LIGHTBRIDGE Corp

Previous wording

At Lightbridge, we are developing next generation nuclear fuel for water-cooled reactors that could significantly improve the economics and safety of existing and new nuclear power plants, large and small, and enhance proliferation resistance of spent nuclear fuel while supplying clean energy to the electric grid. We project that the world’s energy and climate needs can only be met if nuclear power’s share of the energy-generating mix grows substantially in the coming decades. We believe Lightbridge can benefit from a growing nuclear power industry, and that our nuclear fuel can help enable that growth to happen.

Current wording

At Lightbridge, we are developing next generation nuclear fuel for water-cooled reactors that could significantly improve the economics and safety of existing and new nuclear power plants, large and small, and enhance proliferation resistance of spent nuclear fuel while supplying clean energy to the electric grid or to “behind the meter” customers for electric power, including data centers. We project that the world’s energy and climate needs can only be met if nuclear power’s share of the energy-generating mix grows substantially in the coming decades. We believe Lightbridge can benefit from a growing nuclear power industry, and that our nuclear fuel can help enable that growth to happen.

Previous wording

We believe our metallic fuel will offer significant economic and safety benefits over traditional nuclear fuel, primarily because of the superior heat transfer properties and the resulting lower operating temperature of all-metal fuel. We also believe that uprating a reactor with Lightbridge Fuel™ will add incremental electricity at a lower levelized cost than any other means of generating baseload electric power, including any renewable, fossil, or hydroelectric energy source, or any traditional nuclear fuel.

Current wording

We believe our metallic fuel will offer significant economic and safety benefits over traditional nuclear fuel, primarily because of the superior heat transfer properties and the resulting lower operating temperature of all-metal fuel. We also believe that uprating a reactor with Lightbridge Fuel™ will add incremental electricity at a lower levelized cost than any other means of generating baseload electric power, including fossil, hydroelectric energy source, or any traditional nuclear fuel. Uses could include additional power required for data centers.

Previous wording

We anticipate that the initial phase of work under the two agreements that has been released will culminate in casting and extrusion of unclad fuel material samples using enriched uranium supplied by the DOE that will subsequently be inserted for irradiation testing in the Advanced Test Reactor (ATR) at INL. The initial phase of work aims to generate irradiation performance data for Lightbridge’s delta-phase uranium-zirconium alloy relating to various thermophysical properties. The data will support fuel performance modeling and regulatory licensing efforts for commercial deployment of Lightbridge Fuel™. We are using a rolling wave planning approach for project management purposes on the released scopes of work. It is an iterative planning technique in which the work to be accomplished in the near term is planned in detail, while work further in the future is planned at a higher level. As such, periodic revisions to the scope and/or cost estimates are anticipated.

Current wording

We anticipate that the initial phase of work under the two agreements that has been released will culminate in casting and extrusion of unclad fuel material samples using enriched uranium supplied by the DOE that will subsequently be inserted for irradiation testing in the Advanced Test Reactor (ATR) at INL. The initial phase of work aims to generate irradiation performance data for Lightbridge’s delta-phase uranium-zirconium alloy relating to various thermophysical properties. The data will support fuel performance modeling and regulatory licensing efforts for commercial deployment of Lightbridge Fuel™. We use a rolling wave planning approach for project management purposes on the released scopes of work. It is an iterative planning technique in which the work to be accomplished in the near term is planned in detail, while work further in the future is planned at a higher level. As such, periodic revisions to the scope and/or cost estimates are anticipated.

Previous wording

The Company in the third quarter anticipates entering into an additional modification to the PTS under the SPPA and/or CRADA with INL to expand the scope of work by performing additional extrusions and updating the experiment design for irradiation testing in the ATR. The Company is discussing additional scopes of work with INL to be performed under the two “umbrella” agreements with BEA, so the Company anticipates that additional modifications for such expanded scopes of work that may be entered into in the future.

