Minerva Neurosciences, Inc.

Previous wording

In addition, we previously co-developed seltorexant with Janssen Pharmaceutica NV (“Janssen”), a subsidiary of Johnson & Johnson, for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). As a result of our collaboration with Janssen, we were entitled to collect royalties in the mid-single digits on potential future worldwide sales of seltorexant in certain indications, with no further financial obligations to Janssen. In January 2021, we sold our rights to these potential royalties to Royalty Pharma plc (“Royalty Pharma”) for a $60 million cash payment and up to an additional $95 million in potential future milestone payments, subject to completion of Phase 3 trials by Janssen and regulatory approvals. To our knowledge, Janssen is currently conducting two Phase 3 trials with seltorexant.

Current wording

In addition, we previously co-developed seltorexant with Janssen Pharmaceutica NV (“Janssen”), a subsidiary of Johnson & Johnson, for the treatment of insomnia disorder and adjunctive treatment of Major Depressive Disorder (“MDD”). As a result of our collaboration with Janssen, we were entitled to collect royalties in the mid-single digits on potential future worldwide sales of seltorexant in certain indications, with no further financial obligations to Janssen. In January 2021, we sold our rights to these potential royalties to Royalty Pharma plc (“Royalty Pharma”) for a $60 million cash payment and up to an additional $95 million in potential future milestone payments, subject to completion of Phase 3 trials by Janssen, and certain regulatory approvals and commercial milestones. To our knowledge, Janssen is currently conducting two Phase 3 trials with seltorexant.

Previous wording

We have not received any regulatory approvals to commercialize any of our product candidates, and we have not generated any revenue from the sales or license of our product candidates. We routinely evaluate the status of our drug development programs as well as potential strategic options. We have incurred significant operating losses since inception and expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. As of June 30, 2026 and December 31, 2025, we had an accumulated deficit of $796.7 million and $688.8 million, respectively. For the six months ended June 30, 2026 and 2025, we recorded net loss of $107.9 million and $7.0 million, respectively. We expect our clinical and administrative costs will increase as we begin to incur clinical trial costs and hire additional support staff to support the Phase 3 trial of roluperidone.

Current wording

We have not received any regulatory approvals to commercialize any of our product candidates, and we have not generated any revenue from the sales or license of our product candidates. We routinely evaluate the status of our drug development programs as well as potential strategic options. We have incurred significant operating losses since inception and expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. As of September 30, 2026 and December 31, 2025, we had an accumulated deficit of $696.0 million and $688.8 million, respectively. For the nine months ended September 30, 2026 and 2025, we recorded net loss of $7.2 million and $9.8 million, respectively. We expect our clinical and administrative costs will increase as we incur clinical trial costs related to the Phase 3 trial of roluperidone.

Previous wording

Research and development expenses were $7.2 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, an increase of approximately $5.9 million. The increase in research and development expenses was primarily due to expenses related to the C19 trial as well as higher compensation costs. Non-cash stock compensation costs included in research and development expenses were $1.0 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively.

Current wording

Research and development expenses were $5.2 million and $0.9 million for the three months ended September 30, 2026 and 2025, respectively, an increase of approximately $4.3 million. The increase in research and development expenses was primarily due to expenses related to the C19 trial as well as higher compensation costs. Non-cash stock compensation costs included in research and development expenses were $1.2 million and $0.1 million for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

General and administrative expenses were $3.5 million and $2.1 million for the three months ended June 30, 2026 and 2025, respectively, an increase of approximately $1.4 million. The increase in general and administrative expenses was primarily due to higher professional service fees and compensation costs. Non-cash stock compensation costs included in general and administrative expenses were $1.3 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively.

Current wording

General and administrative expenses were $4.3 million and $1.9 million for the three months ended September 30, 2026 and 2025, respectively, an increase of approximately $2.4 million. The increase in general and administrative expenses was primarily due to higher professional service fees and compensation costs. Non-cash stock compensation costs included in general and administrative expenses were $2.0 million and $0.2 million for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

Foreign exchange losses were $16 thousand and $29 thousand for the six months ended June 30, 2026 and 2025, respectively, a decrease of $13 thousand, primarily due to currency movements.

