BioAge Labs, Inc.

Previous 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 the related notes and other financial information included elsewhere in this Quarterly Report and with our audited financial statements and the notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2026. This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, 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 the section titled “Risk Factors” and elsewhere in this Quarterly Report. You should carefully read the section titled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled “Special Note Regarding 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 the related notes and other financial information included elsewhere in this Quarterly Report and with our audited financial statements and the notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 24, 2026. This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, 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 the section titled “Risk Factors” and elsewhere in this Quarterly Report. You should carefully read the section titled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled “Special Note Regarding Forward-Looking Statements.”

Previous wording

Our lead program, BGE-102, is a potent, orally bioavailable, brain-penetrant small-molecule NLRP3 inhibitor being developed for diseases driven by inflammation including retinal diseases such as diabetic macular edema (DME). BGE-102 has a distinct mechanism and binding site from other NLRP3 inhibitors in development with issued patents covering both composition of matter and claims for the unique binding site. We are actively evaluating additional indications where NLRP3 inhibition may deliver meaningful benefit.

Current wording

Our lead program, BGE-102, is a potent, orally bioavailable, brain-penetrant small-molecule NLRP3 inhibitor being developed for diseases driven by inflammation including diabetic macular edema (DME) and cardiovascular risk. BGE-102 has a distinct mechanism and binding site from other NLRP3 inhibitors in development with issued patents covering both composition of matter and claims for the unique binding site. We are actively evaluating additional indications where NLRP3 inhibition may deliver meaningful benefit.

Previous wording

In April 2026, we reported results from the full Phase 1 Single Ascending Dose (SAD) / Multiple Ascending Dose (MAD) clinical trial of BGE-102, including two cohorts of participants with obesity and elevated inflammatory markers such as high-sensitivity C-reactive protein (hsCRP) (60 mg dosed once daily for 21 days and 120 mg dosed for 14 days), demonstrating potential best-in-class reductions in hsCRP and consistent reductions across multiple inflammatory biomarkers with a favorable tolerability profile. BGE-102 was well tolerated across all dose levels evaluated; all treatment-emergent adverse events were mild to moderate and self-limited, with no dose dependency, no serious adverse events, no discontinuations due to adverse events, and no clinically meaningful changes in vital signs, electrocardiograms, or laboratory values. BGE-102 demonstrated rapid, profound, and sustained hsCRP reductions at both evaluated dose levels in participants with obesity and elevated baseline hsCRP. At 60 mg once daily for 21 days, BGE-102 achieved an 86% median reduction in hsCRP at Day 21, with 87% of participants on active treatment (13/15) achieving hsCRP below 2 mg/L and 60% (9/15) reaching hsCRP at or below 1 mg/L. At 120 mg once daily for 14 days, BGE-102 demonstrated an 86% median reduction in hsCRP at Day 14, with 93% of participants on active treatment (13/14) achieving hsCRP levels below 2 mg/L and 71% (10/14) reaching hsCRP at or below 1 mg/L. BGE-102 also produced consistent reductions in IL-6 (55–78% at 60 mg and 58–69% at 120 mg), fibrinogen (19–23% at 60 mg and 24–30% at 120 mg), and achieved up to 98% suppression of IL-1β at trough in an ex vivo whole-blood assay.

