BridgeBio Oncology Therapeutics, Inc.

Previous wording

This discussion and analysis of our financial condition and results of operations of BridgeBio Oncology Therapeutics, Inc. (“BBOT” “we” “our” or “us”) should be read together with the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025, and related notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”).

Current wording

This discussion and analysis of our financial condition and results of operations of BridgeBio Oncology Therapeutics, Inc. (“BBOT” “we” “our” or “us”) should be read together with the condensed consolidated financial statements for the three and nine months ended September 30, 2026 and 2025, and related notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”).

Previous wording

BBO-8520 is an orally bioavailable small molecule direct inhibitor targeting both the ON and OFF states of KRAS. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BBO-8520 for the treatment of adult patients with previously treated, KRAS G12C-mutated metastatic non-small cell lung cancer ("NSCLC"). We are currently enrolling the Phase 1 ONKORAS-101 trial (NCT06343402) for patients with KRAS G12C mutant NSCLC. ONKORAS-101 is an open-label, multi-center Phase 1a/1b study designed to evaluate the safety, tolerability, preliminary antitumor activity, and pharmacokinetics of BBO-8520 as a single agent and in combination with pembrolizumab in patients with KRASG12C mutant NSCLC. On January 7, 2026, we announced new clinical data from the ongoing Phase 1 trial. BBO-8520 in combination with pembrolizumab, at active dose levels, demonstrated promising efficacy data and a distinct safety profile, including a potentially differentiated liver toxicity profile. Updated clinical data are expected in the second half of 2026 and an internal combination study with BBO-10203 opened in April 2026.

Current wording

BBO-8520 is an orally bioavailable small molecule direct inhibitor targeting both the ON and OFF states of KRAS G12C. The U.S. Food and Drug Administration (“FDA”) has granted Fast Track designation to BBO-8520 for the treatment of adult patients with previously treated, KRAS G12C-mutated metastatic non-small cell lung cancer (“NSCLC”). We are currently enrolling the Phase 1 ONKORAS-101 trial (NCT06343402) for patients with KRAS G12C mutant NSCLC. ONKORAS-101 is an open-label, multi-center Phase 1a/1b study designed to evaluate the safety, tolerability, preliminary antitumor activity, and pharmacokinetics of BBO-8520 as a single agent and in combination with pembrolizumab in patients with KRAS G12C mutant NSCLC. On January 7, 2026, we announced new clinical data from the ongoing Phase 1 trial. On September 8, 2026, we announced new clinical data for KRAS G12C inhibitor BBO-8520 and the strategic prioritization of BBO-8520 in combination with checkpoint inhibitor in 2L+ KRAS G12C inhibitor-experienced NSCLC patients. BBO-8520 in combination with pembrolizumab, at active dose levels, demonstrated promising efficacy data and a distinct safety profile, including a potentially differentiated liver toxicity profile. The expanded BBO-8520 plus pembrolizumab dataset in 2L+ KRAS G12C inhibitor-experienced NSCLC is expected in mid-2027.

Previous wording

BBO-11818 is an orally bioavailable small molecule pan-KRAS inhibitor that targets mutant KRAS in both the ON and OFF states. We are currently enrolling the Phase 1 KONQUER-101 (NCT06917079) trial for patients with locally advanced or metastatic KRAS mutant solid tumors. On April 20, 2026 we announced that BBOT was granted U.S. FDA Fast Track designation for BBO-11818 for the treatment of adult patients with advanced KRAS-mutant PDAC. Updated Phase 1 clinical data are expected in the second half of 2026. An internal combination study with BBO-10203 opened in July 2026.

Current wording

BBO-11818 is an orally bioavailable small molecule Pan-KRAS inhibitor that targets mutant KRAS in both the ON and OFF states. We are currently enrolling the Phase 1 KONQUER-101 (NCT06917079) trial for patients with locally advanced or metastatic KRAS mutant solid tumors. On April 20, 2026, we announced that BBOT was granted U.S. FDA Fast Track designation for BBO-11818 for the treatment of adult patients with advanced KRAS-mutant pancreatic ductal adenocarcinoma (“PDAC”). On September 8, 2026, we announced the strategic prioritization of BBO-11818 and BBO-10203 combinations in KRAS-mutant cancers. The BBO-11818 and BBO-10203 monotherapy data update is expected in the fourth quarter of 2026. Additionally, data from BBO-11818 and BBO-10203 internal and standard-of-care combination cohorts in colorectal cancer (“CRC”) and PDAC is expected in mid-2027.

