PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Previous wording

Key highlights of the six months ended June 30, 2025 consolidated financial results include the following:

Current wording

Key highlights of the nine months ended September 30, 2025 consolidated financial results include the following:

Previous wording

•Revenue was comprised of $25.2 million in instrument revenue, $39.0 million in consumables revenue and $12.7 million in service and other revenue during the six months ended June 30, 2025. Revenue was comprised of $33.7 million in instrument revenue, $33.0 million in consumables revenue and $8.1 million in service and other revenue during the six months ended June 30, 2024. The increase was primarily due to higher consumable sales, Vega unit sales, and service and other revenue, partially offset by lower Revio unit sales.

Current wording

•Revenue was comprised of $36.5 million in instrument revenue, $60.3 million in consumables revenue and $18.6 million in service and other revenue during the nine months ended September 30, 2025. Revenue was comprised of $50.5 million in instrument revenue, $51.6 million in consumables revenue and $12.7 million in service and other revenue during the nine months ended September 30, 2024. The increase was primarily due to higher consumable sales, Vega unit sales, and service and other revenue, partially offset by lower Revio unit sales.

Previous wording

•Gross profit decreased during the six months ended June 30, 2025 compared to the same period of 2024. Restructuring-related charges of $12.4 million during the six months ended June 30, 2025 compared to $4.6 million for the same period of 2024 were partially offset by an increase in gross profit driven by growth in consumable revenue. See Note 5. Restructuring in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information. Gross margins may be affected by product mix, manufacturing efficiencies, warranty cost improvements, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials, and tariffs.

Current wording

•Gross profit increased during the nine months ended September 30, 2025 compared to the same period of 2024. The increase was primarily driven by growth in consumable revenue and lower cost of product revenue, partially offset by restructuring-related charges of $12.4 million during the nine months ended September 30, 2025 compared to $4.4 million for the same period of 2024. See Note 5. Restructuring in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information. Gross margins may be affected by product mix, manufacturing efficiencies, changes in warranty costs, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials, and tariffs.

Previous wording

•Loss from operations increased $216.6 million during the six months ended June 30, 2025, compared with the same period of 2024, primarily due to a $212.7 million increase in operating expenses. This increase included $382.4 million of restructuring-related costs, comprised primarily of $359.3 million in accelerated amortization of acquired intangibles, $15.0 million of impairment charges, and $4.8 million of employee separation costs. By contrast, restructuring-related charges totaled $13.4 million in the prior-year period. These increases in restructuring-related costs were partially offset by a $78.2 million decrease in impairment charges, an $18.6 million change in fair value of contingent consideration, and reductions in research and development and sales, general and administrative expenses due to headcount and related cost savings from the restructuring.

Current wording

•Loss from operations increased $191.4 million during the nine months ended September 30, 2025, compared with the same period of 2024, primarily due to a $193.4 million increase in operating expenses. This increase included $382.4 million of restructuring-related costs, comprised primarily of $359.3 million in accelerated amortization of acquired intangibles, $15.0 million of impairment charges, and $4.8 million of employee separation costs. By contrast, restructuring-related charges totaled $20.3 million in the prior-year period. These increases in restructuring-related costs were partially offset by a $78.2 million decrease in impairment charges, a $19.8 million change in fair value of contingent consideration, and reductions in research and development and sales, general and administrative expenses due to headcount and related cost savings from the restructuring.

Previous wording

•Cash, cash equivalents, and short-term investments were $314.7 million at June 30, 2025, which represents a 19% decrease compared to the balance at December 31, 2024.

Current wording

•Cash, cash equivalents, and short-term investments were $298.7 million at September 30, 2025, which represents a 23% decrease compared to the balance at December 31, 2024.

Previous wording

On an ongoing basis, we evaluate our significant estimates, including those related to the valuation of goodwill and finite-lived assets. However, these estimates could change in future periods based on events or changes in circumstances, which could result in material future impairment charges. We recorded $15.0 million of impairment charges during the six months ended June 30, 2025. See additional discussion below in Results of Operations, as well as Note 3. Balance Sheet Components in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information. Additionally, refer to the Critical Accounting Policies and Estimates section of our 2024 Annual Report for further discussion on the Company's asset impairment assessments.

