NextCure Inc
For the period ended Mar 31, 2025. Filed May 1, 2025.
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.
Mar 31, 2025 · Filed May 1, 2025
NXTC$5.33+4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001558370-24-014869
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001558370-25-006111
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 70 previous paragraphs and 66 current paragraphs.
34 unchanged; 24 reworded; 7 added; 12 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 31 previous and 40 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 (7)
Current report
In December 2024, we announced that the U.S. Food and Drug Administration (the “FDA”) accepted an Investigational New Drug (“IND”) application for initiation of a Phase 1 clinical trial to evaluate LNCB74 for treating multiple cancers known to have high B7-H4 expression. Since announcing in January 2025 that the first patient in our Phase 1 trial of LNCB74 had been dosed, we have cleared cohort 2 in April 2025 and are currently within cohort 3 of the dose escalation portion of the Phase 1 trial, enrolling patients with various tumor types, including breast, ovarian and endometrial cancers. We plan to initiate backfill cohorts in the second half of 2025 and provide a proof of concept data readout in the first half of 2026.
Current report
Research and development expenses for thethree months ended March 31, 2025 decreased by $3.5 million compared to the three months ended March 31, 2024 due to lower costs on programs other than LNCB74. In particular, costs for NC410 were reduced as compared to the first quarter of 2024 because patient enrollment was stopped in 2024 as the Company focused on finding a partner to further develop this program. Internal costs increased, aslower personnel-related costs due to the 2024 Restructuring were offset by the timing of reimbursement of costs subject to cost sharing under our collaboration with LigaChem. In the first quarter of 2024, we finalized cost sharing with LigaChem for the full year 2023 and recorded a cost reduction of $1.6 million.
Current report
Adequate additional financing may not be available to us on acceptable terms, or at all. If we raise additional funds by issuing equity securities, our stockholders may experience dilution. Any future debt financing into which we
Current report
enter may impose upon us additional covenants that restrict our operations, including limitations on our ability to incur liens or additional debt, pay dividends, repurchase our common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through government or private grants, collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required to relinquish valuable rights to our future revenue streams, product candidates or research programs or to grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds when needed, we may be required to delay, reduce or terminate some or all of our development programs and clinical trials. We may also be required to sell or license to others rights to our product candidates in certain territories or indications that we would prefer to retain for ourselves. See the section entitled “Risk Factors” for additional risks associated with our substantial capital requirements.
Current report
Operating Leases
Current report
We are party to several non-cancelable lease agreements for office and laboratory space that expire in March 2030. The monthly base rent for these leases totals $95,705 as of March 31, 2025 per month plus our prorated share of operating expenses. The monthly base rent is subject to annual 3% increases through the lease term.
Current report
We also have potential contingent payment obligations upon the achievement by us of clinical, regulatory, and commercial events, as applicable, or royalty payments that we may be required to make under license agreements we have entered into with various entities pursuant to which we have in-licensed intellectual property, including our license agreement with Yale. The timing and amount (if any) of any such payments cannot be reasonably estimated at this time.
Removed paragraphs (12)
Previous report
Overview
Previous report
In November 2024, we announced an update on ovarian cancer and colorectal cancer (CRC) patients in the Phase 1b portion of a Phase1b/2 study evaluating NC410, a fusion protein of LAIR-2 that we have exclusive worldwide rights to, in combination with KEYTRUDA® (pembrolizumab), Merck & Co., Inc.’s anti-PD-1 therapeutic. As of October 14, there are four active ovarian cancer and seven active CRC patients that remain in the study, and they will continue to be monitored. Previously reported clinical responses to date and biomarker data support the proposed mechanism of action of NC410. As we continue to close out the existing study and finalize the data set, we plan to seek partnering or third party financing to advance NC410 in further clinical trials.
Previous report
Restructuring charges consist of severance charges associated with a reduction in force, and include salary continuation, payroll taxes and company funded benefits. Asset impairment charges reflect the write-down of long-lived assets that are considered impaired under ASC 360.
Previous report
Research and development expenses for the three months ended September 30, 2024 decreased by $2.2 million compared to the three months ended September 30, 2023, due to lower costs on other programs and preclinical development and lower internal costs, primarily lower personnel-related costs and depreciation.
Previous report
Research and development expenses for the nine months ended September 30, 2024 decreased by $3.5 million compared to the nine months ended September 30, 2023, asnet costs for the LNCB74 program were offset by lower costs on other programs and preclinical development and lower internal costs, primarily lower personnel-related costs and depreciation.
