discovery of novel genetic medicines and the development of our product candidates, salaries and benefits, and third-party license fees. We expense research and development costs as incurred, which include:

Current wording

Research and development expenses consist primarily of costs incurred for our research activities, including our discovery of novel genetic medicines and the development of our development candidates, salaries and benefits, and third-party license fees. We expense research and development costs as incurred, which include:

Previous wording

The successful development of our product candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates, conduct discovery and research activities for our preclinical programs, and expands our pipeline. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which product candidates to pursue and how much funding to direct to each product candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each product candidate’s commercial potential. Our clinical development costs are expected to increase significantly as we commence clinical trials. We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of:

Current wording

The successful development of our development candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our development candidates, conduct discovery and research activities for our preclinical programs, and expand our pipeline. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our development candidates due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which development candidates to pursue and how much funding to direct to each development candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each development candidate’s commercial potential. Our clinical development costs are expected to increase significantly as we commence clinical trials. We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing development candidates, including the uncertainty of:

Previous wording

whether our product candidates show safety and efficacy in our clinical trials;

Current wording

whether our development candidates show safety and efficacy in our clinical trials;

Previous wording

obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates;

Current wording

obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our development candidates;

Previous wording

commercializing product candidates, if and when approved, whether alone or in collaboration with others; and

Current wording

commercializing development candidates, if and when approved, whether alone or in collaboration with others; and

Previous wording

Any changes in the outcome of any of these variables with respect to the development of our product candidates in preclinical and clinical development could mean a significant change in the costs and timing associated with the development of these product candidates. We may never succeed in achieving regulatory approval for any of our product candidates. We may obtain unexpected results from our clinical trials. We may elect to discontinue, delay or modify clinical trials of some product candidates or focus on other product candidates. For example, if the FDA, EMA, the Human Research Ethics Committee, or HREC, Therapeutic Goods Administration, or TGA, the Health and Disability Ethics Committees, or HDEC, or another regulatory authority were to delay the planned start of clinical trials or require us to conduct clinical trials or other testing beyond those that we currently expect or if we experience significant delays in enrollment in any planned clinical trial, we could be required to expend significant additional financial resources and time on the completion of clinical development of that product candidate.

Current wording

Any changes in the outcome of any of these variables with respect to the development of our development candidates in preclinical and clinical development could mean a significant change in the costs and timing associated with the development of these development candidates. We may never succeed in achieving regulatory approval for any of our development candidates. We may obtain unexpected results from our clinical trials. We may elect to discontinue, delay or modify clinical trials of some development candidates or focus on other development candidates. For example, if the Food and Drug Administration, or FDA, European Medicines Agency, or EMA, the Human Research Ethics Committee, or HREC, Therapeutic Goods Administration, or TGA, the Health and Disability Ethics Committees, or HDEC, or another regulatory authority were to delay the planned start of clinical trials or require us to conduct clinical trials or other testing beyond those that we currently expect or if we experience significant delays in enrollment in any planned clinical trial, we could be required to expend significant additional financial resources and time on the completion of clinical development of that development candidate.

Previous wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

Current wording

Comparison of the Three Months Ended March 31, 2026 and 2025

Previous wording

The following table summarizes our results of operations for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table summarizes our results of operations for the three months ended March 31, 2026 and 2025:

Previous wording

During the three and nine months ended September 30, 2025, we recognized $1.1 million and $5.1 million, respectively, of collaboration revenue from our research collaboration and license agreement with Novo Nordisk. During the three and nine months ended September 30, 2024, we recognized no collaboration revenue. In November 2025, we agreed to a 12 month pause on our collaboration with Novo Nordisk. Accordingly,we do not expect to recognize any material collaboration revenue under such agreement during the 12-month hold period.

Current wording

During the three months ended March 31, 2026 and 2025, we recognized $0.0 million and $2.6 million, respectively, of collaboration revenue from our research collaboration and license agreement with Novo Nordisk. In November 2025, we agreed to a 12-month pause on our collaboration with Novo Nordisk. Accordingly, we do not expect to recognize any material collaboration revenue under such agreement during the 12-month hold period.

Previous wording

The following table summarizes our research and development expenses for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table summarizes our research and development expenses for the three months ended March 31, 2026 and 2025:

Previous wording

Research and development expenses were $13.8 million for the three months ended September 30, 2025, compared to $16.0 million for the three months ended September 30, 2024. The decrease was primarily due to the following:

Current wording

Research and development expenses were $12.9 million for the three months ended March 31, 2026, compared to $19.7 million for the three months ended March 31, 2025. The decrease was primarily due to the following:

Previous wording

a $0.7 million decrease in other research and pre-development candidate expenses;

Current wording

a $1.3 million decrease in other research and pre-development candidate expenses; and

Previous wording

The following table summarizes our general and administrative expenses for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table summarizes our general and administrative expenses for the three months ended March 31, 2026 and 2025:

Previous wording

Total other income, net was $1.2 million for the three months ended September 30, 2025, compared to $2.3 million for the three months ended September 30, 2024. The decrease of $1.1 million was primarily due to lower interest income generated from a lower cash, cash equivalent and marketable securities balance as of September 30, 2025.

