SERA PROGNOSTICS, INC.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
SERA$2.19+5.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001193125-26-346862
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001534969-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 111 current paragraphs.
79 unchanged; 23 reworded; 9 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Following the passage of Florida’s biomarker testing legislation (Chapter 2024-249) in 2024, the Florida Agency for Health Care Administration has added the PreTRM test’s PLA code 0247U to its covered biomarker test list and to the Florida Medicaid laboratory fee schedule. This creates biomarker-testing coverage requirements within Medicaid managed care and establishes coverage for the test for Florida Medicaid patients. Florida has approximately 4 million Medicaid beneficiaries and approximately 90,000 Medicaid births per year. This brings total covered Medicaid lives to approximately 7 million patients.
Current report
After the enactment of Illinois legislation establishing Medicaid coverage for the PreTRM test, the test’s PLA code 0247U was added to the Illinois Medicaid fee schedule at $525, with no prior authorization required. We have completed Medicaid credentialing in the state of Illinois and are actively working on contracting with Medicaid managed care plans in the state.
Current report
Launched our fourth payer partnership program, a state-based initiative with a national payer designed to expand implementation of PreTRM test-guided care and further demonstrate the clinical and economic value of the PreTRM test within real-world payer populations. We are currently in discussions with one of the largest commercial insurers regarding a large multi-state, multi-thousand-patient pilot with planned initiation in fiscal year 2027.
Current report
Our sales team expanded by 25% in the third quarter of 2026 to support Illinois commercialization and further expanded the team in early October 2026 to support our Florida commercialization plan.
Current report
As planned based upon European registration study results, we are now starting the submission process for CE Mark with our notified body.
Current report
The European Association of Perinatal Medicine referenced the PreTRM test as a potential tool to support improved prediction of preterm birth risk in its recently released guidelines.
Current report
Published a PRIME randomized controlled trial subgroup analysis in The Journal of Maternal-Fetal & Neonatal Medicine demonstrating that PreTRM test-guided care resulted in a 22% reduction in NICU admissions among first-time mothers, further strengthening the clinical evidence supporting the use of the PreTRM test to identify risk and inform proactive pregnancy management.
Current report
Two analyses from the PRIME randomized controlled trial were presented at the 2026 Society for Maternal-Fetal Medicine Global Congress, including an oral presentation evaluating outcomes among first-time mothers and a health economic analysis recognized among the top five posters in its session.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Removed paragraphs (9)
Previous report
Advanced Commercial Adoption Strategy with Fourth Partnership Program Launch: In August 2026, we launched fourth partnership program, expanding implementation of PreTRM Test-guided care through a state-based initiative with a national payer. We also exceeded our 2026 payer engagement objective, with active discussions now spanning more than 20 payer opportunities across over 20 states, and are increasingly focused on advancing implementation, reimbursement readiness, and adoption within priority markets.
Previous report
Illinois Medicaid Coverage Mandate Expands Access to PreTRM Test: In June 2026, Illinois enacted legislation (Public Act 104-0470, Section 5-54) requiring Medicaid coverage and reimbursement for prescribed proteomic blood tests used to identify spontaneous preterm birth risk and associated interventions. In July, the Illinois Department of Healthcare and Family Services published a Provider Notice confirming the coverage of biomarker testing to include assessing risk of preterm birth in pregnant individuals. The Department also confirmed for providers that coverage applies to all Medicaid pregnancies in Illinois, representing approximately 50,000 annual Medicaid births.
Previous report
Scientific Recognition Highlights New Clinical and Economic PRIME Data: Two abstracts from the PRIME randomized controlled trial were accepted for presentation at the SMFM Global Congress 2026, reflecting continued external validation of our growing clinical evidence base.
Previous report
Oral Presentation: Subgroup analysis evaluating outcomes among first-time mothers (nulliparous pregnancies), selected as one of 63 oral presentations from more than 400 submissions.
Previous report
Top-Ranked Poster Presentation: New health economic analysis assessing the clinical and economic impact of PreTRM test-guided care, recognized among the top five posters in its session.
