SUTRO BIOPHARMA, INC.

Previous wording

The Phase 1 open-label, multicenter trial of STRO-004 is designed to evaluate the safety, pharmacokinetics, and preliminary anti-tumor activity of STRO-004 in patients with advanced TF-expressing solid tumors, including non-small cell lung cancer, head and neck squamous cell carcinoma, cervical cancer, colorectal cancer, pancreatic ductal adenocarcinoma, endometrial cancer, and bladder cancer. The dose-escalation phase includes multiple cohorts with ascending dose levels, supported by strong tolerability in non-human primates at up to 50 mg/kg. Dosing of patients in the dose level 2 cohort was completed and dosing of patients in the dose level 3 cohort was initiated in February 2026. We expect to report initial preliminary data, including safety and pharmacokinetic data, from this trial in mid-2026.

Current wording

The Phase 1 open-label, multicenter trial of STRO-004 is designed to evaluate the safety, pharmacokinetics, and preliminary anti-tumor activity of STRO-004 in patients with advanced TF-expressing solid tumors, including non-small cell lung cancer, head and neck squamous cell carcinoma, cervical cancer, colorectal cancer, pancreatic ductal adenocarcinoma, endometrial cancer, bladder cancer and gastric/esophogeal cancer. The dose-escalation phase includes multiple cohorts with ascending dose levels, supported by strong tolerability in non-human primates at up to 50 mg/kg. In August 2026, we reported encouraging early clinical activity including confirmed and unconfirmed partial responses with favorable safety and pharmacokinetics (PK) observed in ongoing Phase 1 trial, and that dose optimization continues between 4-5 mg/kg with the maximum tolerated dose yet to be defined.

Previous wording

Our preclinical assets include STRO-227 and STRO-006. STRO-006 is an ADC targeting Integrinß6, or ITGß6. We believe STRO-006 has the potential to be a best-in-class ADC targeting ITGß6 based on preclinical studies that have demonstrated potent antitumor activity and the potential for a differentiated safety profile. IND-enabling activities are underway for STRO-006 that could potentially support an IND submission in connection with this program in 2026.

Current wording

Our preclinical assets include STRO-227 and STRO-006. STRO-006 is an ADC targeting Integrinß6, or ITGB6. We believe STRO-006 has the potential to be a best-in-class ADC targeting ITGB6 based on preclinical studies that have demonstrated potent antitumor activity and the potential for a differentiated safety profile. We expect to initiate a Phase 1 clinical trial in connection with STRO-006 in the third quarter of 2026.

Previous wording

STRO-227 is our first wholly-owned dual-payload ADC, targeting Protein Tyrosine Kinase 7, or PTK7. This approach incorporates two distinct cytotoxic payloads, one that is designed to inhibit tubulin and another that is designed to inhibit topoisomerase. We have initiated certain chemistry, manufacturing and controls, or CMC, related activities for the PTK7-targeting dual-payload ADC and anticipate submitting an IND in connection with this program in late 2026.

Current wording

STRO-227 is our first wholly-owned dual-payload ADC, targeting Protein Tyrosine Kinase 7, or PTK7. This approach incorporates two distinct cytotoxic payloads, MMAE (DAR2) is designed to inhibit tubulin and exatecan (DAR8) is designed to inhibit topoisomerase, enabling complementary mechanisms of action within a single molecule. We have initiated certain chemistry, manufacturing and controls, or CMC, related activities for the PTK7-targeting dual-payload ADC and anticipate submitting an IND in connection with this program in late 2026.

Previous wording

Enabled through our proprietary XpressCF® and XpressCF+® platforms, we have entered into multitarget, product-focused collaborations with leading pharmaceutical and biotechnology companies in the field of oncology and we may enter into additional such collaborations in the future. We have an ongoing multitarget iADC collaboration with Astellas Pharma Inc. for the development of iADC targets (the “Astellas Agreement”). Clinical trials for the first iADC licensed pursuant to the Astellas Agreement were initiated in the first quarter of 2026. In addition, we may partner or out-license our wholly-owned preclinical or clinical development programs depending on resource and capital availability.

