Seaport Therapeutics, Inc.

Previous wording

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our final prospectus for our initial public offering ("IPO") filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”) on May 1, 2026 (the “IPO Prospectus”). References to the "Company," “Seaport,” "Seaport Therapeutics," “we,” “our,” “us,” or similar terms refer to Seaport Therapeutics, Inc. and its wholly owned subsidiaries, or either or all of them as the context may require. This discussion and analysis and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, strategies, objectives, expectations, intentions, and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. You should carefully read the sections entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.

Current wording

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our final prospectus for our initial public offering ("IPO") filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”) on May 1, 2026 (the “IPO Prospectus”). References to the "Company," “Seaport,” "Seaport Therapeutics," “we,” “our,” “us,” or similar terms refer to Seaport Therapeutics, Inc. and its wholly owned subsidiaries, or either or all of them as the context may require. This discussion and analysis and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, strategies, objectives, expectations, intentions, and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. You should carefully read the sections entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.

Previous wording

Our lead product candidate, GlyphAllo ("Glyph Allopregnanolone"), is a novel, Glyphed oral prodrug of allopregnanolone, an endogenous molecule that has been clinically validated in two third-party trials in the United States for the treatment of postpartum depression, or PPD, a form of major depressive disorder, or MDD, as a rapidly acting antidepressant with anxiolytic and sleep-promoting effects. We have initiated the Phase 2b BUOY-1 trial in patients with MDD with or without anxious distress and anticipate topline data in the first half of 2027. We continue to advance a Phase 1 driving simulation trial of GlyphAllo, with topline data expected in the second half of 2026, in advance of the expected topline readout of the BUOY-1 trial.

Current wording

Our lead product candidate, GlyphAllo™ ("Glyph Allopregnanolone"), is a novel, Glyphed oral prodrug of allopregnanolone, an endogenous molecule that has been clinically validated in two third-party trials in the United States for the treatment of postpartum depression, or PPD, a form of major depressive disorder, or MDD, as a rapidly acting antidepressant with anxiolytic and sleep-promoting effects. We have initiated the Phase 2b BUOY-1 trial in patients with MDD with or without anxious distress and anticipate topline data in the first half of 2027. In September 2026, we reported positive topline data from a Phase 1 driving simulation trial, showing that evening dosing of GlyphAllo did not impair next-morning driving performance compared to placebo.

Previous wording

Our second product candidate, GlyphAgo ("Glyph Agomelatine"), is a novel, Glyphed oral prodrug of agomelatine, a clinically validated anxiolytic and antidepressant that is approved for the treatment of generalized anxiety disorder, or GAD, in Australia and MDD in Australia and the European Union, or EU. In April 2026, we reported topline data from the single-ascending dose, or SAD, and crossover portions of our Phase 1 proof-of-concept clinical trial for GlyphAgo. In the head-to-head crossover portion of the trial, GlyphAgo demonstrated a 6.8-fold increase in bioavailability of agomelatine compared to unmodified orally administered agomelatine, and showed significantly lower (10-fold) pharmacokinetic variability compared to unmodified agomelatine. In the SAD portion of the trial, GlyphAgo demonstrated a 9.6 to 14.5-fold increase in dose-normalized exposure compared to agomelatine. GlyphAgo was well-tolerated and no liver-related adverse events were observed. In June 2026, we reported topline data from the multiple-ascending dose, or MAD, portion of the trial, which showed that seven-day dosing of GlyphAgo achieved therapeutic exposures of agomelatine at doses projected to avoid liver enzyme elevations and reduce or eliminate the need for liver function testing, and demonstrated favorable safety and tolerability, with no liver-related adverse events observed. We plan to initiate a Phase 2a proof-of-pharmacology trial designed to evaluate the potential sleep benefit of GlyphAgo in patients with GAD and sleep disturbance in the second half of 2026, with topline data expected in early 2028 and, in parallel, initiate a Phase 2b trial designed to evaluate the efficacy and safety of GlyphAgo in patients with GAD in the first half of 2027, with topline data expected by the end of 2028.

