ENANTA PHARMACEUTICALS INC

Previous wording

Our active development programs in virology are focused on respiratory syncytial virus, or RSV, the most common cause of bronchiolitis and pneumonia and a leading cause of U.S. hospitalization in young children and a significant cause of respiratory illness in older adults. Populations at high risk for severe RSV infection include infants and young children, adults older than 65 years of age, and those with comorbidities such as chronic heart or lung disease. Recent CDC estimates suggest a significant RSV burden in the U.S., with up to 6.5 million outpatient visits, 350,000 hospitalizations and 23,000 deaths annually.

Current wording

Our active development programs in virology are focused on respiratory syncytial virus, or RSV, the most common cause of bronchiolitis and pneumonia in young children and a significant cause of respiratory illness in older adults. Populations at high risk for severe RSV infection include infants and young children, adults older than 65 years of age, and those with comorbidities such as chronic heart or lung disease. Recent CDC estimates suggest a significant RSV burden in the U.S., with up to 6.5 million outpatient visits, 350,000 hospitalizations and 23,000 deaths annually.

Previous wording

In immunology, we are designing and developing highly potent and selective, oral small molecule inhibitors for the treatment of type 2 inflammatory disease by targeting key mechanisms of the immune response. An overactive response is a primary driver of a number of inflammatory diseases for which there is an enduring unmet need including atopic dermatitis, or AD, urticarias, asthma, prurigo nodularis, or PN, chronic rhinosinusitis with nasal polyps, or CRSwNP, as well as some forms of chronic obstructive pulmonary disease, or COPD, and other conditions. Based on industry reports, by 2030 the market is projected to be approximately $5 billion for urticaria, $30 billion for AD and $35 billion for the combined market of asthma, COPD, CRSwNP, and PN.

Current wording

In immunology, we are designing and developing highly potent and selective, oral small molecule inhibitors for the treatment of type 2 inflammatory disease by targeting key mechanisms of the immune response. An overactive immune response is a primary driver of a number of inflammatory diseases for which there is an enduring unmet need including atopic dermatitis, or AD, urticarias, asthma, prurigo nodularis, or PN, chronic rhinosinusitis with nasal polyps, or CRSwNP, as well as some forms of chronic obstructive pulmonary disease, or COPD, and other conditions. Based on industry reports, by 2030 the market is projected to be approximately $5 billion for urticaria, $30 billion for AD and $35 billion for the combined market of asthma, COPD, CRSwNP, and PN.

Previous wording

Atopic dermatitis, or AD, a chronic dermatological disease characterized by dry, red, inflamed, irritated and itchy skin with significant quality of life impacts such as leading a limited lifestyle, avoidance of social interactions and a reduced range of activities, with AD affecting 7.3% of the US adult population, of whom approximately 40% have moderate to severe disease.

Current wording

Atopic dermatitis, or AD, a chronic dermatological disease characterized by dry, red, inflamed, irritated and itchy skin with significant quality of life impacts such as leading a limited lifestyle, avoidance of social interactions and a reduced range of activities, with AD affecting 7.3% of the U.S. adult population, of whom approximately 40% have moderate to severe disease.

Previous wording

As of December 31, 2025, we had $241.9 million in cash, cash equivalents and short-term and long-term marketable securities. Based on our operating plan, we believe that our existing cash, cash equivalents and short-term and long-term marketable securities as of December 31, 2025, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2029.

Current wording

As of March 31, 2026, we had $227.0 million in cash, cash equivalents and short-term and long-term marketable securities. Based on our operating plan, we believe that our existing cash, cash equivalents and short-term and long-term marketable securities as of March 31, 2026, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2029.

Previous wording

In these Phase 2 clinical studies, zelicapavir has demonstrated a favorable safety profile, consistent with that observed in over 700 subjects exposed to zelicapavir to date, as well as antiviral activity and reductions in symptom duration. We are continuing to conduct Phase 3 enabling activities for zelicapavir, with the goal of aligning with the FDA in the second quarter of 2026 on an adult Phase 3 trial design and overall registration path. In parallel, we are exploring potential business development opportunities to advance our RSV programs to the next stage of clinical development.

