Acrivon Therapeutics, Inc.

Previous wording

We are a clinical-stage biotechnology company discovering and developing precision medicines utilizing our proprietary Acrivon Predictive Precision Proteomics, or AP3, platform. The AP3 platform is driven by Generative Phosphoproteomics which is designed to allow us to quantify the global, drug-regulated compound-specific effects and pathway activity levels inside the intact cell in an unbiased manner. As such, all drug-regulated effects on the disease-driving, upregulated pathways and active proteins are revealed for each compound that we profile. The AP3 platform is comprised of a growing suite of powerful, internally developed tools, including the AP3 Interactome, the AP3 Kinase Substrate Relationship Predictor, or KaiSR, the AP3 Data Portal, designed to enable the conversion of multimodal data into structured data amenable for generative AI analyses, and the AP3 Chatbot. Through the combination of these distinctive tools and capabilities, the platform enables us to go beyond current AI target-centric drug discovery and to rapidly design highly differentiated compounds with high target specificity and optimal, desirable pathway effects on the intracellular signaling network to mechanistically address the underlying molecular cause of disease. The integrated analyses of our AP3-generated proprietary datasets through a unified computational interface enables streamlined transition from preclinical to the clinical phase, as exemplified by the development of ACR-2316. We apply these distinctive capabilities of AP3 for rational drug design optimization for monotherapy activity, the identification of drug combinations, novel target identification, the evaluation of potential in-licensing candidates, identification of potential mechanism based adverse events, and patient response prediction.

Current wording

We are a clinical-stage biotechnology company discovering and developing precision medicines utilizing our proprietary Acrivon Predictive Precision Proteomics, or AP3, platform. The AP3 platform is driven by Generative Phosphoproteomics, which is designed to allow us to quantify the global, drug-regulated compound-specific effects and pathway activity levels inside the intact cell in an unbiased manner. As such, all drug-regulated effects on the disease-driving, upregulated pathways and active proteins are revealed for each compound that we profile. The AP3 platform is comprised of a growing suite of powerful, internally developed tools, including the AP3 Interactome, the AP3 Kinase Substrate Relationship Predictor, or KaiSR, the AP3 Data Portal, designed to enable the conversion of multimodal data into structured data amenable for generative AI analyses, and the AP3 Chatbot. Through the combination of these distinctive tools and capabilities, the platform enables us to go beyond current AI target-centric drug discovery and to rapidly design highly differentiated compounds with high target specificity and optimal, desirable pathway effects on the intracellular signaling network to mechanistically address the underlying molecular cause of disease. The integrated analyses of our AP3-generated proprietary datasets through a unified computational interface enable streamlined transition from preclinical to the clinical phase, as exemplified by the development of ACR-2316. We apply these distinctive capabilities of AP3 for rational drug design optimization for monotherapy activity, the identification of drug combinations, novel target identification, the evaluation of potential in-licensing candidates, identification of potential mechanism based adverse events, and patient response prediction.

Previous wording

By applying our highly specific patient selection approach, and other AP3 applications, to drug development, we seek to both accelerate clinical development and significantly increase the probability of successful treatment outcomes for patients. Our pipeline includes our Phase 2b lead program, ACR-368, also known as prexasertib, a precision oncology asset in-licensed from Eli Lilly and Company, or Lilly, that targets CHK1 and CHK2, or CHK1/2. In past Lilly-sponsored trials, ACR-368 was dosed in more than 400 patients at the recommended Phase 2 dose, or RP2D, with reported deep, durable responses, including complete responses, or CRs, in a proportion of patients with solid tumors in past single center and multi-center Phase 2 clinical trials in tumor indications with high unmet need. ACR-368 also demonstrated a generally favorable safety and tolerability profile with primarily reversible hematological toxicity and very limited non-hematological adverse events.

Current wording

By applying our highly differentiated AP3 applications to drug discovery and development, we seek to both accelerate clinical development and significantly increase the probability of successful treatment outcomes for patients. Our pipeline includes our Phase 2b lead program, ACR-368, also known as prexasertib, a precision oncology asset in-licensed from Eli Lilly and Company, or Lilly, that targets CHK1 and CHK2, or CHK1/2. In past Lilly-sponsored trials, ACR-368 was dosed in more than 400 patients at the recommended Phase 2 dose, or RP2D, with reported deep, durable responses, including complete responses, or CRs, in a proportion of patients with solid tumors in past single center and multicenter Phase 2 clinical trials in tumor indications with high unmet need. ACR-368 also demonstrated a generally favorable safety and tolerability profile with primarily reversible hematological toxicity and very limited non-hematological adverse events.

