Alector, Inc.

Previous wording

We have expanded and continue to advance our preclinical and research pipeline by leveraging our expertise in neuroscience and selectively applying our proprietary blood-brain barrier technology platform, Alector Brain Carrier (ABC). Built on the core design principles of versatility, tunability, and differentiated binding to a distinct region of the transferrin receptor (TfR), ABC is intended to support the targeted delivery of therapeutics to the brain and to optimize safety and efficacy. The platform’s tunable TfR binding affinities allow adjustment of binding strength to align with the needs of diverse therapeutic cargos, including antibodies, enzymes, proteins, and siRNA, aiming to achieve efficient transport across the BBB with the goal of balancing brain uptake, potency, and safety. Our ABC platform that has been applied to our product candidates thus far targets a distinct epitope of TfR. Our strategic approach positions us to develop therapeutic candidates for a range of neurodegenerative diseases.

Current wording

A key component of our strategy is the development and application of our Alector Brain Carrier (ABC) platform, a proprietary blood-brain barrier (BBB) delivery technology designed to improve central nervous system exposure across multiple therapeutic modalities. Built on the core design principles of versatility, translatability, and differentiated binding to a distinct region of the transferrin receptor (TfR), ABC is intended to support the targeted delivery of therapeutics to the brain and to optimize their safety and efficacy at lower doses. With a wide range of TfR binding affinities and binding kinetics, and the ability to target a distinct epitope of TfR, the platform can be aligned with the requirements of diverse therapeutic cargos, including antibodies, enzymes, proteins, and siRNA. The platform’s TfR binding domain is further adaptable to diverse engineered formats, enabling broad applicability to our product candidates. By leveraging these proprietary features, we aim to achieve efficient transport of our product candidates across the BBB with the goal of balancing brain uptake, potency, and safety. This next generation pipeline, built on the ABC platform and distinct from our prior clinical programs, positions us to develop therapeutic candidates for a range of neurodegenerative diseases.

Previous wording

AL137 is our proprietary anti-amyloid beta (Aβ) antibody paired with our proprietary ABC in preclinical development for the potential treatment of AD. It is designed to remove brain Aβ plaques, with the potential to reduce the incidence and/or severity of amyloid-related imaging abnormalities (ARIA) and the potential to enable subcutaneous delivery. AL137 features a high-affinity, humanized antibody that selectively binds PyroGlu3, a validated epitope on the toxic form of Aβ found in plaques, a fully active effector function that enables maximal recruitment of myeloid cells to remove plaques, and Alector’s proprietary ABC with tuned affinity and binding epitope designed to facilitate brain penetration and plaque removal while minimizing hematologic adverse effects. In preclinical studies to date, AL137 has demonstrated robust brain penetration in non-human primates, and an AL137 surrogate has demonstrated amyloid beta 42 reduction in murine studies.

Current wording

Our AL037/AL137 program, which pairs our proprietary anti-amyloid beta (Aβ) antibody with our proprietary ABC platform, is in preclinical development for Alzheimer's disease (AD). It is designed to remove brain Aβ plaques, with the goal of minimizing treatment-related incidence and/or severity of amyloid-related imaging abnormalities (ARIA), and to enable subcutaneous delivery. AL037 and AL137 each feature the same high-affinity, fully human antibody that selectively binds PyroGlu3, a validated epitope on the toxic form of Aβ found in plaques, and a fully active effector function that enables maximal recruitment of myeloid cells to remove plaques. AL037 and AL137 both incorporate Alector’s proprietary ABC, with TfR binding domains that bind the same epitope on TfR but with different affinities and binding kinetics, to balance brain penetration and plaque removal with minimized hematologic adverse effects. In preclinical studies to date, AL037 and AL137 have demonstrated robust brain penetration in non-human primates, and a murine surrogate of AL037/AL137 has demonstrated amyloid beta 42 reduction in murine studies.

Previous wording

AL050 is a GCase enzyme replacement therapy paired with our proprietary ABC in preclinical development for the potential treatment of Parkinson’s disease and Lewy body dementia in patients having GBA1 gene mutations that lead to deficient GCase activity. AL050 features an engineered GCase with improved activity and stability, a silenced effector function to maximize safety, and Alector’s tunable ABC with a TfR epitope and affinity designed to enhance delivery across the BBB. An AL050 surrogate was shown in vivo to rescue GCase activity in GBA1 deficient mice. This mechanism aims to reduce cellular dysfunction and slow disease progression. In preclinical studies to date, AL050 increased GCase activity in both rodents and non-human primates, and reduced toxic substrate accumulation in a rodent GBA disease model with no apparent hematologic findings, supporting its potential as a therapy for Parkinson’s disease and Lewy body dementia associated with GBA loss-of-function mutations.

