Fulcrum Therapeutics, Inc.
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 30, 2026
FULC$3.70+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-27.
0001193125-26-178814
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001193125-26-326098
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 131 previous paragraphs and 85 current paragraphs.
31 unchanged; 18 reworded; 31 added; 81 removed; 1 previous and 5 current paragraphs rearranged.
Tables are not compared: 5 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
On May 28, 2026, we received meeting minutes from recent end-of-phase interactions with the U.S. Food and Drug Administration, or FDA, that reflected heightened FDA concerns regarding pociredir's benefit-risk profile in SCD. Following a review of that regulatory feedback and the totality of available data, we concluded that there was no viable regulatory path forward for the continued clinical development of pociredir, and on June 1, 2026 we announced the discontinuation of the pociredir program.
Current report
On May 31, 2026, our board of directors approved a restructuring plan to significantly reduce our operating expenses and preserve capital. The restructuring plan reduced our workforce by approximately 85%, from 57 to nine full-time employees, and was substantially completed during the second quarter of 2026. In connection with the restructuring, we have ceased our research and development activities, and we are seeking to exit our leased facility, including by marketing the space for sublease and exploring an early termination of the lease with our landlord.
Current report
We have also initiated a comprehensive review of strategic alternatives intended to maximize stockholder value, including, but not limited to, a merger, acquisition, business combination, sale or licensing of assets, or other strategic transaction involving the company or its assets. We have engaged Leerink Partners LLC as our financial advisor to assist our board of directors in this review. We have not set a timeline for the completion of this review, and there can be no assurance that the review will result in any transaction or other strategic outcome. If we are unable to identify and complete a strategic transaction, our board of directors may determine to pursue a dissolution and liquidation of the company.
Current report
Following the discontinuation of pociredir and the restructuring, we have ceased our research and development activities and expect our operating expenses to decrease substantially in future periods. In the near term, however, we expect to incur restructuring charges, long-lived asset impairment charges, and professional and advisory fees and other costs in connection with our evaluation of strategic alternatives, a considerable portion of which will be incurred regardless of whether any particular transaction is completed.
Current report
We may generate revenue in the future from license or collaboration agreements, or from other transactions involving our product candidates, intellectual property or other assets, including in connection with our review of strategic alternatives. We cannot predict if, when or to what extent we will generate any such revenue.
Current report
On June 1, 2026, we announced the discontinuation of our pociredir program. In connection with the related restructuring, we have ceased our research and development activities. As a result, we expect our research and development expenses to decline significantly in future periods.
Current report
We expect general and administrative expenses to decrease in future periods as a result of the reduction in our workforce, offset in part by professional, legal, accounting and advisory fees that we are incurring, and expect to continue to incur, in connection with our evaluation of strategic alternatives and our continuing obligations as a public company.
Current report
Impairment of long-lived assets consists of charges to write down the carrying value of our operating lease right-of-use asset, related leasehold improvements, and laboratory equipment to their estimated fair values. These charges were recognized in connection with the restructuring and the wind-down of our research and development operations, which reduced the recoverable value of these assets. We are marketing our leased facility for sublease and are exploring an early termination of the lease with our landlord.
Current report
Restructuring Expenses
Current report
Restructuring expenses consist of one-time employee termination benefits, including severance, employee benefits and related costs, recognized in connection with the restructuring plan approved by our board of directors on May 31, 2026.
Current report
$0.6 million of decreased employee compensation costs due to decreased headcount;
Current report
$0.2 million of decreased facilities costs;
Current report
partially offset by $0.4 million of decreased employee compensation costs due to decreased headcount.
Current report
Impairment charges were $5.1 million for the three months ended June 30, 2026, and included $3.6 million related to the write down of the operating lease right-of-use asset associated with our 26 Landsdowne Street facility, $1.3 million related to the impairment of leasehold improvements, and $0.1 million related to the write-down of laboratory equipment to fair value less costs to sell upon its classification as held for sale. During the three months ended June 30, 2025, there were no charges related to the impairment of long-lived assets.
Current report
Restructuring expenses
Current report
Restructuring charges were $4.3 million for the three months ended June 30, 2026, compared to zero for the three months ended June 30, 2025.