Previous wording

While Lilly had explored ACR-368 in many solid tumor types in the above-mentioned studies, they never tested endometrial cancer, or EC. Using our AP3 platform we generated a protein-based tumor biopsy test, called OncoSignature, designed to prospectively predict treatment benefit of ACR-368 at an individual patient level. Using the OncoSignature for screening across routine-processed human tumor types (so-called “Indication Finding”) we identified EC as a tumor type which was predicted to be particularly sensitive to ACR-368. Based on this, we received clearance from the U.S. Food and Drug Administration, or FDA, for an Investigational New Drug, or IND, application to advance ACR-368 in Phase 2 single arm clinical trials in multiple tumor types including EC, conducted under the FDA program known as the master protocol, which was developed to help expedite drug development in multiple tumor types for drugs with an established RP2D within the same overall trial structure. Subjects in arm 1 of the ACR-368-201 study are stratified for treatment based on OncoSignature-positive, or BM+, predicted sensitivity to ACR-368, across multiple sites in the United States in this registrational-intent trial. Through the use of our OncoSignature test for prospective responder identification, we intend to significantly increase the overall response rate, or ORR, across tumor types sensitive to ACR-368.

Current wording

While Lilly had explored ACR-368 in many solid tumor types in the above-mentioned studies, they never tested endometrial cancer, or EC. Using our AP3 platform, we generated a protein-based tumor biopsy test, called OncoSignature, designed to prospectively predict treatment benefit of ACR-368 at an individual patient level. Using the OncoSignature for screening across routine processed human tumor types (“Indication Finding”) we identified EC as a tumor type which was predicted to be particularly sensitive to ACR-368. Based on this, we received clearance from the U.S. Food and Drug Administration, or FDA, for an Investigational New Drug, or IND, application to advance ACR-368 in Phase 2 single arm clinical trials in multiple tumor types including EC, conducted under the FDA program known as the master protocol, which was developed to help expedite drug development for drugs with an established RP2D within the same overall trial structure. Subjects in Arm 1 of the ACR-368-201 study are stratified for treatment based on OncoSignature-positive, or BM+, predicted sensitivity to ACR-368, across multiple sites in the United States in this registrational-intent trial.

Previous wording

Based on interim clinical data from the ACR-368-201 trial, we found that the ORR in Arm 1 or EC was 39%, and 44% in patients treated with ≤2 prior lines of therapy, or pLoT. Across pooled BM+ and OncoSignature-negative, or BM-, subjects with serous EC, ≤2 pLoT showed a confirmed ORR of 52%. Serous EC is a very high unmet need and extremely aggressive form of EC, contributing to ~50% of all EC mortality. Based on this finding, arms 3 and 4 have been added to the study. Arm 3 is investigating ACR-368 in serous EC subjects with up to two pLoT without the need for pre-treatment tumor biopsy or biomarker stratification (“a serous all comer”), and utilizes ultra-low dose gemcitabine, or ULDG, as a sensitizer. Arm 4 is investigating the same “serous all comer” subject group but treated just with single agent ACR-368 without ULDG.

Current wording

Based on interim clinical data from the ACR-368-201 trial, with a data cutoff of December 4, 2025, we observed that the ORR in Arm 1 of EC was 39%, and 44% in patients treated with ≤2 prior lines of therapy, or pLoT. Across pooled BM+ and OncoSignature-negative, or BM-, subjects with serous EC, ≤2 pLoT showed a confirmed ORR of 52%. Serous EC is a very high unmet need and extremely aggressive form of EC, contributing to ~50% of all EC mortality. Based on this finding, Arms 3 and 4 have been added to the study. Arm 3 is investigating ACR-368 in serous EC subjects with ≤2 pLoT without the need for pre-treatment tumor biopsy or biomarker stratification (“a serous all comer”), and utilizes ultra-low dose gemcitabine, or ULDG, as a sensitizer. Arm 4 is investigating the same “serous all comer” subject group but treated just with single agent ACR-368 without ULDG. A prespecified simultaneous interim analysis and data update from both all comer (biopsy-independent) serous EC arms of the ACR-368 Phase 2b study is expected in the second half of 2026.