Current wording

In these Phase 2 clinical studies, zelicapavir has demonstrated a favorable safety profile, consistent with that observed in over 700 subjects exposed to zelicapavir to date, as well as antiviral activity and reductions in symptom duration. We are continuing to conduct enabling activities for a pivotal study of zelicapavir in high-risk patients with RSV, including engaging with the FDA on the registrational development path. We plan to provide an update on the study design and development path in the second quarter of 2026. In parallel, we are exploring potential business development opportunities related to our RSV programs.

Previous wording

KIT Inhibitors. We have a preclinical-stage program to develop oral KIT inhibitors for the treatment of CSU and potentially other mast cell-associated indications by depleting mast cells, thereby addressing a primary driver of these diseases. We have selected EDP-978 as our clinical candidate. EDP-978 demonstrates potent nanomolar activity in both binding and cellular function assays, sub-nanomolar activityin vivo, and high selectivity for KIT versus other kinases. EDP-978 also demonstrates strongin vitro andin vivo absorption, distribution, metabolism and excretion, or ADME, properties, supporting once-daily dosing. We are on track to file an Investigational New Drug application, or IND, for this program in the first quarter of 2026, with topline Phase 1 data expected in the fourth quarter of 2026.

Current wording

KIT Inhibitors. We have a clinical-stage program to develop oral KIT inhibitors for the treatment of CSU and potentially other mast cell-associated indications by depleting mast cells, thereby addressing a primary driver of these diseases. We have selected EDP-978 as our clinical candidate. EDP-978 demonstrates potent nanomolar activity in both binding and cellular function assays, sub-nanomolar activityin vivo, and high selectivity for KIT versus other kinases. EDP-978 also demonstrates strongin vitro andin vivo absorption, distribution, metabolism and excretion, or ADME, properties, supporting once-daily dosing. In April 2026, we dosed our first participant in a randomized, double-blind, placebo-controlled, first-in-human Phase 1 clinical trial. The trial is expected to enroll approximately 98 healthy adult volunteers, ranging in age from 18 to 65 years old, to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics, including serum tryptase, of EDP-978. The trial includes a single ascending dose (SAD) phase, with a two-part food-effect cohort, and a multiple ascending dose (MAD) phase with a 14-day treatment period. We expect to report topline data from this trial in the fourth quarter of 2026.

Previous wording

STAT6 Inhibitors. We have a preclinical stage program to develop oral inhibitors of the signal transducer and activator of transcription 6 transcription factor, known as STAT6, for the treatment of type 2 immune-driven diseases. STAT6 is responsible for IL-4/IL-13 signaling, the pathway targeted by dupilumab, an IL-4 and IL-13 monoclonal antibody marketed as DUPIXENT®. We are initially focusing on AD for a proof-of-concept clinical study, and subsequently other indications where dupilumab is approved or has shown clinical activity. EPS-3903 is our lead development candidate, which has demonstrated nanomolar potency in both binding and cellular assays and is highly selective for STAT6 versus other STATs. EPS-3903 results in a rapid, continuous and complete (>90%) inhibition of phosphorylated STAT6 after oral dosing in mice. Importantly, EPS-3903 showsin vivo efficacy comparable to dupilumab, or an anti-mouse IL-4/IL-13 antibody, in multiple disease models of asthma (ovalbumin, house dust mite) and AD (MC903). EPS-3903 displays favorablein vitro andin vivo ADME properties, supportive of once-daily dosing potential. We are currently performing scale-up and IND enabling activities and are on track to file an IND in the second half of 2026.

Current wording

STAT6 Inhibitors. We have a pre-clinical stage program to develop oral inhibitors of the signal transducer and activator of transcription 6 transcription factor, known as STAT6, for the treatment of type 2 immune-driven diseases. STAT6 is responsible for IL-4/IL-13 signaling, the pathway targeted by dupilumab, an IL-4 and IL-13 monoclonal antibody marketed as DUPIXENT®. We are initially focusing on AD for a proof-of-concept clinical study, and subsequently other indications where dupilumab is approved or has shown clinical activity. EPS-3903 is our lead development candidate, which has demonstrated nanomolar potency in both binding and cellular assays and is highly selective for STAT6 versus other STATs. EPS-3903 results in a rapid, continuous and complete (>90%) inhibition of phosphorylated STAT6 after oral dosing in mice. Importantly, EPS-3903 showsin vivo efficacy comparable to dupilumab, or an anti-mouse IL-4/IL-13 antibody, in multiple disease models of asthma (ovalbumin, house dust mite) and AD (MC903). EPS-3903 displays favorablein vitro andin vivo ADME properties, supportive of once-daily dosing potential. We are currently performing scale-up and Investigational New Drug application, or IND, enabling activities and are on track to file an IND in the second half of 2026.