Current wording

Foreign exchange losses were $9 thousand and $6 thousand for the three months ended September 30, 2026 and 2025, respectively, an increase of $3 thousand, primarily due to currency movements.

Previous wording

Changes in fair value of the warrant liability were a gain of $27.6 million and zero for the three months ended June 30, 2026 and 2025, respectively, an increase of $27.6 million. The gain on the change in fair value of the warrant liability is related to the warrants issued in conjunction with the October 2025 private placement. The fair value of the non-cash warrant liability at June 30, 2026 was $232.7 million. Accordingly, we recognized a non-cash gain of $27.6 million for the three-month period ended June 30, 2026, reflecting both the decrease in fair value of the warrant liability and losses recognized upon the exercise of warrants during 2026. This non-cash gain was recorded within other income (expense) in the statement of operations.

Current wording

Changes in fair value of the warrant liability were a gain of $109.6 million and zero for the three months ended September 30, 2026 and 2025, respectively, an increase of $109.6 million. The gain on the change in fair value of the warrant liability is related to the warrants issued in conjunction with the October 2025 private placement. The fair value of the non-cash warrant liability at September 30, 2026 was $121.5 million. Accordingly, we recognized a non-cash gain of $109.6 million for the three-month period ended September 30, 2026, reflecting both the decrease in fair value of the warrant liability and losses recognized upon the exercise of warrants during 2026. This non-cash gain was recorded within other income (expense) in the statement of operations.

Previous wording

Comparison of Six Months Ended June 30, 2026 versus June 30, 2025

Current wording

Comparison of Nine Months Ended September 30, 2026 versus September 30, 2025

Previous wording

Research and development expenses were $12.4 million and $2.7 million for the six months ended June 30, 2026 and 2025, respectively, an increase of approximately $9.7 million. The increase in research and development expenses was primarily due to expenses related to the C19 trial as well as higher compensation costs. Non-cash stock compensation costs included in research and development expenses were $1.7 million and $0.2 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Research and development expenses were $17.6 million and $3.6 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of approximately $14.0 million. The increase in research and development expenses was primarily due to expenses related to the C19 trial as well as higher compensation costs. Non-cash stock compensation costs included in research and development expenses were $3.0 million and $0.3 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

General and administrative expenses were $14.9 million and $4.6 million for the six months ended June 30, 2026 and 2025, respectively, an increase of approximately $10.3 million. The increase in general and administrative expenses was primarily due to higher professional service fees as well as costs related to a severance agreement in the first quarter, which included a $6.6 million one-time, non-cash charge for the modification of the terms of previously granted stock options. Non-cash stock compensation costs included in general and administrative expenses were $9.2 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

General and administrative expenses were $19.1 million and $6.5 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of approximately $12.6 million. The increase in general and administrative expenses was primarily due to higher professional service fees and compensation costs as well as costs related to a severance agreement in the first quarter, which included a $6.6 million one-time, non-cash charge for the modification of the terms of previously granted stock options. Non-cash stock compensation costs included in general and administrative expenses were $11.2 million and $0.6 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Foreign exchange losses were $14 thousand and $21 thousand for the three months ended June 30, 2026 and 2025, respectively, a decrease of $7 thousand, primarily due to currency movements.

Current wording

Foreign exchange losses were $25 thousand and $36 thousand for the nine months ended September 30, 2026 and 2025, respectively, a decrease of $11 thousand, primarily due to currency movements.

Previous wording

Investment income was $1.2 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, an increase of approximately $0.9 million, primarily due to higher cash equivalents and marketable securities balances.

Current wording

Investment income was $1.8 million and $0.4 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of approximately $1.4 million, primarily due to higher cash equivalents and marketable securities balances.

