MBX Biosciences, Inc.

Previous wording

Our lead product candidate, canvuparatide (MBX 2109), is a parathyroid hormone peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism. We completed an End of Phase 2 meeting with the U.S. Food and Drug Administration ("FDA") and Scientific Advice with the European Medicines Agency in the first quarter of 2026. In June 2026, we presented results from our Phase 2 clinical trial and reported one-year follow-up data from our ongoing open-label extension study during the Endocrine Society’s ENDO 2026 annual meeting. [We plan to initiate a Phase 3 clinical trial of canvuparatide in the third quarter of 2026]. Our lead obesity product candidate, MBX 4291, is designed to be a long-acting and highly potent glucagon-like peptide 1 ("GLP-1") / glucose-dependent insulinotropic polypeptide ("GIP") co-agonist prodrug with the goal of potential once-monthly dosing frequency and improved efficacy and tolerability relative to existing standards of care. We are conducting a randomized, double-blind, placebo controlled Phase 1 clinical trial designed to evaluate safety, tolerability, pharmacokinetics, and pharmacodynamics of SAD and MAD doses in adults with obesity. Results from the first cohort of the 12-week MAD portion of the Phase 1 clinical trial are expected in the fourth quarter of 2026. We have also announced the nomination of our two prodrug development candidates for the treatment of obesity, MBX 5765 and MBX 6180, each enabled by our PEP™ platform. MBX 5765 combines GLP-1, GIP, glucagon ("GCG") and dual amylin and calcitonin receptor agonists ("DACRA") activity in a single construct. MBX 6180 combines GLP-1, GIP and GCG receptor agonist activity in a single construct. We expect to present preclinical data from MBX 6180 at a scientific meeting in the fourth quarter of 2026. IND-enabling studies for both development candidates are ongoing. Our candidate imapextide (MBX 1416) was designed to be a long-acting GLP-1 receptor antagonist as a potential therapy for post-bariatric hypoglycemia, a chronic complication of bariatric surgery. In May 2026, we announced that once-weekly imapextide achieved proof of concept in PBH based on preliminary results from our Phase 2a STEADI™ trial. Given our growing number of novel peptide-based drug candidates and our expanding obesity pipeline, we will not be committing further investment toward a Phase 2b clinical trial of imapextide.

Current wording

Our lead product candidate, canvuparatide (MBX 2109), is a parathyroid hormone peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism. We completed an End of Phase 2 meeting with the U.S. Food and Drug Administration ("FDA") and Scientific Advice with the European Medicines Agency in the first quarter of 2026. In June 2026, we presented results from our Phase 2 clinical trial and reported one-year follow-up data from our ongoing open-label extension study during the Endocrine Society’s ENDO 2026 annual meeting. We dosed the first patient in our pivotal Phase 3 oPTimize clinical trial of once-weekly canvuparatide in August 2026. Our lead obesity product candidate, MBX 4291, is designed to be a long-acting and highly potent glucagon-like peptide 1 ("GLP-1") / glucose-dependent insulinotropic polypeptide ("GIP") co-agonist prodrug with the goal of potential once-monthly dosing frequency and improved efficacy and tolerability relative to existing standards of care. We are conducting a randomized, double-blind, placebo controlled Phase 1 clinical trial designed to evaluate safety, tolerability, pharmacokinetics, and pharmacodynamics of SAD and MAD doses in adults with obesity. Results from the first cohort of the 12-week MAD portion of the Phase 1 clinical trial are expected in the fourth quarter of 2026. We have also announced the nomination of our two prodrug development candidates for the treatment of obesity, MBX 5765 and MBX 6180, each enabled by our PEP™ platform. MBX 5765 combines GLP-1, GIP, glucagon ("GCG") and dual amylin and calcitonin receptor agonists ("DACRA") activity in a single construct. MBX 6180 combines GLP-1, GIP and GCG receptor agonist activity in a single construct. We expect to present preclinical data from MBX 6180 at ObesityWeek in November 2026. IND-enabling studies for both development candidates are ongoing. Our candidate imapextide (MBX 1416) was designed to be a long-acting GLP-1 receptor antagonist as a potential therapy for post-bariatric hypoglycemia, a chronic complication of bariatric surgery. In May 2026, we announced that once-weekly imapextide achieved proof of concept in PBH based on preliminary results from our Phase 2a STEADI™ trial. Given our growing number of novel peptide-based drug candidates and our expanding obesity pipeline, we will not be committing further investment toward a Phase 2b clinical trial of imapextide.

Previous wording

Since our inception, we have devoted substantially all of our resources to drug discovery and development of our product candidates, canvuparatide, imapextide, MBX 4291 and other preclinical programs, building our intellectual property portfolio, organizing and staffing our company, business planning, raising capital and providing general and administrative support for these operations. We do not have any products approved for sale and have not generated any revenue from product sales. In September 2024, we completed our initial public offering (the "IPO"), pursuant to which we issued and sold 11,730,000 shares of common stock (inclusive of 1,530,000 shares of commons stock sold pursuant to the underwriters' exercise of their option to purchase additional shares). The aggregate net proceeds received by us from the IPO were $170.5 million, after deducting underwriting discounts and commissions and other offering costs of $17.2 million. In September 2025, we completed an underwritten public offering (the "September 2025 Offering") of 11,108,055 shares of our common stock, which generated approximately $187.4 million in aggregate net proceeds, after deducting underwriting discounts and commissions and other offering costs of $12.5 million. In February 2026, we sold 2,250,986 shares of our common stock under our Open Market Sale Agreement SM with Jefferies, LLC (the "February 2026 ATM

Current wording

Since our inception, we have devoted substantially all of our resources to drug discovery and development of our product candidates, canvuparatide, imapextide, MBX 4291 and other preclinical programs, building our intellectual property portfolio, organizing and staffing our company, business planning, raising capital and providing general and administrative support for these operations. We do not have any products approved for sale and have not generated any revenue from product sales. In September 2024, we completed our initial public offering (the "IPO"), pursuant to which we issued and sold 11,730,000 shares of common stock (inclusive of 1,530,000 shares of common stock sold pursuant to the underwriters' exercise of their option to purchase additional shares). The aggregate net proceeds received by us from the IPO were $170.5 million, after deducting underwriting discounts and commissions and other offering costs of $17.2 million. In September 2025, we completed an underwritten public offering (the "September 2025 Offering") of 11,108,055 shares of our common stock, which generated approximately $187.4 million in aggregate net proceeds, after deducting underwriting discounts and commissions and other offering costs of $12.5 million. In February 2026, we sold 2,250,986 shares of our common stock under our Open Market Sale Agreement SM with Jefferies, LLC (the "February 2026 ATM

Previous wording

Offering"), which generated approximately $87.1 million in aggregate gross proceeds. We have historically funded our operations primarily from the issuance and sale of our common stock, convertible preferred stock and convertible notes, which have generated approximately $688.8 million in cumulative, aggregate gross proceeds to date. In March 2026, we filed an automatic shelf registration statement with the Securities and Exchange Commission (File No. 333-294237) and increased the amount available under the Open Market Sales Agreement SM with Jefferies, LLC (the "March 2026 Sales Agreement"), under which we may now, from time to time in one or more offerings, sell and issue shares of our common stock having an aggregate price of up to $250.0 million.

Current wording

Offering"), which generated approximately $87.1 million in aggregate gross proceeds. In March 2026, we filed an automatic shelf registration statement with the Securities and Exchange Commission (File No. 333-294237) and increased the amount available under the Open Market Sales Agreement SM with Jefferies, LLC (the "March 2026 Sales Agreement"), under which we may now, from time to time in one or more offerings, sell and issue shares of our common stock having an aggregate price of up to $250.0 million. In the third quarter of 2026, we issued and sold a total of 1,549,835 shares of our common stock under the March 2026 Sales Agreement at a weighted average price of $64.52 per share. As a result, the Company received $97.6 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $2.4 million. As of September 30, 2026, $150.0 million remained available under the March 2026 Sales Agreement. We have historically funded our operations primarily from the issuance and sale of our common stock, convertible preferred stock and convertible notes, which have generated approximately $788.8 million in cumulative, aggregate gross proceeds to date.

Previous wording

We have incurred significant operating losses since inception and we expect to continue to incur substantial losses for the foreseeable future. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were $60.6 million and $43.3 million for the six months ended June 30, 2026 and 2025, respectively. We had an accumulated deficit of $285.1 million and $224.5 million as of June 30, 2026 and December 31, 2025, respectively.

Current wording

We have incurred significant operating losses since inception and we expect to continue to incur substantial losses for the foreseeable future. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates. Our net losses were $123.0 million and $64.9 million for the nine months ended September 30, 2026 and 2025, respectively. We had an accumulated deficit of $347.5 million and $224.5 million as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

We had cash, cash equivalents and marketable securities of $418.6 million and $373.7 million as of June 30, 2026 and December 31, 2025, respectively. We believe our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2029. 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 “Liquidity and capital resources” herein and “Risk Factors—Risks related to financial position and need for capital” from Item 1A Risk Factors in our Annual Report.

Current wording

We had cash, cash equivalents and marketable securities of $481.6 million and $373.7 million as of September 30, 2026 and December 31, 2025, respectively. We believe our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements into 2029. 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 “Liquidity and capital resources” herein and “Risk Factors—Risks related to financial position and need for capital” from Item 1A Risk Factors in our Annual Report.

Previous wording

Research and development expenses were $31.0 million for the three months ended June 30, 2026, as compared to $17.7 million for the three months ended June 30, 2025. The increase of $13.3 million consisted of the following:

Current wording

Research and development expenses were $32.0 million for the three months ended September 30, 2026, as compared to $19.3 million for the three months ended September 30, 2025. The increase of $12.7 million consisted of the following:

Previous wording

Direct research and development program expenses related to canvuparatide increased by $5.0 million, primarily due to clinical start-up activity for the Phase 3 clinical trial, clinical supply manufacturing to support the Phase 3 clinical trial and the ongoing Phase 2 open-label extension clinical trial. Direct program expenses for MBX 4291 increased by $4.5 million primarily due to ongoing conduct of the Phase 1 clinical trial. Direct program expenses for imapextide and preclinical and other programs remained relatively unchanged. Personnel-related costs (including stock-based compensation) increased by $3.4 million, primarily due to increased headcount and stock-based compensation expense. Facility-related and other expenses, which include allocated overhead, including rent, repairs and maintenance costs, common facilities and information technology-related expenses allocated to research and development increased by $0.4 million.

Current wording

Direct research and development program expenses related to canvuparatide increased by $3.5 million, primarily due to the start of the Phase 3 clinical trial, clinical supply manufacturing to support the Phase 3 clinical trial and the ongoing Phase 2 open-label extension clinical trial. Direct program expenses for MBX 4291 increased by $3.9 million primarily due to ongoing conduct of the Phase 1 clinical trial and related clinical supply manufacturing costs, partially offset by a $1.0 million IURTC milestone that was triggered in the second quarter of 2025, related to the initiation of the Phase 1 clinical trial of MBX 4291. Direct research and development expense related to preclinical and other programs increased by $1.9 million, primarily due to IND-enabling studies for our two prodrug development candidates, MBX 5765 and MBX 6180. Direct program expenses for imapextide decreased by $0.1 million primarily due to the decision to not commit further investment toward a Phase 2b clinical trial of imapextide. Personnel-related costs (including stock-based compensation) increased by $3.1 million, primarily due to increased headcount and stock-based compensation expense. Facility-related and other expenses, which include allocated overhead, including rent, repairs and maintenance costs, common facilities and information technology-related expenses allocated to research and development increased by $0.5 million, primarily related to the new office and laboratory space in Burlington.

Previous wording

General and administrative expenses were $9.9 million for the three months ended June 30, 2026, as compared to $4.1 million for the three months ended June 30, 2025. The increase of $5.9 million was primarily due to higher personnel-related costs (including stock-based compensation) resulting from continued expansion of both our executive leadership team and general infrastructure to support growth in our operations.

Current wording

General and administrative expenses were $34.3 million for the three months ended September 30, 2026, as compared to $4.7 million for the three months ended September 30, 2025. The increase of $29.6 million was primarily due to higher personnel-related costs, including $20.8 million of non-cash stock-based compensation expense related to the modification of awards for our former chief executive officer, and other higher personnel-related costs, including non-cash stock-based compensation expense, resulting from continued expansion of both our executive leadership team and general infrastructure to support growth in our operations.

Previous wording

Interest and other income, net, which includes interest income and amortization of premiums and discounts on our investments in marketable securities, were $3.8 million for the three months ended June 30, 2026, as compared to $2.4 million for the three months ended June 30, 2025. The increase of $1.4 million was due to increased interest on our cash, cash equivalents and marketable securities, which increased primarily due to the September 2025 Offering and the February 2026 ATM Offering.