Current wording

Our second product candidate, GlyphAgo™ ("Glyph Agomelatine"), is a novel, Glyphed oral prodrug of agomelatine, a clinically validated anxiolytic and antidepressant that is approved for the treatment of generalized anxiety disorder, or GAD, in Australia and MDD in Australia and the European Union, or EU. In April 2026, we reported topline data from the single-ascending dose, or SAD, and crossover portions of our Phase 1 proof-of-concept clinical trial for GlyphAgo. In the head-to-head crossover portion of the trial, GlyphAgo demonstrated a 6.8-fold increase in bioavailability of agomelatine compared to unmodified orally administered agomelatine, and showed significantly lower (10-fold) pharmacokinetic variability compared to unmodified agomelatine. In the SAD portion of the trial, GlyphAgo demonstrated a 9.6 to 14.5-fold increase in dose-normalized exposure compared to agomelatine. GlyphAgo was well-tolerated and no liver-related adverse events were observed. In June 2026, we reported topline data from the multiple-ascending dose, or MAD, portion of the trial, which showed that seven-day dosing of GlyphAgo achieved therapeutic exposures of agomelatine at doses projected to avoid liver enzyme elevations and reduce or eliminate the need for liver function testing, and demonstrated favorable safety and tolerability, with no liver-related adverse events observed. In October 2026, we announced that we had dosed the first patient in a Phase 2a proof-of-pharmacology trial designed to evaluate the effects of GlyphAgo on sleep and anxiety symptoms in patients with GAD and sleep disturbance. We expect topline data from this Phase 2a trial in early 2028. In parallel, we expect to initiate a Phase 2/3 trial designed to evaluate the efficacy and safety of GlyphAgo in patients with GAD in the first half of 2027, with topline data expected by the end of 2028.

Previous wording

We are also advancing Glyph2BLSD (Glyph 2-bromo-LSD), a novel, Glyphed oral prodrug of the non-hallucinogenic LSD analog 2-bromo-LSD, in preclinical studies for neuropsychiatric and headache disorders with significant unmet need.

Current wording

We are also advancing Glyph2BLSD™ (Glyph 2-bromo-LSD), a novel, Glyphed oral prodrug of the non-hallucinogenic LSD analog 2-bromo-LSD, in nonclinical studies for neuropsychiatric and headache disorders with significant unmet need. We expect to complete first-in-human-enabling studies for Glyph2BLSD by year-end 2027.

Previous wording

We have devoted substantially all of our efforts to organizing and staffing our company, business planning, capital raising, research and development activities, building and strengthening our intellectual property portfolio, and providing general and administrative support for these operations. We have funded our operations with proceeds from the issuance and sale of convertible preferred stock, including the $100.1 million gross proceeds we received in April 2024 from our Series A-2 Financing and the $226.0 million gross proceeds we received in October 2024 from our Series B Financing. During the second quarter of 2026, we completed our IPO, in which we sold an aggregate 14,446,658 shares of our common stock at a public offering price of $18.00 per share, resulting in aggregate net proceeds of approximately $238.4 million, after deducting underwriting discounts, commissions and other offering expenses.

Current wording

We have devoted substantially all of our efforts to organizing and staffing our company, business planning, capital raising, research and development activities, building and strengthening our intellectual property portfolio, and providing general and administrative support for these operations. We have funded our operations with proceeds from the issuance and sale of convertible preferred stock, including the $100.1 million gross proceeds we received in April 2024 from our Series A-2 Financing and the $226.0 million gross proceeds we received in October 2024 from the issuance and sale of our Series B convertible preferred stock, or the Series B Financing. During the second quarter of 2026, we completed our IPO, in which we sold an aggregate of 14,446,658 shares of our common stock at a public offering price of $18.00 per share, resulting in aggregate net proceeds of approximately $238.4 million, after deducting underwriting discounts, commissions and other offering expenses.

Previous wording

We have incurred significant operating losses since the inception of our business and expect to continue to generate operating losses for the foreseeable future, and expect that our expenses and operating losses will continue to increase substantially. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend on the successful development and eventual commercialization of any product candidates we may develop. During the six months ended June 30, 2026 and 2025, we had a net loss of $88.0 million and $28.2 million, respectively. As of June 30, 2026, we had an accumulated deficit of $202.1 million. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies and planned clinical trials and our expenditures on other research and development activities.