Current wording

In April 2026, we reported results from the full Phase 1 Single Ascending Dose (SAD) / Multiple Ascending Dose (MAD) clinical trial of BGE-102, including two cohorts of participants with obesity and elevated inflammatory markers such as high-sensitivity C-reactive protein (hsCRP) (60 mg dosed once daily for 21 days and 120 mg dosed for 14 days), demonstrating potential best-in-class reductions in hsCRP and consistent reductions across multiple inflammatory biomarkers with a favorable tolerability profile. BGE-102 achieved up to 98% suppression of IL-1β at trough in an ex vivo whole-blood assay, was well tolerated across all dose levels evaluated; all treatment-emergent adverse events were mild to moderate and self-limited, with no dose dependency, no serious adverse events, no discontinuations due to adverse events, and no clinically meaningful changes in vital signs, electrocardiograms, or laboratory values. BGE-102 demonstrated rapid, profound, and sustained hsCRP reductions at both evaluated dose levels in participants with obesity and elevated baseline hsCRP. At 60 mg once daily for 21 days, BGE-102 achieved an 86% median reduction in hsCRP at Day 21, with 87% of participants on active treatment (13/15) achieving hsCRP below 2 mg/L and 60% (9/15) reaching hsCRP at or below 1 mg/L. At 120 mg once daily for 14 days, BGE-102 demonstrated an 86% median reduction in hsCRP at Day 14, with 93% of participants on active treatment (13/14) achieving hsCRP levels below 2 mg/L and 71% (10/14) reaching hsCRP at or below 1 mg/L. BGE-102 also produced consistent reductions in IL-6 (55–78% at 60 mg and 58–69% at 120 mg), fibrinogen (19–23% at 60 mg and 24–30% at 120 mg).

Previous wording

In June 2026, we dosed the first participant in QUELL-CV, a randomized, double-blind, placebo-controlled, Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102, measuring inflammatory and cardiometabolic biomarkers. QUELL-CV is enrolling approximately 160 adults with obesity and baseline inflammation at elevated cardiovascular risk (hsCRP >3 mg/L), randomized to placebo or BGE-102 at 30 mg, 60 mg, or 90 mg administered orally once daily (~40 participants per arm) for 12 weeks. The primary endpoint is percent change from baseline in hsCRP, a pharmacodynamic measure of NLRP3 pathway inhibition, and the trial is designed to characterize the dose-response relationship for BGE-102 and to support dose selection for further development. We anticipate reporting topline data from QUELL-CV in the second half of 2026.

Current wording

In June 2026, we dosed the first participant in QUELL-CV, a randomized, double-blind, placebo-controlled, Phase 2 dose-ranging proof-of-concept trial evaluating BGE-102, measuring inflammatory and cardiometabolic biomarkers. QUELL-CV completed enrollment of approximately 160 adults with obesity and baseline inflammation at elevated cardiovascular risk (hsCRP >3 mg/L), randomized to placebo or BGE-102 at 30 mg, 60 mg, or 90 mg administered orally once daily (~40 participants per arm) for 12 weeks. The primary endpoint is percent change from baseline in hsCRP, a pharmacodynamic measure of NLRP3 pathway inhibition, and the trial is designed to characterize the dose-response relationship for BGE-102 and to support dose selection for further development. We anticipate reporting topline data from QUELL-CV in the fourth quarter of 2026.

Previous wording

DME is our first proof-of-concept indication for BGE-102 in ophthalmology. DME affects approximately 1 million patients in the United States, and current intravitreal therapies face significant unmet need due to high injection burden and a substantial refractory population — approximately 45% of patients demonstrate refractoriness to anti-vascular endothelial growth factor (VEGF) therapy. In a preclinical model of DME, oral BGE-102 demonstrated dose-dependent preservation of retinal vascular integrity, achieving near-complete protection from vascular leakage and up to 90% preservation of microvascular integrity. We plan to initiate QUELL-DME, a Phase 1b/2a proof-of-concept trial of BGE-102 in DME in mid-2026 with results anticipated in mid-2027. The goal is to demonstrate ocular target engagement, potentially supporting future development across inflammation-driven retinal diseases.

Current wording

DME is our first proof-of-concept indication for BGE-102 in ophthalmology. DME affects approximately 1 million patients in the United States, and current intravitreal therapies face significant unmet need due to high injection burden and a substantial refractory population to anti-vascular endothelial growth factor (VEGF) therapy. In a preclinical model of DME, oral BGE-102 demonstrated dose-dependent preservation of retinal vascular integrity, achieving near-complete protection from vascular leakage and up to 90% preservation of microvascular integrity.