Current wording

Enabled through our proprietary XpressCF® and XpressCF+® platforms, we have entered into multitarget, product-focused collaborations with leading pharmaceutical and biotechnology companies in the field of oncology and we may enter into additional such collaborations in the future. We have an ongoing multitarget iADC collaboration with Astellas Pharma Inc. for the development of iADC targets. Clinical trials for the first iADC licensed pursuant to the Astellas Agreement were initiated in the first quarter of 2026 and we expect the second iADC collaboration program to enter the clinic by the end of 2026. In addition, we may partner or out-license our wholly-owned preclinical or clinical development programs depending on resource and capital availability.

Previous wording

Since the commencement of our operations, we have devoted substantially all of our resources to performing research and development and manufacturing activities in support of our own product development efforts and those of our collaborators, raising capital to support and expand such activities and providing general and administrative support for these operations. We have funded our operations to date primarily from upfront, milestone and other payments under our collaboration agreements with BMS, Merck, Astellas, Vaxcyte, Ipsen, EMD Serono, BioNova, and Tasly, the issuance and sale of redeemable convertible preferred stock, our initial public offering, or IPO, follow-on public and other offerings of common stock, sales of our common stock through our At-the-Market Facility pursuant to our Open Market Sales AgreementSM dated April 2, 2021, or the Sales Agreement, with Jefferies LLC, or Jefferies, debt financing, sale of our holdings of Vaxcyte common stock, and the royalty monetization agreement with Blackstone.

Current wording

Since the commencement of our operations, we have devoted substantially all of our resources to performing research and development and manufacturing activities in support of our own product development efforts and those of our collaborators, raising capital to support and expand such activities and providing general and administrative support for these operations. We have funded our operations to date primarily from upfront, milestone and other payments under our collaboration agreements with BMS, Merck, Astellas, Vaxcyte, Ipsen, EMD Serono, BioNova, and Tasly, the issuance and sale of redeemable convertible preferred stock, our initial public offering, or IPO, follow-on public and other offerings of common stock, sales of our common stock through our At-the-Market Facility pursuant to our Open Market Sales Agreement SM dated April 2, 2021 with Jefferies LLC, which was terminated in March of 2026, our At-the-Market Facility pursuant to our Sales Agreement dated March 23, 2026, or the Sales Agreement, with TD Securities (USA) LLC, or TD Cowen, debt financing, sale of our holdings of Vaxcyte common stock, and the royalty monetization agreement with Blackstone.

Previous wording

In March 2025, our Board of Directors approved a strategic portfolio review, or the March 2025 Restructuring Plan, with an associated planned reduction in our workforce, as a result of its review of current strategic priorities, resource allocation, and cost reduction intended to reduce operating costs, streamline operations and extend our cash runway. In connection with this March 2025 Restructuring Plan, we deprioritized further investment in our late stage clinical development product candidate, luveltamab tazevibulin, which development has been terminated, and refocused our activities on our clinical and preclinical pipeline, including STRO-004, STRO-227, and STRO-006. In addition, in 2025, we made the strategic decision to cease operations at our San Carlos manufacturing facility and rely on an external manufacturing strategy, in which all elements of our product candidates and platform reagents are manufactured by qualified third-party CMOs. We have identified a contract manufacturing organization, or CMO, to serve as our strategic partner for the production of cell-free extract and have initiated and completed technology transfer to this CMO. Similarly, we have identified a CMO to produce custom reagents used in our cell-free production and have initiated and completed this technology transfer as well. Given the success of these technology transfers, we wound down our manufacturing activities in our San Carlos facility and expect to exit the facility completely in 2026 upon expiration of our leases.

Current wording

In March 2025, our Board of Directors approved a strategic portfolio review, or the March 2025 Restructuring Plan, with an associated planned reduction in our workforce, as a result of its review of current strategic priorities, resource allocation, and cost reduction intended to reduce operating costs, streamline operations and extend our cash runway. In connection with this March 2025 Restructuring Plan, we deprioritized further investment in our late stage clinical development product candidate, luveltamab tazevibulin, which development has been terminated, and refocused our activities on our clinical and preclinical pipeline, including STRO-004, STRO-227, and STRO-006. In addition, in 2025, we made the strategic decision to cease operations at our San Carlos manufacturing facility and rely on an external manufacturing strategy, in which all elements of our product candidates and platform reagents are manufactured by qualified third-party CMOs. We have identified contract manufacturing organizations, or CMOs, to serve as our strategic partner for the production of cell-free extract and custom reagents used in our cell-free production, and have completed technology transfers to these CMOs. Given the success of these technology transfers, we wound down our manufacturing activities in our San Carlos facility at the end of 2025 and completed the exit of the facility in 2026 upon expiration of our leases.