Current wording

We have incurred significant operating losses since the inception of our business and expect to continue to generate operating losses for the foreseeable future, and expect that our expenses and operating losses will continue to increase substantially. Our ability to generate product revenue sufficient to achieve profitability, if ever, will depend on the successful development and eventual commercialization of any product candidates we may develop. During the nine months ended September 30, 2026 and 2025, we had a net loss of $114.4 million and $50.7 million, respectively. As of September 30, 2026, we had an accumulated deficit of $228.5 million. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our nonclinical studies and planned clinical trials and our expenditures on other research and development activities.

Previous wording

As of June 30, 2026, we had cash, cash equivalents and investments of $427.3 million. Based on our current operating plans, we believe that our existing cash, cash equivalents and investments will be sufficient to fund our operating expenses and capital expenditure requirements into 2029.

Current wording

As of September 30, 2026, we had cash, cash equivalents and investments of $403.8 million. Based on our current operating plans, we believe that our existing cash, cash equivalents and investments will be sufficient to fund our operating expenses and capital expenditure requirements into 2029.

Previous wording

Research and development, or R&D, expenses consist primarily of costs incurred in connection with the discovery, non-clinical development, and clinical development of our lead product candidates and potential future product candidates. R&D expenses include direct costs specifically attributable to our programs including external fees to conduct certain clinical and non-clinical research and development activities, preclinical and early discovery assets, such as costs paid to contract research and manufacturing organizations, consulting fees, laboratory services and supplies, and costs incurred in connection with the Monash License Agreement, as well as indirect costs that are not directly attributable to a specific program such as personnel related expenses, including stock-based compensation, facility expenses, depreciation, and information technology costs.

Current wording

Research and development, or R&D, expenses consist primarily of costs incurred in connection with the discovery, non-clinical development, and clinical development of our lead product candidates and potential future product candidates. R&D expenses include direct costs specifically attributable to our programs including external fees to conduct certain clinical and non-clinical research and development activities, nonclinical and early discovery assets, such as costs paid to contract research and manufacturing organizations, consulting fees, laboratory services and supplies, and costs incurred in connection with the Monash License Agreement, as well as indirect costs that are not directly attributable to a specific program such as personnel related expenses, including stock-based compensation, facility expenses, depreciation, and information technology costs.

Previous wording

Due to the inherently unpredictable nature of preclinical and clinical development, we do not allocate all of our internal research and development expenses on a program-by-program basis as these expenses primarily relate to personnel and other overhead costs that are deployed across multiple programs under development. Our research and development expenses also include external costs, which we do track on a program-by-program basis following the program’s nomination as a product candidate. We began tracking such external costs upon the nomination for GlyphAllo in 2020, GlyphAgo in 2023, and Glyph2BLSD in 2024.

Current wording

Due to the inherently unpredictable nature of nonclinical and clinical development, we do not allocate all of our internal research and development expenses on a program-by-program basis as these expenses primarily relate to personnel and other overhead costs that are deployed across multiple programs under development. Our research and development expenses also include external costs, which we do track on a program-by-program basis following the program’s nomination as a product candidate. We began tracking such external costs upon the nomination for GlyphAllo in 2020, GlyphAgo in 2023, and Glyph2BLSD in 2024.

Previous wording

Research and development expenses increased by $11.2 million from $13.4 million for the three months ended June 30, 2025 to $24.6 million for the three months ended June 30, 2026. The increase in research and development expenses was primarily attributable to:

Current wording

Research and development expenses increased by $3.4 million from $20.5 million for the three months ended September 30, 2025 to $23.9 million for the three months ended September 30, 2026. The increase in research and development expenses was primarily attributable to:

Previous wording

$8.0 million of increased costs associated with our lead program GlyphAllo, which was primarily due to the advancement of our Phase 2b BUOY-1 trial which commenced in July 2025 and other supporting clinical studies;

Current wording

$2.5 million of increased costs associated with our lead program GlyphAllo, which was primarily due to the advancement of our Phase 2b BUOY-1 trial which commenced in July 2025 and other supporting clinical studies;

Previous wording

$0.4 million of increased costs associated with advancing our preclinical and early discovery assets;

Current wording

$0.9 million of increased costs associated with advancing our nonclinical and early discovery assets;