Previous wording

Beyond NLRP3 inhibition, we are also developing novel apelin receptor APJ agonists for obesity, including long-acting injectable and oral small-molecule APJ agonist programs. In preclinical obesity models, APJ agonism has demonstrated the ability to more than double the weight loss induced by a glucagon-like peptide-1 receptor (GLP-1R) agonist while also restoring healthy body composition and improving muscle function. In June 2025, we announced an option agreement with JiKang Therapeutics for a novel APJ agonist antibody, as well as the filing of a U.S. provisional patent for novel small-molecule APJ agonists. We intend to file the first Investigational New Drug application (IND) for an APJ program by year-end 2026.

Current wording

In addition to NLRP3 inhibition, we are also developing novel apelin receptor APJ agonists for obesity, including long-acting injectable and oral small-molecule APJ agonist programs. In preclinical obesity models, APJ agonism has demonstrated the ability to roughly double the weight loss induced by a glucagon-like peptide-1 receptor (GLP-1R) agonist while also restoring healthy body composition and improving muscle function. We intend to file the first Investigational New Drug application (IND) for an APJ program by year-end 2026.

Previous wording

We are also advancing earlier stage platform-derived programs in collaboration with Eli Lilly and Company (Lilly), and have an ongoing target discovery collaboration with Novartis Pharma AG (Novartis).

Current wording

We are also advancing earlier stage platform-derived programs in collaboration with Eli Lilly and Company (Lilly), and have an ongoing target discovery collaboration with Novartis Pharma AG (Novartis). In October 2026, our AI-driven drug discovery collaboration with Deep Origin reached its first milestone, with hits identified computationally against a BioAge target validated in our laboratory.

Previous wording

We have incurred significant operating losses and negative cash flows since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any future product candidates. Our net losses were $48.4 million and $34.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $381.8 million. We expect to continue to incur net operating losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses, and capital expenditures will increase substantially in connection with our ongoing activities, particularly if, and as, we:

Current wording

We have incurred significant operating losses and negative cash flows since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of any future product candidates. Our net losses were $81.9 million and $54.7 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, we had an accumulated deficit of $415.3 million. We expect to continue to incur net operating losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses, and capital expenditures will increase substantially in connection with our ongoing activities, 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, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, which could include licenses, collaborations, or other strategic partnerships. Adequate additional funds may not be available to us on acceptable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our existing stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that could adversely affect the rights of such stockholders. Debt financing, if available, may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, which could adversely impact our ability to conduct our business. If we raise additional funds through licenses, collaborations, or other strategic partnerships with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research program or product candidates, or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. There is no assurance that we will ever be profitable or generate positive cash flow from operating activities. Our ability to raise additional funds may also be adversely impacted by potential worsening global macroeconomic, industry and market conditions in either domestic or international markets, as well as economic conditions specifically affecting industries in which we operate, including but not limited to, actual or perceived instability in the banking industry, potential uncertainty with respect to the U.S. federal debt ceiling and budget and any future government shutdowns related thereto, labor shortages, supply chain disruptions, potential recession, inflation and changing interest rates, significant trade or regulatory developments, including tariffs or shifting priorities within the U.S. Food and Drug Administration, and political instability and military hostilities in multiple geographies, such as the conflicts in Ukraine, Venezuela, Iran, tensions between China and Taiwan and the possibility of a wider Middle Eastern, European or global conflict.

Current wording

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, which could include licenses, collaborations, or other strategic partnerships. Adequate additional funds may not be available to us on acceptable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our existing stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that could adversely affect the rights of such stockholders. Debt financing, if available, may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, which could adversely impact our ability to conduct our business. If we raise additional funds through licenses, collaborations, or other strategic partnerships with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research program or product candidates, or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. There is no assurance that we will ever be profitable or generate positive cash flow from operating activities. Our ability to raise additional funds may also be adversely impacted by potential worsening global macroeconomic, industry and market conditions in either domestic or international markets, as well as economic conditions specifically affecting industries in which we operate, including but not limited to, actual or perceived instability in the banking industry, potential uncertainty with respect to the U.S. federal debt ceiling and budget and any future government shutdowns related thereto, labor shortages, supply chain disruptions, potential recession, inflation and changing interest rates, significant trade or regulatory developments, including tariffs or shifting priorities within the U.S. Food and Drug Administration (FDA), and political instability and military hostilities in multiple geographies, such as the conflicts in Ukraine, Venezuela, Iran, tensions between China and Taiwan and the possibility of a wider Middle Eastern, European or global conflict.