Previous wording

MRGPRX2 Inhibitors. In January 2026, we announced a preclinical program targeting MRGPRX2, a non-canonical G protein-coupled receptor, or GPCR, expressed predominantly on mast cells, for the treatment of type 2 immune driven diseases. MRGPRX2 inhibitors act through non-depleting mast cell modulation, including IgE-independent pathways, and may have the potential to address multiple chronic inflammatory diseases, including urticaria, asthma, prurigo nodularis and others, with strong efficacy and a best-in-disease safety profile. Currently, our prototype inhibitors demonstrate MRGPRX2 inhibition with nanomolar potency (EC50 of 1-2nM) in cellular assays and prevent skin mast cell activation in humanized MRGPRX2 mouse models. Further, our prototype inhibitors show potent activity across multiple MRGPRX2 agonists, with high selectivity for MRGPRX2 versus other GPCRs. These prototypes also demonstrate favorablein vitro andin vivo ADME properties, supportive of once-daily dosing potential. We are continuing to evaluate multiple compounds in preclinical studies and expect to select a development candidate in the second half of 2026.

Current wording

MRGPRX2 Inhibitors. In January 2026, we announced a pre-clinical program targeting MRGPRX2, a non-canonical G protein-coupled receptor, or GPCR, expressed predominantly on mast cells, for the treatment of type 2 immune driven diseases. MRGPRX2 inhibitors act through non-depleting mast cell modulation, including IgE-independent pathways, and may have the potential to address multiple chronic inflammatory diseases, including urticaria, asthma, prurigo nodularis and others, with strong efficacy and a best-in-disease safety profile. Currently, our prototype inhibitors demonstrate MRGPRX2 inhibition with nanomolar potency (EC50 of 1-2nM) in cellular assays and prevent skin mast cell activation in humanized MRGPRX2 mouse models. Further, our prototype inhibitors show potent activity across multiple MRGPRX2 agonists, with high selectivity for MRGPRX2 versus other GPCRs. These prototypes also demonstrate favorablein vitro andin vivo ADME properties, supportive of once-daily dosing potential. We are continuing to evaluate multiple compounds in pre-clinical studies and expect to select a development candidate in the second half of 2026.

Previous wording

We are currently funding all research and development for our wholly-owned programs, which are targeted toward the discovery and development of novel compounds. We completed two Phase 2b studies of zelicapavir and a Phase 2a human challenge study of EDP-323, both of which are in our virology program. We also are conducting preclinical discovery research efforts in immunology.

Current wording

We are currently funding all research and development for our wholly-owned programs, which are targeted toward the discovery and development of novel compounds. We are currently conducting enabling activities for a pivotal study of zelicapavir in high-risk patients with RSV. In addition, we initiated a Phase 1 clinical trial of EDP-978, our lead immunology program. We are also continuing to conduct pre-clinical discovery research efforts in immunology.

Previous wording

As a result of the timing of our clinical and preclinical development programs, we expect our research and development expenses will fluctuate from period to period. However, in the next 12 months, we expect our external research and development expenses generally to decrease since we have completed our Phase 2 studies of zelicapavir and EDP-323 and we are exploring potential business development opportunities for the RSV programs.

Current wording

As a result of the timing of our clinical and pre-clinical development programs, we expect our research and development expenses will fluctuate from period to period. In the next 12 months, we expect a reduction in our external research and development expenses, primarily driven by the timing of clinical trials in our RSV programs.

Previous wording

The following table is a summary of revenue recognized for the three months ended December 31, 2025 and 2024:

Current wording

The following table is a summary of revenue recognized for the three and six months ended March 31, 2026 and 2025:

Previous wording

As our internal product candidates are currently in preclinical or Phase 2 clinical development, we have not generated any revenue from our own product sales. We do not expect to generate any revenue from product sales derived from these product candidates for at least the next several years.