Current wording

Total other income, net was $0.9 million for the three months ended March 31, 2026, compared to $1.6 million for the three months ended March 31, 2025. The decrease of $0.7 million was primarily due to lower interest income generated from a lower cash, cash equivalent and marketable securities balance during the quarter prior to the March 2026 PIPE.

Previous wording

Since our inception, we have generated recurring net losses. We have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all. Since inception, we have funded our operations primarily through proceeds from the issuance of convertible preferred stock and common stock. To date, we have raised approximately $223.6 million of aggregate gross proceeds from the sale of convertible preferred stock, $117.3 million from the sale of shares of common stock issued in a private placement that closed immediately prior to the November 2023 business combination and $70.0 million from the April 2024 private placement of shares of our common stock. As of September 30, 2025, we had cash, cash equivalents and marketable securities of $102.5 million.

Current wording

Since our inception, we have generated recurring net losses. We have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all. Since inception, we have funded our operations primarily through proceeds from the issuance of convertible preferred stock and common stock. To date, we have raised approximately $501.0 million of aggregate gross proceeds from sales of our equity securities. As of March 31, 2026, we had cash, cash equivalents and marketable securities of $157.1 million.

Previous wording

Since inception, we have incurred significant operating losses and, as of September 30, 2025, had an accumulated deficit of $333.8 million. We expect to continue to incur significant expenses, operating losses, and negative operating cash flows for the foreseeable future. In addition, we have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all.

Current wording

Since inception, we have incurred significant operating losses and, as of March 31, 2026, had an accumulated deficit of $403.5 million. We expect to continue to incur significant expenses, operating losses, and negative operating cash flows for the foreseeable future. In addition, we have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all.

Previous wording

In December 2024, we entered into a sales agreement with TD Securities (USA) LLC, or TD Cowen, under which we may, from time to time, issue and sell shares of our common stock having aggregate sales proceeds of up to $100.0 million, in a series of one or more at-the-market equity offerings. As of September 30, 2025, we have not sold any shares of common stock under our at-the-market equity offering program.

Current wording

In December 2024, we entered into a sales agreement with TD Cowen Securities (USA) LLC, or TD Cowen, under which we may, from time to time, issue and sell shares of our common stock having aggregate sales proceeds of up to $100.0 million, in a series of one or more at-the-market equity, or ATM, offerings. In January 2026, we issued 501,861 shares of common stock under the ATM offering program for gross proceeds of $5.1 million, before deducting offering expenses of approximately $0.1 million.

Previous wording

As of September 30, 2025, we had cash, cash equivalents and marketable securities of $102.5 million. We expect that our cash, cash equivalents and marketable securities outstanding as of September 30, 2025 will be sufficient to fund our operating expenses and capital expenditure requirements into the second half of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect. We may also pursue additional cash resources through public or private equity, collaborations or debt financings. There is no assurance that we will be successful in obtaining sufficient financing on acceptable terms to continue funding our operations.

Current wording

As of March 31, 2026, we had cash, cash equivalents and marketable securities of $157.1 million. We expect that our cash, cash equivalents and marketable securities outstanding as of March 31, 2026 will be sufficient to fund our operating expenses and capital expenditure requirements into the second half of 2028. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect. We may also pursue additional cash resources through public or private equity, collaborations or debt financings. There is no assurance that we will be successful in obtaining sufficient financing on acceptable terms to continue funding our operations.

Previous wording

We expect to continue to incur significant expenses, operating losses, and negative operating cash flows for the foreseeable future as we continue our novel genetic medicine discovery efforts, advance our pipeline candidates into the clinic and through clinical trials, seek regulatory approval of our product candidates and pursue commercialization of any approved product candidates. In addition, we expect to continue to incur costs associated with operating as a public company.

Current wording

We expect to continue to incur significant expenses, operating losses, and negative operating cash flows for the foreseeable future as we continue our novel genetic medicine discovery efforts, advance our pipeline candidates into the clinic and through clinical trials, seek regulatory approval of our development candidates and pursue commercialization of any approved development candidates. In addition, we expect to continue to incur costs associated with operating as a public company.

Previous wording

Because of the numerous risks and uncertainties associated with research, development and commercialization of our product candidates, we are unable to estimate the exact amount of our working capital requirements.

Current wording

Because of the numerous risks and uncertainties associated with research, development and commercialization of our development candidates, we are unable to estimate the exact amount of our working capital requirements.