Previous wording

Changes in fair value of the warrant liability were a loss of $81.8 million and zero for the six months ended June 30, 2026 and 2025, respectively, a decrease of $81.8 million. The loss on the change in fair value of the warrant liability is related to the warrants issued in conjunction with the October 2025 private placement. The fair value of the non-cash warrant liability at June 30, 2026 was $232.7 million. Accordingly, we recognized a non-cash loss of $81.8 million for the six-month period ended June 30, 2026, reflecting both the increase in fair value of the warrant liability and losses recognized upon the exercise of warrants during 2026. This non-cash loss was recorded within other income (expense) in the statement of operations.

Current wording

Changes in fair value of the warrant liability were a gain of $27.8 million and zero for the nine months ended September 30, 2026 and 2025, respectively, an increase of $27.8 million. The gain on the change in fair value of the warrant liability is related to the warrants issued in conjunction with the October 2025 private placement. The fair value of the non-cash warrant liability at September 30, 2026 was $121.5 million. Accordingly, we recognized a non-cash gain of $27.8 million for the nine-month period ended September 30, 2026, reflecting both the decrease in fair value of the warrant liability and losses recognized upon the exercise of warrants during 2026. This non-cash gain was recorded within other income (expense) in the statement of operations.

Previous wording

In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. Non-GAAP financial measures are included with the intent of providing investors with an understanding of our historical financial results and trends and to facilitate comparisons between periods. In addition, these non-GAAP financial measures are among the indicators our management uses for planning and forecasting purposes and measuring our performance. We believe that these non-GAAP financial measures, when considered together with U.S. GAAP measures, can enhance the understanding of our financial and operating performance. Non-GAAP financial measures have no standardized meaning and investors are cautioned that, unlike financial measures prepared in accordance with U.S. GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. The limitations of using non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all events during a period and may not provide a comparable view of our performance to other companies in the biopharmaceutical industry. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Current wording

In addition to our results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance and financial condition. Non-GAAP financial measures are included with the intent of providing investors with an understanding of our historical financial results and trends and to facilitate comparisons between periods. In addition, these non-GAAP financial measures are among the indicators our management uses for planning and forecasting purposes and measuring our performance. We believe that these non-GAAP financial measures, when considered together with U.S. GAAP measures, can enhance the understanding of our financial and operating performance. Non-GAAP financial measures have no standardized meaning and investors are cautioned that, unlike financial measures prepared in accordance with U.S. GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. The limitations of using non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all events during a period and may not provide a comparable view of our performance to other companies in the biopharmaceutical industry. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Previous wording

Non-GAAP adjusted net income (loss) is defined as GAAP net income (loss), adjusted to exclude non-cash items related to: (i) stock-based compensation expense and (ii) changes in fair value of the warrant liability. Reconciliations of reported GAAP net income (loss) to non-GAAP adjusted net income (loss) for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Current wording

Non-GAAP adjusted net income (loss) is defined as GAAP net income (loss), adjusted to exclude non-cash items related to: (i) stock-based compensation expense and (ii) changes in fair value of the warrant liability. Reconciliations of reported GAAP net income (loss) to non-GAAP adjusted net income (loss) for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):

Previous wording

As of June 30, 2026, we had an accumulated deficit of approximately $796.7 million. We anticipate that we will continue to incur net losses for the foreseeable future as we continue the development and potential commercialization of our product candidates and to support our operations as a public company. We have no products approved for commercial sale and have not generated any revenue from product sales to date, and we may never generate product revenue or achieve profitability. As of June 30, 2026, we had approximately $75.4 million in cash, cash equivalents, marketable securities and restricted cash, which we believe will be sufficient to meet our operating commitments for the next 12 months from the date our interim condensed financial statements are issued. Our cash requirements primarily relate to expenditures to support the development of roluperidone, which includes advancing the program through the regulatory process.

Current wording

As of September 30, 2026, we had an accumulated deficit of approximately $696.0 million. We anticipate that we will continue to incur net losses for the foreseeable future as we continue the development and potential commercialization of our product candidates and to support our operations as a public company. We have no products approved for commercial sale and have not generated any revenue from product sales to date, and we may never generate product revenue or achieve profitability. As of September 30, 2026, we had approximately $77.0 million in cash, cash equivalents, marketable securities and restricted cash, which we believe will be sufficient to meet our operating commitments for the next 12 months from the date our interim condensed financial statements are issued. Our cash requirements primarily relate to expenditures to support the development of roluperidone, which includes advancing the program through the regulatory process.