Current report
Comparison of the Six Months ended June 30, 2026 and 2025
Current report
Research and development expense increased by $0.1 million from $26.4 million for the six months ended June 30, 2025 to $26.5 million for the six months ended June 30, 2026. The increase in research and development expense was primarily attributable to the following:
Current report
$0.6 million of increased other expenses;
Current report
partially offset by $0.8 million of decreased laboratory supplies costs; and
Current report
decreased external research and development costs of $0.1 million and decreased facilities costs of $0.3 million.
Current report
General and administrative expenses increased by $1.8 million from $13.8 million for the six months ended June 30, 2025 to $15.6 million for the six months ended June 30, 2026. The increase in general and administrative expenses was primarily attributable to the following:
Current report
$0.6 million of increased other costs.
Current report
Impairment charges were $5.1 million for the six months ended June 30, 2026, and included $3.6 million related to the write down of the operating lease right-of-use asset associated with our 26 Landsdowne Street facility, $1.3 million related to the impairment of leasehold improvements, and $0.1 million related to the write-down of laboratory equipment to fair value less costs to sell upon its classification as held for sale. During the six months ended June 30, 2025, there were no charges related to the impairment of long-lived assets.
Current report
Restructuring expenses
Current report
Restructuring charges were $4.3 million for the six months ended June 30, 2026, compared to zero for the six months ended June 30, 2025.
Current report
Other income, net increased by $1.1 million from $5.3 million for the six months ended June 30, 2025 to $6.4 million for the six months ended June 30, 2026. The increase was primarily due to an increase in our average cash, cash equivalents, and marketable securities balance.
Current report
Net Cash (Used in) Provided By Investing Activities
Current report
Net Cash Provided By Financing Activities
Current report
Following the discontinuation of pociredir and the restructuring, we expect our operating expenses and cash used in operations to decrease substantially in future periods, offset in the near term by cash outflows for restructuring, costs to exit our facility, including any lease termination costs, and professional and advisory fees incurred in connection with our evaluation of strategic alternatives.
Current report
Our future funding requirements will depend on many factors, including: the outcome, timing and costs of our review of strategic alternatives; the cash outflows required to complete the restructuring; our ongoing costs of operating as a public company; and, if we do not complete a strategic transaction, the costs and timing of a potential dissolution and liquidation.
Removed paragraphs (81)
Previous report
In February 2026, we announced updated 20 mg cohort results from the PIONEER trial as of the December 23, 2025 data cut off date showing:
Previous report
Mean absolute HbF increased by 12.2% at 12 weeks of treatment with pociredir (vs. 8.6% at Week 12 in the 12 mg cohort), increasing from a baseline of 7.1% to 19.3%. Seven of 12 patients (58%) achieved absolute HbF levels ≥20% at Week 12, and all patients demonstrated a clinically relevant HbF increase. HbF levels of 20% are associated with ~90% of patients experiencing zero VOCs per year, based on real-world data that we presented at the 20th Annual Sickle Cell & Thalassemia Conference in October 2025.
Previous report
The proportion of HbF-containing red blood cells, or F-cells, increased from a mean of 31% at baseline to 63% at Week 12 (n=10), indicating progression toward pan-cellular HbF induction (HbF distributed across a substantial proportion of RBCs). F-cells are more resistant to sickling and hemolysis because of HbF-mediated inhibition of HbS polymerization. Higher proportions of F-cells are associated with improved RBC health.
Previous report
Mean changes in markers of hemolysis and erythropoiesis improved during the 12-week treatment period:
Previous report
o
Previous report
Indirect bilirubin decreased by 40% (vs. 37% at Week 12 in the 12 mg cohort)
Previous report
o
Previous report
Lactate dehydrogenase decreased by 34% (vs. 28% at Week 12 in the 12 mg cohort)
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o
Previous report
RBC distribution width decreased by 26% (vs. 27% at Week 12 in the 12 mg cohort)
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o
Previous report
Reticulocyte counts decreased by 42% (vs. 31% at Week 12 in the 12 mg cohort)
Previous report
Mean hemoglobin increased by 1.1 g/dL at Week 12 (vs. 0.9 g/dL at Week 12 in the 12 mg cohort), increasing from a baseline of 7.3 g/dL to 8.4 g/dL.