Previous wording

BBO-10203 is an orally bioavailable small molecule with a novel mechanism of action designed to inhibit the physical interaction between RAS and PI3Kα, inhibiting RAS-driven PI3Kα-AKT signaling in tumors. We are currently enrolling the Phase 1 BREAKER-101 trial (NCT06625775) for patients with locally advanced or metastatic HER2+ breast cancer, HR+/HER2-breast cancer, KRAS mutant colorectal cancer, and KRAS mutant non-small cell lung cancer. Updated clinical data are expected in the second half of 2026.

Current wording

BBO-10203 is an orally bioavailable small molecule with a novel mechanism of action designed to inhibit the physical interaction between RAS and PI3Kα, inhibiting RAS-driven PI3Kα-AKT signaling in tumors. We are currently enrolling the Phase 1 BREAKER-101 trial (NCT06625775) for patients with KRAS mutant CRC and PDAC. On September 8, 2026, we announced the strategic prioritization of BBO-11818 and BBO-10203 combinations in KRAS-mutant cancers. The BBO-11818 and BBO-10203 monotherapy data update is expected in the fourth quarter of 2026.

Previous wording

Since inception, we have incurred significant operating losses. For the three and six months ended June 30, 2026, we incurred a net loss of $56.5 million and $98.6 million, respectively and had an accumulated deficit of $455.1 million as of June 30, 2026. For the year ended December 31, 2025, we incurred a net loss of $134.0 million. Our ability to generate sufficient product revenue to achieve profitability will depend heavily on the development and eventual commercialization efforts related to our product candidates. We expect to continue to incur significant expenses, and our operating losses are expected to increase for the foreseeable future if and as we:

Current wording

Since inception, we have incurred significant operating losses. For the three and nine months ended September 30, 2026, we incurred a net loss of $34.2 million and $132.7 million, respectively, and had an accumulated deficit of $489.3 million as of September 30, 2026. For the year ended December 31, 2025, we incurred a net loss of $134.0 million. Our ability to generate sufficient product revenue to achieve profitability will depend heavily on the development and eventual commercialization efforts related to our product candidates.

Previous wording

Experience any delays, challenges, or other issues associated with the preclinical and clinical development of our product candidates, including with respect to our regulatory strategies;

Current wording

Experience any delays, challenges, or other issues associated with the nonclinical and clinical development of our product candidates, including with respect to our regulatory strategies;

Previous wording

Any changes in the outcomes of these variables could significantly affect the costs and timing associated with the development of our product candidates. For example, if the FDA or another comparable regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required to complete clinical development and obtain regulatory approval of one or more product candidates, or if we experience significant delays in our preclinical studies or clinical trials, we would be required to expend significant additional financial resources and time to advance and complete clinical development. We may never obtain regulatory approval for any of our product candidates.

Current wording

Any changes in the outcomes of these variables could significantly affect the costs and timing associated with the development of our product candidates. For example, if the FDA or another comparable regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required to complete clinical development and obtain regulatory approval of one or more product candidates, or if we experience significant delays in our nonclinical studies or clinical trials, we would be required to expend significant additional financial resources and time to advance and complete clinical development. We may never obtain regulatory approval for any of our product candidates.

Previous wording

The de-SPAC Transaction was accounted for as a reverse recapitalization effective upon the Closing. Under this method of accounting, Helix was treated as the acquired company for accounting purposes, and BBOT was the deemed acquirer for accounting purposes. The financial statements of BBOT for periods prior to the Closing include the financial information of Legacy BBOT.

Current wording

The de-SPAC Transaction was accounted for as a reverse recapitalization effective upon the Closing. Under this method of accounting, Helix was treated as the acquired company for accounting purposes, and Legacy BBOT was the deemed acquirer for accounting purposes. The financial statements of BBOT for periods prior to the Closing include the financial information of Legacy BBOT.