Current wording

AL050 is a glucocerebrosidase (GCase) enzyme replacement therapy paired with our proprietary ABC technology in preclinical development for Parkinson’s disease and Lewy body dementia in patients having GBA1 gene mutations that lead to reduced GCase activity. AL050 features an engineered GCase with improved activity and stability, a silenced effector function to maximize safety, and Alector’s ABC with a TfR epitope and affinity designed to enhance delivery across the BBB. This mechanism aims to reduce cellular dysfunction and slow disease progression. In preclinical studies to date, AL050 doubled GCase activity in different brain regions in non-human primates without observed adverse effects, including hematologic effects. In a GBA disease mouse model, AL050 surrogate rescued GCase activity and reduced toxic substrate accumulation without abnormal hematologic findings. These data support the potential of AL050 as a therapy for Parkinson’s disease (PD) and Lewy body dementia (LBD) associated with GBA loss of function mutations, and subsequently for idiopathic PD and LBD.

Previous wording

We have selected AL050 as a lead candidate, and we are targeting submission of an IND application in 2027.

Current wording

We have selected AL050 as a lead candidate, and we continue to evaluate our timeline to the clinic.

Previous wording

We continue to advance our ABC-enabled siRNA platform. The platform is designed for peripheral dosing, offering the potential for more convenient administration compared with traditional intrathecal or intracerebroventricular delivery, as well as the potential for homogeneous drug distribution throughout the brain. Current programs include our lead siRNA program, ADP064-ABC, an anti-tau siRNA for AD and other tauopathies, which aims to prevent the synthesis of the tau mRNA and protein, with the goal of removing toxic tau, suppressing tau protein expression, and slowing cognitive decline in

Current wording

We continue to advance our ABC-enabled siRNA platform. The platform is designed for peripheral dosing, offering the potential for more convenient administration compared with traditional intrathecal delivery, as well as the potential for homogeneous drug distribution throughout the brain. Current programs include AL064/AL164, our tau siRNA program for AD and other tauopathies. AL064/AL164 aims to prevent the synthesis of tau mRNA and protein, with the goal of removing toxic tau, suppressing tau protein expression, and slowing cognitive decline in AD. AL064 demonstrated robust tau mRNA knockdown and durable reduction of phospho-Tau 217 in NHP brains. AL064 was modified to incorporate a well-validated chemical modification intended to further optimize siRNA stability, and this modified form of AL064 is advancing into IND-enabling studies as AL164. In addition to AL164, we are advancing early-stage siRNA programs toward lead candidate selection, including ADP062-ABC, an alpha-synuclein siRNA for PD, and ADP065-ABC, an NLRP3 siRNA for multiple neurodegenerative conditions. Together, those programs reflect the broad applicability of the ABC platform across disease mechanisms. We continue to evolve our research and development plans and timing for each of our ABC-enabled siRNA programs.

Previous wording

Our operations have been financed primarily through our collaboration with GSK, our previous collaboration with AbbVie Biotechnology, Ltd. (AbbVie) entered into in October 2017 and terminated in February 2025 (the AbbVie Agreement), the issuance and sale of convertible preferred stock and of common stock upon the completion of our initial public offering (IPO), and follow-on equity financings.

Current wording

Our operations have been financed primarily through our collaboration with GSK, our previous collaboration with AbbVie, entered into in October 2017 and terminated in February 2025, the issuance and sale of convertible preferred stock and of common stock upon the completion of our initial public offering (IPO), and follow-on equity financings.

Previous wording

To date, we have not had any products approved for sale and have not generated any product or royalty revenue from product sales. Further, we do not expect to generate revenue from product sales until such time, if ever, that we are able to successfully complete the development and obtain marketing approval for one of our product candidates. We will continue to require additional capital to develop our product candidates, advance our research and preclinical programs, and fund operations for the foreseeable future. We have incurred net losses in each year since inception, and we expect to continue to incur net losses for the foreseeable future. Our ability to generate product revenue will depend on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were $34.7 million and $105.7 million for the three and nine months ended September 30, 2025, respectively. Our net losses were $42.2 million and $117.0 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $934.8 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We expect our expenses will increase substantially in connection with our ongoing activities, as we:

Current wording

To date, we have not had any products approved for sale and have not generated any product or royalty revenue from product sales. Further, we do not expect to generate revenue from product sales until such time, if ever, that we are able to successfully complete the development and obtain marketing approval for one of our product candidates. We will continue to require additional capital to develop our product candidates, advance our research and preclinical programs, and fund operations for the foreseeable future. We have incurred net losses in each year since inception, and we expect to continue to incur net losses for the foreseeable future. Our ability to generate product revenue will depend on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were $22.9 million and $40.5 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $995.0 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We expect our expenses will increase substantially in connection with our ongoing activities, as we:

Previous wording

acquire, discover, validate, and develop additional product candidates;

Current wording

discover, validate, and develop additional product candidates;

Previous wording

require the manufacture of drug supply for our preclinical studies and clinical trials;

Current wording

manufacture drug supply for our research, preclinical studies and clinical trials; and

Previous wording

On March 7, 2025, we committed to a plan to reduce our workforce by approximately 13% to better align our resources with our strategic priorities including advancing our preclinical and research pipeline. We initiated such reduction in force impacting approximately 25 employees across the organization. On October 21, 2025, we committed to a plan to reduce our workforce by approximately 47% in order to align resources with the Company’s strategic priorities following the results of the Phase 3 INFRONT-3 clinical trial evaluating the safety and efficacy of latozinemab (AL001) in individuals with frontotemporal dementia due to a GRN mutation (FTD-GRN). Our cash, cash equivalents, and marketable securities as of September 30, 2025, totaled $291.1 million, which we anticipate provides runway through 2027.

Current wording

On March 7, 2025, we committed to a plan to reduce our workforce by approximately 13% to better align our resources with our strategic priorities, including the advancement of our preclinical and research pipeline. We initiated that reduction in force impacting approximately 25 employees across the organization. On October 21, 2025, we committed to a plan to reduce our workforce by approximately 47% in order to align resources with the Company’s strategic priorities following the results of the Phase 3 INFRONT-3 clinical trial evaluating the safety and efficacy of latozinemab (AL001) in individuals with frontotemporal dementia due to a GRN mutation (FTD-GRN). Our cash, cash equivalents, and marketable securities as of March 31, 2026, totaled $206.5 million, which we anticipate provides runway at least through 2027.

Previous wording

We have not generated any product or royalty revenue from product sales and do not expect to do so in the near future. Our revenue to date has been primarily related to the AbbVie Agreement and GSK Agreement for the license and co-development of product candidates with those parties. We recognized revenue from the upfront payments and the milestone payment received from AbbVie over time as services were provided. We recognize revenue from the upfront payments from GSK at a point in time for a development license and over time for research and development services. Revenues for research and development services are recognized as the program costs are incurred by measuring actual costs incurred to date compared to the overall total expected costs to satisfy the performance obligation.

Current wording

We have not generated any product or royalty revenue from product sales and do not expect to do so in the near future. Our revenue to date has been primarily related to the AbbVie Agreement and GSK Agreement for the license and co-development of product candidates with those parties. We recognized revenue from the upfront payments and the milestone payment received from AbbVie over time as services were provided. We recognize revenue from the upfront payments from

Previous wording

Under the terms of the GSK Agreement, we received $700 million in upfront payments, of which $500 million was received in August 2021 and $200 million was received in January 2022. In addition, we may be eligible to receive up to an additional $1.5 billion in clinical development, regulatory, and commercial launch-related milestone payments, subject to successful advancement and commercialization of product candidates in multiple indications under the agreement. Alector and GSK are conducting development jointly. In May 2023, we and GSK amended the GSK Agreement. Under the terms of the GSK Amendment, we are responsible for funding GSK’s and our development costs up to $140.5 million for the conduct of the initial Phase 2 clinical trial of nivisnebart in AD.

Current wording

Under the terms of the GSK Agreement, we received $700 million in upfront payments, of which $500 million was received in August 2021 and $200 million was received in January 2022. In addition, we may be eligible to receive up to an additional $1.5 billion in clinical development, regulatory, and commercial launch-related milestone payments, subject to successful advancement and commercialization of product candidates in multiple indications under the agreement. Alector and GSK are conducting development jointly. In May 2023, we and GSK amended the GSK Agreement. Under the terms of the GSK Amendment, we are responsible for funding GSK’s and our development costs up to $140.5 million for the conduct of the Phase 2 clinical trial of nivisnebart in AD.