Previous wording

We are also leveraging our proprietary Generative Phosphoproteomics AP3 precision medicine platform for streamlined drug discovery through AP3-based drug optimization in intact cells and co-crystallography and to develop our internally-discovered pipeline programs. These include ACR-2316, our second clinical-stage asset, which is a novel, selective, dual WEE1/PKMYT1 inhibitor designed specifically for enhanced therapeutic index by achieving superior single-agent activity through strong activation of not only CDK1 and CDK2 but also of PLK1 to drive pro-apoptotic cell death, as observed in preclinical studies against benchmark inhibitors, combined with exquisite selectivity.

Current wording

We are also leveraging our AP3 precision medicine platform for streamlined drug discovery through AP3-based drug optimization in intact cells and co-crystallography and to develop our internally discovered pipeline programs. These include ACR-2316, our second clinical-stage asset, which is a novel, selective, dual WEE1/PKMYT1 inhibitor designed specifically for an enhanced therapeutic index by achieving superior single-agent activity through strong activation of not only CDK1 and CDK2 but also of PLK1 to drive pro-apoptotic cell death, as observed in preclinical studies against benchmark inhibitors, combined with exquisite selectivity.

Previous wording

In addition, we are advancing ACR-6840, an internally discovered development candidate targeting CDK11, and other equally promising series. In preclinical studies, our CDK11 inhibitors result in potent, pro-apoptotic tumor cell death in aggressive AML cell lines and show complete tumor regressionin vivo. They potently downregulate MCL1, a major resistance mechanism in AML to BCL2 inhibitors, and, consistent with this, have shown synergy with BCL2 inhibitors.

Current wording

In addition, we are advancing internally discovered development candidates targeting CDK11. In preclinical studies, our CDK11 inhibitors result in potent, pro-apoptotic tumor cell death in aggressive AML cell lines and show complete tumor regressionin vivo. They potently downregulate MCL1, a major resistance mechanism in AML to BCL2 inhibitors, and, consistent with this, have shown synergy with BCL2 inhibitors.

Previous wording

Since our inception in 2018, we have devoted substantially all of our resources toward conducting discovery and research activities, organizing and staffing our company, business planning, acquiring and internally discovering drug candidates, establishing and protecting our intellectual property portfolio, developing and progressing ACR-368 and the ACR-368 OncoSignature, preparing for and conducting preclinical studies and clinical trials, establishing arrangements with third parties for the manufacture of ACR-368, the ACR-368 OncoSignature and component materials, establishing arrangements with third parties for the manufacture of ACR-2316, initiating a Phase 1/2 clinical trial for ACR-2316, and initiating IND enabling studies for ACR-6840, and advancing our internal co-crystallography-driven, AP3-enabled preclinical programs, conducting preclinical studies, as well as raising capital. We do not have any drug candidates approved for sale and have not generated any revenue from drug sales.

Current wording

Since our inception in 2018, we have devoted substantially all of our resources toward conducting discovery and research activities, organizing and staffing our company, business planning, acquiring and internally discovering drug candidates, establishing and protecting our intellectual property portfolio, developing and progressing ACR-368 and the ACR-368 OncoSignature, preparing for and conducting preclinical studies and clinical trials, establishing arrangements with third parties for the manufacture of ACR-368, the ACR-368 OncoSignature and component materials, establishing arrangements with third parties for the manufacture of ACR-2316, initiating a Phase 1/2 clinical trial for ACR-2316, and initiating IND enabling studies for candidates from our CDK11 program, and advancing our internal co-crystallography-driven, AP3-enabled preclinical programs, conducting preclinical studies, as well as raising capital. We do not have any drug candidates approved for sale and have not generated any revenue from drug sales.

Previous wording

Since inception, we have funded our operations primarily with proceeds from the sales of shares of our convertible preferred stock, the issuance of convertible notes, our initial public offering, or IPO, and concurrent private placement, and the April 2024 Private Placement. Upon the closing of our IPO on November 17, 2022, only common stock remains issued and outstanding. In addition, on April 8, 2024, we entered into a Private Investment in Public Equity, or PIPE, securities purchase agreement, or the PIPE Purchase Agreement, for the April 2024 Private Placement. Pursuant to the PIPE Purchase Agreement, we agreed to issue and sell to the PIPE investors an aggregate of (i) 8,235,000 shares of our common stock at a purchase price of $8.50 per share, and (ii) Pre-Funded Warrants to purchase up to an aggregate of 7,060,000 shares of our common stock at a purchase price of $8.499 per Pre-Funded Warrant, which represents the per share purchase price of our common stock less the $0.001 per share exercise price for each Pre-Funded Warrant. The April 2024 Private Placement closed on April 11, 2024, for aggregate net proceeds of $123.8 million, after deducting fees and expenses of $6.2 million. During the three months ended March 31, 2026, all Pre-Funded Warrants were exercised via cashless exercise. As of March 31, 2026, no Pre-Funded Warrants remained outstanding. In April 2026, a sale was made pursuant to the sales agreement with Cowen and Company, LLC, to provide for the issuance and sale of common stock from time to time in “at-the-market” offerings, or the ATM Program. We issued and sold to certain investors 4,054,954 shares of our common stock at a purchase price of $1.80 per share. The ATM Program sale closed for aggregate net proceeds of $7.3 million.