Previous wording

Expenses incurred in connection with the preclinical and clinical development of our product candidates, including under agreements with contract research organizations (“CROs”);

Current wording

Expenses incurred in connection with the nonclinical and clinical development of our product candidates, including under agreements with contract research organizations (“CROs”);

Previous wording

The cost of consultants and contract manufacturing organizations (“CMOs”) that manufacture drug products for use in our preclinical studies and clinical trials;

Current wording

The cost of consultants and contract manufacturing organizations (“CMOs”) that manufacture drug products for use in our nonclinical studies and clinical trials;

Previous wording

Our direct research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and CROs in connection with our preclinical and clinical development activities.

Current wording

Our direct research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and CROs in connection with our nonclinical and clinical development activities.

Previous wording

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially in connection with our planned clinical and preclinical development activities in the near term and in future reporting periods, as we conduct additional clinical trials for our product candidates. We currently track research and development expenses based on expense nature.

Current wording

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially in connection with our planned clinical and nonclinical development activities in the near term and in future reporting periods, as we conduct additional clinical trials for our product candidates. We currently track research and development expenses based on expense nature.

Previous wording

Comparison of the six months ended June 30, 2026 and 2025

Current wording

Comparison of the three months ended September 30, 2026 and 2025

Previous wording

Research and development expenses increased by $21.8 million or 79%, from $27.4 million for the three months ended June 30, 2025, to $49.2 million for the three months ended June 30, 2026. The changes in research and development expenses include the following key drivers:

Current wording

Research and development expenses decreased by $5.5 million or 16%, from $35.1 million for the three months ended September 30, 2025, to $29.6 million for the three months ended September 30, 2026. The changes in research and development expenses include the following key drivers:

Previous wording

a $7.5 million increase in our payroll and personnel expenses primarily due to headcount expansion, and

Current wording

a $1.0 million increase in our payroll and personnel expenses primarily due to increased stock-based compensation expense.

Previous wording

General and administrative expenses increased by $8.3 million or $313%, from $2.7 million for the three months ended June 30, 2025, to $11.0 million for the three months ended June 30, 2026. The changes in our general and administrative expenses were driven by the following key drivers:

Current wording

General and administrative expenses decreased by $6.2 million or 44%, from $14.1 million for the three months ended September 30, 2025, to $7.9 million for the three months ended September 30, 2026. The changes in our general and administrative expenses were driven by the following key drivers:

Previous wording

Interest income increased by $1.9 million, from $1.7 million for the three months ended June 30, 2025, to $3.6 million for the three months ended June 30, 2026. Interest income was higher during the second quarter of 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.

Current wording

Interest income decreased by $0.2 million, from $3.4 million for the three months ended September 30, 2025, to $3.3 million for the three months ended September 30, 2026. Interest income was lower during the third quarter of 2026 due to less cash, cash equivalents, and marketable securities compared to the third quarter of 2025 as the de-SPAC Transaction and PIPE Financing had completed in August 2025.

Previous wording

Other income of $0.2 million for the three months ended June 30, 2026 was related to a transition services agreement with an unrelated party. There was no income from transition services agreements during the three months ended June 30, 2025.

Current wording

Other income of $0.1 million and $1.0 million for the three months ended September 30, 2026 and 2025, respectively, was related to a transition services agreement with an unrelated party.

Previous wording

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

Current wording

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

Previous wording

Research and development expenses increased by $41.0 million or 85%, from $48.1 million for the six months ended June 30, 2025, to $89.0 million for the six months ended June 30, 2026. The changes in research and development expenses include the following key drivers:

Current wording

Research and development expenses increased by $35.5 million or 43%, from $83.1 million for the nine months ended September 30, 2025, to $118.6 million for the nine months ended September 30, 2026. The changes in research and development expenses include the following key drivers:

Previous wording

a $17.5 million increase in research and development trials and consumables expenses pertaining to increases in clinical trial expenses and manufacturing expenses for BBO-8520, BBO-10203 and BBO-11818,

Current wording

a $26.5 million increase in research and development trials and consumables expenses pertaining to increases in clinical trial expenses and manufacturing expenses for BBO-8520, BBO-10203 and BBO-11818, and

Previous wording

a $3.6 million increase in our payroll and personnel expenses primarily due to headcount expansion, and

Current wording

an $8.5 million increase in our payroll and personnel expenses primarily due to increased headcount and stock-based compensation expense.