Previous wording

$0.7 million of increased costs associated with employee compensation primarily due to increased headcount to support our research and development operations and salary adjustments; and

Current wording

$0.5 million of increased costs associated with employee compensation primarily due to increased headcount to support our research and development operations and salary adjustments; and

Previous wording

$34.8 million of increased costs associated with non-cash stock-based compensation primarily due to fully vested awards issued and awards accelerated upon the successful completion of the IPO, as described in previous SEC filings, and additional equity grants issued under our 2024 and 2026 Equity Plans;

Current wording

$0.3 million of increased costs associated with non-cash stock-based compensation primarily due to additional equity grants issued under our 2024 and 2026 Equity Plans;

Previous wording

$0.2 million of decreased costs associated with our Glyph2BLSD program due to timing of our development activities.

Current wording

$(0.1) million of decreased costs associated with our Glyph2BLSD program due to timing of our development activities;

Previous wording

General and administrative expenses increased by $36.1 million from $5.1 million for the three months ended June 30, 2025 to $41.2 million for the three months ended June 30, 2026. The increase in general and administrative expenses was primarily attributable to:

Current wording

General and administrative expenses increased by $1.5 million from $5.0 million for the three months ended September 30, 2025 to $6.5 million for the three months ended September 30, 2026. The increase in general and administrative expenses was primarily attributable to:

Previous wording

$0.1 million of increased employee compensation due to salary adjustments.

Current wording

$0.3 million of increased employee compensation due to increased headcount and salary adjustments;

Previous wording

$0.9 million of increased professional fees primarily due to higher audit, legal, and consulting fees as a result of operating as a public company;

Current wording

$0.4 million of increased professional fees primarily due to higher audit, legal, and consulting fees as a result of operating as a public company; and

Previous wording

$0.3 million of increased facilities, depreciation, IT, and other costs primarily due to increased public company directors and officers insurance costs; and

Current wording

$0.4 million of increased facilities, depreciation, IT, and other costs primarily due to increased public company directors and officers insurance costs.

Previous wording

Other income, net, decreased by $0.1 million from $3.5 million for the three months ended June 30, 2025 to $3.5 million for the three months ended June 30, 2026. The decrease in other income, net was primarily attributed to an increase in interest income on our investments and cash equivalents due to the investment of funds received from our IPO in May 2026, offset by a decrease in our research and development tax credit from our qualifying research and development spend in Australia.

Current wording

Other income, net, increased by $1.1 million from $3.0 million for the three months ended September 30, 2025 to $4.1 million for the three months ended September 30, 2026. The increase in other income, net was primarily attributed to an increase in interest income on our investments and cash equivalents due to the investment of funds received from our IPO in May 2026.

Previous wording

Income tax provision increased by $0.6 million from $0.2 million for the six months ended June 30, 2025 to $0.8 million for the six months ended June 30, 2026. The increase in the income tax provision was attributed to foreign income taxes related to our Australian subsidiary primarily as a result of our research and development tax credit and transfer pricing agreement with Seaport Therapeutics, Inc.

Current wording

Income tax provision increased $32 thousand for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase in the income tax provision was attributed to foreign income taxes related to our Australian subsidiary primarily as a result of our research and development tax credit and transfer pricing agreement with Seaport Therapeutics, Inc.

Previous wording

Research and development expenses increased by $22.1 million from $23.9 million for the six months ended June 30, 2025 to $46.0 million for the six months ended June 30, 2026. The increase in research and development expenses was primarily attributable to:

Current wording

Research and development expenses increased by $25.5 million from $44.4 million for the nine months ended September 30, 2025 to $69.9 million for the nine months ended September 30, 2026. The increase in research and development expenses was primarily attributable to:

Previous wording

$13.0 million of increased costs associated with our lead program GlyphAllo, which was primarily due to advancement of our Phase 2b BUOY-1 trial which commenced in July 2025 and other supporting clinical studies;

Current wording

$15.5 million of increased costs associated with our lead program GlyphAllo, which was primarily due to advancement of our Phase 2b BUOY-1 trial which commenced in July 2025 and other supporting clinical studies;

