Alector, Inc.

Previous 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.

Current wording

Our AL137 program, combines our proprietary anti-amyloid beta (Aβ) antibody with our proprietary ABC platform, for the treatment of Alzheimer’s disease (AD). It is designed to efficiently remove brain Aβ plaques, with the goal of minimizing treatment-related adverse effects and enabling convenient subcutaneous administration.

Previous wording

Following successful completion of IND-enabling studies, we intend to select AL037 or AL137 for submission of an Investigational New Drug (IND) application, targeted for the first quarter of 2027.

Current wording

Following comparative evaluation of AL137 and AL037, we selected AL137 as the lead development candidate and subcutaneous administration as the intended clinical route, with AL037 designated as the backup development candidate. Following successful completion of IND-enabling studies, we intend to advance AL137 for submission of an Investigational New Drug (IND) application, targeted for the first quarter of 2027. We also target first-in-human dosing in Australia no later than April 2027.

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 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.

Current wording

We continue to advance our ABC-enabled siRNA platform. The platform is designed for peripheral dosing, offering the potential for more convenient and scalable administration compared with traditional intrathecal delivery, as well as the potential for homogeneous drug distribution throughout the brain. Our siRNA programs span multiple disease mechanisms, led by our tau program, AL064/AL164, and including earlier-stage programs advancing toward lead selection: ADP062-ABC, an alpha-synuclein siRNA for PD, and ADP065-ABC, an NLRP3 siRNA for multiple neurodegenerative conditions. Together, these 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

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.

Current wording

AL050 is a lysosomal 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 that binds a TfR epitope with 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 hematologic findings. These data support the potential of AL050 as a disease modifying 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 continue to evaluate our timeline to the clinic.

Current wording

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

Previous wording

In April 2026, GSK discontinued the global Phase 2 PROGRESS-AD trial of nivisnebart (AL101/GSK4527226), an investigational progranulin-elevating monoclonal antibody, in individuals with early Alzheimer's disease (AD) after a pre-specified interim futility analysis conducted by an Independent Data Monitoring Committee (IDMC), which concluded that the trial was unlikely to meet its primary endpoint of slowing disease progression at completion.

Current wording

In April 2026, GSK discontinued the global Phase 2 PROGRESS-AD trial of nivisnebart (AL101/GSK4527226), an investigational progranulin-elevating monoclonal antibody, in individuals with early Alzheimer’s disease (AD), following a pre-specified interim futility analysis conducted by an Independent Data Monitoring Committee (IDMC). The IDMC concluded that the trial was unlikely to meet its primary endpoint of slowing disease progression at completion.

Previous 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.

Current wording

Our operations have been financed primarily through our collaboration with GSK, for which GSK provided written notice of termination on July 6, 2026, 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 $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:

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 $23.0 million and $45.9 million for the three and six months ended June 30, 2026, respectively. Our net losses were $30.5 million and $71.0 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $1,018.0 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

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.

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 June 30, 2026, totaled $172.8 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

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 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.

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 Phase 2 clinical trial of nivisnebart in AD.

Current wording

Under the terms of the GSK Agreement, the Company received $700 million in upfront payments, of which $500 million was received in August 2021 and $200 million was received in January 2022. The Company had been eligible for but did not achieve up to an additional $1.5 billion in clinical development, regulatory, and commercial launch-related milestone payments; an equal share of profits and losses in the United States; and tiered royalties outside the United States. The Company and GSK jointly conducted certain development activities under the Agreement and shared development costs 60% by GSK and 40% by the Company, except that, subject to the GSK Amendment, the Company solely bore the development costs of initial Phase 2 clinical trials. Under the terms of the GSK Amendment, the Company was responsible for funding and sharing in GSK’s and the Company’s 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 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.

Current wording

We expect that our revenue will be derived primarily from the GSK Agreement in the near term. The balance of deferred revenue was $162.9 million as of June 30, 2026, related to the GSK Agreement. As of that date, the Company expected to recognize this deferred revenue 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, or earlier upon extinguishment of the related performance obligations.

Previous 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.

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 IDMC 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

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 development of, and obtain regulatory approval for, any of our product candidates. We expect our research and development 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 to the advancement of those programs into clinical trials.

Current wording

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 development of, and obtain regulatory approval for, any of our product candidates. We expect our research and development expenses relating to latozinemab, nivisnebart, and AL002 to decrease in the foreseeable future as a result of the discontinuation and wind-down of clinical trials for latozinemab, nivisnebart, and AL002. However, we continue to invest in research and development activities related to programs in our research and preclinical pipeline and to the advancement of those programs into clinical trials.

Previous 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.

Current wording

Collaboration revenue was $3.3 million for the three months ended June 30, 2026, compared to $7.9 million for the three months ended June 30, 2025. The $4.6 million decrease was primarily due to a lower revenue recognized for the AL101 AD program. 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 $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.