Previous wording

We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. We had a loss from operations of $29.7 million and a net loss of $38.5 million for the three months ended March 31, 2026. We had a loss from operations of $68.5 million and a net loss of $76.0 million for the three months ended March 31, 2025. Substantially all of our losses have resulted from expenses incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We cannot assure you that we will have net income or that we will generate positive cash flow from operating activities in the future. As of March 31, 2026, we had an accumulated deficit of $1,016.4 million. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, access, marketing, manufacturing and distribution. We expect a reduction in operating expenses as we strategically reprioritize our resources. However, we anticipate our operating expenses would increase as we advance our product candidates through clinical development, seek regulatory approvals for our product candidates, engage in other research and development activities, expand our pipeline of product candidates, maintain and expand our intellectual property portfolio, seek regulatory and marketing approval for any product candidates that we may develop, acquire or in-license other assets or technologies, ultimately establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain marketing approval, and operate as a public company. In light of our current resources and the cost of development, we are continuing our process of evaluating our programs and spending. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials, our expenditures on other research and development and general and administrative activities, and the timing of achievement and receipt of upfront, milestones and other collaboration agreement payments.

Current wording

We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. We had a loss from operations of $59.5 million and a net loss of $77.0 million for the six months ended June 30, 2026. We had a loss from operations of $71.9 million and a net loss of $87.5 million for the six months ended June 30, 2025. Substantially all of our losses have resulted from expenses incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We cannot assure you that we will have net income or that we will generate positive cash flow from operating activities in the future. As of June 30, 2026, we had an accumulated deficit of $1,055.0 million. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, access, marketing, manufacturing and distribution. In light of our current resources and the cost of development, we are continuing our process of evaluating our programs and spending. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials, our expenditures on other research and development and general and administrative activities, and the timing of achievement and receipt of upfront, milestones and other collaboration agreement payments.

Previous wording

Our general and administrative expenses consist primarily of personnel costs, expenses for outside professional services, including legal, human resources, audit, accounting and tax services and allocated facilities and IT-related costs. Personnel costs include salaries, employee benefits and stock-based compensation. We expect to incur expenses operating as a public company, including expenses related to compliance with the rules and regulations of the SEC and listing standards applicable to companies listed on the Nasdaq Global Market, additional insurance expenses, investor relations activities and other administrative and professional services. We expect a reduction in general and administrative expenses as we strategically reprioritize our resources. However, over the longer term, we anticipate such expenses would increase as we advance our product candidates through clinical development and toward potential commercialization.

Current wording

Our general and administrative expenses consist primarily of personnel costs, expenses for outside professional services, including legal, human resources, audit, accounting and tax services and allocated facilities and IT-related costs. Personnel costs include salaries, employee benefits and stock-based compensation. We expect to incur expenses operating as a public company, including expenses related to compliance with the rules and regulations of the SEC and listing standards applicable to companies listed on the Nasdaq Global Market, additional insurance expenses, investor relations activities and other administrative and professional services.

Previous wording

In March 2025, we announced the March 2025 Restructuring Plan resulting in the prioritization of our three wholly-owned preclinical programs in our next-generation ADC pipeline. We also announced that we are deprioritizing additional investment into development of luvelta across all indications and are reducing headcount by nearly 50 percent. In September 2025, we announced a further reduction in our workforce of approximately one third of our remaining employees. In connection with these events, we reported clinical trial expenses and other third-party costs for the deprioritization of the luvelta program in "Restructuring and Related Costs" in our interim condensed Statements of Operations for the three months ended March 31, 2026.