Current wording

The Company anticipates entering into additional modifications to the PTS under the SPPA and/or CRADA with INL to expand the scope of work, including performing additional extrusions, updating the experiment design for irradiation testing of coupon samples in the ATR, as well as other potential activities. The Company is discussing these additional scopes and timing of work with INL to be performed under the two “umbrella” agreements with BEA; which we anticipate will significantly increase our R&D expenses for the SPPA and/or CRADA. As of the date of this filing we are working with INL on defining the revised project plans and the revised total project costs estimates. Discussions with INL regarding these additional project scopes and timelines are ongoing. The successful execution of this project is subject to risks, including potential delays, cost overruns, regulatory challenges, and changes in funding availability, and if the project scope does increase, that the project will be successfully executed or completed. Regardless of whether further project modifications occur, the Company believes that due to resource and manufacturing equipment constraints, INL may not be able to meet the Company’s preferred project timeline, and that total project cost will likely exceed the initial budget.

Previous wording

On March 18, 2024, we announced a successful extrusion demonstration at INL of a billet into an unclad cylindrical rod, made of depleted uranium and zirconium alloy using the same composition of uranium and zirconium elements in the alloy as what is planned to be ultimately used in Lightbridge Fuel™. We are working with INL on analyzing the extruded rod to confirm the extrusion process parameters prior to producing future fuel samples using enriched uranium for irradiation testing in the ATR.

Current wording

On March 18, 2024, we announced a successful extrusion demonstration at INL of a billet into an unclad cylindrical rod, made of depleted uranium and zirconium alloy using the same composition of uranium and zirconium elements in the alloy as what is planned to be ultimately used in Lightbridge Fuel™. Subsequent to that, INL has successfully completed the extrusion of another unclad cylindrical rod, made of depleted uranium and zirconium alloy. A series of additional extrusions have been planned.

Previous wording

On March 26, 2024, the Company and BEA entered into Modification No. 2 (Modification No. 2) to the project task statement (PTS) under the SPPA, dated December 9, 2022, as amended on May 23, 2023, by and between the Company and BEA. Pursuant to the terms of Modification No. 2, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by approximately $0.6 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $1.7 million.

Current wording

On March 26, 2024, the Company and BEA entered into Modification No. 2 project task statement (PTS) under the SPPA, dated December 9, 2022, as amended on May 23, 2023, by and between the Company and BEA. Pursuant to the terms of Modification No. 2, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by approximately $0.6 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $1.7 million.

Previous wording

After Modification No. 2, total cash payments from the Company to BEA under both agreements were estimated at approximately $4.3 million (excluding project contingencies) on a cost reimbursable basis over the performance periods under the initial releases. As of June 30, 2024, the Company had approximately $2.8 million in outstanding PTS to BEA.

Current wording

After Modification No. 3, total cash payments from the Company to BEA under both Agreements were estimated at approximately $4.6 million (excluding project contingencies) on a cost reimbursable basis over the performance periods under the initial releases.

Previous wording

On December 5, 2023, we entered into an agreement with Centrus Energy Corp. (Centrus Energy) to conduct a front-end engineering and design (FEED) study for a Lightbridge Pilot Fuel Fabrication Facility (LPFFF) to manufacture Lightbridge Fuel™ using high-assay low-enriched uranium (HALEU) at the American Centrifuge Plant in Piketon, Ohio. The FEED study’s objective is to identify infrastructure and licensing requirements as well as the estimated cost and construction schedule for the LPFFF. Centrus Energy’s wholly-owned subsidiary, American Centrifuge Operating, LLC, is leading the study. As of the date hereof, Centrus Energy has completed the initial phase of the FEED study and issued a preliminary report. The Company has expensed approximately $0.2 million in connection with the work that has been completed by Centrus Energy.

Current wording

On December 5, 2023, we entered into an agreement with Centrus Energy Corp. (Centrus Energy) to conduct a front-end engineering and design (FEED) study for a Lightbridge Pilot Fuel Fabrication Facility (LPFFF) to manufacture Lightbridge Fuel™ using high-assay low-enriched uranium (HALEU) at the American Centrifuge Plant in Piketon, Ohio. The FEED study’s objective was to identify infrastructure and licensing requirements as well as the estimated cost and construction schedule for the LPFFF. Centrus Energy’s wholly-owned subsidiary, American Centrifuge Operating, LLC, was leading the study.