Previous wording

General and administrative expenses increased by $12.2 million or $236%, from $5.2 million for the six months ended June 30, 2025, to $17.3 million for the six months ended June 30, 2026. The changes in our general and administrative expenses were driven by the following key drivers:

Current wording

General and administrative expenses increased by $5.9 million or 31%, from $19.3 million for the nine months ended September 30, 2025, to $25.2 million for the nine months ended September 30, 2026. The changes in our general and administrative expenses were driven by the following key drivers:

Previous wording

a $1.4 million increase in legal, facilities and other expenses due to the growth and establishment of our operations as a public company.

Current wording

a $3.9 million increase in legal, facilities and other business expenses due to the growth and establishment of our operations as a public company as well as the filing of our shelf registration statement and establishment of our ATM offering program, and

Previous wording

a $6.9 million increase in payroll and personnel-related expenses which includes increased headcount as a result of our standalone operations after the de-SPAC Transaction and $3.0 million of stock-based compensation expense recorded as a result of certain modified equity awards and accrued severance costs for former executives, and

Current wording

a $2.0 million increase in payroll and personnel-related expenses due to increased headcount in 2026 as a result of our standalone operations after the de-SPAC Transaction and stock-based compensation expense recorded as a result of certain modified equity awards and accrued severance costs for former executives during the second quarter of 2026. The increase in payroll and personnel-related expenses costs in 2026 was offset by the $7.8 million charge recognized in the third quarter of 2025 related to common stock issued to BridgeBio Pharma.

Previous wording

Interest income increased by $4.0 million, from $3.5 million for the six months ended June 30, 2025, to $7.5 million for the six months ended June 30, 2026. Interest income was higher during the six months ended June 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.

Current wording

Interest income increased by $3.8 million, from $6.9 million for the nine months ended September 30, 2025, to $10.8 million for the nine months ended September 30, 2026. Interest income was higher during the nine months ended September 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025 for the full nine month period in 2026.

Previous wording

Other income of $0.4 million for the six months ended June 30, 2026 was related to a transition services agreement with an unrelated party. There was no income from transition services agreements during the six months ended June 30, 2025.

Current wording

Other income of $0.5 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively, was related to a transition services agreement with an unrelated party.

Previous wording

No change in fair value of participation right liability was recorded for the six months ended June 30, 2026 because the participation right was settled in full in April 2025, and there were no subsequent changes in fair value of the associated liability. The change in fair value of participation right liability of $0.7 million for the six months ended June 30, 2025 represented the increase in the estimated fair value per share of the underlying Legacy BBOT Series B redeemable convertible preferred stock relative to the fixed price per share granted to UCSF in connection with the participation right.

Current wording

No change in fair value of participation right liability was recorded for the nine months ended September 30, 2026 because the participation right was settled in full in April 2025, and there were no subsequent changes in fair value of the associated liability. The change in fair value of participation right liability of $0.7 million for the nine months ended September 30, 2025 represented the increase in the estimated fair value per share of the underlying Legacy BBOT Series B redeemable convertible preferred stock relative to the fixed price per share granted to UCSF in connection with the participation right.

Previous wording

Since our inception, we have incurred significant operating losses. For the six months ended June 30, 2026, we incurred a net loss of $98.6 million and had an accumulated deficit of $455.1 million as of June 30, 2026. For the year ended December 31, 2025, we incurred a net loss of $134.0 million.

Current wording

Since our inception, we have incurred significant operating losses. For the nine months ended September 30, 2026, we incurred a net loss of $132.7 million and had an accumulated deficit of $489.3 million as of September 30, 2026. For the year ended December 31, 2025, we incurred a net loss of $134.0 million.