Previous report
Advanced European Regulatory and Commercial Readiness: European expert commentary published supporting the role of biomarker-based risk prediction and biology-driven prevention strategies in addressing preterm birth, the convening of a European Expert Advisory Board representing nine countries, and completion of additional ELISA-based assay performance testing strengthened our CE marking submission package, with pre-application activities expected to commence in the third quarter and submission to conclude in the fourth quarter of 2026.
Previous report
Publication Demonstrates Clinical and Health Economic Value in First-Time Pregnancies: In July 2026, a PRIME study subgroup analysis was published in The Journal of Maternal-Fetal & Neonatal Medicine demonstrating that PreTRM test-guided care reduced NICU admissions by 22% among first-time mothers, including a two-fold reduction among newborns following spontaneous preterm birth, while reducing severe composite neonatal morbidity by 30%. The analysis also demonstrated strong screening efficiency, with only 28 first-time pregnancies needing to be screened and treated to prevent one NICU admission.
Previous report
Strengthened Leadership Team and Board to Support Commercial Growth: Expanded commercial leadership capabilities in marketing and payer and government strategy and appointed healthcare diagnostics veteran Mark Capone to the Board of Directors, adding deep expertise in diagnostics commercialization, reimbursement, and scaling innovative healthcare businesses.
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Reworded paragraphs (23)
Previous wording
We are currently processing publication manuscripts of additional PRIME data, including exploratory analyses and economic benefits, to be submitted in the coming months. For example, in July 2026, a subgroup analysis of the PRIME randomized controlled trial was published in The Journal of Maternal-Fetal & Neonatal Medicine. The analysis demonstrated the benefit afforded by PreTRM test risk assessment in the nulliparous (i.e., first-time mothers) subgroup of PRIME. This group of pregnant women are at increased risk of premature delivery and also lack prior obstetric history, further limiting traditional preterm birth risk stratification (i.e., a history of premature delivery), and this analysis demonstrates that the PreTRM test is particularly valuable for nulliparous mothers. Neonatal benefits to this subgroup were even more favorable than the already strong impact observed in the overall study population. Screen-guided care reduced NICU admissions by 22% compared with routine care, reduced severe composite neonatal morbidity by 30%, and achieved an NNS of 28 to prevent one NICU admission. These findings support the clinical utility of PreTRM test-guided care for identifying and improving outcomes among first-time mothers, who could particularly benefit from improved risk screening tools.
Current wording
We are currently processing publication manuscripts of additional PRIME data, including exploratory analyses and economic benefits, to be submitted in the coming months. For example, in July 2026, a subgroup analysis of the PRIME randomized controlled trial was published in The Journal of Maternal-Fetal & Neonatal Medicine. The analysis demonstrated the benefit afforded by PreTRM test risk assessment in the nulliparous (i.e., first-time mothers) subgroup of PRIME. This group of pregnant women is at increased risk of premature delivery and also lacks prior obstetric history, further limiting traditional preterm birth risk stratification (i.e., a history of premature delivery), and this analysis demonstrates that the PreTRM test is particularly valuable for nulliparous mothers. Neonatal benefits to this subgroup were even more favorable than the already strong impact observed in the overall study population. Screen-guided care reduced NICU admissions by 22% compared with routine care, reduced severe composite neonatal morbidity by 30%, and achieved an NNS of 28 to prevent one NICU admission. These findings support the clinical utility of PreTRM test-guided care for identifying and improving outcomes among first-time mothers, who could particularly benefit from improved risk screening tools.
Previous wording
As part of our transition from a clinical-stage company to a commercial organization, we recently completed a comprehensive business review to reallocate a portion of our capital investment from research and development and general and administrative expenses toward our reimbursement-focused commercialization of PreTRM and to right size our operating expenses. As a result, on May 6, 2026, we adopted operational changes to concentrate resources on the continued, disciplined commercialization of the PreTRM test by prioritizing resources toward payer engagement, market access, and clinical adoption, while reducing operating expenses in areas that are non-core to these commercialization activities. As part of these changes, we reduced our workforce by 14 full-time employees, or approximately 18% of our workforce. These reductions included Paul Kearney, Chief Data Officer, and Robert Harrison, Chief Information Officer, whose responsibilities will transition to our Director of IT and other functions within the organization. We estimate we will incur approximately $1.3 million in costs related to severance pay and other termination benefits, the majority of which will be incurred in the second and third quarters of 2026. As part of this strategic prioritization, we have initiated additional ongoing cost savings from other personnel-related expenses and pipeline alignment. As a result, we anticipate meaningful cost savings in 2027, with decreased cash expenses of approximately 35% and 25% in research and development and general and administrative costs, respectively, to enable continued prudent investment in commercial activity. With this new cost structure, we expect that our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements through 2029. We will continue to evaluate the allocation of our resources as we focus our efforts on accelerating the market adoption of our PreTRM test.