Previous wording

In the second quarter of 2024, the Company and Centrus Energy completed Phase 1 of the FEED Study. In our judgement, the preliminary labor effort and schedule estimates show that the Piketon site may be better suited for deployment of an industrial-scale facility rather than a much smaller pilot-scale fuel fabrication facility the Company is looking to establish over the next few years. As such, on June 27, 2024, Lightbridge and Centrus Energy agreed to a change order modifying the remaining scope, schedule, and cost for the FEED study. The total fee is now $0.3 million with $0.1 million due upon acceptance of the final report by the Company. The final FEED study report is expected to be submitted by Centrus Energy in the third quarter of 2024. The Company is currently exploring other options for deployment of a Lightbridge Pilot Fuel Fabrication Facility.

Current wording

In the second quarter of 2024, the Company and Centrus Energy completed Phase 1 of the FEED Study. On June 27, 2024, Lightbridge and Centrus Energy agreed to a Change Order modifying the remaining scope, schedule, and cost for the FEED study. The total fee was $0.3 million with $0.1 million due upon acceptance of the final report by the Company. In the third quarter of 2024, Centrus completed the remaining scope of work as modified under the Change Order and submitted its final report that was accepted by the Company. In our judgement, the labor effort and schedule estimates show that the Piketon site may be better suited for deployment of an industrial-scale facility rather than a much smaller pilot-scale fuel fabrication facility the Company is looking to establish over the next few years. As such, the Company will not proceed with deployment of a Lightbridge Pilot Fuel Fabrication Facility (LPFFF) at the Piketon site at this time. The Company is currently exploring other options/sites for deployment of the LPFFF.

Previous wording

We previously announced the ongoing NEUP project with the Massachusetts Institute of Technology (MIT). The study led by MIT and funded by DOE relates to evaluation of accident tolerant fuels in various SMRs. The project aims to simulate the fuel and safety performance of Lightbridge Fuel™ for the NuScale SMR and provide scoping analysis to improve the safety and economics of water-cooled SMRs.

Current wording

We previously announced the ongoing NEUP project with the Massachusetts Institute of Technology (MIT). The study led by MIT and funded by DOE relates to evaluation of accident tolerant fuels (ATFs) in various SMRs. The project aims to simulate the fuel and safety performance of Lightbridge Fuel™ for the NuScale SMR and provide scoping analysis to improve the safety and economics of water-cooled SMRs.

Previous wording

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make a variety of estimates and assumptions that affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and (ii) the reported amounts of revenues and expenses during the reporting periods covered by the financial statements. For a discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our financial statements, please see “Critical Accounting Estimates” under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 4, 2024. There have been no significant changes in our critical accounting policies and estimates during the six months ended June 30, 2024.

Current wording

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make a variety of estimates and assumptions that affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and (ii) the reported amounts of revenues and expenses during the reporting periods covered by the financial statements. For a discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our financial statements, please see “Critical Accounting Estimates” under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 4, 2024. There have been no significant changes in our critical accounting policies and estimates during the nine months ended September 30, 2024.

Previous wording

The following table presents our historical operating results and the change in amounts for the periods indicated (rounded to millions):

Current wording

The following table presents our historical operating results and the change in amounts for the periods indicated (amounts reflected in millions):

Previous wording

General and administrative expenses increased by $0.2 million for the three months ended June 30, 2024, as compared to the three months ended June 30, 2023. The increase of $0.2 million was primarily due to an increase in professional fees of $0.1 million and an increase in employee compensation and stock-based compensation of $0.1 million.

Current wording

General and administrative expenses increased by $0.1 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023. The increase of $0.1 million was primarily due to an increase in employee compensation of $0.1 million, and an increase in stock-based compensation of $0.1 million, offset by a decrease in professional fees of $0.1 million.

Previous wording

R&D expenses consist primarily of costs associated with our CRADA and SPPA with INL, employee compensation and related fringe benefits including stock-based compensation and related allocable overhead costs for the R&D of our fuel.