Previous wording

As of June 30, 2026, we had $381.3 million in cash, cash equivalents, and marketable securities. Based on our current operating plan, we estimate that our existing cash, cash equivalents, and marketable securities as of the filing date of this Quarterly Report will be sufficient to fund our operations and capital expenses through 2029. However, 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" included elsewhere in this Quarterly Report.

Current wording

As of September 30, 2026, we had $352.3 million in cash, cash equivalents, and marketable securities. Based on our current operating plan, we estimate that our existing cash, cash equivalents, and marketable securities as of the filing date of this Quarterly Report will be sufficient to fund our operations and capital expenses through 2029. However, 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" included elsewhere in this Quarterly Report.

Previous wording

In consideration for the rights granted under the Novartis Agreement, we have received and may receive upfront payments and research funding of up to $20.0 million, and up to $530.0 million in future long-term research, development, and commercial milestones. We and Novartis each have the right to advance novel targets discovered under the Novartis Agreement and are each eligible to receive reciprocal success milestones and receive tiered royalties on net sales of licensed products.

Current wording

In consideration for the rights granted under the Novartis Agreement, we have received and may receive upfront payments and research funding of up to $21.0 million, and up to $530.0 million in future long-term research, development, and commercial milestones. We and Novartis each have the right to advance novel targets discovered under the Novartis Agreement and are each eligible to receive reciprocal success milestones and receive tiered royalties on net sales of licensed products.

Previous wording

Collaboration revenue of $5.2 million and $3.9 million was recognized under the Novartis Agreement in the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, we recorded $1.4 million in revenue that was included in deferred revenue as of December 31, 2025 and $3.8 million in revenue related to research funding for reimbursable costs incurred during the six months ended June 30, 2026. Deferred revenue related to the Novartis Agreement amounted to $4.4 million and $5.8 million as of June 30, 2026, and December 31, 2025, respectively, all of which was included in current liabilities within the condensed consolidated balance sheets.

Current wording

Collaboration revenue of $0.3 million and $2.1 million was recognized under the Novartis Agreement for the three months ended September 30, 2026 and 2025, respectively, and $5.5 million and $5.9 million for the nine months ended September 30, 2026 and 2025, respectively. In September 2026, we and Novartis amended the Novartis Agreement to increase the research funding cap and expand the research activities to be performed, which increased the total estimated effort required to satisfy the performance obligation. We accounted for the amendment as a modification of the existing contract and recorded a cumulative catch-up adjustment that reduced revenue by $1.7 million in the three and nine months ended September 30, 2026. During the nine months ended September 30, 2026, we recognized $1.1 million of revenue that was included in deferred revenue as of December 31, 2025, and $4.4 million related to research funding for reimbursable costs incurred under the Novartis Agreement. Deferred revenue related to the Novartis Agreement amounted to $4.6 million and $5.8 million as of September 30, 2026 and December 31, 2025, respectively, all of which was included in current liabilities within the condensed consolidated balance sheets.

Previous wording

expenses incurred under agreements with CROs that are primarily engaged in the oversight and conduct of our clinical trials; CDMOs that are primarily engaged to provide drug substance and product for our clinical trials and preclinical studies, research and development programs, as well as investigative sites and consultants that conduct our clinical trials, preclinical studies and other scientific development services;

Current wording

expenses incurred under agreements with contract research organizations (CROs) that are primarily engaged in the oversight and conduct of our clinical trials; CDMOs that are primarily engaged to provide drug substance and product for our clinical trials and preclinical studies, research and development programs, as well as investigative sites and consultants that conduct our clinical trials, preclinical studies and other scientific development services;

Previous wording

Interest expense consists of interest incurred on our term loan.