Current wording

Since inception, we have funded our operations primarily with proceeds from the sales of shares of our convertible preferred stock, the issuance of convertible notes, our initial public offering, or IPO, and concurrent private placement, the April 2024 Private Placement, which included pre-funded warrants, and “at-the-market” offerings, or the ATM Program. Upon the closing of our IPO on November 17, 2022, only common stock remains issued and outstanding. In April 2026, we issued and sold to certain investors 4,054,954 shares of our common stock at a purchase price of $1.80 per share through our ATM Program. The ATM Program sale closed for aggregate gross proceeds of approximately $7.3 million.

Previous wording

We have incurred recurring operating losses since inception. Our net losses for the three months ended March 31, 2026 and 2025 were $19.0 million and $19.7 million, respectively. As of March 31, 2026, we had an accumulated deficit of $293.9 million. These losses have resulted primarily from costs incurred in connection with research and development activities and general and administrative costs associated with our operations. We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future, particularly if and as we:

Current wording

We have incurred recurring operating losses since inception. Our net losses for the six months ended June 30, 2026 and 2025 were $37.0 million and $40.7 million, respectively. As of June 30, 2026, we had an accumulated deficit of $311.9 million. These losses have resulted primarily from costs incurred in connection with research and development activities and general and administrative costs associated with our operations. We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future, particularly if and as we:

Previous wording

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time that we can generate significant revenue from drug sales, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources, including potential collaborations with other companies or other strategic transactions. If we are unable to raise capital as needed, this could have a negative impact on our financial condition and ability to pursue our business strategies including requiring us to delay, reduce or eliminate drug development or future commercialization efforts. The amount and timing of our future funding requirements will depend on many factors including the successful advancement of ACR-368, the ACR-368 OncoSignature, ACR-2316, or any future drug candidates. Our ability to raise additional funds may also be adversely impacted by potential worsening global economic conditions, and disruptions to, and volatility in the credit and financial markets in the United States and worldwide, such as those resulting from conflicts in the Middle East and the war in Ukraine and the uncertainties related to international trade policies and tariffs. There can be no assurances that the current operating plan will be achieved or that additional funding will be available on terms acceptable to us, or at all.

Current wording

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 drug sales, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources, including potential collaborations with other companies or other strategic transactions. If we are unable to raise capital as needed, this could have a negative impact on our financial condition and ability to pursue our business strategies including requiring us to delay, reduce or eliminate drug development or future commercialization efforts. The amount and timing of our future funding requirements will depend on many factors including the successful advancement of ACR-368, the ACR-368 OncoSignature, ACR-2316, or any future drug candidates. We continue to prioritize investment in activities expected to generate the most significant near-term value, including completion of ongoing clinical studies and key data readouts. Certain discretionary development activities, including initiation of additional studies or earlier-stage programs, may be timed based on the availability of additional capital. Our ability to raise additional funds may also be adversely impacted by potential worsening global economic conditions, and disruptions to, and volatility in the credit and financial markets in the United States and worldwide, such as those resulting from conflicts in the Middle East and the war in Ukraine and the uncertainties related to international trade policies and tariffs. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to us, or at all.

Previous wording

As of March 31, 2026, we had cash, cash equivalents and investments of $97.7 million. We believe that our existing cash, cash equivalents and investments as of March 31, 2026, together with the net proceeds of $7.3 million raised from the ATM Program in April 2026, will enable us to fund our operating expenses and capital expenditure requirements into the third quarter of 2027. 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 the section titled “—Liquidity and Capital Resources.”

Current wording

As of June 30, 2026, we had cash, cash equivalents and investments of $90.0 million. We believe that our existing cash, cash equivalents and investments as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2027. 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 the section titled “—Liquidity and Capital Resources.”