Current wording

Interest and other income, net, which includes interest income and amortization of premiums and discounts on our investments in marketable securities, were $3.9 million for the three months ended September 30, 2026, as compared to $2.3 million for the three months ended September 30, 2025. The increase of $1.6 million was due to increased interest on our cash, cash equivalents and marketable securities, which increased primarily due to the September 2025 Offering, the February 2026 ATM Offering, and sales of our common stock in the three months ended September 30, 2026 related to the March 2026 Sales Agreement.

Previous wording

The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Research and development expenses were $49.5 million for the six months ended June 30, 2026 as compared to $40.1 million for the six months ended June 30, 2025. The increase of $9.3 million consisted of the following:

Current wording

Research and development expenses were $81.5 million for the nine months ended September 30, 2026 as compared to $59.4 million for the nine months ended September 30, 2025. The increase of $22.1 million consisted of the following:

Previous wording

Direct research and development program expenses related to canvuparatide increased by $4.8 million, primarily due to clinical start-up activity for the Phase 3 clinical trial, manufacturing to support the Phase 3 clinical trial and the ongoing Phase 2 open-label extension clinical trial. Direct program expenses for MBX 4291 increased by $0.7 million primarily due to ongoing conduct of the Phase 1 clinical trial, offset by a decrease in manufacturing costs and preclinical study related expense incurred in the first half of 2025. Direct program expenses for imapextide decreased by $0.8 million primarily due to the Phase 2a STEADI™ clinical trial completing at the beginning of the second quarter of 2026 and the decision to commit no further investment to the program. Direct program expenses for preclinical and other programs remained relatively unchanged. Personnel-related costs (including stock-based compensation) increased by $5.1 million, primarily due to increased headcount and stock-based compensation expense. Facility-related and other expenses, which include allocated overhead, including rent, repairs and maintenance costs, common facilities and information technology-related expenses allocated to research and development decreased by $0.4 million.

Current wording

Direct research and development program expenses related to canvuparatide increased by $8.3 million, primarily due to clinical start-up activity for the Phase 3 clinical trial, manufacturing to support the Phase 3 clinical trial and the ongoing Phase 2 open-label extension clinical trial. Direct program expenses for MBX 4291 increased by $4.6 million primarily due to ongoing conduct of the Phase 1 clinical trial and related clinical supply manufacturing costs, partially offset by a $1.0 million IURTC milestone that was triggered in the second quarter of 2025, related to the initiation of the Phase 1 clinical trial of MBX 4291. Direct program expenses for imapextide decreased by $1.0 million primarily due to the Phase 2a STEADI™ clinical trial completing at the beginning of the second quarter of 2026 and the decision to not commit further investment toward a Phase 2b clinical trial of imapextide. Direct research and development expense related to preclinical and other programs increased by $1.9 million, primarily due to IND-enabling activities for our two prodrug development candidates, MBX 5765 and MBX 6180. Personnel-related costs (including stock-based compensation) increased by $8.2 million, primarily due to increased headcount and stock-based compensation expense. Facility-related and other expenses, which include allocated overhead, including rent, repairs and maintenance costs, common facilities and information technology-related expenses allocated to research and development increased by $0.1 million.

Previous wording

General and administrative expenses were $18.7 million for the six months ended June 30, 2026, as compared to $8.2 million for the six months ended June 30, 2025. The increase of $10.5 million was primarily due to higher personnel-related costs (including stock-based compensation) resulting from continued expansion of both our executive leadership team and general infrastructure to support growth in our operations and separation related costs.

Current wording

General and administrative expenses were $53.0 million for the nine months ended September 30, 2026, as compared to $12.9 million for the nine months ended September 30, 2025. The increase of $40.1 million was primarily due to higher personnel-related costs, including $20.8 million of non-cash stock-based compensation expense related to the modification of awards for our former chief executive officer, and other higher personnel-related costs, including non-cash stock-based compensation expense, resulting from continued expansion of both our executive leadership team and general infrastructure to support growth in our operations.

Previous wording

Interest and other income, net, which includes interest income and amortization of premiums and discounts on our investments in marketable securities, were $7.6 million for the six months ended June 30, 2026, as compared to $5.0 million for the six months ended June 30, 2025. The increase of $2.5 million was due to increased interest on our cash, cash equivalents and marketable securities, which increased primarily due to the September 2025 Offering and the February 2026 ATM Offering.