Current wording

As our internal product candidates are currently in pre-clinical or clinical development, we have not generated any revenue from our own product sales. We do not expect to generate any revenue from product sales derived from these product candidates for at least the next several years.

Previous wording

Research and development expenses consist of costs incurred to conduct basic research, such as the discovery and development of novel small molecules as therapeutics, as well as any external expenses of preclinical and clinical development activities. We expense all costs of research and development as incurred. These expenses consist primarily of:

Current wording

Research and development expenses consist of costs incurred to conduct basic research, such as the discovery and development of novel small molecules as therapeutics, as well as any external expenses of pre-clinical and clinical development activities. We expense all costs of research and development as incurred. These expenses consist primarily of:

Previous wording

third-party contract costs relating to research, formulation, manufacturing, preclinical study, and clinical trial activities;

Current wording

third-party contract costs relating to research, formulation, manufacturing, pre-clinical study, and clinical trial activities;

Previous wording

At any given time, we have later stage programs in clinical development as well as several active early-stage research and drug discovery projects. Our internal resources, employees and infrastructure are utilized across multiple projects, including our early-stage discovery projects. As such, we report information regarding costs incurred based on our programs (i.e., disease area) rather than on a project specific basis. All indirect costs are allocated to programs based on headcount and square footage of our facilities. We expect that our research and development expenses will fluctuate from period to period as we advance our research and development programs. However, in the next 12 months, we expect our external research and development expenses generally to decrease since we have completed our Phase 2 studies of zelicapavir and EDP-323 and we are exploring potential business development opportunities for our RSV programs. To date, we have not identified any significant impact of inflation on spending in research and development, but it is uncertain whether there will be inflationary impacts in future periods.

Current wording

At any given time, we have later stage programs in clinical development as well as several active early-stage research and drug discovery projects. Our internal resources, employees and infrastructure are utilized across multiple projects, including our early-stage discovery projects. As such, we report information regarding costs incurred based on our programs (i.e., disease area) rather than on a project specific basis. All indirect costs are allocated to programs based on headcount and square footage of our facilities. We expect that our research and development expenses will fluctuate from period to period as we advance our research and development programs. However, in the next 12 months, we expect a reduction in our external research and development expenses, primarily driven by the timing of clinical trials in our RSV programs. To date, we have not identified any significant impact of inflation on spending in research and development, but it is uncertain whether there will be inflationary impacts in future periods.

Previous wording

Our research and drug discovery and development programs are in early stages; therefore, the successful development of our product candidates is highly uncertain and may not result in approved products. Completion dates and completion costs can vary significantly for each product candidate and are difficult to predict. Given the uncertainty associated with clinical trial enrollments and the risks inherent in the development process, we are unable to determine the duration and completion costs of the current or future clinical trials of our product candidates or if, or to what extent, we will generate revenue from the commercialization and sale of any of our product candidates. We anticipate that we will make determinations as to which development programs to pursue and how much funding to direct to each program on an ongoing basis in response to the preclinical and clinical success and prospects of each product candidate, as well as ongoing assessments of the commercial potential of each product candidate.

Current wording

Our research and drug discovery and development programs are in early stages; therefore, the successful development of our product candidates is highly uncertain and may not result in approved products. Completion dates and completion costs can vary significantly for each product candidate and are difficult to predict. Given the uncertainty associated with clinical trial enrollments and the risks inherent in the development process, we are unable to determine the duration and completion costs of the current or future clinical trials of our product candidates or if, or to what extent, we will generate revenue from the commercialization and sale of any of our product candidates. We anticipate that we will make determinations as to which development programs to pursue and how much funding to direct to each program on an ongoing basis in response to the pre-clinical and clinical success and prospects of each product candidate, as well as ongoing assessments of the commercial potential of each product candidate.

Previous wording

We recognized revenue of $18.6 million during the three months ended December 31, 2025 as compared to $17.0 million during the three months ended December 31, 2024. The $1.7 million increase in revenue was primarily due to AbbVie’s higher reported HCV sales as compared to the same period in 2024.