Current wording

Research and development expenses were $19.5 million for the three months ended June 30, 2026, compared to $27.6 million for the three months ended June 30, 2025. The decrease of $8.1 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 facilities and other expenses.

Previous 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.

Current wording

General and administrative expenses were $8.3 million for the three months ended June 30, 2026 and $14.4 million for the three months ended June 30, 2025. The decrease of $6.1 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 $2.0 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.

Current wording

Other income, net was $1.5 million for the three months ended June 30, 2026, compared to $3.6 million for the three months ended June 30, 2025. The decrease of $2.1 million was mainly due to lower interest income from a reduction in marketable securities used to fund our operations.

Previous wording

There was no income tax expense for the three months ended March 31, 2026 and the three months ended March 31, 2025.

Current wording

Income tax expense was $0.1 million for the three months ended June 30, 2026, compared to zero income tax expense for the three months ended June 30, 2025.

Previous 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.

Current wording

Since our inception through June 30, 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, follow-on equity, and debt financings.

Previous 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.

Current wording

As of June 30, 2026, we had $172.8 million of cash, cash equivalents, and marketable securities. As of June 30, 2026, we had an accumulated deficit of $1,018.0 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 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.

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 nivisnebart, latozinemab, and AL002 to decrease in the foreseeable future as a result of the discontinuation and wind-down of clinical trials for nivisnebart, 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

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 (the Placement Shares), in such share amounts as we may specify by notice to TD Securities (the Sales Agreement). As of March 31, 2026, we have issued 7,110,162 shares and received approximately $20 million in net proceeds from the sale of securities pursuant to the Sales Agreement. The Sales Agreement includes a renewal provision pursuant to which we may file a new shelf registration statement relating to the Placement Shares.

Current wording

On May 7, 2026, we entered into an at-the-market sales agreement with TD Cowen, pursuant to which we may offer and sell from time to time through TD Cowen up to $125,000,000 of shares of our common stock, in such share amounts as we may specify by notice to TD Cowen (the 2026 Sales Agreement). In connection with entering into the 2026 Sales Agreement, we and TD Cowen terminated the 2023 Sales Agreement. As of June 30, 2026, we had not issued any shares or received any proceeds from the sale of securities under the 2026 Sales Agreement.

Previous 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.

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. (Hercules), in its capacity as administrative agent and collateral agent for itself and the Lenders (the Loan Agreement), pursuant to which we could access up to two tranches of Term Loans in an aggregate principal amount of up to $50,000,000, subject to the satisfaction of certain conditions. We borrowed $10,000,000 principal amount of the first tranche of Term Loans on the closing date of the Loan Agreement. On July 8, 2026, the Company entered into a payoff letter with Hercules and paid the final payoff amount. All obligations under the Loan Agreement were paid in full, all liens and security interests granted to secure such obligations were terminated, and the Loan Agreement and related loan documents were terminated.

Previous wording

the timing and progress of preclinical and clinical development activities; including, without limitation, our collaboration efforts with GSK;

Current wording

the timing and progress of preclinical and clinical development activities;

Previous wording

the timing and amount of milestone and other payments we may receive under our collaboration arrangements;

Current wording

the timing and amount of milestone and other payments we may receive under any collaboration arrangements;

Previous 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.

Current wording

For the six months ended June 30, 2026, cash used in operating activities was $84.0 million. This was mainly due to the net loss of $45.9 million. We also had a decrease in refund liability to collaboration partner of $15.4 million, a decrease in accrued liabilities and accrued clinical supply costs of $13.8 million, and a decrease in collaboration payable of $13.6 million. This was offset by a non-cash charge of $5.5 million for stock-based compensation.

Previous 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.

Current wording

For the six months ended June 30, 2025, cash used in operating activities was $109.8 million. This was mainly due to the net loss of $71.0 million. We also had a decrease in refund liability to collaboration partner of $26.1 million, a decrease in deferred revenue of $11.5 million, and a decrease in accrued liabilities and accrued clinical supply costs of $16.5 million. This was offset by a non-cash charge of $15.4 million for stock-based compensation.

Previous 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.

Current wording

For the six months ended June 30, 2026, cash provided by investing activities of $78.0 million was primarily related to the maturities of marketable securities of $157.9 million offset by purchases of marketable securities of $79.7 million.

Previous 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.

Current wording

For the six months ended June 30, 2025, cash provided by investing activities of $121.5 million was primarily related to the maturities of marketable securities of $250.4 million offset by purchases of marketable securities of $131.9 million.

Previous 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.

Current wording

For the six months ended June 30, 2026, cash provided by financing activities of less than $0.1 million was from the proceeds from the exercise of options to purchase common stock and the purchase of common stock under the employee stock purchase plan.