Previous report
General and administrative expenses for the nine months ended September 30, 2024 decreased by $3.6 million compared to the nine months ended September 30, 2023. The decrease was primarily due to lower payroll, lower stock compensation expense, and lower insurance costs.
Previous report
Restructuring and Asset Impairment Charges
Previous report
Other income, net for the nine months ended September 30, 2024 decreased by $0.3 million compared to the nine months ended September 30, 2023, as lower interest income as a result of lower cash available to invest was partially offset by higher accretion of investment discounts on marketable securities.
Previous report
We have financed our operations primarily with proceeds from public offerings of our common stock, private placements of our preferred stock and upfront fees received under the Company’s former agreement with Eli Lilly and Company, which was terminated in March 2020 (the “Lilly Agreement”). On May 13, 2019, we closed our IPO, in which we sold 5,750,000 shares of common stock at a public offering price of $15.00 per share, for net offering proceeds to us of approximately $77.0 million after deducting underwriting discounts and commissions and offering expenses. On November 19, 2019, we completed an underwritten public offering in which we sold 4,077,192 shares of common stock at a public offering price of $36.75 per share. On December 2, 2019, the underwriters exercised in full their option to purchase an additional 611,578 shares of common stock at a public offering price of $36.75. Net offering proceeds to us were approximately $160.9 million after deducting underwriting discounts and commissions and offering expenses. Since inception, we have received aggregate gross proceeds of $164.4 million from the sale and issuance of shares of our
Previous report
preferred stock. In addition, in November 2018, we received an upfront payment of $25.0 million in cash from Lilly pursuant to the Lilly Agreement. Our cash and cash equivalents are held in money market funds.
Previous report
Emerging Growth Company Status
Previous report
As an emerging growth company, or “EGC”, under the Jumpstart Our Business Startups Act of 2012, or the “JOBS Act”, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. We have elected to take advantage of the extended transition period for adopting new or revised accounting standards that have different effective dates for public and private companies until such time as those standards apply to private companies. The Company will cease to be an EGC effective December 31, 2024, meaning it will have to comply with all applicable SEC requirements for non-EGC’s starting with its next Form 10-K filing.
Reworded paragraphs (24)
Previous wording
We are a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond to, or have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates (“ADCs”), antibodies and proteins. We focus on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response.
Current wording
We are a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies, including antibody-drug conjugates (“ADCs”), antibodies and proteins. We focus on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response.
Previous wording
Our product candidate LNCB74 is designed as a state-of-the-art B7-H4 targeted ADC to kill tumors. An ADC consists of a monoclonal antibody conjugated to a cytotoxic drug via a chemical linker. B7-H4, a clinically validated target, is a cell surface protein expressed on multiple tumor types including breast, ovarian, and endometrial cancers, that we believe represents a large market opportunity. LNCB74 will be positioned as a promising B7-H4 ADC with both improved safety and efficacy compared to other ADCs targeting B7-H4. LNCB74 is being advanced under a November 2022 Research Collaboration and Co-Development Agreement (“LigaChem Agreement”) with LigaChem Biosciences, Inc. “(LigaChem”). Preclilnical studies demonstrated potent tumor killing in disease models and a favorable safety profile. We plan to file an IND application by year-end and advance into Phase 1, subject to and shortly after our receipt of an FDA safe-to-proceed letter.
Current wording
Our product candidate LNCB74 is designed as a state-of-the-art B7-H4 targeted ADC to kill tumors. An ADC consists of a monoclonal antibody conjugated to a cytotoxic drug via a chemical linker. B7-H4, a clinically validated target, is a cell surface protein expressed on multiple tumor types including breast, ovarian and endometrial cancers, that we believe represents a large market opportunity. LNCB74 will be positioned as a promising B7-H4 ADC with both potential improved safety and efficacy compared to other ADCs targeting B7-H4. Preclinical studies demonstrated potent tumor killing in disease models and a favorable safety profile. LNCB74 is being advanced under a November 2022 Research Collaboration and Co-Development Agreement with LigaChem Biosciences, Inc. (formerly known as LegoChem Biosciences, Inc., or hereinafter “LigaChem”).