Current wording

On an ongoing basis, we evaluate our significant estimates, including those related to the valuation of goodwill and finite-lived assets. However, these estimates could change in future periods based on events or changes in circumstances, which could result in material future impairment charges. We recorded $15.0 million of impairment charges during the nine months ended September 30, 2025. See additional discussion below in Results of Operations, as well as Note 3. Balance Sheet Components in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information. Additionally, refer to the Critical Accounting Policies and Estimates section of our 2024 Annual Report for further discussion on the Company's asset impairment assessments.

Previous wording

Service and other revenue increased $2.4 million, or 57%, primarily driven by an increase in Revio service contracts.

Current wording

Service and other revenue increased $1.1 million, or 25%, primarily driven by an increase in Revio service contracts.

Previous wording

Instrument revenue decreased for the second quarter of 2025, primarily due to a lower number of Revio systems sold—15 units compared to 24 units in the same quarter of 2024. This decline primarily reflects variability in customer purchasing behavior resulting from uncertainty surrounding the funding for new capital equipment, particularly among academic and research institutions.

Current wording

Instrument revenue decreased for the third quarter of 2025, primarily due to a lower number of Revio systems sold—13 units compared to 22 units in the same quarter of 2024. This decline primarily reflects variability in customer purchasing behavior resulting from uncertainty surrounding the funding for new capital equipment, particularly among academic and research institutions.

Previous wording

The decrease was partially offset by sales of the Vega system, with 38 units sold during the second quarter of 2025 following its commercial launch in the fourth quarter of 2024.

Current wording

The decrease was partially offset by sales of the Vega system, with 32 units sold during the third quarter of 2025 following its commercial launch in the fourth quarter of 2024.

Previous wording

The increase in consumables revenue for the second quarter of 2025 was primarily driven by higher Revio consumables sales, reflecting the continued expansion of the Revio instrument installed base.

Current wording

The increase in consumables revenue for the third quarter of 2025 was primarily driven by higher Revio consumables sales, reflecting the continued expansion of the Revio instrument installed base.

Previous wording

Initial shipments of Vega consumables also contributed modestly during the period, and we anticipate increased contributions as customers begin ramping usage of the Vega platform and the installed base expands.

Current wording

Shipments of Vega consumables also contributed modestly during the period, and we anticipate increased contributions as customers begin ramping usage of the Vega platform and the installed base expands.

Previous wording

Total cost of revenue decreased $5.0 million, or 17%, in the second quarter of 2025 compared to the same quarter of 2024 due to a decrease in cost of product revenue and a decrease of $2.4 million in amortization attributable to acquired intangible assets that are related to sales generating activities. Total cost of revenue included share-based compensation expense of $0.9 million and $1.1 million during the second quarter of 2025 and 2024, respectively.

Current wording

Total cost of revenue decreased $7.4 million, or 25%, in the third quarter of 2025 compared to the same quarter of 2024 primarily due to a decrease in cost of product revenue and a decrease of $3.0 million in amortization attributable to acquired intangible assets that are related to sales generating activities. Total cost of revenue included share-based compensation expense of $0.9 million and $1.2 million during the third quarter of 2025 and 2024, respectively.

Previous wording

Gross profit increased $8.7 million, or 147%, in the second quarter of 2025 compared to the same quarter of 2024 driven by lower cost of revenue and higher consumables sales. See Note 5. Restructuring in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information about restructuring activities. Gross margins may be affected by product mix, manufacturing efficiencies, warranty cost improvements, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials and tariffs.

Current wording

Gross profit increased $5.9 million, or 59%, in the third quarter of 2025 compared to the same quarter of 2024 driven primarily by lower cost of revenue and higher consumables sales. Gross margins may be affected by product mix, manufacturing efficiencies, changes in warranty costs, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials and tariffs.

Previous wording

Amortization of acquired intangible assets included in operating expenses for the second quarter of 2025 and 2024 consists of amortization expense attributable to acquired intangible assets that are not directly related to sales generating activities.

Current wording

Amortization of acquired intangible assets included in operating expenses for the third quarter of 2025 and 2024 consists of amortization expense attributable to acquired intangible assets that are not directly related to sales generating activities.