Previous wording

The process of drug development can be costly and the timing and outcomes of clinical trials is uncertain. The assumptions upon which we have based our estimates are routinely evaluated and may be subject to change. The actual amount of our expenditures will vary depending upon many factors, including, but not limited to, the design, timing and duration of future clinical trials, the progress of our research and development programs, the infrastructure to support a commercial enterprise and the level of financial resources available. We can adjust our operating plan spending levels based on the timing of future clinical trials which are predicated upon adequate funding to complete the trials. We routinely evaluate the status of our clinical development programs as well as potential strategic options.

Current wording

The process of drug development can be costly, and the timing and outcomes of clinical trials are uncertain. The assumptions upon which we have based our estimates are routinely evaluated and may be subject to change. The actual amount of our expenditures will vary depending upon many factors, including, but not limited to, the design, timing and duration of future clinical trials, the progress of our research and development programs, the infrastructure to support a commercial enterprise and the level of financial resources available. We can adjust our operating plan spending levels based on the timing of future clinical trials, which are predicated upon adequate funding to complete the trials. We routinely evaluate the status of our clinical development programs as well as potential strategic options.

Previous wording

On May 27, 2026, we entered into a Sales Agreement (the “Agreement”) with Leerink Partners LLC (the “Agent”) with respect to an “at-the market” offering program, pursuant to which we may issue and sell, from time to time, shares of our common stock, par value $0.0001 per share. The issuance and sale, if any, of shares of our common stock under the Agreement will be effected pursuant to our registration statement on Form S-3 (File No. 333-294203), which became effective on March 19, 2026, and the related prospectus supplement dated May 27, 2026 (the “Prospectus Supplement”), in each case filed with the U.S. Securities and Exchange Commission (the “SEC”). In accordance with the terms of the Agreement, under the Prospectus Supplement, we may offer and sell shares of our common stock having an aggregate offering price of up to $75.0 million from time to time through the Agent (such program, the “ATM Offering”). No shares of common stock were sold in any ATM Offering during the three or six months ended June 30, 2026, and no proceeds have been received from the program.

Current wording

On May 27, 2026, we entered into a Sales Agreement (the “Agreement”) with Leerink Partners LLC (the “Agent”) with respect to an “at-the-market” offering program, pursuant to which we may issue and sell, from time to time, shares of our common stock, par value $0.0001 per share. The issuance and sale, if any, of shares of our common stock under the Agreement will be effected pursuant to our registration statement on Form S-3 (File No. 333-294203), which became effective on March 19, 2026, and the related prospectus supplement dated May 27, 2026 (the “Prospectus Supplement”), in each case filed with the U.S. Securities and Exchange Commission (the “SEC”). In accordance with the terms of the Agreement, under the Prospectus Supplement, we may offer and sell shares of our common stock having an aggregate offering price of up to $75.0 million from time to time through the Agent (such program, the “ATM Offering”). During the three and nine months ended September 30, 2026, we issued and sold 2,087,682 shares of our common stock under the Agreement. The shares were sold at an average price of $4.79 per share for aggregate net proceeds to us of approximately $9.2 million, after deducting sales commissions and offering costs payable by us.

Previous wording

During the six months ended June 30, 2026, an additional 2,243 shares of Series A Preferred Stock became outstanding upon the exercise of Preferred Tranche A Warrants, which are convertible into an aggregate of 1,060,939 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation.

Current wording

During the nine months ended September 30, 2026, an additional 2,243 shares of Series A Preferred Stock became outstanding upon the exercise of Preferred Tranche A Warrants, which are convertible into an aggregate of 1,060,939 shares of common stock, subject to the limitations on conversion set forth in the Certificate of Designation.

Previous wording

Each Preferred Tranche A Warrant has an exercise price of $1,000 and may only be exercised for cash. The Preferred Tranche A Warrants are immediately exercisable upon issuance for an aggregate of 80,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $80 million until the tenth day following the date of our public announcement that we have achieved, on a statistically significant basis, the primary endpoint of our Phase 3 confirmatory trial of roluperidone in schizophrenia at the 12-week timepoint (the “Milestone Event”). As of June 30, 2026, an aggregate of 69,400 Preferred Tranche A Warrants remaining outstanding.