Current wording

In March 2025, we announced the March 2025 Restructuring Plan resulting in the prioritization of our three wholly-owned preclinical programs in our next-generation ADC pipeline. We also announced that we are deprioritizing additional investment into development of luvelta across all indications and are reducing headcount by nearly 50 percent. In September 2025, we announced a further reduction in our workforce of approximately one third of our remaining employees. In connection with these events, we reported clinical trial expenses and other third-party costs for the deprioritization of the luvelta program in "Restructuring and Related Costs" in our interim condensed Statements of Operations.

Previous wording

Interest income decreased by $1.6 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, due primarily to lower average investment balances and lower average rates of return in 2026.

Current wording

Interest income decreased by $0.8 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, due primarily to lower average investment balances and lower average rates of return in 2026.

Previous wording

Non-cash interest expense increased by $0.1 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. Non-cash interest expense was recognized on our deferred royalty obligation related to the June 2023 sale of future Vaxcyte royalties pursuant to the Purchase Agreement, using the effective interest method based on the imputed interest rate derived from estimated amounts and timing of potential future royalty payments to be earned and received by Blackstone from Vaxcyte under the 2015 License Agreement.

Current wording

Non-cash interest expense increased by $0.2 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Non-cash interest expense was recognized on our deferred royalty obligation related to the June 2023 sale of future Vaxcyte royalties pursuant to the Purchase Agreement, using the effective interest method based on the imputed interest rate derived from estimated amounts and timing of potential future royalty payments to be earned and received by Blackstone from Vaxcyte under the 2015 License Agreement.

Previous wording

Interest and other income (expense), net, decreased by $0.3 million during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily due to the financing component related to the Astellas Agreement.

Current wording

Interest and other income (expense), net, decreased by $0.5 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, primarily due to the financing component related to the Astellas Agreement.

Previous wording

Total revenue decreased by $2.9 million, or 17%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. This was primarily due to a $2.4 million decrease from Astellas, of which $1.0 million related to ongoing performance on partially unsatisfied performance obligations under the Astellas Agreement, a $1.1 million decrease in research and development services and materials supply, and a $0.3 million decrease from the financing component under the Astellas Agreement. Additionally, Other revenue decreased by $0.3 million, primarily due to Ipsen’s decision in the second quarter of 2025 not to advance their partnership with us, and Vaxcyte revenue from research and development services decreased by $0.2 million.

Current wording

Total revenue decreased by $56.8 million, or 70%, during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. This was primarily due to a $56.4 million decrease from Ipsen, which included the derecognition of $53.2 million in deferred revenue as a result of Ipsen's strategic decision not to advance the STRO-003 program under its partnership with us and a $3.2 million decrease in research and development services and manufacturing activities supporting clinical trial supply. Revenue also decreased by $0.2 million from Vaxcyte, related to research and development services and materials supply, and $0.1 million from Astellas, of which $2.2 million related to ongoing performance on partially unsatisfied performance obligations and $0.6 million related to the financing component under the Astellas Agreement, partially offset by a $2.7 million increase in research and development services and materials supply.

Previous wording

Research and development expense decreased by $15.0 million, or 29%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The overall decrease was due primarily to decreases of $8.0 million in personnel-related expenses, $4.7 million in preclinical research and clinical development expenses, $3.5 million in laboratory supplies, $3.3 million in allocated facilities and IT-related expenses, and $2.1 million in outside services, partially offset by an increase of $6.9 million in technology transfer expenses primarily driven by a $7.1 million charge related to a negotiated resolution associated with a pre‑existing technology transfer cost‑sharing arrangement. Following the implementation of the March 2025 Restructuring Plan, we began reporting restructuring costs and other costs associated with the deprioritized luvelta program under "Restructuring and related costs" in our interim condensed financial statements.

Current wording

Research and development expense decreased by $21.7 million, or 24%, during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The overall decrease was due primarily to decreases of $13.7 million in personnel-related expenses, $6.5 million in allocated facilities and IT-related expenses, $6.2 million in laboratory supplies, $0.8 million in outside services, $0.7 million in preclinical research and clinical development expenses, $0.5 million in equipment and office-related expenses, and $0.1 million in travel-related expenses, partially offset by an increase of $6.9 million in technology transfer expenses primarily related to a negotiated resolution associated with a preexisting technology transfer cost‑sharing arrangement. Following the implementation of the Restructuring Plan, we began reporting restructuring costs and other costs associated with the deprioritized luvelta program under "Restructuring and related costs" in our interim condensed financial statements.