Previous wording

Interest expense for the second quarter of 2025 and 2024 was primarily comprised of interest on the convertible senior notes. The decrease was due to lower convertible notes balances as a result of the notes exchange transaction in November 2024. See Note 4. Convertible Senior Notes in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Current wording

Interest expense for the third quarter of 2025 and 2024 was primarily comprised of interest on the convertible senior notes. The decrease was due to lower convertible notes balances as a result of the notes exchange transaction in November 2024. See Note 4. Convertible Senior Notes in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Previous wording

Other income, net for the second quarter of 2025 decreased compared to the same quarter of 2024 primarily driven by lower investment income due to lower cash and investment balances.

Current wording

Other income, net for the third quarter of 2025 decreased compared to the same quarter of 2024 primarily driven by lower investment income due to lower cash and investment balances.

Previous wording

Service and other revenue increased $4.7 million, or 58%, primarily driven by an increase in Revio service contracts.

Current wording

Service and other revenue increased $5.9 million, or 46%, primarily driven by an increase in Revio service contracts.

Previous wording

Instrument revenue decreased during the six months ended June 30, 2025, primarily due a lower number of Revio systems sold—27 units compared to 52 units in the same period of 2024. This decline primarily reflects variability in customer purchasing behavior resulting from uncertainty surrounding the funding for new capital equipment, particularly among academic and research institutions.

Current wording

Instrument revenue decreased during the nine months ended September 30, 2025, primarily due a lower number of Revio systems sold—40 units compared to 74 units in the same period of 2024. This decline primarily reflects variability in customer purchasing behavior resulting from uncertainty surrounding the funding for new capital equipment, particularly among academic and research institutions.

Previous wording

The decrease was partially offset by sales of the Vega system, with 66 units sold during the six months ended June 30, 2025 following its commercial launch in the fourth quarter of 2024.

Current wording

The decrease was partially offset by sales of the Vega system, with 98 units sold during the nine months ended September 30, 2025 following its commercial launch in the fourth quarter of 2024.

Previous wording

The increase in consumables revenue during the six months ended June 30, 2025 was primarily driven by higher Revio consumables sales, reflecting the continued expansion of the Revio instrument installed base.

Current wording

The increase in consumables revenue during the nine months ended September 30, 2025 was primarily driven by higher Revio consumables sales, reflecting the continued expansion of the Revio instrument installed base.

Previous wording

Initial shipments of Vega consumables also contributed modestly during the period, and we anticipate increased contributions as customers begin ramping usage of the Vega platform and the installed base expands.

Current wording

Shipments of Vega consumables also contributed modestly during the period, and we anticipate increased contributions as customers begin ramping usage of the Vega platform and the installed base expands.

Previous wording

Total cost of revenue increased $6.0 million, or 10%, during the six months ended June 30, 2025, compared to the same period of 2024 primarily due to an increase in restructuring-related charges. These charges were $12.4 million during the six months ended June 30, 2025, which included $3.8 million relating to loss on purchase commitments which is based on an estimate of future excess inventory related to supply agreements for which we do not expect to have related sales. Restructuring-related charges were $4.6 million for the same period of 2024. Total cost of revenue included share-based compensation expense of $2.1 million and $3.2 million during the six months ended June 30, 2025 and 2024, respectively.

Current wording

Total cost of revenue decreased $1.4 million, or 2%, during the nine months ended September 30, 2025, compared to the same period of 2024 primarily due to decreases in cost of product revenue, amortization of acquired intangible assets, and share-based compensation expense. These decreases were partially offset by an increase in restructuring-related charges. We recorded $12.4 million during the nine months ended September 30, 2025, which included $3.9 million relating to loss on purchase commitments which is based on an estimate of future excess inventory related to supply agreements for which we do not expect to have related sales. Restructuring-related charges were $4.4 million for the same period of 2024. Total cost of revenue included share-based compensation expense of $3.0 million and $4.5 million during the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Gross profit decreased $3.9 million, or 23%, during the six months ended June 30, 2025, compared to the same period of 2024 driven by the increase in cost of revenue from restructuring activities partially offset by an increase in gross profit driven by growth in consumable revenue. See Note 5. Restructuring in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information about restructuring activities. Gross margins may be affected by product mix, manufacturing efficiencies, warranty cost improvements, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials and tariffs.