Current wording

Interest expense consisted of interest incurred on our term loan, which was repaid in full upon its maturity on April 1, 2026.

Previous wording

General and administrative expenses increased by $0.1 million from $7.3 million for the three months ended June 30, 2025 to $7.4 million for the three months ended June 30, 2026. The increase was primarily driven by a $0.6 million increase in personnel-related expenses, primarily reflecting higher stock-based compensation expense associated with new option grants to employees, executives, board members and advisors, and a $0.1 million increase in corporate insurance expense. These increases were partially offset by a $0.6 million decrease in legal fees.

Current wording

General and administrative expenses increased by $0.8 million from $6.7 million for the three months ended September 30, 2025 to $7.5 million for the three months ended September 30, 2026. The increase was primarily driven by a $1.2 million increase in personnel-related expenses, reflecting higher stock-based compensation expense from new option grants to employees, including executives, and to non-employee directors and advisors, and a $0.2 million increase in consulting fees. These increases were partially offset by a $0.6 million decrease in legal fees.

Previous wording

Other income, net was $3.2 million for each of the three months ended June 30, 2026 and 2025. Interest expense decreased by $0.2 million resulting from the repayment of our term loan on April 1, 2026, offset by a $0.2 million increase in the loss from changes in the fair value of our warrants resulting from the increase in our stock price during the three months ended June 30, 2026.

Current wording

Other income, net increased by $0.9 million from $3.0 million for the three months ended September 30, 2025 to $3.9 million for the three months ended September 30, 2026. The increase was primarily driven by a $0.5 million gain from the change in fair value of our warrant liability, resulting from a decrease in our stock price during the three months ended September 30, 2026, compared to a nominal loss in the prior period. The increase was also driven by a $0.2 million increase in interest and other income, net, due to higher average cash, cash equivalents and marketable securities balances, and a $0.1 million decrease in interest expense following the repayment of our term loan upon its maturity on April 1, 2026.

Previous wording

The increase was further driven by a $1.5 million increase in personnel-related expenses, primarily reflecting higher stock-based compensation expense associated with new option grants to employees, and a $0.3 million increase in allocated facility and other expenses primarily driven by higher non-program specific consulting fees.

Current wording

Research and development expenses increased by $25.5 million from $49.5 million for the nine months ended September 30, 2025 to $75.0 million for the nine months ended September 30, 2026. The increase was primarily attributable to a $26.8 million increase in direct costs for our BGE-102 program, driven by clinical trial costs for our Phase 1 SAD/MAD trial and our ongoing QUELL-CV and QUELL-DME trials, as well as drug product manufacturing costs and licensing fees. The increase was also driven by a $3.1 million increase in personnel-related expenses, due to higher stock-based compensation expense from new option grants to employees and increased headcount to support the clinical development of our pipeline, and a $1.2 million increase in allocated facility and other expenses, primarily driven by higher non-program specific consulting fees.

Previous wording

These increases were partially offset by a $3.3 million decrease in direct costs for other programs driven by lower licensing costs and a $1.9 million decrease in azelaprag direct costs following termination of its development in January 2025.

Current wording

These increases were partially offset by a $2.9 million decrease in direct costs for other programs, primarily driven by the timing of research activities under our collaboration with Novartis, and a $2.6 million decrease in direct costs for azelaprag following the termination of its development in January 2025.

Previous wording

Since our inception, we have incurred significant losses in each period and on an aggregate basis. We have not yet commercialized any product candidates, and we do not expect to generate revenue from sales of any product candidates for the foreseeable future, if at all. As of June 30, 2026, we had $381.3 million in cash, cash equivalents, and marketable securities and we had an accumulated deficit of $381.8 million.