Current wording
As part of our transition from a clinical-stage company to a commercial organization, we completed a comprehensive business review to reallocate a portion of our capital investment from research and development and general and administrative expenses toward our reimbursement-focused commercialization of our PreTRM test and to right size our operating expenses. As a result, on May 6, 2026, we adopted operational changes to concentrate resources on the continued, disciplined commercialization of the PreTRM test by prioritizing resources toward payer engagement, market access, and clinical adoption, while reducing operating expenses in areas that are non-core to these commercialization activities. As part of these changes, we reduced our workforce by 14 full-time employees, or approximately 18% of our workforce. These reductions included Paul Kearney, Chief Data Officer, and Robert Harrison, Chief Information Officer, whose responsibilities will transition to our Director of IT and other functions within the organization. We estimate we will incur approximately $1.3 million in costs related to severance pay and other termination benefits, all of which was recognized in the second quarter of 2026, and the majority of which will be paid in 2026. As part of this strategic prioritization, we have initiated additional ongoing cost savings from other personnel-related expenses and pipeline alignment. With this new cost structure, we expect that our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements into 2029. We will continue to evaluate the allocation of our resources as we focus our efforts on accelerating the market adoption of our PreTRM test.
Previous wording
We have incurred significant operating losses since inception. Our net losses were $9.1 million and $8.0 million for the three months ended June 30, 2026 and 2025, respectively, and $17.5 million and $16.2 million for the six months ended June 30, 2026 and 2025, respectively. We expect to incur significant additional operating losses and negative cash flows for the foreseeable future, principally as a result of our commercialization activities for the PreTRM test and to support additional clinical studies, publications, and anticipated research and development of our other pipeline products and services.
Current wording
We have incurred significant operating losses since inception. Our net losses were $8.1 million and $7.8 million for the three months ended September 30, 2026 and 2025, respectively, and $25.6 million and $24.0 million for the nine months ended September 30, 2026 and 2025, respectively. We expect to incur significant additional operating losses and negative cash flows for the foreseeable future, principally as a result of our commercialization activities for the PreTRM test and to support additional clinical studies, publications, and anticipated research and development of our other pipeline products and services.
Previous wording
We expense all research and development costs, both internal and external, in the period in which they are incurred. We expect that our research and development expenses will decrease in the second half of 2026 compared to the first half of 2026 as we begin shifting capital allocation toward commercialization activities. Research and development costs may increase in the long-term as we support additional clinical studies, publications, and other product development activities.
Current wording
We expense all research and development costs, both internal and external, in the period in which they are incurred. We expect that our research and development expenses will remain relatively consistent in 2027 compared to 2026. Research and development costs may increase in the long-term as we support additional clinical studies, publications, and other product development activities.
Previous wording
Selling and marketing expenses consist primarily of salaries, payroll taxes, employee benefits, and stock-based compensation charges for sales, marketing, and payer access personnel. Other significant costs include travel, consulting, public relations, facilities, and legal costs related to commercial efforts. We expect selling and marketing expenses will increase in the second half of 2026 compared to the first half of 2026 as we invest in additional commercialization activities for PreTRM following the publication of the PRIME study data and in response to potential coverage successes.
Current wording
Selling and marketing expenses consist primarily of salaries, payroll taxes, employee benefits, and stock-based compensation charges for sales, marketing, and payer access personnel. Other significant costs include travel, consulting, public relations, facilities, and legal costs related to commercial efforts. We expect selling and marketing expenses will increase in 2027 compared to 2026 as we invest in additional commercialization activities for PreTRM in response to potential coverage successes.