Current wording

Gross profit increased $2.0 million, or 7%, during the nine months ended September 30, 2025, compared to the same period of 2024 driven primarily by growth in consumable revenue which was partially offset by an increase in restructuring-related charges. See Note 5. Restructuring in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information about restructuring activities. Gross margins may be affected by product mix, manufacturing efficiencies, changes in warranty costs, average selling price fluctuations, future product launches, changes to inventory reserves, costs of raw materials and tariffs.

Previous wording

Research and development expense decreased by $30.4 million, or 37%, during the six months ended June 30, 2025, compared to the same period of 2024. The decrease was primarily driven by a decrease in personnel and related expenses due to restructuring activities, as well as the transition of launched products from development to commercialization. Research and development expense included share-based compensation expense of $5.9 million and $10.4 million during the six months ended June 30, 2025 and 2024, respectively.

Current wording

Research and development expense decreased by $33.0 million, or 31%, during the nine months ended September 30, 2025, compared to the same period of 2024. The decrease was primarily driven by a decrease in personnel and related expenses, including share-based compensation expense, lower product development costs due to the transition of launched products from development to commercialization, and lower restructuring-related charges. We recorded $2.7 million of restructuring-related charges during the nine months ended September 30, 2025 compared to $5.9 million for the same period of 2024. Research and development expense included share-based compensation expense of $9.0 million and $15.1 million during the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

We recorded impairment charges of $15.0 million during the six months ended June 30, 2025, related to in-process research and development (“IPR&D”). These charges resulted from an interim impairment assessment performed in response to identified indicators of impairment during the period. The impairment test concluded that the carrying amount of our IPR&D assets exceeded their estimated fair value. See Note 3. Balance Sheet Components in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Current wording

We recorded impairment charges of $15.0 million during the nine months ended September 30, 2025, related to in-process research and development (“IPR&D”). These charges resulted from an interim impairment assessment performed in response to identified indicators of impairment during the period. The impairment test concluded that the carrying amount of our IPR&D assets exceeded their estimated fair value. See Note 3. Balance Sheet Components in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Previous wording

We recognized a goodwill impairment charge of $93.2 million during the six months ended June 30, 2024. This charge was primarily driven by a sustained decrease in our stock price and changes in the timing of expected future cash flows relative to our initial long-term plan, reflecting the ongoing impact of longer-than-anticipated median sales cycles and other contributing factors. These conditions indicated that the fair value of the reporting unit may have been less than its carrying amount, prompting the performance of an interim goodwill impairment test. The results of the test confirmed that the reporting unit’s carrying amount exceeded its estimated fair value.

Current wording

We recognized a goodwill impairment charge of $93.2 million during the nine months ended September 30, 2024. This charge was primarily driven by a sustained decrease in our stock price and changes in the timing of expected future cash flows under our long-term plan, reflecting the ongoing impact of longer-than-anticipated median sales cycles and other contributing factors. These conditions indicated that the fair value of the reporting unit may have been less than its carrying amount, prompting the performance of an interim goodwill impairment test. The results of the test confirmed that the reporting unit’s carrying amount exceeded its estimated fair value.

Previous wording

Amortization of acquired intangible assets during the six months ended June 30, 2025 included $359.3 million of accelerated amortization related to developed technology from the 2021 Omniome acquisition, reflecting our revised estimate that the asset will no longer generate economic benefit beyond March 31, 2025. We expect significantly lower amortization expense in future periods.

Current wording

Amortization of acquired intangible assets during the nine months ended September 30, 2025 included $359.3 million of accelerated amortization related to developed technology from the 2021 Omniome acquisition, reflecting our revised estimate that the asset will no longer generate economic benefit beyond March 31, 2025. We expect significantly lower amortization expense in future periods.

Previous wording

We recognized a change in fair value of contingent consideration of $18.7 million during the six months ended June 30, 2025, resulting in a contingent consideration liability of $0. This was primarily due to management's decision to cease development of the high-throughput short-read system, the associated changes in expected future revenues, and the requirement that the milestone event occur prior to the five-year anniversary of the acquisition closing date.

Current wording

We recognized a change in fair value of contingent consideration of $18.7 million during the nine months ended September 30, 2025, resulting in a contingent consideration liability of $0. This was primarily due to management's decision to cease development of the high-throughput short-read system, the associated changes in expected future revenues, and the requirement that the milestone event occur prior to the five-year anniversary of the acquisition closing date.