Current wording

Each Preferred Tranche A Warrant has an exercise price of $1,000 and may only be exercised for cash. The Preferred Tranche A Warrants are immediately exercisable upon issuance for an aggregate of 80,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $80 million until the tenth day following the date of our public announcement that we have achieved, on a statistically significant basis, the primary endpoint of our Phase 3 confirmatory trial of roluperidone in schizophrenia at the 12-week timepoint (the “Milestone Event”). As of September 30, 2026, an aggregate of 68,300 Preferred Tranche A Warrants remained outstanding.

Previous wording

Each Preferred Tranche B Warrant has an exercise price of $1,000 and may be exercised by a cashless exercise. The Preferred Tranche B Warrants are exercisable for an aggregate of 40,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $40 million commencing on the earlier of (i) our public announcement of the Milestone Event and (ii) the three year anniversary of the Closing Date. The Preferred Tranche B Warrants will expire on the four (4)-year anniversary of the Closing Date. As of June 30, 2026, an aggregate of 40,000 Preferred Tranche B Warrants remaining outstanding.

Current wording

Each Preferred Tranche B Warrant has an exercise price of $1,000 and may be exercised by a cashless exercise. The Preferred Tranche B Warrants are exercisable for an aggregate of 40,000 shares of Series A Preferred Stock for an aggregate cash exercise price of up to $40 million commencing on the earlier of (i) our public announcement of the Milestone Event and (ii) the three year anniversary of the Closing Date. The Preferred Tranche B Warrants will expire on the four (4)-year anniversary of the Closing Date. As of September 30, 2026, an aggregate of 40,000 Preferred Tranche B Warrants remained outstanding.

Previous wording

Pursuant to the Securities Purchase Agreement, we filed a registration statement on Form S-3 (File No. 333-292410), which was declared effective by the SEC on January 6, 2026, covering the resale of the Registrable Securities (as such term is defined in the Securities Purchase Agreement). We have agreed to take all steps necessary to keep such registration statement effective at all times until all Registrable Shares have been resold, or there remains no Registrable Shares.

Current wording

Pursuant to the Securities Purchase Agreement, we filed a registration statement on Form S-3 (File No. 333-292410), which was declared effective by the SEC on January 6, 2026, covering the resale of the Registrable Securities (as such term is defined in the

Previous wording

During the six months ended June 30, 2026, an aggregate of 10,600 Preferred Tranche A Warrants were exercised at an exercise price of $1,000 per share, resulting in total proceeds of $10,600,000 to us. Upon exercise, 10,600 shares of Series A Preferred Stock were issued. Of these, 8,357 shares were immediately converted into an aggregate of 3,952,861 shares of our common stock, and the remaining 2,243 shares of Series A Preferred Stock remained outstanding.

Current wording

During the three months ended September 30, 2026, an aggregate of 1,100 Preferred Tranche A Warrants were exercised at an exercise price of $1,000 per share, resulting in total proceeds of $1,100,000 to us. Upon exercise, 1,100 shares of Series A Preferred Stock were issued and immediately converted into an aggregate of 520,300 shares of our common stock.

Previous wording

During the three months ended June 30, 2026, an aggregate of 9,400 Preferred Tranche A Warrants were exercised at an exercise price of $1,000 per share, resulting in total proceeds of $9,400,000 to us. Upon exercise, 9,400 shares of Series A Preferred Stock were issued. Of these, 7,157 shares were immediately converted into an aggregate of 3,385,261 shares of our common stock, and the remaining 2,243 shares of Series A Preferred Stock remained outstanding.

Current wording

During the nine months ended September 30, 2026, an aggregate of 11,700 Preferred Tranche A Warrants were exercised at an exercise price of $1,000 per share, resulting in total proceeds of $11,700,000 to us. Upon exercise, 11,700 shares of Series A Preferred Stock were issued. Of these, 9,457 shares were immediately converted into an aggregate of 4,473,161 shares of our common stock, and the remaining 2,243 shares of Series A Preferred Stock remained outstanding.