Previous wording
General and administrative expenses consist primarily of salaries, payroll taxes, employee benefits, and stock-based compensation charges for personnel in executive, finance, information technology, human resources, and other administrative functions. Other significant costs include facilities, corporate and intellectual property legal fees, accounting, insurance, consulting, and other professional fees. We expect general and administrative expenses to decrease in the second half of 2026 compared to the first half of 2026 as we seek cost efficiencies in these areas to preserve capital to support PreTRM commercial opportunities and other strategic initiatives.
Current wording
General and administrative expenses consist primarily of salaries, payroll taxes, employee benefits, and stock-based compensation charges for personnel in executive, finance, information technology, human resources, and other administrative functions. Other significant costs include facilities, corporate and intellectual property legal fees, accounting, insurance, consulting, and other professional fees. We expect general and administrative expenses to decrease in 2027 compared to 2026 as we seek to efficiently preserve capital to support PreTRM commercial opportunities and other strategic initiatives.
Previous wording
Other income, net, consists of interest income and other investment income earned on our cash, cash equivalents, and marketable securities, and other gains and losses.
Current wording
Other income, net, consists of interest income and other investment income earned on our cash, cash equivalents, and marketable securities, and other gains and losses. Beginning in the third quarter of 2026, Other Income, net, also includes grant income.
Previous wording
The $0.2 million increase in total research and development expenses was primarily due to a $0.2 million increase in research and bioinformatics costs and a $0.1 million increase in clinical study costs, partially offset by a $0.2 million decrease in laboratory operations costs. The $0.2 million increase in research and bioinformatics costs was primarily due to a $0.3 million increase in severance costs and a $0.1 million increase in personnel expense, partially offset by a $0.1 million decrease in consulting costs and a $0.1 million decrease in stock-based compensation expense. The $0.1 million increase in clinical study costs was primarily due to a $0.1 million increase in severance costs. The $0.2 million decrease in laboratory operations costs was primarily due to a $0.1 million decrease in depreciation expense and a $0.1 million decrease in personnel expense due to lower average headcount.
Current wording
The $0.6 million decrease in total research and development expenses was primarily due to a $0.5 million decrease in research and bioinformatics costs and a $0.2 million decrease in laboratory operations costs, partially offset by a $0.1 million increase in clinical study costs. The $0.5 million decrease in research and bioinformatics costs was primarily due to a $0.4 million decrease in consulting and other outside services costs and a $0.2 million decrease in personnel costs. The $0.2 million decrease in laboratory operations costs was primarily due to a $0.1 million decrease in depreciation expense and a $0.1 million decrease in lab supplies. The $0.1 million increase in clinical study costs was primarily due to a $0.2 million increase in personnel costs, partially offset by a $0.1 million decrease in stock-based compensation expense.
Previous wording
The $1.0 million increase was due primarily to increases of $0.7 million in personnel costs as we continued strategically hiring in our commercial organization, $0.5 million in marketing materials and programs, and $0.2 million in travel expenses. These increases were partially offset by a decrease of $0.5 million in consulting and professional services.
Current wording
The $0.7 million increase was due primarily to increases of $0.4 million in marketing materials and programs, $0.1 million in personnel costs as we continued strategically hiring in our commercial organization and $0.1 million in travel expenses.
Previous wording
The $0.1 million increase was due primarily to an increase of $0.4 million in severance costs, partially offset by a decrease of $0.3 million in stock-based compensation expense.
Current wording
The $0.2 million decrease was due primarily to a $0.6 million decrease in personnel costs, partially offset by an increase of $0.4 million in severance costs.
Previous wording
The $0.4 million decrease in other income, net, was due to a $0.4 million decrease in interest income related primarily to our marketable securities.
Current wording
The $0.3 million decrease in other income, net, was due to a $0.3 million decrease in interest income related primarily to our marketable securities.
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025:
Previous wording
The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025:
Previous wording
The $0.1 million decrease in total research and development expenses was primarily due to a $0.3 million decrease in laboratory operations costs, partially offset by a $0.1 million increase in research and bioinformatics costs and a $0.1 million increase in clinical study costs. The $0.3 million decrease in laboratory operations costs was primarily due to a $0.2 million decrease in depreciation expense and a $0.1 million decrease in stock-based compensation expense. The $0.1 million increase in research and bioinformatics costs was primarily due to a $0.3 million increase in severance costs and a $0.1 million increase in personnel expense, partially offset by a $0.2 million decrease in stock-based compensation expense and a $0.1 million decrease in consulting costs. The $0.1 million increase in clinical study costs was primarily due to a $0.1 million increase in severance costs.
Current wording
The $0.7 million decrease in total research and development expenses was primarily due to a $0.5 million decrease in laboratory operations costs and a $0.4 million decrease in research and bioinformatics costs, partially offset by a $0.2 million increase in clinical study costs. The $0.5 million decrease in laboratory operations costs was primarily due to a $0.2 million decrease in depreciation expense, a $0.1 million decrease in lab supplies, a $0.1 million decrease in personnel costs, and a $0.1 million decrease in stock-based compensation expense. The $0.4 million decrease in research and bioinformatics costs was primarily due to a $0.5 million decrease in consulting and other outside services costs and a $0.2 million decrease in stock-based compensation expense, partially offset by a $0.3 million increase in severance costs. The $0.2 million increase in clinical study costs was primarily due to a $0.7 million increase in personnel costs, partially offset by a $0.5 million decrease in study costs as we continued shifting resources to commercial activities.
Previous wording
The $0.4 million increase was due primarily to increases of $0.4 million in marketing materials and programs, $0.3 million in personnel costs as we continued strategically hiring in our commercial organization and $0.1 million in travel expenses. These increases were partially offset by a decrease of $0.4 million in consulting and professional services.
Current wording
The $1.6 million increase was due primarily to increases of $0.9 million in personnel costs as we continued strategically hiring in our commercial organization, $0.8 million in marketing materials and programs, and $0.3 million in travel expenses. These increases were partially offset by a decrease of $0.5 million in consulting and professional services.
Previous wording
The $0.5 million decrease in other income, net, was due to a $0.4 million decrease in interest income and a $0.1 million decrease in investment income related primarily to our marketable securities.
Current wording
The $0.8 million decrease in other income, net, was due to a $0.7 million decrease in interest income and a $0.2 million decrease in investment income related primarily to our marketable securities.
Previous wording
Since inception, we have not generated a significant amount of commercial revenue from product sales or any other sources and have incurred significant operating losses and negative cash flows from operations. We anticipate that we will continue to incur net losses for the foreseeable future. We have financed our operations primarily through proceeds from the sale and issuance of convertible preferred stock and convertible notes, bank loans, the sale and issuance of Class A common stock in our IPO, which was completed in July 2021, and the sale and issuance of Class A common stock and pre-funded warrants in the February 2025 Offering. As of June 30, 2026, we had aggregate cash, cash equivalents, and available-for-sale securities of $80.3 million, and an accumulated deficit of $329.3 million.
Current wording
Since inception, we have not generated a significant amount of commercial revenue from product sales or any other sources and have incurred significant operating losses and negative cash flows from operations. We anticipate that we will continue to incur net losses for the foreseeable future. We have financed our operations primarily through proceeds from the sale and issuance of convertible preferred stock and convertible notes, bank loans, the sale and issuance of Class A common stock in our IPO, which was completed in July 2021, and the sale and issuance of Class A common stock and pre-funded warrants in the February 2025 Offering. As of September 30, 2026, we had aggregate cash, cash equivalents, and available-for-sale securities of $72.8 million, and an accumulated deficit of $337.3 million.
Previous wording
On March 18, 2026, we entered into an at-the-market, or ATM, sales agreement, or the 2026 ATM Sales Agreement, with William Blair & Company, L.L.C., or William Blair, and terminated our existing 2024 sales agreement. We may make sales under the 2026 ATM Sales Agreement pursuant to our existing Form S-3 shelf registration statement filed in August 2024 and the prospectus supplement dated March 18, 2026. We are not obligated to make any sales of Class A common stock under the 2026 ATM Sales Agreement but may make sales under the ATM program at our discretion based on market conditions. No sales occurred under our prior ATM sales program. Under the 2026 ATM Sales Agreement, we may offer and sell, from time to time at our sole discretion, shares of our Class A common stock, having an aggregate offering price of up to $40.0 million through William Blair, as sales agent. We did not sell any shares of our Class A common stock pursuant to the 2026 ATM Sales Agreement during the six months ended June 30, 2026.