Previous wording

We expect that our revenue for the next several years will be derived primarily from the GSK Agreement. The balance of deferred revenue was $179.0 million as of September 30, 2025, related to the GSK Agreement. The deferred revenue is expected to be recognized over the research and development period of the programs through the completion of the initial Phase 2 clinical trials for specified indications for latozinemab and nivisnebart.

Current wording

We expect that our revenue will be derived primarily from the GSK Agreement. The balance of deferred revenue was $169.6 million as of March 31, 2026, related to the GSK Agreement. The deferred revenue is expected to be recognized over the research and development period of the programs through the completion of the initial Phase 2 clinical trials for specified indications for latozinemab and nivisnebart.

Previous wording

costs related to production of clinical materials, including fees paid to contract manufacturers;

Current wording

costs related to production of research, preclinical, and clinical materials, including fees paid to contract manufacturers;

Previous wording

laboratory and vendor expenses related to the execution of preclinical studies and clinical trials;

Current wording

laboratory and vendor expenses related to the execution of research, preclinical studies and clinical trials;

Previous wording

facilities and other expenses, which include expenses for rent and maintenance of facilities, depreciation and amortization expense, and other supplies.

Current wording

facilities and other expenses, which include expenses for rent and maintenance of facilities, depreciation and amortization expenses, and other supplies.

Previous wording

Specific program expenses include expenses associated with the development of our most advanced product candidate: nivisnebart, which is being studied in the PROGRESS-AD Phase 2 clinical trial. We also have expenses related to the research and development of future product candidates and separately tracked expenses related to programs that we expect to move out of preclinical studies and into Phase 1 clinical trials. These expenses primarily relate to salaries and benefits, stock-based compensation, facility expenses, including depreciation, and lab consumables.

Current wording

Specific program expenses include expenses associated with the development of our product candidate, nivisnebart, which was being studied in the PROGRESS-AD Phase 2 clinical trial. That trial has been discontinued following a pre-specified interim futility analysis, in which an independent data monitoring committee concluded that the trial was unlikely to meet its primary endpoint of slowing disease progression at completion. We also have expenses related to the research and development of future product candidates and separately tracked expenses related to programs that we expect to move out of preclinical studies and into Phase 1 clinical trials. These expenses primarily relate to salaries and benefits, stock-based compensation, facility expenses, including depreciation, and lab consumables.

Previous wording

Collaboration revenue was $3.3 million for the three months ended September 30, 2025, compared to $15.3 million for the three months ended September 30, 2024. The $12.0 million decrease was mainly due to the satisfaction of the performance obligation associated with the AL002 program and the latozinemab FTD-C9orf72 Phase 2 trial in the fourth quarter of 2024. Revenues are recognized as the program costs are incurred by measuring actual costs incurred to date compared to the overall total expected costs to satisfy each performance obligation.

Current wording

Collaboration revenue was $1.0 million for the three months ended March 31, 2026, compared to $3.6 million for the three months ended March 31, 2025. The $2.6 million decrease was primarily attributable to lower manufacturing-related activity to support the Nivisnebart Phase 2 study in early Alzheimer’s disease during the current period. Revenues are recognized as the program costs are incurred by measuring actual costs incurred to date compared to the overall total expected costs to satisfy each performance obligation.

Previous wording

Research and development expenses were $29.4 million for the three months ended September 30, 2025, compared to $48.0 million for the three months ended September 30, 2024. The decrease of $18.6 million was mainly due to a decrease in research and development expenses for the AL002 program as well as a decrease in personnel related costs as a result of the reductions in force.

Current wording

Research and development expenses were $17.8 million for the three months ended March 31, 2026, compared to $33.6 million for the three months ended March 31, 2025. The decrease of $15.8 million was mainly due to a decrease in personnel-related costs as a result of the reductions in force as well as a decrease in research and development expenses for the AL002 program.

Previous wording

General and administrative expenses were $40.6 million for the nine months ended September 30, 2025 compared to $44.6 million for the nine months ended September 30, 2024. The decrease of $4.0 million mainly driven by a decrease in personnel related costs as a result of the reductions in force and a decrease in consulting expense.

Current wording

General and administrative expenses were $8.1 million for the three months ended March 31, 2026 and $14.7 million for the three months ended March 31, 2025. The decrease of $6.6 million was mainly driven by a decrease in personnel-related costs as a result of the reductions in force.

Previous wording

Other income, net was $2.9 million for the three months ended September 30, 2025, compared to $6.2 million for the three months ended September 30, 2024. The decrease of $3.3 million was due to lower interest income from a reduction in marketable securities used to fund our operations and interest rate cuts.