Previous wording
In addition, we are seeking to partner our clinical programs NC525 and NC318 and pursue a partner or third party financing to advance our preclinical non-oncology programs. Our non-oncology programs include NC181, a humanized antibody targeting ApoE4 for the treatment of Alzheimer’s disease, and NC605, an antibody that targets Siglic-15 for the treatment of osteogenesis imperfecta. We believe that both of these non-oncology programs have the potential to file an IND application within twelve to eighteen months if financial support from a partner or third parties is secured.
Current wording
In addition, we are seeking to partner our other clinical programs NC410 and NC525 and to pursue a partner or third-party financing to advance our preclinical non-oncology programs NC605 and NC181.
Previous wording
In March 2024, we announced a prioritization and restructuring of our operations to align with our focused pipeline. We paused our internal manufacturing operations and reduced our workforce. In part because of these actions, we expect to fund our operations into the second half of 2026 with our existing cash position of approximately $75.3 million as of September 30, 2024.
Current wording
In March 2024, we announced a prioritization and restructuring of our operations to align with our focused pipeline (the “2024 Restructuring”). We paused our internal manufacturing operations and reduced our workforce. In part because of these actions, we expect to fund our operations into the second half of 2026 with our existing cash position of approximately $55.9 million as of March 31, 2025.
Previous wording
Since commencing operations in 2015, we have devoted substantially all our efforts and financial resources to discovery, research, and development activities for the Company’s product candidates, identifying business development opportunities, raising capital, securing intellectual property rights related to the Company’s product candidates and organizing and staffing the Company.
Current wording
Since commencing operations in 2015, we have devoted substantially all of our efforts and financial resources to organizing and staffing our company, identifying business development opportunities, raising capital, securing intellectual property rights related to our product candidates, building and optimizing our manufacturing capabilities and conducting discovery, research and development activities for our product candidates.
Previous wording
To date, we have not generated any revenue from product sales and have financed our operations primarily through proceeds from public offerings of our common stock, with private placements of our preferred stock and with upfront fees received under our former research and development collaboration agreement. Since inception through September 30, 2024, we raised approximately $423 million in gross proceeds from the sale of equity instruments and previously received a $25 million upfront payment from our former collaboration partner. Our net loss for the three months ended September 30, 2024 and 2023 was $11.5 million and $14.3 million, respectively. Our net loss for the nine months ended September 30, 2024 and 2023 was $44.1 million and $48.3 million, respectively. As of September 30, 2024, we had an accumulated deficit of $368.5 million, primarily as a result of research and development and general and administrative expenses. We do not expect to generate product revenue unless and until we obtain marketing approval and commercialize a product candidate, and we cannot assure you that we will ever generate significant revenue or profits.
Current wording
To date, we have not generated any revenue from product sales and have financed our operations primarily through proceeds from public offerings of our common stock, with private placements of our preferred stock and with upfront fees received under our former research and development collaboration agreement. Since inception through March 31, 2025, we raised approximately $423 million in gross proceeds from the sale of equity instruments and had received a $25 million upfront payment from our former collaboration partner. We have never been profitable and have incurred net losses since the commencement of our operations. Our net loss for the three months ended March 31, 2025 and 2024, was $11.0 million and $17.1 million, respectively. As of March 31, 2025, we had an accumulated deficit of $391.1 million, primarily as a result of research and development and general and administrative expenses. We do not expect to generate product revenue unless and until we obtain marketing approval for and commercialize a product candidate, and we cannot make assurances that we will ever generate significant revenue or profits.
Previous wording
As of September 30, 2024, we had cash, cash equivalents and marketable securities of $75.3 million. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our planned operations into the second half of 2026. We have based this estimate on assumptions that may prove to be incorrect, and we could use our available capital resources sooner than we currently expect.
Current wording
As of March 31, 2025, we had cash, cash equivalents and marketable securities of $55.9 million. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our planned operations into the second half of 2026. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we currently expect.
Previous wording
We expect to incur substantial expenditures in the foreseeable future as we advance LNCB74 through clinical development, the regulatory approval process and, if approved, commercialization. Specifically, in the near term, we expect to incur expenses relating to ramping up clinical development activities with respect to LNCB74, concluding our Phase 1b/2 clinical trial of NC410 in combination with pembrolizumab, and other research and development activities.
Current wording
We expect to incur substantial expenditures in the foreseeable future as we advance LNCB74 through clinical development, the regulatory approval process and, if approved, commercialization. Specifically, in the near term, we expect to incur expenses relating to clinical development activities with respect to LNCB74, and other research and development activities.