Current wording

R&D expenses consist primarily of costs associated with our CRADA and SPPA with INL, employee compensation and related fringe benefits including stock-based compensation and other R&D costs for the R&D of our fuel.

Previous wording

The following table presents our total R&D expenses, including internal costs and other outside R&D costs, for the three months ended June 30, 2024 and 2023 (rounded to millions):

Current wording

The following table presents our total R&D expenses, including internal costs and other outside R&D costs, for the three months ended September 30, 2024 and 2023 (amounts reflected in millions):

Previous wording

Total R&D expenses increased by $1.1 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023 due to the increase in R&D activities related to the development of our fuel. This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of $0.4 million, an increase in allocated employee compensation and employee benefits of $0.4 million due to an increase in R&D employees, an increase in the Romanian Feasibility Study of $0.1 million and an increase in the Centrus Energy FEED Study of $0.2 million.

Current wording

Total R&D expenses increased by $0.8 million for the three months ended September 30, 2024, as compared to the three months ended September 30, 2023, due to the increase in R&D activities related to the development of our fuel. This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of $0.2 million, an increase in the Centrus Energy FEED Study of $0.1 million, an increase in allocated employee compensation and employee benefits of $0.3 million due to an increase in R&D employees, an increase in consulting fee of $0.1 million and an increase in IT expenses of $0.1 million.

Previous wording

The Company’s interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended June 30, 2024 was constant, as compared to the three months ended June 30, 2023.

Current wording

The Company’s interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended September 30, 2024, was relatively constant, as compared to the three months ended September 30, 2023.

Previous wording

Condensed Consolidated Results of Operations–** Six Months Ended June 30, 2024 and 2023**

Current wording

Condensed Consolidated Results of Operations–** Nine Months Ended September 30, 2024 and 2023**

Previous wording

The following table presents our historical operating results and the change in amounts for the periods indicated (rounded to millions):

Current wording

The following table presents our historical operating results and the change in amounts for the periods indicated (amounts reflected in millions):

Previous wording

General and administrative expenses increased by $0.6 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023. The increase of $0.6 million was primarily due to an increase in employee compensation and employee benefits and directors’ fee of $0.1 million, due to increases in compensation, an increase in recruitment and travel expenses of $0.2 million due to recruitment fees and travel expenses for newly hired R&D employees, an increase in stock-based compensation of $0.2 million, due to the stock-based compensation amortization of RSAs issued in November 2023, and an increase in professional fee of $0.1 million,

Current wording

General and administrative expenses increased by $0.6 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. The increase of $0.6 million was primarily due to an increase in employee compensation and employee benefits of $0.2 million, due to increases in compensation, an increase in recruitment and travel expenses of $0.1 million due to recruitment fees and travel expenses for newly hired R&D employees, an increase in consulting fee of $0.1 million and an increase in stock-based compensation of $0.2 million, due to the stock-based compensation amortization of RSAs issued in November 2023.

Previous wording

Total stock-based compensation included in general and administrative expenses was $0.7 million and $0.5 million for six months ended June 30, 2024 and June 30, 2023, respectively.

Current wording

Total stock-based compensation included in general and administrative expenses was $1.0 million and $0.8 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Previous wording

R&D expenses consist primarily of costs associated with our CRADA and SPPA with INL, employee compensation and related fringe benefits including stock-based compensation and related allocable overhead costs for the R&D of our fuel.

Current wording

R&D expenses consist primarily of costs associated with our CRADA and SPPA with INL, employee compensation and related fringe benefits including stock-based compensation and other R&D costs for the R&D of our fuel.

Previous wording

The following table presents our total R&D expenses, including internal costs and other outside R&D costs, for the six months ended June 30, 2024 and 2023 (rounded to millions):

Current wording

The following table presents our total R&D expenses, including internal costs and other outside R&D costs, for the nine months ended September 30, 2024 and 2023 (amounts reflected in millions):

Previous wording

Total R&D expenses increased by $0.5 million for the three months ended June 30, 2024, as compared to the three months ended June 30, 2023 due to the increase in R&D activities related to the development of our fuel. This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of $0.2 million, and an increase in allocated employee compensation and employee benefits of $0.3 million due to an increase in R&D employees.