Current wording

We recognized revenue of $17.2 million during the three months ended March 31, 2026 as compared to $14.9 million during the three months ended March 31, 2025. The $2.2 million increase in revenue was primarily due to AbbVie’s higher reported HCV sales as compared to the same period in 2025.

Previous wording

Beginning with the quarter ended September 30, 2023, 54.5% of our quarterly royalty payments on net sales of MAVYRET/MAVIRET that are included in our total revenue are paid to OMERS through June 30, 2032, subject to a cap on aggregate payments equal to 1.42 times the purchase price. The $200.0 million received in April 2023 was recognized on our condensed consolidated balance sheets as a liability which will be reduced by the payments made to OMERS over the term of the royalty sale agreement. We will continue to record 100% of HCV royalties earned under the AbbVie Agreement as royalty revenue in our condensed consolidated statements of operations since the AbbVie Agreement has not been amended and is independent of our agreement with OMERS.

Current wording

Beginning with the three months ended September 30, 2023, 54.5% of our quarterly royalty payments on net sales of MAVYRET/MAVIRET that are included in our total revenue are paid to OMERS through June 30, 2032, subject to a cap on aggregate payments equal to 1.42 times the purchase price. The $200.0 million received in April 2023 was recognized on our condensed consolidated balance sheets as a liability which will be reduced by the payments made to OMERS over the term of the royalty sale agreement. We will continue to record 100% of HCV royalties earned under the AbbVie Agreement as royalty revenue in our condensed consolidated statements of operations since the AbbVie Agreement has not been amended and is independent of our agreement with OMERS.

Previous wording

Research and development expenses for the three months ended December 31, 2025 decreased by $6.8 million compared to the same period in 2024.

Current wording

Research and development expenses for the three months ended March 31, 2026 decreased by $8.6 million compared to the same period in 2025.

Previous wording

The costs in our virology programs decreased by $13.5 million primarily due to the timing of clinical trials in our RSV programs.

Current wording

The costs in our virology programs decreased by $12.9 million due to the timing of clinical trials in our RSV programs.

Previous wording

The costs in our immunology programs increased by $5.6 million due to scale-up and IND-enabling activities for such programs.

Current wording

The costs in our immunology programs increased by $3.0 million due to scale-up and IND-enabling activities for such programs.

Previous wording

Other program costs increased by $1.1 million as we advanced early-stage drug discovery efforts.

Current wording

Other program costs increased by $1.3 million as we advanced early-stage drug discovery efforts.

Previous wording

Interest expense increased by $1.1 million for the three months ended December 31, 2025, as compared to the same period in 2024, due to an increase in royalties arising from AbbVie’s product sales under the AbbVie Agreement and corresponding royalty payment to OMERS arising from such sales pursuant to our OMERS royalty sales agreement.

Current wording

Interest expense increased by $1.6 million for the three months ended March 31, 2026, as compared to the same period in 2025, due to an increase in royalties arising from AbbVie’s product sales under the AbbVie Agreement and corresponding royalty payment to OMERS arising from such sales pursuant to our OMERS royalty sales agreement.

Previous wording

Interest and investment income, net, decreased by $0.4 million for the three months ended December 31, 2025, as compared to the same period in 2024. The decrease was due to lower interest rates year over year.

Current wording

Interest and investment income, net, decreased by $0.2 million for the three months ended March 31, 2026, as compared to the same period in 2025. The decrease was due to lower interest rates year over year.

Previous wording

The income tax expense during the three months ended December 31, 2025 was primarily due to state income taxes. The income tax benefit during the three months ended December 31, 2024 related to interest recorded on our $33.8 million federal tax refund, which we received in April 2025.

Current wording

The income tax expense of less than $0.1 million during the three months ended March 31, 2026 was primarily due to state income taxes. The income tax benefit during the three months ended March 31, 2025 was primarily due to an additional federal income tax refund from a net operating loss carryback of $0.9 million. We received the federal income tax refund of $33.8 million, inclusive of interest, in April 2025.

Previous wording

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act, which includes several changes to U.S. federal income tax law, including the temporary and permanent extension of expiring provisions of the Tax Cuts and Jobs Act of 2017, such as 100% bonus depreciation and immediate expensing of domestic research and development costs. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. We determined that the legislation does not have a material impact on our condensed consolidated financial statements for the three months ended December 31, 2025.