Previous wording

Interest expense during the six months ended June 30, 2025 and 2024 was primarily comprised of interest on the convertible senior notes. The decrease was due to lower convertible notes balances as a result of the notes exchange transaction in November 2024. See Note 4. Convertible Senior Notes in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Current wording

Interest expense during the nine months ended September 30, 2025 and 2024 was primarily comprised of interest on the convertible senior notes. The decrease was due to lower convertible notes balances as a result of the notes exchange transaction in November 2024. See Note 4. Convertible Senior Notes in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Previous wording

Other income, net during the six months ended June 30, 2025 decreased compared to the same period of 2024 primarily driven by lower investment income due to lower cash and investment balances.

Current wording

Other income, net during the nine months ended September 30, 2025 decreased compared to the same period of 2024 primarily driven by lower investment income due to lower cash and investment balances.

Previous wording

As of June 30, 2025, we had cash, cash equivalents and investments of $314.7 million compared to $389.9 million as of December 31, 2024. We believe that our existing cash, cash equivalents and investments will be sufficient to fund our projected operating requirements beyond the next 12 months from the date of filing of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

Current wording

As of September 30, 2025, we had cash, cash equivalents and investments of $298.7 million compared to $389.9 million as of December 31, 2024. We believe that our existing cash, cash equivalents and investments will be sufficient to fund our projected operating requirements beyond the next 12 months from the date of filing of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Previous wording

Factors that may affect our capital needs include, but are not limited to, the pace of adoption of our products, which affects the sales of our products and services; our ability to efficiently manage our operations; the effectiveness of our expense reduction initiatives; our ability to obtain new collaboration and customer arrangements and maintain existing collaborations and arrangements; the progress of our research and development programs; initiation, expansion, or funding of research programs and collaborations; the purchase of patent licenses; the impact of product quality; litigation costs, including the costs involved in preparing, filing, prosecuting, defending and enforcing intellectual property rights; costs of developing new and enhanced products; acquisitions of complementary businesses, technologies or assets; achievement of milestones in connection with acquisitions; and other factors. There can be no assurance that funds will be available on favorable terms, or at all.

Current wording

Factors that may affect our capital needs include, but are not limited to, the pace of adoption of our products, which affects the sales of our products and services; our ability to efficiently manage our operations; the effectiveness of our expense reduction initiatives; our ability to attract and retain customers and collaborators; the progress of our research and development programs; initiation, expansion, or funding of research programs and collaborations; the purchase of patent licenses; the impact of product quality; litigation costs, including the costs involved in preparing, filing, prosecuting, defending and enforcing intellectual property rights; costs of developing new and enhanced products; acquisitions of complementary businesses, technologies or assets; achievement of milestones in connection with acquisitions; and other factors. There can be no assurance that funds will be available on favorable terms, or at all.

Previous wording

Under the terms of our 2023 acquisition of Apton, we agreed to pay $25.0 million to former Apton equity holders if a high-throughput sequencer incorporating Apton’s technology generates $50.0 million in revenue within five years of the closing. Payment may be made in cash, stock, or a combination. As of June 30, 2025, due primarily to the decision to discontinue development of the system and revised revenue expectations, the fair value of the contingent consideration liability was estimated at $0.

Current wording

Under the terms of our 2023 acquisition of Apton, we agreed to pay $25.0 million to former Apton equity holders if a high-throughput sequencer incorporating Apton’s technology generates $50.0 million in revenue within five years of the closing. Payment may be made in cash, stock, or a combination of cash and stock. As of September 30, 2025, due primarily to the decision to discontinue development of the system and revised revenue expectations, the fair value of the contingent consideration liability was estimated at $0.

Previous wording

Cash used in operating activities during the six months ended June 30, 2025 of $73.4 million was due primarily to a $468.0 million net loss that included non-cash items such as amortization of acquired intangible assets of $367.4 million, an impairment charge of $15.0 million, share-based compensation of $21.1 million, $8.5 million of inventory adjustments, depreciation expense of $7.8 million, and $6.3 million in net changes to operating assets and liabilities, partially offset by an $18.7 million decrease in the change in the fair value of the contingent consideration. Cash flow impact from changes in net operating assets and liabilities was primarily driven by increases in accounts receivable and inventory, as well as decreases in accrued expenses and operating lease liabilities. These uses of cash were partially offset by a decrease in prepaid expenses and other assets.