Current wording
On March 18, 2026, we entered into an at-the-market, or ATM, sales agreement, or the 2026 ATM Sales Agreement, with William Blair & Company, L.L.C., or William Blair. We may make sales under the 2026 ATM Sales Agreement pursuant to our existing Form S-3 shelf registration statement filed in August 2024 and the prospectus supplement dated March 18, 2026. We are not obligated to make any sales of Class A common stock under the 2026 ATM Sales Agreement but may make sales under the ATM program at our discretion based on market conditions. Under the 2026 ATM Sales Agreement, we may offer and sell, from time to time at our sole discretion, shares of our Class A common stock, having an aggregate offering price of up to $40.0 million through William Blair, as sales agent. We did not sell any shares of our Class A common stock pursuant to the 2026 ATM Sales Agreement during the nine months ended September 30, 2026.
Previous wording
The net cash used in operating activities during the six months ended June 30, 2026 was primarily due to a net loss of $17.5 million, partially offset by an increase in operating assets and liabilities of $0.1 million and an increase in non-cash charges of $2.4 million. The net cash used in operating activities during the six months ended June 30, 2025 was primarily due to a net loss of $16.2 million and a decrease in operating assets and liabilities of $0.7 million, partially offset by an increase in non-cash charges of $3.6 million.
Current wording
The net cash used in operating activities during the nine months ended September 30, 2026 was primarily due to a net loss of $25.6 million and a decrease in operating assets and liabilities of $0.6 million, partially offset by an increase in non-cash charges of $3.8 million. The net cash used in operating activities during the nine months ended September 30, 2025 was primarily due to a net loss of $24.0 million and a decrease in operating assets and liabilities of $0.7 million, partially offset by an increase in non-cash charges of $5.3 million.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2026 was primarily due to $27.1 million in proceeds from maturities and sales of marketable securities, partially offset by $11.7 million in purchases of marketable securities. Net cash used in investing activities for the six months ended June 30, 2025 was primarily due to $71.9 million in purchases of marketable securities and $0.3 million in purchases of property and equipment, partially offset by $32.6 million in proceeds from maturities and sales of marketable securities.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2026 was primarily due to $36.1 million in proceeds from maturities and sales of marketable securities, partially offset by $13.7 million in purchases of marketable securities and $0.2 million in purchases of property and equipment. Net cash used in investing activities for the nine months ended September 30, 2025 was primarily due to $79.8 million in purchases of marketable securities and $0.4 million in purchases of property and equipment, partially offset by $45.8 million in proceeds from maturities and sales of marketable securities.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2026 was primarily due to $0.2 million in proceeds from employee equity transactions. Net cash provided by financing activities for the six months ended June 30, 2025 was primarily due to $53.6 million in net proceeds from the February 2025 Offering and $0.1 million in proceeds from employee equity transactions, partially offset by $0.2 million of finance lease principal payments.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2026 was primarily due to $0.2 million in proceeds from employee equity transactions. Net cash provided by financing activities for the nine months ended September 30, 2025 was primarily due to $53.6 million in net proceeds from the February 2025 Offering and $0.5 million in proceeds from employee equity transactions, partially offset by $0.2 million of finance lease principal payments.
Previous wording
Our contractual obligations and commitments for the year ended December 31, 2025, are set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 18, 2026, or the Annual Report. No material changes have occurred during the six months ended June 30, 2026.
Current wording
Our contractual obligations and commitments for the year ended December 31, 2025, are set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 18, 2026, or the Annual Report. No material changes have occurred during the nine months ended September 30, 2026.
Previous wording
A summary of our critical accounting policies and estimates is included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report. There have been no significant changes in the application of our critical accounting policies, significant judgments, and use of estimates during the six months ended June 30, 2026.
Current wording
A summary of our critical accounting policies and estimates is included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report. There have been no significant changes in the application of our critical accounting policies, significant judgments, and use of estimates during the nine months ended September 30, 2026.