Current wording

R&D expenses increased by $1.9 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023, due to the increase in R&D activities related to the development of our fuel. This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of $0.6 million, an increase in the Romanian Feasibility Study of $0.1 million, an increase in the Centrus Energy FEED Study of $0.3 million, an increase in allocated employee compensation and employee benefits of $0.6 million due to an increase in R&D employees, an increase in stock-based compensation of $0.1 million and an increase in other R&D expenses of $0.2 million.

Previous wording

We currently project investing approximately $8.3 million in the R&D of our nuclear fuel over the next 12 to 15 months.

Current wording

We currently project investing approximately $6.8 million in the R&D of our nuclear fuel over the next 12 to 15 months.

Previous wording

There was an increase in other income of $0.2 million due to rising interest rates over the past year, which resulted in an increase in interest income earned from the purchase of treasury bills and from our bank savings account for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023.

Current wording

There was an increase in other income of $0.1 million due to rising interest rates over the past year, which resulted in an increase in interest income earned from the purchase of treasury bills and from our bank savings account for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.

Previous wording

At June 30, 2024, we had cash and cash equivalents of $27.1 million, as compared to $28.6 million at December 31, 2023, a decrease of $1.5 million. We raised net proceeds of $2.2 million from the sale of approximately 0.8 million shares of common stock during the six months ended June 30, 2024. Our net cash used in operating activities for the six months ended June 30, 2024 was $3.7 million and our cash flow projections indicate that we will have continued negative cash flows for the foreseeable future. We currently do not anticipate any incoming cash flows, other than the sale of common stock through our at-the-market (ATM) offering. We are not profitable, and we cannot provide any assurance that we will become profitable in the future. We will continue to incur losses because we are in the early development stage of commercializing our nuclear fuel.

Current wording

At September 30, 2024, we had cash and cash equivalents of $26.6 million, as compared to $28.6 million at December 31, 2023, a decrease of $2.0 million. We raised net proceeds of $3.7 million from the sale of approximately 1.4 million shares of common stock during the nine months ended September 30, 2024. Our net cash used in operating activities for the nine months ended September 30, 2024, was $5.7 million and our cash flow projections indicate that we will have continued negative cash flows for the foreseeable future. We currently do not anticipate any incoming cash flows, other than the sale of common stock through our at-the-market (ATM) offering. We are not profitable, and we cannot provide any assurance that we will become profitable in the future. We will continue to incur losses because we are in the early development stage of commercializing our nuclear fuel.

Previous wording

We have approximately $26.1 million of working capital as of the date of this filing. We currently project a negative cash flow from our operations for both our general and administrative and R&D expenses, resulting in total expected expenditures of approximately $14.3 million for the next 12 months. Our R&D expenses are expected to increase over the next 12-15 months. Our cash balance at June 30, 2024 and as of the date of this filing exceeds our anticipated cash requirements for the next 12 months. There are inherent uncertainties in forecasting the R&D and other expenditures that will be required in the future. We may also be unsuccessful in raising the capital necessary in the future to continue the R&D development of our fuel. Once other anticipated agreements are finalized or other future R&D agreements are entered into and the future R&D expenses are known, we expect to incur a significantly higher level of future required R&D expenses and higher negative monthly cash flows from operations.

Current wording

We have approximately $26.9 million of working capital as of the date of this filing. We currently project a negative cash flow from our operations for both our general and administrative and R&D expenses, resulting in total expected expenditures of approximately $14.1 million for the next 12 months. Our R&D expenses are expected to increase over the next 12-15 months. Our cash balance at September 30, 2024, and as of the date of this filing exceeds our anticipated cash requirements for the next 12 months. There are inherent uncertainties in forecasting the R&D and other expenditures that will be required in the future. We may also be unsuccessful in raising the capital necessary in the future to continue the R&D development of our fuel. Once other anticipated agreements are finalized or other future R&D agreements are entered into and the future R&D expenses are known, we expect to incur a significantly higher level of future required R&D expenses and higher negative monthly cash flows from operations.