Current wording

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act, which includes several changes to U.S. federal income tax law, including the temporary and permanent extension of expiring provisions of the Tax Cuts and Jobs Act of 2017, such as 100% bonus depreciation and immediate expensing of domestic research and development costs. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. We determined that the legislation does not have a material impact on our condensed consolidated financial statements for the three and six months ended March 31, 2026.

Previous wording

General and administrative expenses decreased by $3.8 million for the three months ended December 31, 2025 compared to the same period in 2024. The decrease was due to a decrease in stock-based compensation expenses and a decrease in legal expenses related to our patent infringement suit against Pfizer for the ’953 Patent.

Current wording

General and administrative expenses decreased by $5.7 million for the six months ended March 31, 2026 compared to the same period in 2025. The decrease was primarily due to lower stock-based compensation expenses during the six months ended March 31, 2026 and a decrease in legal expenses related to our patent infringement suit against Pfizer for the ’953 Patent.

Previous wording

We fund our operations with cash flows from our retained portion of our royalty revenue and our existing financial resources. At December 31, 2025, our principal sources of liquidity were cash and cash equivalents and short-term and long-term marketable securities of $241.9 million.

Current wording

We fund our operations with cash flows from our retained portion of our royalty revenue and our existing financial resources. At March 31, 2026, our principal sources of liquidity were cash and cash equivalents and short-term and long-term marketable securities of $227.0 million.

Previous wording

Cash used in operating activities was $11.7 million for the three months ended December 31, 2025 as compared to cash used in operating activities of $16.8 million for the same period in 2024. Our cash used in operating activities decreased $5.1 million primarily due to lower research and development payments.

Current wording

Cash used in operating activities was $18.9 million for the six months ended March 31, 2026 as compared to cash used in operating activities of $30.3 million for the same period in 2025. Our cash used in operating activities decreased by $11.4 million primarily due to lower research and development payments.

Previous wording

Cash used in investing activities was $47.3 million for the three months ended December 31, 2025 as compared to cash provided by investing activities of $68.9 million for the same period in 2024. Our cash used in investing activities increased $116.2 million, driven by the timing of purchases and maturities of marketable securities in 2025 compared to 2024.

Current wording

Cash used in investing activities was $35.4 million for the six months ended March 31, 2026 as compared to cash provided by investing activities of $64.5 million for the same period in 2025. Our cash used in investing activities increased by $99.9 million, driven by the timing of purchases and maturities of marketable securities in 2026 compared to 2025.

Previous wording

Cash provided by financing activities was $64.1 million for the three months ended December 31, 2025 as compared to cash used in financing activities of $5.0 million for the same period in 2024. Our cash provided by financing activities increased $69.1 million, driven primarily by proceeds received from our public offering which closed in October 2025.

Current wording

Cash provided by financing activities was $56.8 million for the six months ended March 31, 2026 as compared to cash used in financing activities of $11.9 million for the same period in 2025. Our cash provided by financing activities increased by $68.7 million, driven primarily by proceeds received from our public offering which closed in October 2025.

Previous wording

As of December 31, 2025, we had $241.9 million in cash, cash equivalents and short-term and long-term marketable securities. Based on our operating plan, we believe that our existing cash, cash equivalents and short-term and long-term marketable securities as of December 31, 2025, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2029. However, our projection of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially.

Current wording

As of March 31, 2026, we had $227.0 million in cash, cash equivalents and short-term and long-term marketable securities. Based on our operating plan, we believe that our existing cash, cash equivalents and short-term and long-term marketable securities as of March 31, 2026, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2029. However, our projection of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially.

Previous wording

Total estimated minimum lease payments for the next 5 years and thereafter under our existing facility and leased equipment agreements are $5.7 million for the remainder of 2026, $8.7 million in 2027, $9.0 million in 2028, $9.3 million in 2029, $9.5 million in 2030, and $41.1 million thereafter.

Current wording

Total estimated minimum lease payments for the next 5 years and thereafter under our existing facility and leased equipment agreements are $4.2 million for the remainder of 2026, $8.7 million in 2027, $9.0 million in 2028, $9.3 million in 2029, $9.5 million in 2030, and $41.1 million thereafter.