Previous wording

In August 2025, upon closing of the de-SPAC Transaction, the combined company received $373.5 million from Helix, which included the proceeds from the PIPE Financing, the unredeemed cash held by Helix, and reflected payment of Helix’s transaction costs. The proceeds from the PIPE Financing and reverse recapitalization are expected to advance our project pipeline and will be used for research and development, business development, working capital, and other general corporate purposes.

Current wording

In August 2025, upon closing of the de-SPAC Transaction, we received $373.5 million from Helix, which included the proceeds from the PIPE Financing, the unredeemed cash held by Helix, and reflected payment of Helix’s transaction costs. The proceeds from the PIPE Financing and reverse recapitalization are expected to advance our project pipeline and will be used for research and development, business development, working capital, and other general corporate purposes.

Previous wording

We estimate that the existing cash, cash equivalents, and marketable securities of $344.1 million as of June 30, 2026 will be sufficient to meet the our cash requirements for at least twelve months from the issuance date of the condensed consolidated financial statements for the six months ended June 30, 2026 included in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and our operating plan may change due to many factors currently unknown to management. We could exhaust our available capital resources sooner than management expects.

Current wording

We estimate that the existing cash, cash equivalents, and marketable securities of $315.3 million as of September 30, 2026 will be sufficient to meet our cash requirements for at least twelve months from the issuance date of the condensed consolidated financial statements for the nine months ended September 30, 2026 included in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and our operating plan may change due to many factors currently unknown to management. We could exhaust our available capital resources sooner than management expects.

Previous wording

We have historically financed our operations primarily through the sale of equity securities. The de-SPAC Transaction executed in August 2025 represents a major financing event for our business generating cash inflows from the reverse recapitalization and the associated PIPE Financing. We utilized the proceeds from these financing transactions to finance our operations during the three months ended June 30, 2026 and anticipate to continue doing so in the future to facilitate the development of our product candidates.

Current wording

We have historically financed our operations primarily through the sale of equity securities. The de-SPAC Transaction executed in August 2025 represents a major financing event for our business generating cash inflows from the reverse recapitalization and the associated PIPE Financing. We utilized the proceeds from these financing transactions to finance our operations during the nine months ended September 30, 2026 and anticipate to continue doing so in the future to facilitate the development of our product candidates.

Previous wording

Cash Flow Comparison for the six months ended June 30, 2026 and 2025

Current wording

Cash Flow Comparison for the nine months ended September 30, 2026 and 2025

Previous wording

Net cash used in operating activities for the six months ended June 30, 2026 was $80.3 million. This amount consisted of our net loss of $98.6 million, adjusted for a change in net operating assets and liabilities of $6.5 million, and further reduced by non-cash charges of $11.8 million. Our non-cash adjustments primarily consisted of $11.1 million in stock-based compensation, $0.2 million in depreciation, and $0.2 million in amortization of right-of-use assets, and $0.3 million in net accretion of premiums and discounts on marketable securities. The net change in operating assets and liabilities was primarily due to increases in our liabilities, including $10.9 million in accrued research and development liabilities, $5.4 million in accounts payable, $1.4 million in accrued professional services, and a $0.2 million net balance due to and from related parties. These changes were partially offset by decreases in assets of $9.5 million in prepaid expenses and other current assets and $0.2 million in other non-current assets, as well as decreases in liabilities of $1.4 million in accrued compensation and benefits and $0.3 million in operating lease liabilities.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2026 was $108.6 million. This amount consisted of our net loss of $132.7 million, adjusted for a change in net operating assets and liabilities of $7.2 million, and further offset by non-cash charges of $16.9 million. Our non-cash adjustments primarily consisted of $15.8 million in stock-based compensation, $0.2 million in depreciation, $0.3 million in amortization of right-of-use assets, and $0.5 million in net amortization (accretion) of premiums and discounts on marketable securities. The net change in operating assets and liabilities was primarily due to increases in our liabilities, including $6.7 million in accrued research and development liabilities, $8.9 million in accounts payable, $1.1 million in accrued professional services, and $0.1 million in other accrued liabilities. These changes were partially offset by increases in assets of $7.8 million in prepaid expenses and other current assets and $0.9 million in other non-current assets, as well as decreases in liabilities of $0.5 million in accrued compensation and benefits, $0.4 million in operating lease liabilities, and $0.1 million in net balance due to and from related parties.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2025 was $42.9 million. This amount consisted of our net loss of $50.5 million, adjusted for a change in net operating assets and liabilities of $5.9 million, and further reduced by non-cash charges of $1.7 million. Our non-cash adjustments primarily included $1.5 million in stock-based compensation, $0.7 million for losses from changes in the fair value of the participation right liability, $0.1 million in depreciation, and $0.1 million in amortization of right of use assets, partially offset by $0.8 million in net accretion of premiums on marketable securities. The net change in operating assets and liabilities was primarily due to a $11.5 million increase in accrued research and development liabilities, and $0.3 million in accrued professional services. These changes were partially offset by an increase of $2.7 million in prepaid expenses and other current assets, a decrease of $1.5 million in accounts payable, a decrease of $1.1 million in accrued compensation and benefits, and an increase of $0.3 million in other non-current assets.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2025 was $71.7 million. This amount consisted of our net loss of $95.2 million, adjusted for a change in net operating assets and liabilities of $12.9 million, and further offset by non-cash charges of $10.7 million. Our non-cash adjustments primarily consisted of $7.8 million charge representing the fair value of shares issuable to BridgeBio Pharma, $2.9 million in stock-based compensation, $0.7 million for losses from changes in the fair value of the participation right liability, partially offset by $1.2 million in net accretion of premiums on marketable securities. The net change in operating assets and liabilities was primarily due to an increase in our liabilities, including $15.8 million increase in accrued research and development liabilities, $0.7 million increase in accrued compensation and benefits, $0.6 million increase in accounts payable, and $0.5 million increase in accrued professional services. These changes were partially offset by an increase of $4.4 million in prepaid expenses and an increase of $0.4 million in other non-current assets.