Previous wording
Research and development expenses consist primarily of costs incurred for our clinical trials, research activities, and development and testing of our product candidates:
Current wording
Research and development expenses consist primarily of costs incurred for our clinical trials, discovery efforts, research activities, and development and testing of our product candidates and include:
Previous wording
Comparison of the Three and Nine Months Ended September 30, 2024 and 2023
Current wording
Comparison of the Three Months Ended March 31, 2025 and 2024
Previous wording
We do not allocate personnel-related costs, including stock-based compensation costs, or other indirect costs to specific programs, as they are deployed across multiple projects under development and discovery and, as such, are separately classified as internal research and development expenses in the table above. The majority of other program expenses in the table above represent clinical programs that we seek to partner.
Current wording
We do not allocate personnel-related costs, including stock-based compensation costs, or other indirect costs to specific programs, as they are deployed across multiple projects under development and discovery and, as such, are separately classified as internal research and development expenses in the table above.
Previous wording
General and administrative expenses for the three months ended September 30, 2024 decreased by $0.9 million compared to the three months ended September 30, 2023. The decrease was primarily due to lower payroll, lower stock compensation expense, and lower insurance costs.
Current wording
General and administrative expenses for thethree months ended March 31, 2025 decreased by $0.6 million compared to the three months ended March 31, 2024. The decrease was driven primarily by $0.4 million lower personnel-related costs resulting from the 2024 Restructuring, and lower insurance costs.
Previous wording
Restructuring and asset impairment charges were $2.5 million for the nine months ended September 30, 2024, consisting of $0.7 million of severance charges as a result of a reduction in force announced on March 21, 2024, and $1.8 million of asset impairment charges associated with the write-down of certain manufacturing equipment, right of use assets and related improvements as a result of the pause in manufacturing that we announced on March 21, 2024. There were no restructuring and asset impairment charges for the three and nine months ended September 30, 2023.
Current wording
There were no restructuring and asset impairment charges for the three months ended March 31, 2025. Restructuring and asset impairment charges were $2.5 million for the three months ended March 31, 2024, consisting of $0.7 million of severance charges as a result of a reduction in force and $1.8 million of asset impairment charges associated with the write-down of certain manufacturing equipment, right of use assets and related improvements, each in connection with the 2024 Restructuring.
Previous wording
Other income, net for the three months ended September 30, 2024 decreased by $0.4 million compared to the three months ended September 30, 2023, due to lower interest income as a result of lower cash available to invest.
Current wording
Other income, net for the three months ended March 31, 2025 decreased by $0.6 million compared to the three months ended March 31, 2024, due to lower interest income as a result of lower investable cash.
Previous wording
On August 4, 2023, we entered into a sales agreement (the “Sales Agreement”) with Leerink Partners LLC (the “Agent”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $75 million of our common stock through the Agent in negotiated transactions that are deemed to be an “at the market offering.” The Agent will be entitled to compensation equal to 3.0% of the gross proceeds from the sale of all shares of common stock sold through it as Agent under the Sales Agreement. Actual sales will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the common stock, capital needs and determinations by us of the appropriate sources of funding for the Company. In the nine months ended September 30, 2024, we sold 17,151 shares of common stock for net proceeds of approximately $39,000.
Current wording
On August 4, 2023, the Company entered into a sales agreement (the “Sales Agreement”) with Leerink Partners LLC (the “Agent”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $75 million of its common stock through the Agent in negotiated transactions that are deemed to be an “at the market offering.” The Agent will be entitled to compensation equal to 3.0% of the gross proceeds from the sale of all shares of common stock sold through it as Agent under the Sales Agreement. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. No shares of common stock were sold in the three months ended March 31,2025.
Previous wording
As of September 30, 2024, we had cash, cash equivalents and marketable securities of $75.3 million. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our planned operations into the second half of 2026.
Current wording
As of March 31, 2025, we had cash, cash equivalents and marketable securities of $55.9 million. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our planned operations into the second half of 2026.
Previous wording
We will continue to require additional capital to develop our product candidates and fund operations for the foreseeable future. We may seek to raise capital through sale of equity, debt financings, strategic alliances and licensing arrangements. Adequate additional funding may not be available to us on acceptable terms or at all. If we fail to raise capital or enter into such arrangements as and when needed, we may have to significantly delay, scale back or discontinue the development of our product candidates or delay our efforts to expand our pipeline of product candidates.