Previous wording

No Preferred Tranche A Warrants were exercised during the three or six months ended June 30, 2025.

Current wording

No Preferred Tranche A Warrants were exercised during the three or nine months ended September 30, 2025.

Previous wording

On January 19, 2021, we sold our royalty interest in seltorexant to Royalty Pharma for an upfront payment of $60 million and up to an additional $95 million in potential future milestone payments, contingent upon the achievement of certain clinical, regulatory and commercial milestones for seltorexant by Janssen.

Current wording

On January 19, 2021, we sold our royalty interest in seltorexant to Royalty Pharma for an upfront payment of $60 million and up to an additional $95 million in potential future milestone payments, contingent upon the achievement of certain clinical, regulatory and commercial milestones for seltorexant by Janssen. No royalties or milestone payments were accrued or paid during the three and nine months ended September 30, 2026 or 2025.

Previous wording

Net cash used in operating activities of approximately $18.8 million during the six months ended June 30, 2026 was primarily due to our net loss of $107.9 million and a $3.6 million increase in prepaid expenses, partially offset by a $81.8 million increase in fair value of the warrant liability, and a stock-based compensation expense of $11.0 million.

Current wording

Net cash used in operating activities of approximately $26.9 million during the nine months ended September 30, 2026 was primarily due to our net loss of $7.2 million, a $27.8 million decrease in fair value of the warrant liability, a $5.6 million increase in prepaid expenses and $0.9 million in accretion of marketable securities, partially offset by a stock-based compensation expense of $14.2 million.

Previous wording

Net cash used in operating activities of approximately $6.1 million during the six months ended June 30, 2025 was primarily due to our net loss of $7.0 million and a $0.7 million decrease in accounts payable, partially offset by stock-based compensation expense of $0.6 million, a $0.6 million decrease in prepaid expenses, and a $0.4 million increase in accrued expenses.

Current wording

Net cash used in operating activities of approximately $9.0 million during the nine months ended September 30, 2025 was primarily due to our net loss of $9.8 million and a $0.8 million decrease in accounts payable, partially offset by stock-based compensation expense of $0.9 million, a $0.5 million increase in accrued expenses, and a $0.2 million decrease in prepaid expenses.

Previous wording

Net cash used in investing activities of approximately $50.1 million during the six months ended June 30, 2026 was primarily due to the purchase of marketable securities of $55.1 million, partially offset by the maturity and redemption of marketable securities of $5.0 million.

Current wording

Net cash used in investing activities of approximately $55.9 million during the nine months ended September 30, 2026 was primarily due to the purchase of marketable securities of $78.4 million, partially offset by the maturity and redemption of marketable securities of $22.5 million.

Previous wording

Net cash used in investing activities was zero during the six months ended June 30, 2025.

Current wording

Net cash used in investing activities was zero during the nine months ended September 30, 2025.

Previous wording

Net Cash Provided by Financing Activities

Current wording

Net Cash Provided by (Used in) Financing Activities

Previous wording

Net cash provided by financing activities of approximately $11.3 million during the six months ended June 30, 2026 was primarily due to the proceeds from the exercise of Preferred Tranche A Warrants.

Current wording

Net cash provided by financing activities of approximately $20.7 million during the nine months ended September 30, 2026 was primarily due to net proceeds of $9.2 million received from the at-the-market offering and proceeds from the exercise of Preferred Tranche A Warrants.

Previous wording

In our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, our most critical accounting policies and estimates upon which our financial status depends were identified as those relating to research and development costs; goodwill; and the liability related to the sale of future royalties. We reviewed our policies and determined that those policies were our most critical accounting policies for the six months ended June 30, 2026.

Current wording

In our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, our most critical accounting policies and estimates upon which our financial status depends were identified as those relating to research and development costs; goodwill; and the liability related to the sale of future royalties. We reviewed our policies and determined that those policies were our most critical accounting policies for the nine months ended September 30, 2026.