Previous wording

costs related to manufacturing material for our clinical trials, including fees paid to clinical manufacturing organizations, or CMOs;

Current wording

costs related to manufacturing material for our clinical trials, including fees paid to contract manufacturing organizations, or CMOs;

Previous wording

costs related to the establishment of our CLIA laboratory;

Current wording

costs related to the establishment, certification, and continued operations of our CLIA laboratory;

Previous wording

The successful development of our ACR-368 and ACR-368 OncoSignature test, ACR-2316, or any other future drug candidates, is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development and manufacturing of ACR-368 and ACR-2316 and conduct discovery and research activities for our preclinical programs, including our CDK11 inhibitor program.

Current wording

The successful development of our ACR-368 and ACR-368 OncoSignature test, ACR-2316, or any other future drug candidates, is highly uncertain. We plan to maintain our research and development expenses for the foreseeable future as we continue the development and manufacturing of ACR-368 and ACR-2316 and conduct discovery and research activities for our preclinical programs, including our CDK11 inhibitor program. Upon additional funding, we plan to engage in additional discretionary development activities, including initiation of additional studies or earlier-stage programs.

Previous wording

whether our drug candidates show efficacy with an increased ORR through patient responder identification in our clinical trials;

Current wording

whether our drug candidates show sufficient efficacy in our clinical trials;

Previous wording

We anticipate that our general and administrative expenses will continue to increase in the future as we increase our headcount and services to support our continued research activities and development of our drug candidates. We also anticipate that we will continue to incur significant accounting, audit, legal, regulatory, compliance and director and officer insurance costs, as well as investor and public relations expenses associated with operating as a public company.

Current wording

We anticipate that our general and administrative expenses will be consistent as we support our continued research activities and development of our drug candidates. We also anticipate that we will continue to incur significant accounting, audit, legal, regulatory, compliance and director and officer insurance costs, as well as investor and public relations expenses associated with operating as a public company.

Previous wording

a $0.6 million net decrease in costs for the ACR-368 clinical trial and its related supporting activities; and

Current wording

a $1.4 million net decrease in costs for the ACR-368 clinical trial and its related supporting activities, primarily due to milestone achievements recognized in 2025 that did not recur in 2026; and

Previous wording

General and administrative expenses were $4.7 million for the three months ended March 31, 2026, compared to $6.2 million for the three months ended March 31, 2025. The decrease of $1.5 million was primarily due to a decrease in employee-related expenses including stock-based compensation expense.

Current wording

General and administrative expenses were $4.8 million for the three months ended June 30, 2026, compared to $6.5 million for the three months ended June 30, 2025. The decrease of $1.6 million was primarily due to a decrease of $1.4 million in employee-related expenses including stock-based compensation expense.

Previous wording

Total other income, net was $0.9 million for the three months ended March 31, 2026, compared to total other income, net of $2.0 million for the three months ended March 31, 2025. The change of $1.1 million is primarily attributable to a decrease in interest income and accretion earned on our investments.

Current wording

Total other income, net was $0.7 million for the three months ended June 30, 2026, compared to total other income, net of $1.6 million for the three months ended June 30, 2025. The change of $0.9 million is primarily attributable to a decrease in interest income and accretion earned on our investments.

Previous wording

Since our inception, we have not recognized any revenue and have incurred significant losses in each period and on an aggregate basis. We have not yet commercialized any drug candidates, and we do not expect to generate revenue from sales of any drug candidates or from other sources for several years, if at all. As of March 31, 2026, we had $97.7 million in cash, cash equivalents and investments, and we had an accumulated deficit of $293.9 million. We have funded our operations primarily with proceeds from the sales of shares of our convertible preferred stock, the issuance of convertible notes, our IPO and concurrent private placement, and our April 2024 Private Placement. We believe that our existing cash, cash equivalents and investments of $97.7 million as of March 31, 2026, together with the net proceeds of $7.3 million raised from the ATM Program in April 2026, will enable us to fund our operating expenses and capital expenditure requirements into the third quarter of 2027.