Previous wording

Net cash used in investing activities for the six months ended June 30, 2026 was $239.7 million, which consisted of $79.6 million in cash inflows from maturities and sales of marketable securities, offset by cash outflows of $319.2 million from purchases of marketable securities and $0.1 million in purchases of property and equipment. The proceeds from the de-SPAC Transaction were primarily invested in cash equivalents and short-term marketable securities as of December 31, 2025, but were reallocated to investments in short and long-term marketable securities as of June 30, 2026. This resulted in significant cash flows from investing activities for the six months ended June 30, 2026 as a result of purchases of marketable securities.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2026 was $189.3 million, which consisted of $146.9 million in cash inflows from maturities and sales of marketable securities, offset by cash outflows of $336.1 million from purchases of marketable securities and $0.1 million in purchases of property and equipment. The proceeds from the de-SPAC Transaction were primarily invested in cash equivalents and short-term marketable securities as of December 31, 2025, but were reallocated to investments in short and long-term marketable securities as of September 30, 2026. This resulted in significant cash flows from investing activities for the nine months ended September 30, 2026 as a result of purchases of marketable securities.

Previous wording

Net cash provided by investing activities for the six months ended June 30, 2025, was $25.0 million, which consisted of $83.8 million in cash inflows from maturities of marketable securities, offset by $58.4 million in cash outflows from purchases of marketable securities and $0.4 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities for the nine months ended September 30, 2025, was $65.6 million, which consisted of $129.0 million in cash inflows from maturities of marketable securities, offset by $62.9 million in cash outflows from purchases of marketable securities and $0.5 million in purchases of property and equipment.

Previous wording

Net cash provided by financing activities of $0.3 million for the six months ended June 30, 2026 included $0.5 million in proceeds from option exercises, offset by $0.1 million in payments of deferred transaction costs.

Current wording

Net cash provided by financing activities of $0.8 million for the nine months ended September 30, 2026 included $0.9 million in proceeds from option exercises, offset by $0.1 million in payments of deferred transaction costs and RSU share repurchase cost to satisfy tax withholding.

Previous wording

The successful achievement of preclinical and clinical milestones;

Current wording

The successful achievement of nonclinical, clinical and regulatory milestones;

Previous wording

Conducting preclinical and clinical trials for our current product candidates and additional product candidates;

Current wording

Conducting nonclinical studies and clinical trials for our current product candidates and additional product candidates;