Current wording

Cash used in operating activities during the nine months ended September 30, 2025 of $92.1 million was due primarily to a $506.0 million net loss that included non-cash items such as amortization of acquired intangible assets of $368.4 million, an impairment charge of $15.0 million, share-based compensation of $32.1 million, $9.8 million of inventory adjustments, and depreciation expense of $10.3 million, partially offset by an $18.7 million decrease in the change in the fair value of the contingent consideration and $3.1 million in net changes to operating assets and liabilities. Cash flow impact from changes in net operating assets and liabilities was primarily driven by increases in accounts receivable and inventory, as well as decreases in accrued expenses and other liabilities. These uses of cash were partially offset by a decrease in prepaid expenses and other assets.

Previous wording

Cash used in operating activities during the six months ended June 30, 2024 of $129.9 million was due primarily to a $251.5 million net loss that included non-cash items such as a goodwill impairment charge of $93.2 million, share-based compensation of $36.7 million, amortization of acquired intangible assets of $13.7 million, depreciation expense of $6.7 million and amortization of right-of-use assets of $5.9 million. This was offset by the accretion of discount and amortization of premium on marketable securities, net of $7.6 million and $31.7 million in net changes to operating assets and liabilities. Cash flow impact from changes in net operating assets and liabilities was primarily driven by an increase in inventory, as well as decreases in accrued expenses and operating lease liabilities. These uses of cash were partially offset by decreases in accounts receivable and prepaid expenses and other assets and increases in accounts payable and deferred revenue.

Current wording

Cash used in operating activities for the nine months ended September 30, 2024 of $175.4 million was due primarily to a $312.2 million net loss that included non-cash items such as a goodwill impairment charge of $93.2 million, share-based compensation of $55.0 million, amortization of acquired intangible assets of $20.6 million, depreciation expense of $10.9 million and amortization of right-of-use assets of $10.9 million. This was offset by the accretion of discount and amortization of premium on marketable securities, net of $10.7 million and $48.9 million in net changes to operating assets and liabilities. Cash flow impact from changes in net operating assets and liabilities was primarily driven by an increase in inventory, as well as decreases in accrued expenses and operating lease liabilities. These uses of cash were partially offset by a decrease in accounts receivable.

Previous wording

Cash provided by investing activities during the six months ended June 30, 2025, was primarily from $195.4 million of maturities of investments partially offset by $118.0 million of purchases of investments and $5.0 million in purchases of intangible assets.

Current wording

Cash provided by investing activities during the nine months ended September 30, 2025, was primarily from $280.1 million of maturities of investments partially offset by $183.8 million of purchases of investments and $5.0 million in purchases of intangible assets.

Previous wording

Cash provided by investing activities during the six months ended June 30, 2024, was primarily from $351.6 million of maturities of investments partially offset by $303.6 million in purchases of investments and $5.4 million in purchases of property and equipment.

Current wording

Cash provided by investing activities for the nine months ended September 30, 2024, was primarily from $488.5 million of maturities and sales of investments partially offset by $418.2 million in purchases of investments and $4.6 million in purchases of property and equipment.

Previous wording

Cash provided by financing activities during the six months ended June 30, 2025 resulted from $2.0 million from the issuance of common stock through our equity compensation plans.

Current wording

Cash provided by financing activities during the nine months ended September 30, 2025 resulted from $3.4 million of proceeds from the issuance of common stock through our equity compensation plans.

Previous wording

Cash provided by financing activities during the six months ended June 30, 2024 resulted primarily from $6.9 million of proceeds from the issuance of common stock through our equity compensation plans.

Current wording

Cash provided by financing activities during the nine months ended September 30, 2024 resulted primarily from $7.7 million of proceeds from the issuance of common stock through our equity compensation plans.

Previous wording

We presented our contractual obligations at December 31, 2024 in our 2024 Annual Report. There were no material changes outside the ordinary course of business to our contractual obligations during the six months ended June 30, 2025.

Current wording

We presented our contractual obligations at December 31, 2024 in our 2024 Annual Report. There were no material changes outside the ordinary course of business to our contractual obligations during the nine months ended September 30, 2025.