Previous report
Based on treating physician-documented medical records from the 6-12 months prior to enrollment, approximately 16 VOCs would have been expected during the 12-week treatment period. During the 12-week treatment period, six VOCs were reported. Seven of 12 patients (58%) reported no VOCs during the treatment period.
Previous report
Through the completion of the 20 mg dose cohort, pociredir has been dosed in 148 adults, including 89 subjects in multiple dose cohorts up to 12 weeks.
Previous report
o
Previous report
103 healthy subjects, including 44 who received pociredir for 10 to 14 days treatment duration
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o
Previous report
45 SCD patients who received pociredir for up to 12 weeks treatment duration
Previous report
The safety profile observed in the 20 mg dose cohort as of the December 23, 2025 data cut off date remained consistent with previously reported safety data. Pociredir was generally well-tolerated, with no treatment-related serious adverse events and no discontinuations due to treatment-related adverse events through the December 23, 2025 data cut off date.
Previous report
We are currently activating sites in an open-label, long-term dosing trial to evaluate longer-term safety and PD durability in patients who completed the PIONEER trial. We plan to provide details regarding the design of the next trial in the second quarter of 2026 following receipt of meeting minutes from our End-of-Phase meeting with the FDA. Pending feedback from the FDA, we plan to initiate a potential registration-enabling trial in the second half of 2026. We also plan to engage with the EMA in mid-2026 to obtain protocol assistance and feedback on the design of the next trial.
Previous report
In addition to our product candidates, we developed a discovery approach that we employ to systematically identify and validate cellular drug targets that can potentially modulate gene expression to treat known root causes of genetically defined rare diseases. Our discovery approach led to the identification of pociredir for SCD, as well as other drug candidates. We are applying our discovery capabilities to explore additional mechanisms that may complement pociredir’s mechanism of action to induce HbF for the potential treatment of SCD. We also presented preclinical data for FTX-6274, an oral EED inhibitor candidate, at the European Society for Medical Oncology (ESMO) Congress 2025, demonstrating tumor growth inhibition in castration resistant prostate cancer models.
Previous report
Based on results from IND-enabling studies, we have decided not to advance our program for bone marrow failure syndromes into clinical development and will focus our resources on advancing pociredir and our core benign hematology programs. In April 2026, we provided notice to terminate our license agreement with CAMP4.
Previous report
continue our clinical development of pociredir and advance the program into a later stage trial;
Previous report
continue our ongoing preclinical studies;
Previous report
pursue the discovery of drug targets for other genetically-defined rare diseases and the subsequent development of any resulting product candidates;
Previous report
seek regulatory approvals for any product candidates that successfully complete clinical trials;
Previous report
scale up our manufacturing processes and capabilities, or arrange for a third party to do so on our behalf, to support our clinical trials of our product candidates and commercialization of any of our product candidates for which we obtain marketing approval;
Previous report
establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain regulatory approval and that we have not out-licensed;
Previous report
acquire or in-license products, product candidates, technologies and/or data referencing rights and make any milestone payments thereunder;
Previous report
maintain, expand, enforce, defend and protect our intellectual property;
Previous report
hire additional clinical, quality control and scientific personnel; and
Previous report
add operational, financial and management information systems and personnel, including personnel to support our product development and planned future commercialization efforts and our operations as a public company.
Previous report
As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as, and when, needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our product candidates, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.
Previous report
Because of the numerous risks and uncertainties associated with drug development, we are unable to predict the timing or amount of increased expenses or the timing of when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.
Previous report
In the future, we may enter into additional license or collaboration agreements for our product candidates or intellectual property, and we may generate revenue in the future from payments as a result of such license or collaboration agreements.
Previous report
Research and Development Expenses
Previous report
The successful development of our product candidates is highly uncertain. At this time, we cannot reasonably estimate or know the nature, timing, and estimated costs of the efforts that will be necessary to complete the remainder of the development of our product candidates. We are also unable to predict when, if ever, material net cash inflows will commence from our product candidates, if approved. This is due to the numerous risks and uncertainties associated with developing our product candidates, including the uncertainty related to:
Previous report
the timing and progress of preclinical and clinical development activities;
Previous report
the number and scope of preclinical and clinical programs we decide to pursue;
Showing the first 40 of 81 passages. Open the source sections for the rest.