Current wording

Since our inception, we have incurred significant losses in each period and on an aggregate basis. We have not yet commercialized any product candidates, and we do not expect to generate revenue from sales of any product candidates for the foreseeable future, if at all. As of September 30, 2026, we had $352.3 million in cash, cash equivalents, and marketable securities and we had an accumulated deficit of $415.3 million.

Previous wording

As of June 30, 2026, we have sold an aggregate of 2,400,000 shares of our common stock through our ATM Facility pursuant to the Sales Agreement. The gross proceeds from these sales were approximately $33.9 million, before deducting sales agent commission and offering costs of approximately $1.2 million, resulting in net proceeds of approximately $32.7 million.

Current wording

As of September 30, 2026, we have sold an aggregate of 2,400,000 shares of our common stock through our ATM Facility pursuant to the Sales Agreement. The gross proceeds from these sales were approximately $33.9 million.

Previous wording

Cash used in operating activities during the six months ended June 30, 2026 was $43.3 million, and was primarily due to our net loss of $48.4 million and a $3.2 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $8.2 million, primarily consisting of $8.5 million of stock-based compensation expense, partially offset by accretion of investment discounts.

Current wording

Cash used in operating activities during the nine months ended September 30, 2026 was $74.3 million, and was primarily due to our net loss of $81.9 million and a $4.2 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $11.8 million, primarily consisting of $13.2 million of stock-based compensation expense, partially offset by accretion of investment discounts.

Previous wording

Cash used in operating activities during the six months ended June 30, 2025 was $37.3 million, and was primarily due to our net loss of $34.5 million and a $9.3 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $6.5 million, of which $6.2 million related to stock-based compensation expense.

Current wording

Cash used in operating activities during the nine months ended September 30, 2025 was $53.4 million, and was primarily due to our net loss of $54.7 million and an $8.1 million change in operating assets and liabilities. These changes were partially offset by non-cash adjustments of $9.4 million, of which $9.0 million related to stock-based compensation expense.

Previous wording

Cash used in investing activities was $211.3 million during the six months ended June 30, 2026 and included cash outflows of $284.0 million related to the purchase of marketable securities, as well as $0.4 million related to the purchase of property and equipment, partially offset by $73.1 million in cash proceeds from the maturities of marketable securities.

Current wording

Cash used in investing activities was $203.7 million during the nine months ended September 30, 2026 and included cash outflows of $344.9 million related to the purchase of marketable securities, as well as $0.4 million related to the purchase of property and equipment, partially offset by $141.5 million in cash proceeds from the maturities of marketable securities.

Previous wording

Cash used in investing activities was $93.6 million during the six months ended June 30, 2025 and included cash outflows of $101.5 million related to the purchase of marketable securities as well as $0.6 million related to the purchase of property and equipment, partially offset by maturities of marketable securities of $8.5 million.

Current wording

Cash used in investing activities was $80.8 million during the nine months ended September 30, 2025 and included cash outflows of $114.4 million related to the purchase of marketable securities as well as $0.6 million related to the purchase of property and equipment, partially offset by maturities of marketable securities of $34.3 million.

Previous wording

Cash provided by financing activities during the six months ended June 30, 2026 was $139.7 million resulting from $123.6 million in net proceeds from an underwritten public offering of our common stock, $15.6 million in net proceeds from the issuance of common stock through our ATM facility and $3.2 million in stock option exercise proceeds, partially offset by $2.0 million in principal payments on our term loan, and a $0.7 million payment of the final fee related to the maturity of our term loan in April 2026.

Current wording

Cash provided by financing activities during the nine months ended September 30, 2026 was $141.8 million, consisting of $123.6 million in net proceeds from our underwritten public offering of common stock, $15.6 million in net proceeds from the issuance of common stock through our ATM facility, $5.2 million in proceeds from stock option exercises and $0.1 million in proceeds from the issuance of common stock under our employee stock purchase plan. These cash inflows were partially offset by $2.0 million in principal payments on our term loan and a $0.7 million final payment fee upon the maturity of our term loan in April 2026.