Previous wording

Our current source of cash available to us for the next 12 months, in addition to cash and cash equivalents on hand, is the potential funding from equity issuances pursuant to the at-the-market equity offering sales agreement, as amended, with Stifel, Nicolaus & Company, Incorporated. We filed a shelf registration statement on Form S-3 on March 29, 2024, registering the sale of up to $75 million of the Company’s securities that became effective on April 19, 2024. On May 10, 2024, we filed a prospectus supplement, which was further supplemented on July 19, 2024, pursuant to which we may offer and sell shares of common stock having an aggregate offering price of up to $12.5 million from time to time, through the ATM.

Current wording

Our current source of cash available to us for the next 12 months, in addition to cash and cash equivalents on hand, is the potential funding from equity issuances pursuant to the at-the-market equity offering sales agreement, as amended, with Stifel, Nicolaus & Company, Incorporated. We filed a shelf registration statement on Form S-3 on March 29, 2024, registering the sale of up to $75 million of the Company’s securities that became effective on April 19, 2024. On May 10, 2024, we filed a prospectus supplement, which was further supplemented on July 19, 2024 and August 9, 2024, pursuant to which we may offer and sell shares of common stock having an aggregate offering price of up to $12.6 million from time to time, through the ATM.

Previous wording

Under current SEC regulations set forth under General Instruction I.B.6. of Form S-3, if at any time our public float is less than $75.0 million, and for so long as our public float remains less than $75.0 million, the amount we can raise through primary public offerings of securities in any twelve-month period using shelf registration statements is limited to an aggregate of one-third of our public float, which is referred to as the baby shelf rules. As of the date of this filing, we are subject to the baby shelf rules for any offerings conducted on our current shelf registration statement, and therefore may be limited on the amount of funding available under this Form S-3 shelf registration statement in the future. Although we expect this ATM facility to continue to be a source of working capital for the Company in 2024, there is no assurance that an ATM financing arrangement will be available to us in the future. See Note 7. Stockholders’ Equity and Stock-Based Compensation of the Notes to our condensed consolidated financial statements included in Part I. Item 1.Financial Statements, of this Quarterly Report on Form 10-Q for information regarding our prior equity financings.

Current wording

Although we expect this ATM facility to continue to be a source of working capital for the Company in 2024, there is no assurance that an ATM financing arrangement will be available to us in the future. See Note 7. Stockholders’ Equity and Stock-Based Compensation of the Notes to our condensed consolidated financial statements included in Part I. Item 1.Financial Statements, of this Quarterly Report on Form 10-Q for information regarding our prior equity financings.

Previous wording

Our current source of liquidity is cash raised from our ATM facility.

Current wording

Currently, our primary source of liquidity is cash raised from our ATM facility.

Previous wording

The following table provides detailed information about our net cash flows for the six months ended June 30, 2024 and 2023 (rounded in millions):

Current wording

The following table provides detailed information about our net cash flows for the nine months ended September 30, 2024 and 2023 (amounts reflected in millions):

Previous wording

Our net cash used in operating activities increased by $0.7 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. This increase was primarily due to increased spending on R&D, and general and administrative expenses and changes in working capital.

Current wording

Our net cash used in operating activities increased by $1.5 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. This increase was primarily due to increased spending on R&D, and general and administrative expenses and changes in working capital.

Previous wording

Our net cash provided by financing activities decreased by $0.1 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. This decrease was due to a decrease in the net proceeds received from the issuance of common stock under our ATM facility.

Current wording

Our net cash provided by financing activities decreased by $0.8 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023. This decrease was due to a decrease in the net proceeds received from the issuance of common stock under our ATM facility.

Previous wording

Cash provided by our ATM facility was $2.2 million (sale of approximately 0.8 million common shares) and $2.3 million (sale of approximately 0.5 million common shares) for the six months ended June 30, 2024 and 2023, respectively.

Current wording

Cash provided by our ATM facility was $3.7 million (sale of approximately 1.4 million common shares) and $4.5 million (sale of approximately 0.9 million common shares) for the nine months ended September 30, 2024 and 2023, respectively.