Current wording

Other income, net was $2.0 million for the three months ended March 31, 2026, compared to $4.2 million for the three months ended March 31, 2025. The decrease of $2.2 million was mainly due to lower interest income from a reduction in marketable securities used to fund our operations.

Previous wording

Since our inception through September 30, 2025, our operations have been financed primarily by our collaborations with GSK, and previously, AbbVie, and the issuance and sale of convertible preferred stock and of common stock upon the completion of our IPO and follow-on equity and debt financings.

Current wording

Since our inception through March 31, 2026, our operations have been financed primarily by our collaborations with GSK, and previously, AbbVie, the issuance and sale of convertible preferred stock and of common stock upon the completion of our IPO and follow-on equity, and debt financings.

Previous wording

As of September 30, 2025, we had $291.1 million of cash, cash equivalents, and marketable securities. As of September 30, 2025, we had an accumulated deficit of $934.8 million.

Current wording

As of March 31, 2026, we had $206.5 million of cash, cash equivalents, and marketable securities. As of March 31, 2026, we had an accumulated deficit of $995.0 million.

Previous wording

Our primary uses of cash are to fund our operations, which consist primarily of research and development expenditures related to our programs, and to a lesser extent, general and administrative expenditures. We expect our expenses to continue to increase in connection with our ongoing activities, in particular as we continue to advance our product candidates and our discovery and research programs. In addition, we expect to incur additional costs associated with operating as a public company.

Current wording

Our primary uses of cash are to fund our operations, which consist primarily of research and development expenditures related to our programs, and to a lesser extent, general and administrative expenditures. We expect our expenses relating to latozinemab and AL002 to decrease in the foreseeable future as a result of the discontinuation and wind-down of clinical trials for latozinemab and AL002. However, we continue to invest in research and development activities related to programs in our research and preclinical pipeline and the advancement of those programs into clinical trials. In addition, we expect to incur costs associated with operating as a public company.

Previous wording

Based on our current operating plan, we believe that our existing cash, cash equivalents, and marketable securities will enable us to fund our operations and capital expenditure requirements into the second half of 2027. We reduced our workforce to better align our resources with our current strategic priorities and maintain our expectations with respect to our ability to fund our operations. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. We may also choose to seek additional financing opportunistically. We may seek to raise capital through public equity or debt financings, license agreements, collaborative agreements or other arrangements with other companies, asset sales, or through other sources of financing. We have an omnibus shelf registration statement on Form S-3 with the SEC, which became effective on May 1, 2023, which permits us to issue up to $400 million in common stock, other equity securities and/or debt securities. We will need to obtain substantial additional funding in the future for our research and development activities and continuing operations. If we are unable to raise capital when needed or on favorable terms, we would be forced to delay, reduce, or eliminate our research and development programs or future commercialization efforts.

Current wording

Based on our current operating plan, we believe that our existing cash, cash equivalents, and marketable securities will enable us to fund our operations and capital expenditure requirements at least through 2027. We reduced our workforce to better align our resources with our current strategic priorities and maintain our expectations with respect to our ability to fund our operations. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. We may also choose to seek additional financing opportunistically. We may seek to raise capital through public equity or debt financings, license agreements, collaboration agreements or other arrangements with other companies, asset sales, or through other sources of financing. We have an omnibus shelf registration statement on Form S-3 with the SEC, which became effective on April 30, 2026, which permits us to issue up to $400 million in common stock, other equity securities and/or debt securities.

Previous wording

On November 7, 2023, we entered into an at-the-market sales agreement with TD Securities (USA) LLC (TD Securities, formerly known as Cowen and Company, LLC) pursuant to which we may offer and sell from time to time through TD Securities up to $125,000,000 of shares of our common stock, in such share amounts as we may specify by notice to TD Securities (the Sales Agreement). As of September 30, 2025, we have issued 5,415,162 shares and received approximately $14.7 million in net proceeds from the sale of securities pursuant to the Sales Agreement. In October 2025, we issued an additional 1,695,000 shares and received approximately $5.3 million in net proceeds from the sale of securities pursuant to the Sales Agreement. On January 17, 2024, we entered into an underwriting agreement with Cantor Fitzgerald & Co. (Cantor), pursuant to which we offered and sold 10,869,566 shares of the Company’s common stock at a price per share of $6.57 paid by Cantor. Additionally, on November 14, 2024, we entered into a loan agreement with our subsidiary, Alector LLC, as a co-borrower, the Lenders, and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders (the Loan Agreement), pursuant to which we may access up to two tranches of Term Loans in an aggregate principal amount of up to $50,000,000. The initial tranche of Term Loans provides for an aggregate principal amount of up to $25,000,000 through June 30, 2026, subject to the satisfaction of certain conditions. The second tranche of Term Loans provides for up to $25,000,000 and is available at the sole discretion of the Lenders. We borrowed $10,000,000 principal amount of the initial tranche of Term Loans on the closing date of the Loan Agreement.