Current wording

Since our inception, we have not recognized any revenue and have incurred significant losses in each period and on an aggregate basis. We have not yet commercialized any drug candidates, and we do not expect to generate revenue from sales of any drug candidates or from other sources for several years, if at all. As of June 30, 2026, we had $90.0 million in cash, cash equivalents and investments, and we had an accumulated deficit of $311.9 million. We have funded our operations primarily with proceeds from the sales of shares of our convertible preferred stock, the issuance of convertible notes, our IPO and concurrent private placement, our April 2024 Private Placement, and our April 2026 ATM Program sale. We believe that our existing cash, cash equivalents and investments of $90.0 million as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2027.

Previous wording

Net cash used in operating activities was $20.5 million for the three months ended March 31, 2026, compared to net cash used in operating activities of $19.5 million for the three months ended March 31, 2025. The increase in net cash used in operating activities of $1.0 million was primarily driven by a decrease in non-cash stock-based compensation expense of $1.6 million, partially offset by a decrease in net loss of $0.7 million.

Current wording

Net cash used in operating activities was $35.4 million for the six months ended June 30, 2026, compared to net cash used in operating activities of $36.1 million for the six months ended June 30, 2025. The decrease in net cash used in operating activities of $0.7 million was primarily driven by a decrease in net loss of $3.7 million, partially offset by a decrease in non-cash stock-based compensation expense of $3.3 million.

Previous wording

Net cash provided by investing activities was $13.1 million for the three months ended March 31, 2026, resulting from $30.0 million in proceeds from maturities of investments, offset by purchases of investments of $16.9 million.

Current wording

Net cash provided by investing activities was $28.1 million for the six months ended June 30, 2026, resulting from $55.0 million in proceeds from maturities of investments, offset by purchases of investments of $26.8 million.

Previous wording

Net cash provided by investing activities was $19.2 million for the three months ended March 31, 2025, resulting from $39.5 million in proceeds from maturities of investments, offset by purchases of investments of $20.2 million and purchases of property and equipment of $0.1 million.

Current wording

Net cash provided by investing activities was $38.7 million for the six months ended June 30, 2025, resulting from $74.5 million in proceeds from maturities of investments, offset by purchases of investments of $35.3 million and purchases of property and equipment of $0.6 million.

Previous wording

Net cash used in financing activities was immaterial for the three months ended March 31, 2026, and resulted from payments for tax withholdings related to the vesting of restricted stock units.

Current wording

Net cash provided by financing activities was $7.2 million for the six months ended June 30, 2026, resulting from approximately $7.3 million in gross proceeds from the issuance of common stock under the ATM offering, offset by $0.1 million of payments for tax withholdings related to the vesting of restricted stock units, or RSUs.

Previous wording

Net cash used in financing activities was $0.3 million for the three months ended March 31, 2025, resulting from $0.3 million of payments for tax withholdings related to the vesting of restricted stock units.

Current wording

Net cash used in financing activities was $0.4 million for the six months ended June 30, 2025, resulting from $0.4 million of payments for tax withholdings related to the vesting of RSUs.

Previous wording

As of March 31, 2026, our cash, cash equivalents and investments were $97.7 million. We believe that our existing cash, cash equivalents and investments as of March 31, 2026, together with the net proceeds of $7.3 million raised from the ATM Program in April 2026, will enable us to fund our operating expenses and capital expenditure requirements into the third quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect.

Current wording

As of June 30, 2026, our cash, cash equivalents and investments were $90.0 million. We believe that our existing cash, cash equivalents and investments as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect.

Previous wording

Except as discussed in Note 12 to our unaudited condensed consolidated financial statements appearing elsewhere in this Quarterly Report, during the three months ended March 31, 2026, there were no material changes to our contractual obligations and commitments from those described in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 19, 2026.

Current wording

Except as discussed in Note 12 to our unaudited condensed consolidated financial statements appearing elsewhere in this Quarterly Report, during the six months ended June 30, 2026, there were no material changes to our contractual obligations and commitments from those described in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 19, 2026.

Previous wording

The JOBS Act provides that, among other things, an “emerging growth company” can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. As an emerging growth company, we have elected not to “opt out” of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for private companies on a case-by-case basis until such time that we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company. As a result, our consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies. We intend to rely on certain of the other exemptions and reduced reporting requirements provided by the JOBS Act. As an emerging growth company, we are not required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b), and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis).

Current wording

The JOBS Act provides that, among other things, an “emerging growth company” can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. As an emerging growth company, we have elected not to “opt out” of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for private companies on a case-by-case basis until such time as we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company. As a result, our consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies. We intend to rely on certain of the other exemptions and reduced reporting requirements provided by the JOBS Act. As an emerging growth company, we are not required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b), and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis).