Quanterix Corp

Previous wording

We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services. We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our combined platforms have achieved significant commercial adoption with an installed base of over 2,500 instruments and scientific validation with citations in more than 6,500 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation.

Current wording

We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services. We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our combined platforms have achieved significant commercial adoption with an installed base of over 2,500 instruments and scientific validation with citations in more than 6,800 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation.

Previous wording

We also provide contract research services and clinical laboratory testing services, including four Laboratory Developed Tests ("LDT"), using our proprietary Simoa and Spatial Biology technology through our Accelerator Laboratory, which is certified under the Clinical Laboratory Improvement Amendments of 1988 ("CLIA") (the "Accelerator Laboratory"). To date, we have completed over 2,650 projects for more than 500 customers from all over the world using our platforms.

Current wording

We also provide contract research services and clinical laboratory testing services, including four Laboratory Developed Tests ("LDT"), using our proprietary Simoa and spatial biology technology through our Accelerator Laboratory (the "Accelerator Laboratory"), which is certified under the Clinical Laboratory Improvement Amendments of 1988 ("CLIA"). To date, we have completed over 2,650 projects for more than 500 customers throughout the world using our platforms.

Previous wording

We have an extensive base of worldwide customers including research laboratories, contract research organizations ("CROs"), academic institutions, and bio-pharmaceutical companies. We sell our instruments, consumables, and services through a direct field sales and support organizations in North America and Europe, and through our own sales force and distributors in countries throughout Europe, Asia Pacific, Africa, Latin America, and the Middle East.

Current wording

We have an extensive base of worldwide customers including research laboratories, contract research organizations ("CROs"), academic institutions, and bio-pharmaceutical companies. We sell our instruments, consumables, and services through direct field sales and support organizations in North America and Europe, and through our own sales force and distributors in countries throughout Europe, Asia Pacific, Africa, Latin America, and the Middle East.

Previous wording

Our total revenues were $36.4 million and $30.3 million for the three months ended March 31, 2026 and 2025, respectively. Since our inception, we have incurred annual net losses, including net losses of $17.5 million and $20.5 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Our total revenues were $32.9 million and $69.3 million for the three and six months ended June 30, 2026, respectively, and $24.5 million and $54.8 million for the three and six months ended June 30, 2025, respectively. Since our inception, we have incurred annual net losses, including net losses of $48.9 million and $66.5 million for the three and six months ended June 30, 2026, respectively, and $30.0 million and $50.5 million for the three and six months ended June 30, 2025, respectively.

Previous wording

We expect operating losses to continue in 2026 as we incur costs related to the following:

Current wording

We expect operating losses to continue in the remainder of 2026 as we incur costs related to the following:

Previous wording

•seeking Premarket Approval (“PMA”), de novo classification, or 510(k) clearance from the FDA for our products, if or when we decide to market products for use in the prevention, diagnosis, or treatment of a disease or other condition;

Current wording

•seeking Premarket Approval (“PMA”), de novo classification, or 510(k) clearance from the FDA for our products to market them for use in the prevention, diagnosis, or treatment of a disease or other condition;

Previous wording

•making required earnout payments under the Emission, Inc. ("Emission") acquisition agreement, which are contingent upon completion of certain performance milestones;

Current wording

•making required earnout payments under the Emission, Inc. ("Emission") acquisition agreement, which are contingent upon certain performance milestones;

Previous wording

Subsequent to our acquisition of Akoya Biosciences, Inc. ("Akoya") in 2025, we implemented actions to realize many of the transaction's synergies. As a result of the actions taken to date, on an annualized basis, we have realized approximately $85.0 million of cost synergies.

Current wording

Subsequent to our acquisition of Akoya Biosciences, Inc. ("Akoya") in 2025, we implemented actions to realize many of the transaction's synergies. In the second quarter of 2026, we completed the integration of Akoya with the consolidation of operational processes and financial reporting systems. As a result of the actions we took, on an annualized basis, we have realized approximately $85.0 million of cost synergies.

Previous wording

Following the appointment of our new President and Chief Executive Officer in January 2026, management undertook a comprehensive review of the Company’s commercial and product strategy. Upon completion of the review, we announced several planned changes intended to accelerate revenue growth in our research tools business and to further advance our position in the Alzheimer’s Disease diagnostics market.

Current wording

Following the appointment of our new President and Chief Executive Officer in January 2026, we undertook a comprehensive review of the Company’s commercial and product strategy. Upon completion of the review, we announced in May 2026 and August 2026 several significant changes intended to accelerate revenue growth in our research tools business and to further advance our position in the Alzheimer’s Disease diagnostics market.

Previous wording

We are making targeted investments to improve commercial effectiveness, including adding experienced sales leadership within our Accelerator business, improving lead generation efforts, and investing in marketing spend. These investments are intended to deepen our pharmaceutical partnerships and to strengthen sales execution and competitive positioning. We are also increasing our strategic focus on Alzheimer’s diagnostics by hiring an experienced leader to oversee our diagnostics business, upgrading our HD‑X platform with the intent to pursue FDA in vitro diagnostics ("IVD") status in 2027, and investing in laboratory infrastructure and targeted commercial programs. To fund these investments, we are streamlining our product roadmap to focus our efforts on these initiatives, which we believe can positively impact our revenues starting in 2026.

Current wording

We are also increasing our strategic focus on Alzheimer’s diagnostics, as reflected by our hiring of an experienced Senior Vice President, General Manager Diagnostics to oversee our diagnostics business and investing in laboratory infrastructure and targeted commercial programs.

Previous wording

We further believe these changes, supported by sustained investment in our SP-X and SR-X platforms, will enable us to defend and extend our leadership in the early-stage research and translational markets, which remain foundational to the organization.

Current wording

By focusing our efforts on these initiatives, we believe we can positively impact our revenues starting in the second half of 2026 and more materially in 2027. We further believe these changes, supported by sustained investment in our SP-X, SR-X, and spatial biology platforms, will enable us to defend and extend our leadership in the early-stage research and translational markets, which remain foundational to the organization.

Previous wording

In November 2025, the Centers for Medicare & Medicaid Services approved a reimbursement rate of $897 for our LucentAD Complete multiplex test. This milestone provides a nationally recognized reference price, an important step for coverage decision with private issuers, enables broader access, and supports efforts to bring this multiplex diagnostic solution to hospitals and laboratories across the country. We are also completing multiple clinical utility studies across the diagnostic continuum spanning from primary care through specialty neurology settings. These studies are expected to demonstrate how LucentAD Complete could improve clinician confidence, patient access, and outcomes at each decision point, which could support obtaining payor coverage including a Local Coverage Determination.

Current wording

LucentAD Complete is our multi-biomarker LDT used in assessing Alzheimer’s disease pathology. In November 2025, the Centers for Medicare & Medicaid Services approved a reimbursement rate of $897 for our LucentAD Complete test.

Previous wording

Additionally, as a result of the termination of the Development Agreement, we recognized $21.6 million of one-time income during the three months ended March 31, 2026, which includes $13.7 million of non-cash income from the contract's related off-market liability and $7.9 million of deferred revenue. These amounts were recorded in other income, net on our Consolidated Statements of Operations, as the termination of an acquired, off-market contract is unusual and infrequent in nature.

Current wording

As part of the acquisition of Akoya, we assumed a diagnostics development agreement (the "Development Agreement") with a biopharmaceutical customer. On February 25, 2026, the Development Agreement was terminated by mutual agreement of the parties. As a result of the termination, during the three months ended March 31, 2026, we recorded an impairment charge of $19.3 million for the related in-process research and development intangible asset. Additionally, we recognized one-time income which included $14.0 million of non-cash income from the contract's related off-market liability and $7.9 million of deferred revenue. These amounts were recorded in other income, net on our Consolidated Statements of Operations, as the termination of an acquired, off-market contract is unusual and infrequent in nature.

Previous wording

During the quarter ended March 31, 2026, we changed our accounting policy for classifying shipping and handling costs for product sales, which are primarily comprised of costs paid to third-party shippers for transporting products to customers. Historically, shipping and handling costs have been recorded in selling, general and administrative expenses. Under the new accounting policy, shipping and handling costs are recorded in cost of product revenue. We believe this classification is preferable because including these costs in cost of product revenue will better align the costs with the related revenue in the calculation of gross profit and is consistent with the practices of other companies in the same industry.

Current wording

During the first quarter of 2026 we changed our accounting policy for classifying shipping and handling costs for product sales, which are primarily comprised of costs paid to third-party shippers for transporting products to customers. Historically, shipping and handling costs have been recorded in selling, general and administrative expenses. Under the new accounting policy, shipping and handling costs are recorded in cost of product revenue. We believe this classification is preferable because including these costs in cost of product revenue will better align the costs with the related revenue in the calculation of gross profit and is consistent with the practices of other companies in the same industry. We applied the change in accounting principle retrospectively to all periods presented.

Previous wording

We applied the change in accounting principle retrospectively to all periods presented. The accompanying Consolidated Statements of Operations and this Management's Discussion and Analysis of Financial Condition and Results of Operations reflect the effect of the change in accounting principle for all periods presented, which includes a reclassification of $1.6 million from selling, general and administrative to cost of product revenue during the three months ended March 31, 2025. The change in accounting principle had no impact on revenues, loss from operations, net loss, or net loss per share and did not affect the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, or Consolidated Statements of Stockholders’ Equity.

Current wording

The accompanying Consolidated Statements of Operations and this Management's Discussion and Analysis of Financial Condition and Results of Operations reflect the effect of the change in accounting principle, which includes a reclassification of $1.3 million and $2.9 million from selling, general and administrative to cost of product revenue during the three and six months ended June 30, 2025, respectively. The change in accounting principle had no impact on revenues, loss from operations, net loss, or net loss per share and did not affect the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, or Consolidated Statements of Stockholders’ Equity.

Previous wording

For thethree months ended March 31, 2026, product revenue consisted of instrument sales of $4.1 million and sales of consumables and other products of $21.4 million. Product revenue increased $4.7 million, or 23%, to$25.5 million for thethree months ended March 31, 2026, compared to$20.7 million for thethree months ended March 31, 2025. The increase was primarily due to the acquisition of Akoya, which added $8.7 million of product revenue. Product revenue for the legacy Quanterix business decreased $3.9 million, or 19%, primarily due to a full quarter impact in 2026 from reductions in US federal research funding and macro-economic conditions. The impact of these conditions did not begin until the end of the first quarter in 2025 and resulted in lower consumables demand from academic and pharmaceutical customers as research and development spending declined.

Current wording

Product revenue increased $6.6 million, or 39%, to$23.5 million for thethree months ended June 30, 2026, compared to$16.8 million for thethree months ended June 30, 2025. The increase was due to the acquisition of Akoya, which added $9.3 million of product revenue. For the legacy Quanterix business, product revenue decreased $2.7 million primarily due to weaker demand from both academic and pharmaceutical customers as research grant funding remains constrained and research and development spending declined.

Previous wording

Instrument revenues remained flat in the first quarter of 2026 and we expect softness in instrument sales to continue in 2026 as a result of what we believe is a constrained capital funding environment. As we implement the strategic changes to update our HD-X and continue investment in our instruments, or as funding conditions improve, we anticipate a recovery in instrument demand.

Current wording

We expect softness in instrument sales to continue during the remainder of 2026 as a result of what we believe is a constrained capital funding environment. As we implement the strategic changes to update our HD-X and improve our commercial execution, or as funding conditions improve, we anticipate a recovery in instrument demand. We also expect the continued uncertain macro-economic environment to cause fluctuations in consumables sales during the remainder of 2026.

Previous wording

Service revenue increased $1.6 million, or 18%, to $10.4 million, for the three months ended March 31, 2026, compared to $8.8 million for the three months ended March 31, 2025. The increase was primarily due to the acquisition of Akoya, which added $3.7 million of service revenue. For the legacy Quanterix business, service revenue decreased $2.1 million, or 24%, primarily due to lower volumes of sample testing and assay development services in our Accelerator Laboratory. This decline is primarily driven by reduced pipeline development during 2025 and large pharmaceutical projects that have not repeated. While we continue to see strong opportunities in the market, the uncertain macro-economic environment is expected to continue to drive fluctuations in Accelerator Laboratory revenue in 2026.

Current wording

Service and other revenue increased $1.9 million, or 27%, to $9.0 million, for the three months ended June 30, 2026, compared to $7.1 million for the three months ended June 30, 2025. The increase was due to the acquisition of Akoya, which added $3.0 million of service and other revenue. For the legacy Quanterix business, service and other revenue decreased $1.0 million primarily due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development. While we continue to see strong opportunities in the market, the uncertain macro-economic environment is expected to continue to drive fluctuations in Accelerator Laboratory revenue during the remainder of 2026.

Previous wording

Total cost of goods sold and services increased $5.4 million, or 35%, to$20.8 million for thethree months ended March 31, 2026, compared to$15.5 million for thethree months ended March 31, 2025.

Current wording

Total cost of goods sold and services increased $5.8 million, or 40%, to$20.2 million for thethree months ended June 30, 2026, compared to$14.5 million for thethree months ended June 30, 2025.

Previous wording

Cost of service and other revenue increased $1.6 million, or 37%, to $5.7 million for thethree months ended March 31, 2026, compared to$4.2 millionfor thethree months ended March 31, 2025. This increase was primarilydue to the acquisition of Akoya, which added $1.0 million to cost of service and other revenue.

Current wording

Cost of service and other revenue increased $1.7 million, or 45%, to $5.6 million for thethree months ended June 30, 2026, compared to$3.9 millionfor thethree months ended June 30, 2025. This increase was primarilydue to the acquisition of Akoya, which added $1.2 million to cost of service and other revenue.

Previous wording

We believe that our continued investment in research and development is essential to our long-term competitive position. We expect that the realization of synergies from the acquisition of Akoya should enable us to maintain research and development expense at a more consistent level period to period in the future.

Current wording

We believe that our continued investment in research and development is essential to our long-term competitive position and we expect to maintain research and development expense at a more consistent level period to period in the future.

Previous wording

Selling, general and administrative expense decreased $1.4 million, or 4%, to $29.8 million for the three months ended March 31, 2026, compared to $31.2 million for the three months ended March 31, 2025.

Current wording

Selling, general and administrative expense decreased $3.0 million, or 10%, to $27.4 million for the three months ended June 30, 2026, compared to $30.4 million for the three months ended June 30, 2025.

Previous wording

Interest income decreased $2.4 million, or 73%, to $0.9 million for the three months ended March 31, 2026, as compared to $3.3 million for the three months ended March 31, 2025. The decrease was primarily due to lower interest rates and a lower balance of cash, cash equivalents, and marketable securities.

Current wording

Interest income decreased $1.9 million, or 72%, to $0.8 million during the three months ended June 30, 2026, compared to $2.7 million for the three months ended June 30, 2025. The decrease was primarily due to lower interest rates and a lower balance of cash, cash equivalents, and marketable securities.

Previous wording

Change in fair value of contingent liabilities decreased $1.9 million, or 496%, for the three months ended March 31, 2026. The contingent arrangements relate to the acquisition of Emission and the assumption of Akoya's contingent liability from its acquisition of the Quantitative Pathology Solutions division of PerkinElmer, Inc. in 2018. The decrease was due to updates to the valuation inputs.

Current wording

The change in fair value of contingent liabilities was a loss of $0.1 million for the three months ended June 30, 2026 as compared to income of $4.3 million for the three months ended June 30, 2025. The change was driven by the achievement of certain performance targets and updates to the valuation inputs. The contingent arrangements relate to the acquisition of Emission and the assumption of Akoya's contingent liability from its acquisition of the Quantitative Pathology Solutions division of PerkinElmer, Inc. in 2018.

Previous wording

Of the decrease, $7.1 million was related to the legacy Quanterix business and was primarily due to (1) a $3.2 million decrease in due diligence and other acquisition costs related to the acquisitions of Akoya and Emission in 2025, (2) a $1.9 million decrease from a non-recurring charge in 2025 associated with the contingent compensation payable under the acquisition of Emission, (3) a $1.6 million decrease in headcount and related compensation and benefit costs, including stock based compensation, from a restructuring plan implemented in 2025, and (4) a $1.2 million decrease in professional services and consulting fees related to our annual audit and completing the remediation of the material weaknesses in our internal control over financial reporting described in our 2025 Form 10-K. These decreases were partially offset by the acquisition of Akoya, which added $5.7 million of selling, general and administrative expenses.

Current wording

The decrease was primarily due to the legacy Quanterix business resulting from (1) a $7.2 million decrease in due diligence and other acquisition costs related to the acquisitions of Akoya and Emission in 2025, (2) a $3.9 million decrease from a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission, (3) a $2.8 million decrease in headcount and related compensation and benefit costs from the May 2025 restructuring plan, and (4) a $1.9 million decrease in consulting and professional services fees. These decreases were partially offset by the selling, general and administrative expenses added from the acquisition of Akoya.

Previous wording

Other income, net increased $21.4 million to $21.4 million for the three months ended March 31, 2026. As a result of the termination of the Development Agreement in the first quarter of 2026, we recognized $21.6 million of one-time income, which includes $13.7 million of non-cash income from an off-market liability and $7.9 million of deferred revenue. The termination of an acquired, off-market contract is unusual and infrequent in nature.

Current wording

Other income (expense), net increased $21.1 million for the six months ended June 30, 2026. As a result of the termination of the Development Agreement in the first quarter of 2026, we recognized $14.0 million of non-cash income from the contract's off-market liability and $7.9 million of deferred revenue. This termination of an acquired, off-market contract is unusual and infrequent in nature.

Previous wording

Income tax benefit was less than $0.1 million for the three months ended March 31, 2026 as compared to income tax benefit of $2.9 million for the three months ended March 31, 2025. The change was primarily due to the release of a portion of our valuation allowance on deferred tax assets in 2025 related to temporary tax differences from the acquisition of Emission.

Current wording

Income tax benefit decreased $2.9 million, or 98%, to $0.1 million for the six months ended June 30, 2026, compared to $3.0 million for the six months ended June 30, 2025. The change was primarily due to the release of a portion of our valuation allowance on deferred tax assets due to temporary tax differences related to the acquisition of Emission.

Previous wording

Ourprincipal sources of liquidity are cash, cash equivalents, marketable securities, and funds generated from sales of our products and services. As of March 31, 2026, we had $36.2 million of cash and cash equivalents and $63.1 million of marketable securities. Historically we have also financed our operations through equity offerings and borrowings from credit facilities. Our liquidity requirements have consisted, and we expect that they will continue to consist, of sales and marketing expenses, research and development expenses, working capital, general corporate expenses, and contingent payments related to our prior acquisition activity.

Current wording

Ourprincipal sources of liquidity are cash, cash equivalents, marketable securities, and funds generated from sales of our products and services. As of June 30, 2026, we had $44.2 million of cash and cash equivalents and $49.4 million of marketable securities. Historically we have also financed our operations through equity offerings and borrowings from credit facilities. Our liquidity requirements have consisted, and we expect that they will continue to consist, of sales and marketing expenses, research and development expenses, working capital, general corporate expenses, and contingent payments related to our prior acquisition activity.

Previous wording

We continue to expect to be cash flow breakeven in the second half of 2026, although our ability to achieve this goal is dependent on our success in implementing these strategy changes and meeting revenue and expense objectives. Further, our progress could be adversely affected by external factors.

Current wording

Although we previously set a cash flow breakeven target of year-end 2026, we now anticipate being cash flow breakeven in 2027. The primary factors leading to this change include increasing our investment in commercial leadership and resources across our research tools and Accelerator Laboratory businesses and building our diagnostics team and infrastructure as we focus on Alzheimer's diagnostics. Along with the changes discussed in the section titled "Recent Business Developments - Business Strategy Update", we believe that improving our commercial execution will allow us to grow without substantial macro-environment recovery. Additionally, weaker-than-expected revenue in the first half of 2026 contributed to our updated timeline. Our ability to achieve our cash flow breakeven target is dependent on our success in implementing our strategy changes and meeting revenue and expense objectives. Further, our progress could be adversely affected by economic, market, and other external factors.

Previous wording

Our future capital requirements will depend on many factors, including, but not limited to, our pace of growth, expansion, or introduction of new instruments, assays, and services, including Lucent Diagnostics and advancing access to our diagnostic tests, market acceptance of our products and services, regulatory requirements, regulatory approval of our products or services, and the effects of competition, technological developments, and broader market and economic trends. We also regularly assess other potential acquisitions and may need capital to pursue acquisitions of complementary businesses, services, and technologies.

Current wording

Our future capital requirements will depend on many factors, including, but not limited to, our pace of growth, enhancements to or introductions of new instruments, assays, and services, including Lucent Diagnostics, and advancing access to our diagnostic tests, market acceptance of our products and services, regulatory requirements, regulatory approval of our products or services, and the effects of competition, technological developments, and broader market and economic trends.

Previous wording

If needed, we cannot guarantee that we will be able to obtain additional funds on acceptable terms, or at all. If we raise additional funds by issuing equity or equity-linked securities, our stockholders may experience dilution. Future debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or equity financing that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we do not have or are not able to obtain sufficient funds, if needed, we may have to delay development or commercialization of our products and services. We also may have to reduce marketing, customer support, or other resources devoted to our products, or cease operations.

Current wording

If additional capital is needed, we cannot guarantee that we will be able to obtain funding on acceptable terms, or at all. If we raise additional funds by issuing equity or equity-linked securities, our stockholders may experience dilution. Future debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or equity financing that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we do not have or are not able to obtain sufficient funds, if needed, we may have to delay development or commercialization of our products and services. We also may have to reduce marketing, customer support, or other resources devoted to our products, or cease operations.

Previous wording

We derive cash flows from operations primarily from the sale of our products and services. Our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to develop new products and services, invest in process and product improvements, and increase our sales and marketing efforts. We have historically experienced negative cash flows from operating activities as we have developed our technology, expanded our business, and built our infrastructure. We expect negative cash flows from operating activities will continue at least through the first half of 2026.

Current wording

We derive cash flows from operations primarily from the sale of our products and services. Our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to develop new products and services, invest in process and product improvements, and increase our sales and marketing efforts. We have historically experienced negative cash flows from operating activities as we have developed our technology, expanded our business, and built our infrastructure. We expect negative cash flows from operating activities will continue into 2027.

Previous wording

Net cash used in operating activities was $18.1 million and $13.9 million for the three months ended March 31, 2026 and 2025, respectively. The $4.2 million increase in net cash used in operations was primarily due to adjustments for non-cash items related to thetermination of the Development Agreement, including a $19.3 million impairment of the related IPR&D intangible asset partially offset by recognition of$13.7 million of non-cash income related to the Development Agreement's off-market liability. The overall change in net cash used in operations was also driven by a change in working capital items, primarily recognition of$7.9 million of deferred revenue associated with the termination of the Development Agreement and a decrease in accounts payable.

Current wording

Net cash used in operating activities was $23.2 million and $19.5 million for the six months ended June 30, 2026 and 2025, respectively. The $3.7 million increase in net cash used in operations was primarily due to an increase in net loss and adjustments for non-cash items, including $46.8 million of impairment charges for goodwill and an in-process research and development intangible asset, partially offset by the recognition of $14.0 million of non-cash income related to the termination of the Development Agreement. The overall change in net cash used in operations was also driven by a $25.3 million change in working capital items, primarily a $15.6 million decrease in accounts payable and accrued compensation and benefits and the recognition of $7.9 million of deferred revenue associated with the termination of the Development Agreement.

Previous wording

Net cash provided by investing activities was $25.3 million during the three months ended March 31, 2026, which consisted of proceeds from sales and maturities of marketable securities of $25.4 million, and $0.1 million for purchases of property and equipment.

Current wording

Net cash provided by investing activities was $38.9 million during the six months ended June 30, 2026, which consisted primarily of $47.4 million of proceeds from sales and maturities of marketable securities offset by $8.2 million of purchases of marketable securities.

Previous wording

Net cash provided by investing activities was $32.8 million during the three months ended March 31, 2025, which consisted of proceeds from sales and maturities of marketable securities of$73.3 million and cash used of$9.0 million for the acquisition of Emission, $30.2 million for the purchase of marketable securities, and$1.3 million for purchases of property and equipment.

Current wording

Net cash provided by investing activities was $94.6 million during the six months ended June 30, 2025, which consisted of $135.9 million of proceeds from sales and maturities of marketable securities, $9.0 million of cash paid for the acquisition of Emission, $30.2 million for the purchase of marketable securities, and $2.0 million of purchases of property and equipment.

Previous wording

Net cash used in financing activities was $0.8 million during the three months ended March 31, 2026, compared to net cash provided by financing activities of $0.1 million during the three months ended March 31, 2025. These cash flows are primarily related to payment in the first quarter of 2026 of the holdback liability associated with the acquisition of Emission and the issuance of common stock under our equity incentive plans.

Current wording

Net cash used in financing activities was $1.3 million during the six months ended June 30, 2026, compared $0.3 million during the six months ended June 30, 2025. The cash used in 2026 was primarily related to payments made for the holdback liability from the acquisition of Emission and achievement of certain performance targets on contingent payment arrangements from our acquisitions.