Current wording

Interest and other income, net, which includes interest income and amortization of premiums and discounts on our investments in marketable securities, were $11.5 million for the nine months ended September 30, 2026, as compared to $7.4 million for the nine months ended September 30, 2025. The increase of $4.2 million was due to increased interest on our cash, cash equivalents and marketable securities, which increased primarily due to the September 2025 Offering, the February 2026 ATM Offering and sales of our common stock in the nine months ended September 30, 2026 related to the March 2026 Sales Agreement.

Previous wording

Since our inception, we have incurred significant operating losses. We have historically funded our operations primarily through our IPO, the September 2025 Offering, the February 2026 ATM Offering, and sales of our convertible preferred stock and convertible notes, which have generated approximately $688.8 million in cumulative, aggregate gross proceeds. As of June 30, 2026 and December 31, 2025, we had $418.6 million and $373.7 million in cash, cash equivalents and marketable securities, respectively. We have not yet generated any revenue from product sales and do not expect to in the foreseeable future as our product candidates are in various phases of clinical and preclinical development.

Current wording

Since our inception, we have incurred significant operating losses. We have historically funded our operations primarily through our IPO, the September 2025 Offering, the February 2026 ATM Offering, the March 2026 Sales Agreement from which we had sales of our common stock in the three and nine months ended September 30, 2026, and sales of our convertible preferred stock and convertible notes, which have generated approximately $788.8 million in cumulative, aggregate gross proceeds. As of September 30, 2026 and December 31, 2025, we had $481.6 million and $373.7 million in cash, cash equivalents and marketable securities, respectively. We have not yet generated any revenue from product sales and do not expect to in the foreseeable future as our product candidates are in various phases of clinical and preclinical development.

Previous wording

We had $418.6 million and $373.7 million in cash, cash equivalents and marketable securities as of June 30, 2026 and December 31, 2025, respectively. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our current operating plan for at least the next 12 months from the date of issuance of the accompanying unaudited condensed financial statements. Based on our current operating plan, we estimate that our existing cash, cash equivalents and marketable securities will be sufficient to fund our projected operating expenses and capital expenditure requirements into 2029. 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.

Current wording

We had $481.6 million and $373.7 million in cash, cash equivalents and marketable securities as of September 30, 2026 and December 31, 2025, respectively. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our current operating plan for at least the next 12 months from the date of issuance of the accompanying unaudited condensed financial statements. Based on our current operating plan, we estimate that our existing cash, cash equivalents and marketable securities will be sufficient to fund our projected operating expenses and capital expenditure requirements into 2029. 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.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2026 was $42.8 million. This was primarily due to our net loss of $60.6 million, partially offset by non-cash charges of $10.8 million. Non-cash charges primarily consisted of $11.5 million of stock-based compensation expense, $0.1 million of depreciation expense related to our property and equipment and $0.1 million of amortization expense related to our right-of-use assets, partially offset by $1.0 million of net amortization and accretion of marketable securities. The changes in our net operating assets and liabilities primarily consisted of a $7.1 million increase in accounts payable and accrued expenses primarily related to balances with CROs and CDMOs, a $0.5 million decrease in our prepaid expenses and other current assets related to prepaid balances with CROs and CDMOs, and a net increase of $0.3 million related to our operating lease liabilities.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2026 was $77.7 million. This was primarily due to our net loss of $123.0 million, partially offset by non-cash charges of $38.5 million and changes in our operating assets and liabilities of $6.8 million. Non-cash charges primarily consisted of $39.1 million of non-cash stock-based compensation expense, which included $20.8 million of non-cash stock-based compensation expense related to the modification of awards for our former chief executive officer and an increase in non-cash stock-based compensation resulting from an increase in full-time employees, $0.3 million of depreciation expense related to our property and equipment and $0.3 million of amortization expense related to our right-of-use assets, partially offset by $1.2 million of net amortization and accretion of marketable securities. The changes in our net operating assets and liabilities primarily consisted of a $9.2 million increase in accounts payable and accrued expenses primarily related to balances with CROs and CDMOs, a $2.6 million decrease in our prepaid expenses and other current assets related to prepaid balances with CROs and CDMOs, and a net increase of $0.3 million related to our operating lease liabilities.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2025 was $40.1 million. This was primarily due to our net loss of $43.3 million, partially offset by net cash provided by changes in our operating assets and liabilities of $1.6 million and non-cash charges of $1.7 million. The changes in our net operating assets and liabilities primarily consisted of a $0.9 million increase in our prepaid expenses and other current assets related to prepaid balances with CROs, a $0.8 million increase in accounts payable and accrued expenses primarily related to balances with CROs. Non-cash charges primarily consisted of $3.8 million of stock-based compensation expense, $0.1 million of depreciation expense related to our property and equipment and $0.1 million of amortization expense related to our right-of-use asset, partially offset by $2.3 million of net amortization and accretion of marketable securities.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2025 was $61.6 million. This was primarily due to our net loss of $64.9 million, partially offset by non-cash charges of $3.3 million. Non-cash charges primarily consisted of $6.0 million of stock-based compensation expense, $0.2 million of depreciation expense related to our property and equipment and $0.1 million of amortization expense related to our right-of-use asset, partially offset by $3.1 million of net amortization and accretion of marketable securities. The changes in our net operating assets and liabilities primarily consisted of a $0.7 million increase in our prepaid expenses and other current assets related to prepaid balances with CROs and CDMOs offset by a $0.7 million increase in accounts payable and accrued expenses primarily related to balances with CROs and CDMOs.