Previous wording

the scope, progress, results, and costs of discovery, preclinical development, laboratory testing, manufacturing and clinical trials for KRRO-121, a GalNAc-conjugated candidate for AATD, and other product candidates we may develop;

Current wording

the scope, progress, results, and costs of discovery, preclinical development, laboratory testing, manufacturing and clinical trials for KRRO-121, a GalNAc-conjugated candidate for AATD, and other development candidates we may develop;

Previous wording

the cost of continuing to build our Oligonucleotide Promoted Editing of RNA, or OPERA, platform and discover additional novel genetic medicines;

Current wording

the cost of continuing to build our OPERA platform and discover additional novel genetic medicines;

Previous wording

the extent to which we partner our programs, acquires or in-licenses other product candidates and technologies or enters into additional collaborations;

Current wording

the extent to which we partner our programs, acquires or in-licenses other lead candidates, development candidates and technologies or enters into additional collaborations;

Previous wording

our headcount growth and associated costs when we expand our research and development efforts;

Current wording

any future headcount growth and associated costs, should we expand our research and development efforts;

Previous wording

the cost of defending potential intellectual property disputes, including patent infringement actions brought by third parties against us or any of our product candidates;

Current wording

the cost of defending potential intellectual property disputes, including patent infringement actions brought by third parties against us or any of our lead candidates or development candidates;

Previous wording

the costs and timing of future commercialization activities, including product manufacturing, marketing, sales and distribution, for any product candidates for which we receive marketing approval;

Current wording

the costs and timing of future commercialization activities, including product manufacturing, marketing, sales and distribution, for any development candidates for which we receive marketing approval;

Previous wording

Until such time, if ever, as we can generate substantial product revenues to support our cost structure, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations and other similar arrangements. To the extent that we raise additional capital through the sale of equity or convertible 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 funds through collaborations, or other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common shares. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product research and development 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

Until such time, if ever, as we can generate substantial product revenues to support our cost structure, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations and other similar arrangements. To the extent that we raise additional capital through the sale of equity or convertible 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 funds through collaborations, or other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or development candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common shares. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product research and development or grant rights to develop and market our development candidates even if we would otherwise prefer to develop and market such development candidates ourselves.

Previous wording

The following table summarizes our cash flows for the nine months ended September 30, 2025 and 2024:

Current wording

The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

Previous wording

Net cash used in operating activities was $52.6 million for the nine months ended September 30, 2024, primarily resulted from our net loss of $62.4 million, which was primarily attributable to our research and development activities and our general and administrative expenses, along with changes in our operating assets and liabilities of $2.4 million, offset by $7.4 million of non-cash items.

Current wording

Net cash used in operating activities was $16.1 million for the three months ended March 31, 2026, primarily resulted from our net loss of $19.6 million, which was primarily attributable to our research and development activities and our general and administrative expenses, offset by changes in our operating assets and liabilities of $0.2 million and $3.3 million of non-cash items.

Previous wording

Net cash used in operating activities was $60.9 million for the nine months ended September 30, 2025, primarily resulted from our net loss of $67.2 million, which was primarily attributable to our research and development activities and our general and administrative expenses, along with changes in our operating assets and liabilities of $3.0 million, offset by $9.3 million of non-cash items.

Current wording

Net cash used in operating activities was $24.5 million for the three months ended March 31, 2025, primarily resulted from our net loss of $23.4 million, which was primarily attributable to our research and development activities and our general and administrative expenses, along with changes in our operating assets and liabilities of $3.9 million, offset by $2.8 million of non-cash items.

Previous wording

Net cash used in investing activities was $120.6 million for the nine months ended September 30, 2024 and consisted primarily of the purchase of marketable securities and the purchase of property and equipment, offset by proceeds from maturities of marketable securities.

Current wording

Net cash used in investing activities was $32.2 million for the three months ended March 31, 2026 and consisted primarily of the purchase of marketable securities and the purchase of property and equipment, offset by proceeds from maturities of marketable securities.

Previous wording

Net cash provided by investing activities was $29.1 million for the nine months ended September 30, 2025 and consisted primarily of the proceeds from maturities of marketable securities, offset by purchase of marketable securities and the purchase of property and equipment.

Current wording

Net cash provided by investing activities was $32.8 million for the three months ended March 31, 2025 and consisted primarily of the proceeds from maturities of marketable securities, offset by and the purchase of property and equipment.

Previous wording

Net cash provided by financing activities was $68.4 million for the nine months ended September 30, 2024 and consisted primarily of net proceeds from the April 2024 private placement.

Current wording

Net cash provided by financing activities was $88.2 million for the three months ended March 31, 2026 and consisted of net proceeds from the March 2026 PIPE, sales of shares under our ATM program, and exercises of stock options.

Previous wording

Net cash provided by financing activities was $0.3 million for the nine months ended September 30, 2025 and consisted of proceeds from exercises of stock options.

Current wording

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