Previous wording

General and administrative expense decreased by $5.7 million, or 43%, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The overall decrease was due primarily to decreases of $3.4 million in personnel-related expenses, $2.0 million in outside services, $0.2 million in allocated facilities and IT-related expenses, and $0.1 million in travel-related expenses. Some general and administrative expenses previously recorded under this category are now reported under "Restructuring and related costs" in our interim condensed financial statements following the implementation of our Restructuring Plans.

Current wording

General and administrative expense decreased by $8.2 million, or 35%, during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The overall decrease was due primarily to decreases of $5.5 million in personnel-related expenses, $2.1 million in outside services, $0.3 million in allocated facilities-related expenses, $0.1 million in travel-related expenses, and $0.1 million in equipment and office-related expenses. Some general and administrative expenses previously recorded under this category are now reported under "Restructuring and related costs" in our interim condensed financial statements following the implementation of our Restructuring Plan.

Previous wording

To date, we have incurred significant net losses, and negative cash flows from operations. Our operations have been funded primarily by payments received from our collaborators, and net proceeds from equity sales, debt, sale of shares of Vaxcyte common stock, and a royalty monetization. As of March 31, 2026, we had cash, cash equivalents and marketable securities of $202.6 million, and an accumulated deficit of $1,016.4 million.

Current wording

To date, we have incurred significant net losses, and negative cash flows from operations. Our operations have been funded primarily by payments received from our collaborators, and net proceeds from equity sales, debt, sale of shares of Vaxcyte common stock, and a royalty monetization. As of June 30, 2026, we had cash, cash equivalents and marketable securities of $164.3 million, and an accumulated deficit of $1,055.0 million.

Previous wording

Cash used in operating activities for the three months ended March 31, 2026 was $42.3 million. Our net loss of $38.5 million included non-cash amounts of $9.5 million for non-cash interest expense on our deferred royalty obligation, $1.6 million for stock-based compensation, $1.3 million for depreciation and amortization, $1.2 million for non-cash lease expense, and $0.4 million for the accretion of discount on marketable securities. Cash used in operating activities also reflected a net change in operating assets and liabilities of $16.9 million, due to a decrease of $9.3 million in accrued compensation expense primarily due to bonuses paid in 2026 in connection with certain company 2025 goal achievements, an increase of $8.5 million in accounts receivable due primarily to the $10 million milestone payment to be received from Astellas, which was received in April 2026, a decrease of $2.5 million in accounts payable due to timing of payments, a decrease of $2.0 million in operating lease liabilities, a decrease of $2.0 million in deferred revenue resulting from revenue recognized under the Astellas Agreement, and an increase of $1.0 million in prepaid expenses and other assets due primarily to an increase in clinical trials activities for STRO-004, partially offset by an increase of $8.4 million in accrued expenses and other liabilities due primarily to an increase in technology transfer costs.

Current wording

Cash used in operating activities for the six months ended June 30, 2026 was $80.5 million. Our net loss of $77.0 million included non-cash amounts of $19.3 million for non-cash interest expense on our deferred royalty obligation, $3.6 million for stock-based compensation, $2.5 million for depreciation and amortization, $2.4 million for non-cash lease expense, and $0.9 million for the accretion of discount on marketable securities. Cash used in operating activities also reflected a net change in operating assets and liabilities of $30.7 million, due to a decrease of $8.5 million in accrued compensation expense primarily due to bonuses paid in 2026 in connection with certain company 2025 goal achievements, a decrease of $6.1 million in deferred revenue resulting from revenue recognized under the Astellas Agreement, a decrease of $4.9 million in operating lease liabilities, a decrease of $4.6 million in accrued expenses and other liabilities due primarily to a payment made to Vaxcyte partially offset by an increase in technology transfer costs, a decrease of $4.2 million in accounts payable due to timing of payments, an increase of $1.8 million in accounts receivable, and an increase of $0.6 million in prepaid expenses and other assets due primarily to an increase in clinical trials activities for STRO-004.