Reworded paragraphs (18)
Previous wording
We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our lead product candidate, pociredir, is in clinical development for the potential treatment of SCD.
Current wording
We are a clinical-stage biopharmaceutical company that historically focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. In June 2026, we announced the discontinuation of our pociredir program for the treatment of sickle cell disease, or SCD, and the initiation of a comprehensive review of strategic alternatives intended to maximize stockholder value.
Previous wording
We have incurred significant operating losses since our inception and we expect to continue to incur significant operating losses for the foreseeable future. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were $18.9 million and $17.7 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $613.2 million. We expect our expenses and operating losses will increase over the next several years in connection with our ongoing activities, as we:
Current wording
We have incurred significant operating losses since our inception. Our net losses were $45.1 million and $35.0 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $639.3 million.
Previous wording
As of March 31, 2026, we had $333.3 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of March 31, 2026 will enable us to fund our operating expenses and capital expenditure requirements into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and Capital Resources.”
Current wording
As of June 30, 2026, we had $318.8 million in cash, cash equivalents, and marketable securities. We believe that our existing cash, cash equivalents, and marketable securities as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months from the date of this Quarterly Report on Form 10-Q. See “—Liquidity and Capital Resources.”
Previous wording
We have not generated any revenue from product sales and do not expect to generate revenue from the sale of products for several years, if at all. If our development efforts for our current or future product candidates are successful and result in marketing approval, we may generate revenue in the future from product sales. We cannot predict if, when or to what extent we will generate revenue from the commercialization and sale of our product candidates. We may never succeed in obtaining regulatory approval for any of our product candidates.
Current wording
We have not generated any revenue from product sales. Following the discontinuation of our pociredir program, we do not expect to generate revenue from the sale of any products unless we resume our prior research and development activities.
Previous wording
The following table summarizes our external research and development expenses by program for the three months ended March 31, 2026 and 2025. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately.
Current wording
The following table summarizes our external research and development expenses by program for the three and six months ended June 30, 2026 and 2025. Pre-development candidate expenses, unallocated expenses and internal research and development expenses are classified separately.
Previous wording
Research and development expense increased by $0.7 million from $13.4 million for the three months ended March 31, 2025 to $14.1 million for the three months ended March 31, 2026. The increase in research and development expense was primarily attributable to the following:
Current wording
Research and development expense decreased by $0.6 million from $13.0 million for the three months ended June 30, 2025 to $12.4 million for the three months ended June 30, 2026. The decrease in research and development expense was primarily attributable to the following:
Previous wording
decreased laboratory supplies costs of $0.4 million.
Current wording
$0.4 million of decreased laboratory supplies costs; and
Previous wording
$0.1 million of increased other costs.
Current wording
partially offset by $0.1 million of increased external research and development costs, primarily due to third-party costs incurred in connection with the wind-down of the Phase 1b PIONEER trial of pociredir following its discontinuation, including costs to close out clinical trial sites and complete contract research organization activities, and $0.5 million of increased other costs.
Previous wording
General and administrative expenses increased by $1.1 million from $7.0 million for the three months ended March 31, 2025 to $8.1 million for the three months ended March 31, 2026. The increase in general and administrative expenses was primarily attributable to the following:
Current wording
General and administrative expenses increased by $0.7 million from $6.8 million for the three months ended June 30, 2025 to $7.5 million for the three months ended June 30, 2026. The increase in general and administrative expenses was primarily attributable to the following:
Previous wording
Other income, net increased by $0.6 million from $2.7 million for the three months ended March 31, 2025 to $3.3 million for the three months ended March 31, 2026. The increase was primarily due to an increase in our average cash, cash equivalents, and marketable securities balance.
Current wording
Other income, net increased by $0.6 million from $2.5 million for the three months ended June 30, 2025 to $3.1 million for the three months ended June 30, 2026. The increase was primarily due to an increase in our average cash, cash equivalents, and marketable securities balance.