Current wording

On January 17, 2024, we entered into an underwriting agreement with Cantor Fitzgerald & Co. (Cantor), pursuant to which we offered and sold 10,869,566 shares of the Company’s common stock at a price per share of $6.57 paid by Cantor. Additionally, on November 14, 2024, we entered into a loan agreement with our subsidiary, Alector LLC, as a co-borrower, the Lenders, and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders (the Loan Agreement), pursuant to which we may access up to two tranches of Term Loans in an aggregate principal amount of up to $50,000,000. The initial tranche of Term Loans provides for an aggregate principal amount of up to $25,000,000 through June 30, 2026, subject to the satisfaction of certain conditions. The second tranche of Term Loans provides for up to $25,000,000 and is available at the sole discretion of the Lenders. We borrowed $10,000,000 principal amount of the initial tranche of Term Loans on the closing date of the Loan Agreement.

Previous wording

our efforts to maintain or enhance operational, financial, and information management systems, and hire or retain personnel, including personnel to support development of our product candidates;

Current wording

our efforts to maintain or enhance operational, financial, and information management systems;

Previous wording

the effects of macroeconomic conditions, including inflationary pressures and economic impacts of tariffs and global trade disruptions; and

Current wording

the effects of macroeconomic conditions, including inflationary pressures and economic impacts of tariffs, global trade disruptions, and international conflicts; and

Previous wording

For the nine months ended September 30, 2025, cash used in operating activities was $142.3 million. This was mainly due to the net loss of $105.7 million. We also had a decrease in refund liability to collaboration partner of $38.1 million, a decrease in deferred revenue of $14.8 million, a decrease in accrued liabilities and accrued clinical supply costs of $14.0 million. This was offset by a non-cash charge of $21.8 million for stock-based compensation.

Current wording

For the three months ended March 31, 2026, cash used in operating activities was $49.8 million. This was mainly due to the net loss of $22.9 million. We also had a decrease in refund liability to collaboration partner of $12.0 million, a decrease in accrued liabilities and accrued clinical supply costs of $11.0 million. This was offset by a non-cash charge of $2.9 million for stock-based compensation.

Previous wording

For the nine months ended September 30, 2024, cash used in operating activities was $174.9 million. This was mainly due to the net loss of $117.0 million. We also had a decrease in deferred revenue of $46.3 million, a decrease in refund liability to collaboration partner of $33.6 million, and a decrease in accrued liabilities and accrued clinical supply costs of $6.5 million. This was offset by a non-cash charge of $29.3 million for stock-based compensation.

Current wording

For the three months ended March 31, 2025, cash used in operating activities was $60.8 million. This was mainly due to the net loss of $40.5 million. We also had a decrease in refund liability to collaboration partner of $13.3 million, a decrease in accrued liabilities and accrued clinical supply costs of $12.7 million. This was offset by a non-cash charge of $8.4 million for stock-based compensation.

Previous wording

For the nine months ended September 30, 2025, cash provided by investing activities of $171.0 million was primarily related to the maturities of marketable securities of $359.0 million offset by purchases of marketable securities of $190.8 million.

Current wording

For the three months ended March 31, 2026, cash provided by investing activities of $60.9 million was primarily related to the maturities of marketable securities of $112.9 million offset by purchases of marketable securities of $51.8 million.

Previous wording

For the nine months ended September 30, 2024, cash provided by investing activities of $65.7 million was primarily related to the maturities of marketable securities of $446.1 million offset by purchases of marketable securities of $381.1 million.

Current wording

For the three months ended March 31, 2025, cash provided by investing activities of $65.7 million was primarily related to the maturities of marketable securities of $121.5 million offset by purchases of marketable securities of $55.8 million.

Previous wording

For the nine months ended September 30, 2024, cash provided by financing activities of $71.8 million was primarily from the issuance of common stock upon a public offering.

Current wording

For the three months ended March 31, 2026, cash provided by financing activities of less than $0.1 million was from the exercise of options to purchase common stock.