Previous wording

Cash used in operating activities for the three months ended March 31, 2025 was $67.9 million. Our net loss of $76.0 million included non-cash amounts of $9.3 million for non-cash interest expense on our deferred royalty obligation, $5.5 million for stock-based compensation, $1.9 million for depreciation and amortization, $1.4 million for non-cash lease expense, and $1.1 million for the accretion of discount on marketable securities. Cash used in operating activities also reflected a net change in operating assets and liabilities of $9.1 million, due to an increase of $4.9 million in accounts receivable primarily due to a $7.5 million receivable from Astellas for their initiation of an IND-enabling toxicology study for the first program in our collaboration with Astellas, which was partially offset by a decrease in accounts receivable from our other collaborators, a decrease of $4.7 million in deferred revenue primarily due to revenue recognized under the Astellas Agreement, a decrease of $1.7 million in our operating lease liability, and a decrease of $1.3 million in accrued compensation expense primarily due to bonuses paid in 2025 in connection with certain company 2024 goal achievements, which was partially offset by an increase in severance and benefits obligations under the Restructuring Plan. The decrease in operating assets and liabilities were partially offset by an increase of $3.7 million in accounts payable, accrued expenses and other liabilities due to timing of payments.

Current wording

Cash used in operating activities for the six months ended June 30, 2025 was $112.6 million. Our net loss of $87.5 million included non-cash amounts of $19.0 million for non-cash interest expense on our deferred royalty obligation, $10.8 million for stock-based compensation, $3.8 million for depreciation and amortization, $2.8 million for non-cash lease expense, and $2.1 million for the accretion of discount on marketable securities. Cash used in operating activities also reflected a net change in operating assets and liabilities of $59.7 million, due to a decrease of $63.4 million in deferred revenue resulting from Ipsen's strategic decision not to advance the STRO-003 program under its partnership with us, a decrease of $5.7 million in accounts payable due to timing of payments, a decrease of $3.6 million in operating lease liabilities, and a decrease of $1.1 million in accrued compensation primarily due to severance payments made under the Restructuring Plan, partially offset by an increase of $7.1 million in accrued expenses and other liabilities due primarily to increases in CMO restructuring costs as a result of the deprioritization of luvelta, and a decrease of $6.4 million in prepaid expenses and other assets due to a decrease in clinical trials and CMO-related activities as a result of the deprioritization of STRO-002.

Previous wording

Cash used in investing activities of $45.3 million for the three months ended March 31, 2026 was primarily related to purchases of marketable securities of $124.7 million, partially offset by maturities of marketable securities of $76.2 million, and sales of marketable securities of $3.2 million.

Current wording

Cash used in investing activities of $25.9 million for the six months ended June 30, 2026 was primarily related to purchases of marketable securities of $152.6 million, partially offset by maturities of marketable securities of $108.2 million, and sales of marketable securities of $18.4 million.

Previous wording

Cash used in investing activities of $16.3 million for the three months ended March 31, 2025 was primarily related to purchases of marketable securities of $142.4 million, and purchases of property and equipment of $1.2 million, principally for laboratory equipment, partially offset by maturities and sales of marketable securities of $127.3 million.

Current wording

Cash used in investing activities of $13.7 million for the six months ended June 30, 2025 was primarily related to purchases of marketable securities of $171.0 million, and purchases of property and equipment of $1.3 million, principally for laboratory equipment, partially offset by maturities of marketable securities of $135.7 million, and sales of marketable securities of $22.8 million.

Previous wording

Cash provided by financing activities of $103.1 million for the three months ended March 31, 2026 was primarily related to net proceeds from the sale of common stock in February 2026.

Current wording

Cash provided by financing activities of $102.7 million for the six months ended June 30, 2026 was primarily related to net proceeds from the sale of common stock in February 2026.

Previous wording

Cash provided by financing activities of $0.1 million for the three months ended March 31, 2025 was primarily related to $0.3 million of net proceeds received from participants in our employee equity plans, partially offset by a $0.2 million tax payment related to the net shares settlement of vested restricted stock units.

Current wording

Cash provided by financing activities for the six months ended June 30, 2025 was immaterial, primarily related to $0.2 million of net proceeds received from participants in our employee equity plans, partially offset by a $0.2 million tax payment related to the net shares settlement of vested restricted stock units.