Previous wording

Net cash used in investing activities for the six months ended June 30, 2026 was $67.9 million, which consisted of purchases of marketable securities of $208.0 million and purchases of property and equipment of $1.3 million, partially offset by maturities of marketable securities of $141.5 million.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2026 was $25.1 million, which consisted of purchases of marketable securities of $237.8 million and purchases of property and equipment of $2.5 million, partially offset by maturities of marketable securities of $215.3 million.

Previous wording

Net cash provided by investing activities for the six months ended June 30, 2025 was $29.2 million, which consisted of maturities of marketable securities of $130.3 million and redemptions of marketable securities of $6.0 million, partially offset by purchases of marketable securities of $106.3 million and purchases of property and equipment of $0.8 million.

Current wording

Net cash provided by investing activities for the nine months ended September 30, 2025 was $46.3 million, which consisted of maturities of marketable securities of $191.6 million and redemptions of marketable securities of $8.5 million, partially offset by purchases of marketable securities of $152.7 million and purchases of property and equipment of $1.1 million.

Previous wording

Net cash provided by financing activities for the six months ended June 30, 2026 was $89.8 million, which consisted of proceeds of $85.4 million from the February 2026 ATM Offering, net of underwriting discounts and commissions, $4.6 million of proceeds from the exercise of common stock options, and $0.3 million of proceeds from the purchase of shares of our common stock pursuant to the 2026 ESPP, partially offset by payments totaling $0.5 million related to offering costs for the February 2026 ATM Offering.

Current wording

Net cash provided by financing activities for the nine months ended September 30, 2025 was $189.2 million, which consisted of proceeds of $187.9 million from the September 2025 Offering, net of underwriting discounts and commissions and $1.5 million of proceeds from the exercise of common stock options, partially offset by payments totaling $0.3 million related to offering costs for the September 2025 Offering.

Previous wording

As of June 30, 2026, our future remaining operating lease payments were $4.0 million, with $0.9 million payable within the next twelve months, with respect to leases already commenced as of such date. As of December 31, 2025, our future remaining operating lease payments were $0.7 million, with $0.2 million payable within the next twelve months, with respect to leases already commenced as of such date.

Current wording

As of September 30, 2026, our future remaining operating lease payments were $3.9 million, with $1.1 million payable within the next twelve months, with respect to leases already commenced as of such date. As of December 31, 2025, our future remaining operating lease payments were $0.7 million, with $0.2 million payable within the next twelve months, with respect to leases already commenced as of such date.

Previous wording

During the six months ended June 30, 2026, there were no material changes to our critical accounting policies and estimates described under Management’s Discussion and Analysis of Critical Accounting Policies and Estimates which are included in our 2025 Annual Report.

Current wording

During the nine months ended September 30, 2026, there were no material changes to our critical accounting policies and estimates described under Management’s Discussion and Analysis of Critical Accounting Policies and Estimates which are included in our 2025 Annual Report.