Previous wording

$1.5 million of increased costs associated with our GlyphAgo program, which was primarily due to our Phase 1 trial, for which we announced dosing of the first participant in September 2025 and completed the study in the second quarter of 2026, and other development activities as we advance the program;

Current wording

$5.2 million of increased costs associated with our GlyphAgo program, which was primarily due to the completion of our Phase 1 trial, commencement of our Phase 2a trial, and other development activities as we advance the program;

Previous wording

$0.6 million of increased costs associated with advancing our preclinical and early discovery assets;

Current wording

$1.4 million of increased costs associated with advancing our nonclinical and early discovery assets;

Previous wording

$1.8 million of increased costs associated with employee compensation primarily due to increased headcount to support our research and development operations and salary adjustments; and

Current wording

$2.2 million of increased costs associated with employee compensation primarily due to increased headcount to support our research and development operations and salary adjustments;

Previous wording

$0.1 million of increased costs associated with our Glyph2BLSD program due to timing of our development activities;

Current wording

$0.3 million of decreased costs associated with our Glyph2BLSD program due to timing of our development activities.

Previous wording

General and administrative expenses increased by $36.6 million from $10.7 million for the six months ended June 30, 2025 to $47.3 million for the six months ended June 30, 2026. The increase in general and administrative expenses was primarily attributable to:

Current wording

General and administrative expenses increased by $38.1 million from $15.7 million for the nine months ended September 30, 2025 to $53.8 million for the nine months ended September 30, 2026. The increase in general and administrative expenses was primarily attributable to:

Previous wording

$35.4 million of increased costs associated with non-cash stock-based compensation costs primarily due to fully vested awards issued and awards accelerated upon the successful completion of the IPO, as described in previous SEC filings, and additional equity grants issued under our 2024 and 2026 Equity Plans;

Current wording

$35.7 million of increased costs associated with non-cash stock-based compensation costs primarily due to fully vested awards issued and awards accelerated upon the successful completion of the IPO, as described in previous SEC filings, and additional equity grants issued under our 2024 and 2026 Equity Plans;

Previous wording

$0.7 million of increased employee compensation due to salary adjustments;

Current wording

$1.0 million of increased employee compensation due to increased headcount and salary adjustments;

Previous wording

$0.3 million of increased facilities, depreciation, IT, and other costs primarily due to increased public company directors and officers insurance costs; and

Current wording

$0.7 million of increased facilities, depreciation, IT, and other costs primarily due to increased public company directors and officers insurance costs; and

Previous wording

$0.2 million of increased professional fees primarily due to higher audit, consulting, and board of director fees as a result of operating as a public company.

Current wording

$0.6 million of increased professional fees primarily due to higher audit, consulting, and board of director fees as a result of operating as a public company.

Previous wording

Other income, net decreased by $0.5 million from $6.6 million for the six months ended June 30, 2025 to $6.1 million for the six months ended June 30, 2026. The decrease in other income, net was primarily attributed to decrease in interest income on our investments and cash equivalents due to the amount of funds invested in interest bearing accounts, offset by an increase in our research and development tax credit as a result of qualifying research and development spend in Australia.

Current wording

Other income, net increased by $0.6 million from $9.6 million for the nine months ended September 30, 2025 to $10.2 million for the nine months ended September 30, 2026. The increase in other income, net was primarily attributed to an increase in interest income on our investments and cash equivalents due to the investment of funds received from our IPO in May 2026.

Previous wording

Income tax provision increased by $0.1 million from $0.1 million for the three months ended June 30, 2025 to $0.3 million for the three months ended June 30, 2026. The increase in the income tax provision was attributed to foreign income taxes related to our Australian subsidiary primarily as a result of our research and development tax credit and transfer pricing agreement with Seaport Therapeutics, Inc.

Current wording

Income tax provision increased by $0.6 million from $0.3 million for the nine months ended September 30, 2025 to $0.9 million for the nine months ended September 30, 2026. The increase in the income tax provision was attributed to foreign income taxes related to our Australian subsidiary primarily as a result of our research and development tax credit and transfer pricing agreement with Seaport Therapeutics, Inc.

