Annexon, Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 9, 2026
ANNX$4.23+0.7%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001193125-26-346779
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001193125-26-453585
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 101 previous paragraphs and 113 current paragraphs.
65 unchanged; 24 reworded; 22 added; 11 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Tanruprubart
Current report
The currently ongoing open-label U.S./Europe FORWARD study is designed to broaden Western experience with tanruprubart. Eighteen patients have been treated to date, representing a broad spectrum of disease from moderate to severe in both male and female patients ranging in age from 12 to 78 years old. Functional outcomes, complete target engagement and a generally well-tolerated safety profile were observed in FORWARD, consistent with Phase 3 and real-world evidence studies. FORWARD findings provide additional evidence of the consistency and reproducibility of tanruprubart treatment effect across a broad range of GBS patients with different disease neurotypes, severities, ages and geographies, which further strengthen our comprehensive data package for tanruprubart in GBS. We plan to engage with the FDA with the goal of reaching alignment on our submission of a biologics license application, or BLA, anticipated in the fourth quarter of 2026.
Current report
Vonaprument
Current report
The global, sham-controlled, double-masked Phase 3 ARCHER II trial is ongoing in 659 patients with GA. ARCHER II is designed to demonstrate clinically meaningful vision protection at Months 15 and 24. Given the linear progression of vision loss, among other things, we believe longer follow-up provides greater potential for sustained treatment benefit and increased separation between vonaprument treatment and sham over time. ARCHER II enrolled a patient population similar to Phase 2, which showed consistent, dose-dependent vision protection across a broad spectrum of disease. Notably, ARCHER II is larger and longer in duration and better powered than the Phase 2, and we believe is well-positioned for success on the primary endpoint of BCVA 15-letter loss. Study execution reflects strong physician and patient engagement. All eligible patients have received at least 15 months of treatment with patient retention at 90%, and masked vision-loss events have tracked closely with projections.
Current report
ANX1502
Current report
Interest Expense
Current report
Interest expense consists primarily of interest incurred on our term loan, including non-cash amortization of debt issuance costs and debt discounts and non-cash accretion of final payment obligations.
Current report
*Not meaningful change for the periods presented.
Current report
*Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications had no impact on total research and development expenses.
Current report
*Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications had no impact on total general and administrative expenses.
Current report
Interest expense
Current report
Interest expense increased by $0.8 million for the three months ended September 30, 2026. The increase was due to the term loan entered into in July 2026.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
*Not meaningful change for the periods presented.
Current report
*Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications had no impact on total research and development expenses.
Current report
*Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications had no impact on total general and administrative expenses.
Current report
Interest expense
Current report
Interest expense increased by $0.8 million for the nine months ended September 30, 2026. The increase was due to the term loan entered into in July 2026.
Current report
Oxford Loan Agreement
Current report
On July 30, 2026, we entered into the Oxford Loan Agreement with Oxford. The Oxford Loan Agreement provides for term loans of up to $200.0 million to be funded in multiple tranches, including a $50.0 million Term A Loan funded at closing and up to $150.0 million of additional borrowing capacity subject to specified conditions. The Oxford Loan Agreement matures on July 1, 2031 and bears interest at a floating annual rate equal to the greater of 1-Month CME Term SOFR or 3.00%, plus 4.60%, for a minimum of 7.60%. We are required to make monthly interest-only payments through September 1, 2029, after which monthly payments of principal and interest will be due. Based on the scheduled maturity without extension, estimated future principal and final fee payments are $8.7 million in 2029, $26.1 million in 2030 and $17.7 million in 2031. The Oxford Loan Agreement includes customary affirmative and negative covenants, including restrictions on the ability to pay dividends and make other distributions. As of September 30, 2026, $150.0 million of borrowing capacity remained available under the Oxford Loan Agreement and we were in compliance with all covenants and have not received any notification or indication from Oxford of an intent to declare the loan due prior to maturity.
Current report
We have issued pre-funded warrants in connection with public offerings of our common stock in July 2022, December 2023, June 2024 and November 2025. Each pre-funded warrant has an exercise price of $0.001 per share, does not expire and is immediately exercisable subject to beneficial ownership limitations. The pre-funded warrants are classified as equity.
Current report
In July 2022, we issued common warrants to purchase up to 8,427,508 shares of common stock in connection with an equity offering. The common warrants had an exercise price of $5.807 per share and an original expiration date of June 30, 2025. In June 2025, we and holders of common warrants to purchase 6,877,622 shares agreed to extend the expiration date to June 30, 2026. We recorded the modification as a $1.9 million deemed dividend, which increased net loss attributable to common stockholders for the nine months ended September 30, 2025. Common warrants to purchase the remaining 1,226,993 shares expired unexercised on June 30, 2025. On June 30, 2026, the amended common warrants to purchase 6,877,622 shares expired unexercised. No common warrants remained outstanding as of September 30, 2026.
Removed paragraphs (11)
Previous report
The currently ongoing open-label U.S./Europe FORWARD study is designed to broaden Western experience with tanruprubart. We recently announced that the initial cohort of U.S. and European patients in the FORWARD study showed clinically meaningful and rapid improvement in strength and reduced disability within days of a single infusion of 30 mg/kg tanruprubart. The positive clinical outcomes in the FORWARD study reinforce the consistency and reproducibility of the tanruprubart treatment effect, and we anticipate initial pharmacokinetics, or PK, pharmacodynamics, or PD, biomarker and functional data to supplement our comprehensive data package for tanruprubart in GBS. Following such data, we plan to engage with the FDA with the goal of reaching alignment on our current and supplemental data package and information supporting the generalizability of tanruprubart in Western patients for submission of a biologics license application, or BLA, in the fourth quarter of 2026.
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
2025 Financing
Previous report
In November 2025, we raised net proceeds of approximately $80.5 million after deducting underwriting discounts and offering expenses through the sale of 29,423,075 shares of our common stock at a price of $2.60 per share and pre-funded warrants to purchase an aggregate of 3,750,000 shares of common stock at a price of $2.599 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant.
Previous report
2024 Financing
Previous report
In June 2024, we raised net proceeds of approximately $116.8 million after deducting underwriting discounts and offering expenses through the sale of 13,001,120 shares of our common stock at a price of $6.25 per share and pre-funded warrants to purchase an aggregate of 7,000,000 shares of common stock at a price of $6.249 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant.
Previous report
2023 Financing
Previous report
In December 2023, we raised net proceeds of approximately $117.0 million after deducting underwriting discounts and offering expenses through the sale of 25,035,000 shares of our common stock at a price of $2.880 per share and pre-funded warrants to purchase an aggregate of 18,379,861 shares of common stock at a price of $2.879 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant.
Previous report
2022 Financing
Previous report
In July 2022, we raised net proceeds of approximately $122.5 million after deducting fees and expenses through the sale of an aggregate of 9,013,834 shares of common stock, pre-funded warrants to purchase up to 24,696,206 shares of our common stock and accompanying common warrants to purchase up to 8,427,508 shares of our common stock. The offering price per share and accompanying common warrant was $3.87125 per share and the offering price per pre-funded warrant and accompanying common warrant was $3.87025 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each such pre-funded warrant. The pre-funded warrants remain exercisable until exercised in full. The common warrants had an exercise price of $5.806875 per share and, except as described in the next paragraph, expired on June 30, 2025. Both the pre-funded and common warrants were immediately exercisable, subject to beneficial ownership limitations.
Previous report
In June 2025, we and holders of common warrants exercisable for 6,877,622 shares of our common stock entered into amendments to the common warrants held by such holders. The amendments extended the term of the common warrants by one year until June 30, 2026, and removed the cashless exercise option. If all such common warrants are exercised in full for cash (without regard to any applicable ownership limitations), we would receive aggregate gross proceeds of approximately $39.9 million. The remaining common warrants to purchase 1,226,993 shares of our common stock not subject to these amendments expired unexercised on June 30, 2025. On June 30, 2026, the amended common warrants to purchase 6,877,622 shares of our common stock expired unexercised.
Reworded paragraphs (24)
Previous wording
We are a biopharmaceutical company advancing the next generation platform of targeted immunotherapies aimed at complement-mediated neuroinflammatory diseases that collectively impact nearly 10 million people worldwide. Building on more than a decade of expertise stopping acute and chronic neuroinflammation at its source, we have demonstrated robust target engagement in the body, brain and eye, and clinical proof of concept in multiple diseases.
Current wording
We are a biopharmaceutical company advancing a next generation platform of targeted immunotherapies aimed at complement-mediated neuroinflammatory diseases that collectively impact nearly 10 million people worldwide. Building on more than a decade of expertise stopping acute and chronic neuroinflammation at its source, we have demonstrated robust target engagement in the body, brain and eye, and clinical proof of concept in multiple diseases.
Previous wording
Our strategic priorities include advancing two late-stage registrational programs, tanruprubart toward our first approval in Guillain-Barré Syndrome, or GBS, and vonaprument toward pivotal data in dry age-related macular degeneration, or AMD, with geographic atrophy, or GA, as well as developing ANX1502, a novel oral small molecule for autoimmune conditions.
Current wording
We are advancing two late-stage registrational programs, tanruprubart toward our first approval in Guillain-Barré Syndrome, or GBS, and vonaprument toward pivotal data in dry age-related macular degeneration, or AMD, with geographic atrophy, or GA, as well as developing ANX1502, a novel oral small molecule for autoimmune conditions.
Previous wording
In the ongoing global, sham-controlled, double-masked Phase 3 ARCHER II trial of 659 patients with GA, all eligible patients have received at least 12 months of vonaprument treatment, with masked event accrual in line with projections. ARCHER II retains strong statistical power and continues to be well-executed with a low discontinuation rate (<10%) and high compliance (>95%). We recently announced the expansion of the vonaprument Phase 3 program to add a Month 24 dual primary endpoint, complementing the current Month 15 primary endpoint, and to launch an open-label extension (OLE) study. With a dual primary endpoint strategy, ARCHER II can achieve success in protecting against vision loss at either Month 15 or Month 24, which are independent efficacy timepoints. The Month 15 primary endpoint remains on track for the fourth quarter of 2026. Upon completion of Month 24, all patients will have the option to receive monthly vonaprument treatment in the OLE study, designed to evaluate the longer-term profile of vonaprument for inclusion in the label. The primary endpoints of this two-year trial are the proportion of patients with confirmed BCVA ≥15-letter loss at two consecutive visits, measured through months 15 and 24. Secondary endpoints include safety, low luminance visual acuity and photoreceptor integrity. We have established a global registration path with the FDA and EMA, which supports the potential of vonaprument to be the first treatment approved in both Europe and the U.S. for the protection of vision in patients with GA. The single-study program will be analyzed as two sub-studies in the U.S. in accordance with the FDA’s two-trial recommendation. Vonaprument is the first and only therapeutic candidate for the treatment of GA to receive Priority Medicine, or PRIME, designation by the EMA, which provides early and proactive support to developers of promising medicines that may offer a major therapeutic advantage over existing treatments or benefit to patients without treatment options. Vonaprument was also selected by the EMA for the Product Development Coordinator Pilot launched in July 2025 to help PRIME designation holders efficiently navigate regulatory interactions including expedited scientific advice, MAA submission readiness activities, and ad-hoc queries throughout the development program.
Current wording
We have established a global registration path with the FDA and EMA, which supports the potential of vonaprument to be the first treatment approved in both Europe and the U.S. for the protection of vision in patients with GA. The ARCHER II single overall study will be analyzed for EU registration and allocated into two pre-defined sub-studies that will be analyzed for U.S. registration in accordance with the FDA’s two-trial recommendation. An independent Data Monitoring Committee (DMC) will assess the ARCHER II single study Month 15 primary endpoint in the fourth quarter of 2026. If the DMC recommends that the endpoint has been met, the DMC will evaluate the two prespecified sub-studies, with results expected in the first quarter of 2027. Alternatively, the DMC may recommend continuing the trial through the Month 24 primary endpoint analysis. ARCHER II completion, including Month 24 analyses, is expected in the third quarter of 2027. Upon completion of Month 24, all patients will have the option to receive monthly vonaprument treatment in the open-label extension (OLE) study, designed to evaluate the longer-term profile of vonaprument for inclusion in the label. Vonaprument is the first and only therapeutic candidate for the treatment of GA to receive Priority Medicine, or PRIME, designation by the EMA, which provides early and proactive support to developers of promising medicines that may offer a major therapeutic advantage over existing treatments or benefit to patients without treatment options. Vonaprument was also selected by the EMA for the Product Development Coordinator Pilot launched in July 2025 to help PRIME designation holders efficiently navigate regulatory interactions including expedited scientific advice, MAA submission readiness activities, and ad-hoc queries throughout the development program.
Previous wording
ANX1502 is a novel oral small molecule inhibiting the activated form of C1s, an enzyme carried by C1q to initiate the classical cascade, which we believe is first-in-kind and has the potential to offer the advantages of selective upstream classical complement inhibition with the convenience and flexibility of oral administration. In a Phase 1 single-ascending dose and multiple-ascending dose clinical trial in healthy volunteers designed to evaluate the safety, tolerability, PK and PD, ANX1502 was generally well tolerated across cohorts with no serious adverse events, achieved target levels of active drug and showed supportive impact on a PD biomarker of complement activity. We are evaluating an enteric-coated tablet formulation of ANX1502 in an ongoing POC study in patients with cold agglutinin disease, or CAD. We have observed drug levels at and exceeding the pre-defined target in fasted CAD patients. Dosing is complete and we plan to provide an update on the POC study in the second half of 2026.
Current wording
ANX1502 is a novel oral small molecule inhibiting the activated form of C1s, an enzyme carried by C1q to initiate the classical cascade, which we believe is first-in-kind and has the potential to offer the advantages of selective upstream classical complement inhibition with the convenience and flexibility of oral administration. In a Phase 1 single-ascending dose and multiple-ascending dose clinical trial in healthy volunteers designed to evaluate the safety, tolerability, PK and PD, ANX1502 was generally well tolerated across cohorts with no serious adverse events, achieved target levels of active drug and showed supportive impact on a PD biomarker of complement activity. We recently completed a POC study evaluating an enteric-coated tablet formulation of ANX1502 in nine patients with cold agglutinin disease, or CAD. No significant safety signals were observed. Drug activity, including observed reductions in disease biomarkers such as bilirubin and LDH, supports ANX1502’s potential for further development. Formulation optimization is underway to improve absorption of the enteric-coated tablet prior to executing studies in clinically validated, potentially blockbuster diseases, including neuromuscular disorders such as generalized myasthenia gravis.
Previous wording
We were incorporated in March 2011 and commenced operations later that year. To date, we have focused primarily on performing research and development activities, hiring personnel and raising capital to support and expand these activities. We do not have any products approved for sale, and we have not generated any revenue from product sales. We have incurred net losses each year since our inception. Our net losses were $55.3 million and $49.2 million for the three months ended June 30, 2026 and 2025, respectively, and $99.5 million and $103.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of approximately $1.0 billion and cash and cash equivalents and short-term investments of $209.2 million.
Current wording
We were incorporated in March 2011 and commenced operations later that year. To date, we have focused primarily on performing research and development activities, hiring personnel and raising capital to support and expand these activities. We do not have any products approved for sale, and we have not generated any revenue from product sales. We have incurred net losses each year since our inception. Our net losses were $51.2 million and $54.9 million for the three months ended September 30, 2026 and 2025, respectively, and $150.7 million and $158.4 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, we had an accumulated deficit of approximately $1.1 billion and cash and cash equivalents and short-term investments of $213.4 million.
Previous wording
Research and development expenses increased by $2.4 million, or 6%, for the three months ended June 30, 2026 compared to the same period in 2025. The change was primarily attributable to an increase of $6.0 million in contract manufacturing activity for the manufacturing technology transfer of vonaprument to a commercial-ready facility. Consulting and professional services expenses decreased by $1.4 million, following the MAA submission for tanruprubart in January 2026. Compensation and personnel-related expenses (including stock-based compensation) decreased by $1.3 million, reflecting lower headcount. In addition, direct clinical and nonclinical outside services costs decreased by $1.2 million primarily associated with the vonaprument Phase 3 ARCHER II trial in GA partially offset by higher tanruprubart FORWARD study costs.
Current wording
Research and development expenses decreased by $8.3 million, or 17%, for the three months ended September 30, 2026 compared to the same period in 2025. The change was primarily attributable to a decrease of $9.0 million in completed contract manufacturing activity supporting the tanruprubart European MAA filing. Compensation and personnel-related expenses (including stock-based compensation) decreased by $0.8 million, reflecting lower headcount. These decreases were partially offset by a $1.4 million increase in consulting and professional services expenses associated with the vonaprument Phase 3 ARCHER II trial in GA.
Previous wording
General and administrative expenses increased by $3.1 million, or 41%, for the three months ended June 30, 2026 compared to the same period in 2025, primarily driven by a $2.3 million increase in consulting and professional services costs for corporate affairs activities across our portfolio. In addition, compensation and personnel-related expenses were higher primarily due to stock-based compensation expense.
Current wording
General and administrative expenses increased by $3.6 million, or 49%, for the three months ended September 30, 2026 compared to the same period in 2025, primarily driven by a $2.0 million increase in consulting and professional services costs for corporate affairs activities supporting late-stage tanruprubart and vonaprument programs. In addition, compensation and personnel-related expenses were higher by $1.7 million primarily due to stock-based compensation expense and increased headcount.
Previous wording
Interest and other income, net, decreased by $0.7 million, or 27%, for the three months ended June 30, 2026 compared to the same period in 2025. The decrease was primarily due to lower average cash and investment balances.
Current wording
Interest and other income, net, decreased by $0.2 million, or 12%, for the three months ended September 30, 2026 compared to the same period in 2025. The decrease was primarily due to lower average interest rates.
Previous wording
Research and development expenses decreased by $10.0 million, or 11%, for the six months ended June 30, 2026 compared to the same period in 2025. The change was primarily attributable to a decrease of $5.2 million in completed contract manufacturing activity supporting the tanruprubart European MAA filing, a decrease of $3.7 million in compensation and personnel-related expenses (including stock-based compensation), reflecting lower headcount, and a decrease of $3.4 million in consulting and professional services expenses following the MAA submission for tanruprubart in January 2026. These decreases were partially offset by a $2.3 million increase in direct clinical and nonclinical outside services costs associated with the ongoing tanruprubart FORWARD study in GBS and the vonaprument Phase 3 ARCHER II trial in GA.
Current wording
Research and development expenses decreased by $18.3 million, or 13%, for the nine months ended September 30, 2026 compared to the same period in 2025. The change was primarily attributable to a decrease of $14.2 million in completed contract manufacturing activity supporting the tanruprubart European MAA filing, a decrease of $4.4 million in compensation and personnel-related expenses (including stock-based compensation) reflecting lower headcount, and a decrease of $2.0 million in consulting and professional services expenses following the MAA submission for tanruprubart in January 2026. These decreases were partially offset by a $2.1 million increase in direct clinical and nonclinical outside services costs associated with the ongoing tanruprubart FORWARD study in GBS and the launch of the vonaprument OLE study in GA.
Previous wording
General and administrative expenses increased by $4.1 million, or 24%, for the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by a $3.6 million increase in consulting and professional services costs for corporate affairs activities across our portfolio in the first half of 2026. In addition, compensation and personnel-related expenses were higher primarily due to stock-based compensation expense.
Current wording
General and administrative expenses increased by $7.7 million, or 32%, for the nine months ended September 30, 2026 compared to the same period in 2025, primarily driven by a $5.7 million increase in consulting and professional services costs for corporate affairs activities supporting late-stage tanruprubart and vonaprument programs. In addition, compensation and personnel-related expenses were higher by $3.1 million primarily due to stock-based compensation expense and increased headcount.
Previous wording
Interest and other income, net, decreased by $1.8 million, or 33%, for the six months ended June 30, 2026 compared to the same period in 2025. The decrease was primarily due to lower average cash and investment balances as well as lower average interest rates.
Current wording
Interest and other income, net, decreased by $2.1 million, or 27%, for the nine months ended September 30, 2026 compared to the same period in 2025. The decrease was primarily due to lower average interest rates as well as lower average cash and investment balances.
Previous wording
To date, we have funded our operations primarily through the sale of equity securities including, most recently in November 2025, the public offering of approximately $86.3 million of shares of common stock and pre-funded warrants. In addition, on March 30, 2026, we entered into a sales agreement with TD Cowen pursuant to which we may offer and sell, from time to time through TD Cowen, at our option, shares of our common stock having an aggregate offering price of up to $150.0 million. As of June 30, 2026, we had available cash and cash equivalents and short-term investments of $209.2 million and an accumulated deficit of approximately $1.0 billion.
Current wording
To date, we have funded our operations primarily through the sale of equity securities including, most recently in November 2025, the public offering of approximately $86.3 million of shares of common stock and pre-funded warrants. In addition, on March 30, 2026, we entered into a sales agreement with TD Cowen pursuant to which we may offer and sell, from time to time through TD Cowen, at our option, shares of our common stock having an aggregate offering price of up to $150.0 million. On July 30, 2026, we also received $50.0 million in gross proceeds under a Loan and Security Agreement, or Oxford Loan Agreement, with Oxford Finance LLC, as collateral agent, and Oxford Finance Credit Fund IV, LP, or collectively, Oxford, and have up to $150.0 million of additional borrowing capacity, subject to specified milestones and other conditions, to support our ongoing operations. As of September 30, 2026, we had available cash and cash equivalents and short-term investments of $213.4 million and an accumulated deficit of approximately $1.1 billion.
Previous wording
Cash used in operating activities for the six months ended June 30, 2025 was $88.1 million, which consisted of a net loss of $103.5 million, partially offset by $8.0 million in non-cash charges and a net change of $7.4 million in our operating assets and liabilities. The non-cash charges consisted of stock-based compensation of $9.3 million, depreciation and amortization of $1.1 million and a reduction in the carrying amount of right-of-use assets of $0.7 million, partially offset by accretion of discount on available-for-sale securities of $3.1 million.
Current wording
Cash used in operating activities for the nine months ended September 30, 2026 was $143.5 million, which consisted of a net loss of $150.7 million and a net change of $8.4 million in our operating assets and liabilities, partially offset by $15.6 million in non-cash charges. The non-cash charges consisted of stock-based compensation of $14.1 million, depreciation and amortization of $1.6 million, a reduction in the carrying amount of right-of-use assets of $1.3 million, and non-cash interest expense of $0.1 million, partially offset by accretion of discount on available-for-sale securities of $1.5 million.
Previous wording
Cash used in operating activities for the six months ended June 30, 2026 was $94.8 million, which consisted of a net loss of $99.5 million and a net change of $5.3 million in our operating assets and liabilities, partially offset by $10.0 million in non-cash charges. The non-cash charges consisted of stock-based compensation of $9.0 million, depreciation and amortization of $1.1 million, and a reduction in the carrying amount of right-of-use assets of $0.8 million, partially offset by accretion of discount on available-for-sale securities of $0.9 million.
Current wording
Cash used in operating activities for the nine months ended September 30, 2025 was $140.4 million, which consisted of a net loss of $158.4 million, partially offset by $12.2 million in non-cash charges and a net change of $5.7 million in our operating assets and liabilities. The non-cash charges consisted of stock-based compensation of $13.1 million, depreciation and amortization of $1.6 million, and a reduction in the carrying amount of right-of-use assets of $1.1 million, partially offset by accretion of discount on available-for-sale securities of $3.6 million.
Previous wording
Cash provided by investing activities for the six months ended June 30, 2026 was $67.0 million, which consisted of $83.0 million of proceeds from maturities of available-for-sale securities, partially offset by $15.9 million of purchases of available-for-sale securities and $0.1 million of purchases of property and equipment.
Current wording
Cash used in investing activities for the nine months ended September 30, 2026 was $33.5 million, which consisted of $126.3 million of purchases of available-for-sale securities and $0.1 million of purchases of property and equipment, partially offset by $93.0 million of proceeds from maturities of available-for-sale securities.
Previous wording
Cash provided by investing activities for the six months ended June 30, 2025 was $170.7 million, which consisted of $291.3 million of proceeds from maturities of available-for-sale securities, partially offset by $120.5 million of purchases of available-for-sale securities and $0.1 million of purchases of property and equipment.
Current wording
Cash provided by investing activities for the nine months ended September 30, 2025 was $216.6 million, which consisted of $363.9 million of proceeds from maturities of available-for-sale securities, partially offset by $147.2 million of purchases of available-for-sale securities.
Previous wording
Cash provided by financing activities for the six months ended June 30, 2026 was $65.0 million, which consisted of $63.8 million of net proceeds from the aggregate issuance of common stock under our 2024 ATM program and 2026 ATM program and $1.3 million of net proceeds from the exercise of common stock options and employee stock purchase plan purchases.
Current wording
Cash provided by financing activities for the nine months ended September 30, 2025 was $13.8 million, which consisted of $13.5 million of net proceeds from the issuance of common stock under our 2024 ATM program and $0.2 million of net proceeds from the exercise of common stock options and employee stock purchase plan purchases.
Previous wording
Based upon our current operating plan, we believe that our existing cash and cash equivalents and short-term investments will enable us to fund operating expenses into 2028. We will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect. We will be required to seek additional funding in the future until such time, if ever, as we can generate substantial product revenue, and currently intend to do so through public or private equity offerings or debt financings, credit or loan facilities, collaborations or a combination of one or more of these funding sources. We may also need to seek additional funds sooner than planned as result of changes in our development plans and regulatory requirements to support registration of our product candidates. Additional funds may not be available to us on acceptable terms or at all. If we fail to obtain necessary capital when needed on acceptable terms, or at all, we could be forced to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations. If we raise additional funds by issuing equity securities, our stockholders will suffer dilution and the terms of any financing may adversely affect the rights of our stockholders. In addition, as a condition to providing additional funds to us, future investors may demand, and may be granted, rights superior to those of existing stockholders. Debt financing, if available, is likely to involve restrictive covenants limiting our flexibility in conducting future business activities, and, in the event of insolvency, debt holders would be repaid before holders of our equity securities received any distribution of our corporate assets.
Current wording
Based upon our current operating plan, we believe that our existing cash and cash equivalents and short-term investments will enable us to fund operations into 2028. We will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect. We will be required to seek additional funding in the future until such time, if ever, as we can generate substantial product revenue, and currently intend to do so through public or private equity offerings or debt financings, credit or loan facilities, collaborations or a combination of one or more of these funding sources. We may also need to seek additional funds sooner than planned as result of changes in our development plans and regulatory requirements to support registration of our product candidates. Additional funds may not be available to us on acceptable terms or at all. If we fail to obtain necessary capital when needed on acceptable terms, or at all, we could be forced to delay, limit, reduce or terminate our product development programs, commercialization efforts or other operations. If we raise additional funds by issuing equity securities, our stockholders will suffer dilution and the terms of any financing may adversely affect the rights of our stockholders. In addition, as a condition to providing additional funds to us, future investors may demand, and may be granted, rights superior to those of existing stockholders. Debt financing, if available, is likely to involve restrictive covenants limiting our flexibility in conducting future business activities, and, in the event of insolvency, debt holders would be repaid before holders of our equity securities received any distribution of our corporate assets.
Previous wording
The following summarizes warrant activity during the six months ended June 30, 2026 and 2025:
Current wording
The following summarizes warrant activity during the nine months ended September 30, 2026 and 2025:
Previous wording
During the six months ended June 30, 2026, we issued an aggregate of 12,525,379 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 12,527,778 shares of common stock. Subsequent to June 30, 2026 and through the date of issuance of these financial statements, we issued an aggregate of 14,897,630 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 14,900,000 shares of common stock.
Current wording
Subsequent to September 30, 2026 and through the date of issuance of these interim unaudited condensed consolidated financial statements, we issued an aggregate of 120,677 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 120,706 shares of common stock.
Previous wording
In March 2026, we entered into a sales agreement with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which we may offer and sell, from time to time through TD Cowen, at our option, shares of our common stock having an aggregate offering price of up to $150.0 million, or the 2026 ATM program. We agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds for the common stock sold through the 2026 ATM program. During the six months ended June 30, 2026, we sold 5,734,361 shares of common stock under the 2026 ATM program for net proceeds of approximately $31.0 million, after deducting commissions paid to TD Cowen and other offering costs. As of June 30, 2026, approximately $117.8 million remained available under the 2026 ATM program.
Current wording
In March 2026, we entered into a sales agreement with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which we may offer and sell, from time to time through TD Cowen, at our option, shares of our common stock having an aggregate offering price of up to $150.0 million, or the 2026 ATM program. We agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds for the common stock sold through the 2026 ATM program. During the nine months ended September 30, 2026, we sold 6,220,115 shares of common stock under the 2026 ATM program for net proceeds of approximately $33.5 million, after deducting commissions paid to TD Cowen and other offering costs. As of September 30, 2026, approximately $115.2 million remained available under the 2026 ATM program. Subsequent to September 30, 2026 and through the date of issuance of these interim unaudited condensed consolidated financial statements, we sold 639,068 shares of common stock under the 2026 ATM program for net proceeds of approximately $2.7 million, after deducting commissions paid to TD Cowen.
Previous wording
In March 2024, we entered into a sales agreement with TD Cowen, as sales agent, pursuant to which we were permitted to offer and sell shares of our common stock having an aggregate maximum offering price of up to $100.0 million, or 2024 ATM program. During the six months ended June 30, 2026, we sold 6,049,762 shares of our common stock under the 2024 ATM program for net proceeds of approximately $32.7 million, after deducting commissions paid to TD Cowen and other offering costs. No sales were made under the 2024 ATM program during the six months ended June 30, 2025. In May 2026, we terminated the 2024 ATM program. Approximately $33.3 million remained available under the 2024 ATM program at the time of termination; however, no further shares of common stock may be sold under the 2024 ATM program.
Current wording
In March 2024, we entered into a sales agreement with TD Cowen, as sales agent, pursuant to which we were permitted to offer and sell shares of our common stock having an aggregate maximum offering price of up to $100.0 million, or 2024 ATM program. During the nine months ended September 30, 2026 and 2025, we sold 6,049,762 and 5,235,959 shares of our common stock under the 2024 ATM program for net proceeds of approximately $32.7 million and $13.5 million, respectively, after deducting commissions paid to TD Cowen and other offering costs. In May 2026, we terminated the 2024 ATM program. Approximately $33.3 million remained available under the 2024 ATM program at the time of termination; however, no further shares of common stock may be sold under the 2024 ATM program.
Previous wording
Management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions for the reported amounts of assets, liabilities, expenses and related disclosures. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and any such differences may be material.
Current wording
Management’s discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions for the reported amounts of assets, liabilities, expenses and related disclosures. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and any such differences may be material.
Previous wording
See Note 2—Basis of Presentation and Significant Accounting Policies to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for information about recent accounting pronouncements, the timing of their adoption, and our assessment, to the extent we have made one yet, of their potential impact on our financial condition of results of operations.
Current wording
See Note 2—Basis of Presentation and Significant Accounting Policies to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for information about recent accounting pronouncements, the timing of their adoption, and our assessment, to the extent we have made one yet, of their potential impact on our financial condition or results of operations.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Cash provided by financing activities for the nine months ended September 30, 2026 was $117.3 million, which consisted of $66.2 million of net proceeds from the aggregate issuance of common stock under our 2024 ATM program and 2026 ATM program, $49.4 million from the issuance of term loan, net of debt discount, and $1.7 million of net proceeds from the exercise of common stock options and employee stock purchase plan purchases.
Current report — wording carried from elsewhere
During the nine months ended September 30, 2026, we issued an aggregate of 27,423,009 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 27,427,778 shares of common stock.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Cash provided by financing activities for the six months ended June 30, 2025 was $0.2 million, which consisted of proceeds from the exercise of common stock options and employee stock purchase plans.