Current wording
We will continue to require additional capital to develop our product candidates and fund operations for the foreseeable future. We may seek to raise capital through sale of equity, debt financings, strategic alliances and licensing arrangements. Adequate additional funding may not be available to us on acceptable terms or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development of our product candidates. Our need to raise additional capital will depend on many factors, including:
Previous wording
Net cash used in operating activities was $33.8 million for the nine months ended September 30, 2024, which was primarily the result of our net loss of $44.1 million, partially offset by non-cash charges for depreciation of $2.2 million, stock-based compensation of $4.8 million and impairment charges of $1.8 million, and $1.9 million provided by net changes in operating assets and liabilities. Net cash used in operating activities was $42.3 million for the nine months ended September 30, 2023, which was primarily the result of our net loss of $48.3 million and a $3.1 million net use of operating assets and liabilities, partially offset by non-cash charges for depreciation and amortization of $2.9 million and stock-based compensation of $6.2 million.
Current wording
Net cash used in operating activities was $13.0 million for the three months ended March 31, 2025, which was primarily the result of our net loss of $11.0 million, and $3.9 million used by net changes in operating assets and liabilities. partially offset by non-cash charges for depreciation of $0.7 million and stock-based compensation of $1.4 million. Net cash used in operating activities was $12.6 million for the three months ended March 31, 2024, which was primarily the result of our net loss of $17.1 million, partially offset by non-cash charges for depreciation of $0.8 million, stock-based compensation of $1.7 million and impairment charges of $1.8 million, and $0.4 million provided by net changes in operating assets and liabilities.
Previous wording
Net cash provided by investing activities for the nine months ended September 30, 2024 was $48.3 million, which was primarily due to net proceeds from sales and maturities of marketable securities of $48.9 million. Net cash provided by investing activities for the nine months ended September 30, 2023 was $35.1 million, which was primarily due to net proceeds from sales and maturities of marketable securities of $35.9 million, partially offset by purchases of property and equipment of $0.8 million.
Current wording
Net cash provided by investing activities for the three months ended March 31, 2025 was $7.1 million, which was entirely due to net proceeds from sales and maturities of marketable securities. Net cash provided by investing activities for the three months ended March 31, 2024 was $17.9 million, which was due to net proceeds from sales and maturities of marketable securities.
Previous wording
Net cash provided by financing activities was $0.1 million for the nine months ended September 30, 2024 representing the exercise of stock options, sales of stock under the ESPP and the sale of 17,151 shares of common stock under the Sales Agreement. Net cash provided by financing activities was $0.1 million for the nine months ended September 30, 2023 representing sales of our stock under the ESPP and the exercise of stock options.
Current wording
There was no cash provided by financing activities for the three months ended March 31, 2025. Net cash provided by financing activities was $1,000 for the three months ended March 31, 2024 representing the exercise of stock options.
Previous wording
There have been no material changes to our contractual obligations during the nine months ended September 30, 2024, as compared to those disclosed in our 2023 Annual Report.
Current wording
We enter into contracts in the normal course of business with third-party contract organizations for clinical trials, non-clinical studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice, and therefore we believe that our non-cancelable obligations under these agreements are not material.There have been no material changes to our contractual obligations during the three months ended March 31, 2025, as compared to those disclosed in our 2024 Annual Report.
Previous wording
Our condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or “GAAP”. The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. The most significant assumptions used in the financial statements are the underlying assumptions used in valuing share-based compensation, including the fair value of our common stock in periods before our IPO. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.
Current wording
Our condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or “GAAP”. The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. The most significant assumptions used in the financial statements are the underlying assumptions used in valuing share-based compensation, including the fair value of our common stock in periods before our initial public offering. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.
Previous wording
During the nine months ended September 30, 2024, there were no material changes to our critical accounting policies reported in our 2023 Annual Report.
Current wording
During the three months ended March 31, 2025, there were no material changes to our critical accounting policies as reported in our 2024 Annual Report.
Previous wording
See Note 2 to our unaudited condensed financial statements included elsewhere in this Quarterly Report for a discussion of recent accounting pronouncements that may impact our financial position and results of operations.
Current wording
See Note 2, Summary of Significant Accounting Policies, to our unaudited condensed financial statements included elsewhere in this Quarterly Report for a discussion of recent accounting pronouncements that may impact our financial position and results of operations.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Since inception through March 31, 2025, we have raised approximately $423 million in gross proceeds from the sale of equity instruments and had received a $25 million upfront payment from our former collaboration partner.