Previous wording

Since our inception, we have incurred significant operating losses. During the six months ended June 30, 2026 and 2025, we had a net loss of $88.0 million and $28.2 million, respectively. As of June 30, 2026, we had an accumulated deficit of $202.1 million. We have not generated any revenue from product sales and we do not expect to generate revenue from sales of products in the near term, if at all. We expect to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates into and through clinical development and as we continue to develop additional product candidates. As such, we expect our research and development and general and administrative costs to continue to increase significantly, including the costs associated with operating as a public company.

Current wording

Since our inception, we have incurred significant operating losses. During the nine months ended September 30, 2026 and 2025, we had a net loss of $114.4 million and $50.7 million, respectively. As of September 30, 2026, we had an accumulated deficit of $228.5 million. We have not generated any revenue from product sales and we do not expect to generate revenue from sales of products in the near term, if at all. We expect to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates into and through clinical development and as we continue to develop additional product candidates. As such, we expect our research and development and general and administrative costs to continue to increase significantly, including the costs associated with operating as a public company.

Previous wording

To date we have funded our operations with the aggregate gross proceeds of $326.1 million from the Series A and Series B Financings and aggregate net proceeds of $238.4 million from the sale of shares of common stock in our IPO, after deducting underwriting discounts, commissions and other offering expenses. As of June 30, 2026, we had cash, cash equivalents and investments of $427.3 million. Based on our current operating plans, we believe that our existing cash, cash equivalents and investments will be sufficient to fund our operating expenses and capital expenditure requirements into 2029.

Current wording

To date we have funded our operations with the aggregate gross proceeds of $326.1 million from the Series A and Series B Financings and aggregate net proceeds of $238.4 million from the sale of shares of common stock in our IPO, after deducting underwriting discounts, commissions and other offering expenses. As of September 30, 2026, we had cash, cash equivalents and investments of $403.8 million. Based on our current operating plans, we believe that our existing cash, cash equivalents and investments will be sufficient to fund our operating expenses and capital expenditure requirements into 2029.

Previous wording

The following table provides information regarding our cash flows for the period presented (in thousands):

Current wording

The following table provides information regarding our cash flows for the periods presented (in thousands):

Previous wording

Net cash used in operating activities was $46.3 million for the six months ended June 30, 2026 and $35.5 million for the six months ended June 30, 2025, respectively. Cash used in operating activities increased by $10.8 million due to an increase in our operating expenses for the six months ended June 30, 2026, offset by changes in operating assets and liabilities including an increase in our accounts payables balance due to timing of payments.

Current wording

Net cash used in operating activities was $69.0 million for the nine months ended September 30, 2026 and $51.3 million for the nine months ended September 30, 2025. Cash used in operating activities increased by $17.7 million due to an increase in our operating expenses for the nine months ended September 30, 2026, offset by changes in operating assets and liabilities including an increase in our accounts payable balance due to timing of payments.

Previous wording

Net cash used in investing activities was $175.7 million for the six months ended June 30, 2026, compared to $227.0 million for the six months ended June 30, 2025. Cash used in investing activities decreased by $51.3 million, driven by lower purchases of U.S. Treasury securities for the six months ended June 30, 2026, as the amount of IPO net proceeds invested was less than our initial investment purchases for the six months ended June 30, 2025. The decrease also reflects higher maturities of investments for the six months ended June 30, 2026, the proceeds of which were used to fund operations.

Current wording

Net cash used in investing activities was $155.5 million for the nine months ended September 30, 2026, compared to $211.9 million for the nine months ended September 30, 2025. Cash used in investing activities decreased by $56.4 million, driven by lower purchases of U.S. Treasury securities for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to the timing of when cash was invested from our related financings. The cash flows from the purchases of U.S. Treasury securities were offset by an increase in the cash flows provided from the maturities of our investments for the nine months ended September 30, 2026 as compared to nine months ended September 30, 2025, the proceeds of which were used to fund operations.

Previous wording

Net cash provided by financing activities was $240.1 million for the six months ended June 30, 2026, primarily consisting of net proceeds from our IPO. There were no cash flows from financing activities for the six months ended June 30, 2025.

Current wording

Net cash provided by financing activities was $240.0 million for the nine months ended September 30, 2026, primarily consisting of net proceeds from our IPO. Cash flows from financing activities for the nine months ended September 30, 2025 were de minimis.