Previous wording

Cash used in financing activities during the six months ended June 30, 2025 was $3.0 million due to principal payments on our term loan.

Current wording

Cash used in financing activities during the nine months ended September 30, 2025 was $4.5 million due to principal payments on our term loan and cash paid for deferred offering costs.

Previous wording

We lease office and lab space at our corporate headquarters in Emeryville, California (the Emeryville Lease). The Emeryville Lease is accounted for as an operating lease and expires on February 28, 2031. Non-cancellable base rent lease obligations as of June 30, 2026 were $3.7 million, of which $0.8 million is due within the next 12 months.

Current wording

We lease office and lab space at our corporate headquarters in Emeryville, California (the Emeryville Lease). The Emeryville Lease is accounted for as an operating lease and expires on February 28, 2031. Non-cancellable base rent lease obligations as of September 30, 2026 were $3.5 million, of which $0.7 million is due within the next 12 months.

Previous wording

Our critical accounting policies and estimates are described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K. We have reviewed those critical accounting policies and estimates for the six months ended June 30, 2026. There have been no significant changes in our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Current wording

Our critical accounting policies and estimates are described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K. We have reviewed those critical accounting policies and estimates for the nine months ended September 30, 2026. There have been no significant changes in our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Previous wording

Under Section 107(b) of the JOBS Act an “emerging growth company” can delay the adoption of new or revised accounting standards until such time as those standards would apply to private companies. We have elected this exemption to delay adopting new or revised accounting standards until such time as those standards apply to private companies. Where allowable we have early adopted certain standards as described in Note 1 of our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report. As a result, our unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. We will continue to remain an “emerging growth company” until the earliest of the following: (i) the last day of the fiscal year following the fifth anniversary of the date of the completion of our IPO; (ii) the last day of the fiscal year in which our total annual gross revenue is equal to or more than $1.235 billion; (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

Current wording

Under Section 107(b) of the Jumpstart Our Business Startups Act of 2012 (the JOBS Act) an “emerging growth company” can delay the adoption of new or revised accounting standards until such time as those standards would apply to private companies. We have elected this exemption to delay adopting new or revised accounting standards until such time as those standards apply to private companies. As a result, our unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. We will continue to remain an “emerging growth company” until the earliest of the following: (i) the last day of the fiscal year following the fifth anniversary of the date of the completion of our IPO; (ii) the last day of the fiscal year in which our total annual gross revenue is equal to or more than $1.235 billion; (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

Previous wording

Based on the aggregate market value of our common stock held by non-affiliates as of June 30, 2026, which exceeded $700.0 million, we expect to cease being an emerging growth company and a smaller reporting company as of December 31, 2026. As a result, beginning with our Quarterly Report on Form 10-Q for the quarter ending March 31, 2027, we expect to become subject to the requirements applicable to non-accelerated filers that are neither emerging growth companies nor smaller reporting companies, including expanded executive compensation and financial statement disclosure. In addition, we will no longer be able to rely on the extended transition period under Section 107(b) of the JOBS Act, and will be required to adopt new or revised accounting standards as of the effective dates applicable to public companies that are not emerging growth companies.

Current wording

Based on the aggregate market value of our common stock held by non-affiliates as of June 30, 2026, which exceeded $700.0 million, we expect to cease being an emerging growth company and a smaller reporting company as of December 31, 2026. Under the SEC’s extended transition rules, we will not become a large accelerated filer as of the December 31, 2026 evaluation date and will remain a non-accelerated filer. As a result of ceasing to be an emerging growth company and a smaller reporting company, beginning with our Quarterly Report on Form 10-Q for the quarter ending March 31, 2027, we expect to become subject to the requirements applicable to non-accelerated filers that are neither emerging growth companies nor smaller reporting companies, including expanded executive compensation and financial statement disclosure. In addition, we will no longer be able to rely on the extended transition period under Section 107(b) of the JOBS Act, and will be required to adopt new or revised accounting standards as of the effective dates applicable to public companies that are not emerging growth companies.