Previous wording
$0.5 million of increased employee compensation costs due to increased headcount, including a $0.3 million increase in stock-based compensation expense;
Current wording
$0.7 million of increased employee compensation costs due to increased average headcount, including a $0.5 million increase in stock-based compensation expense; and
Previous wording
$1.3 million of increased employee compensation costs due to increased headcount, including a $0.4 million increase in stock-based compensation expense;
Current wording
$0.1 million of increased employee compensation costs due to increased headcount, including a $0.6 million increase in stock-based compensation expense, partially offset by decreased headcount; and
Previous wording
We have incurred significant operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. As of March 31, 2026, we have funded our operations primarily with aggregate gross proceeds of $967.5 million from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements. As of March 31, 2026, we had cash, cash equivalents, and marketable securities of $333.3 million.
Current wording
We have incurred significant operating losses since our inception. We have not generated any revenue from product sales, and, following the discontinuation of our pociredir program, we do not expect to generate revenue from sales of any products if we do not resume our research and development activities. As of June 30, 2026, we have funded our operations primarily with aggregate gross proceeds of $967.5 million from the sale of shares of our capital stock and from upfront payments received under our collaboration and license agreements. As of June 30, 2026, we had cash, cash equivalents, and marketable securities of $318.8 million.
Previous wording
The following table provides information regarding our cash flows for the three months ended March 31, 2026:
Current wording
The following table provides information regarding our cash flows for the six months ended June 30, 2026:
Previous wording
Net cash used in operating activities was $18.8 million during the three months ended March 31, 2026 compared to $15.3 million during the three months ended March 31, 2025. The increase in net cash used in operating activities of $3.5 million was primarily due to an increase in net loss.
Current wording
Net cash used in operating activities was $34.8 million during the six months ended June 30, 2026 compared to $29.1 million during the six months ended June 30, 2025. The increase in net cash used in operating activities of $5.7 million was primarily due to an increase in net loss.
Previous wording
Net cash used in investing activities was $128.2 million during the three months ended March 31, 2026 compared to $0.8 million during the three months ended March 31, 2025. The increase in net cash used in investing activities of $127.4 million was primarily due an increase in net purchases of marketable securities during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.
Current wording
Net cash used in investing activities was $114.4 million during the six months ended June 30, 2026 compared to net cash provided by investing activities of $13.2 million during the six months ended June 30, 2025. The increase in net cash used in investing activities of $127.6 million was primarily due an increase in net purchases of marketable securities during the six months ended June 30, 2026, as compared to net maturities of marketable securities during the six months ended June 30, 2025.
Previous wording
Net cash used in financing activities was $0.3 million during the three months ended March 31, 2026, which primarily consisted of offering costs paid in connection with the December 2025 public offering of our common stock and pre-funded warrants.
Current wording
Net cash provided by financing activities was less than $0.1 million during the six months ended June 30, 2026 compared to $0.3 million during the six months ended June 30, 2025. Net cash provided by financing activities during the six months ended June 30, 2026 consisted of net proceeds of $0.4 million from the issuance of common stock under our benefit plan, partially offset by $0.3 million of offering costs paid in connection with the December 2025 public offering of our common stock and pre-funded warrants. Net cash provided by financing activities during the six months ended June 30, 2025 primarily consisted of net proceeds of $0.3 million from the issuance of common stock under our benefit plans.
Previous wording
Our management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Our estimates are based on our historical experience, known trends and events, and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and amount of expense recognized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We evaluate our estimates and assumptions on an ongoing basis. The effects of material revisions in estimates, if any, will be reflected in the consolidated financial statements prospectively from the date of change in estimates. During the three months ended March 31, 2026, there were no material changes to our critical accounting policies from those described in our Annual Report on Form 10-K filed with the SEC on February 24, 2026.
Current wording
Our management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Our estimates are based on our historical experience, known trends and events, and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and amount of expense recognized that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We evaluate our estimates and assumptions on an ongoing basis. The effects of material revisions in estimates, if any, will be reflected in the consolidated financial statements prospectively from the date of change in estimates. During the three months ended June 30, 2026, there were no material changes to our critical accounting policies from those described in our Annual Report on Form 10-K filed with the SEC on February 24, 2026, other than as described in Note 2 to our consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
$0.5 million of increased other costs;
Current report — wording carried from elsewhere
The following summarizes our results of operations for the six months ended June 30, 2026 and 2025 along with the changes in those items in dollars:
Current report — wording carried from elsewhere
The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
The following table summarizes our general and administrative expenses for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
$1.0 million of increased professional services costs, primarily due to higher legal costs;
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net Cash Used in Investing Activities