Q - Evolus,

Previous wording

We are a global performance beauty company with a customer-centric approach to delivering breakthrough products in the cash-pay aesthetic market. Our first product, Jeuveau® (prabotulinumtoxinA-xvfs), is currently sold in the United States, Canada, certain European countries and Australia. We have commercial launch plans in additional countries which we expect to implement in the next few years. We are also actively pursuing the commercialization and further regulatory approvals of Evolysse™, a collection of injectable hyaluronic acid (“HA”) gels that includes mid face, nasolabial folds, lips and eyes. In October 2024, regulatory approval was received in the European Union for four products in the Evolysse™ line: Evolysse™ Form, Evolysse™ Smooth, Evolysse™ Sculpt and Evolysse™ Lips. In February 2025, we received approval from the U.S. Food and Drug Administration, or the FDA, for Evolysse™ Form and Evolysse™ Smooth injectable HA gels for wrinkles and folds, such as nasolabial folds. In April 2025, we launched Evolysse™ Form and Evolysse™ Smooth in the United States. We also anticipate launching all four approved Evolysse™ products in Europe in the second half of 2025.

Current wording

We are a global performance beauty company with a customer-centric approach to delivering breakthrough products in the cash-pay aesthetic market. Our current commercial product portfolio includes Jeuveau® (prabotulinumtoxinA-xvfs) and Evolysse™, a collection of injectable hyaluronic acid (“HA”) gels. We currently sell Jeuveau® in the United States, Canada, certain European countries and Australia, and, in April 2025, we launched Evolysse™ Form and Evolysse™ Smooth in the United States, which are indicated for wrinkles and folds, such as nasolabial folds, in adults. We expect to launch all four Evolysse™ products in Europe in the first quarter of 2026 and anticipate two additional Evolysse™ products to be approved and launched in the United States in 2026 and 2027.

Previous wording

The global economy, including the financial and credit markets, has recently experienced volatility and disruptions, increases in inflation rates, rising interest rates, new and threatened tariffs, severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, and uncertainty about economic stability. We expect elevated levels of cost inflation and recently enacted tariffs by the U.S. to continue, potentially impacting consumer discretionary spending for aesthetic medical procedures. Markets experiencing uncertainty could have substantial high rates of inflation. We cannot reasonably estimate the financial impact of increased inflation or recently enacted tariffs by the U.S. on our financial condition, results of operations or cash flows in the future.

Current wording

The global economy, including the financial and credit markets, has recently experienced volatility and disruptions, increases in inflation rates, rising interest rates, new and threatened tariffs, severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, and uncertainty about economic stability. We expect elevated levels of cost inflation and recently enacted tariffs by the U.S. to continue, impacting and potentially continuing to impact consumer discretionary spending for aesthetic medical procedures. Markets experiencing uncertainty could have substantial high rates of inflation. We cannot reasonably estimate the financial impact of increased inflation or recently enacted tariffs by the United States on our financial condition, results of operations or cash flows in the future.

Previous wording

On May 5, 2025, we entered into an Amended and Restated Loan Agreement (the “A&R Loan Agreement”) with Pharmakon, which amends and restates the previous loan agreement in its entirety. Under the A&R Loan Agreement, Pharmakon agreed to make a senior secured term loan to us in an aggregate principal amount of up to $250.0 million to be funded in three tranches, comprised of an initial $150.0 million tranche funded on entry into the A&R Loan Agreement and two additional tranches of up to $50.0 million each, available at our election. (collectively, the “New Pharmakon Term Loans”). The New Pharmakon Term Loans accrue interest at a per annum rate equal to the 3-month SOFR (subject to a SOFR floor of 3.5%) plus 5.0% per annum.

Current wording

On May 5, 2025, we entered into an Amended and Restated Loan Agreement (the “A&R Loan Agreement”) with Pharmakon (as defined below), which amends and restates the Prior Pharmakon Loan Agreement. Under the A&R Loan Agreement, Pharmakon agreed to make a senior secured term loan to us in an aggregate principal amount of up to $250.0 million to be funded in three tranches, comprised of an initial $150.0 million tranche funded upon the execution of the A&R Loan Agreement and two additional tranches of up to $50.0 million each, available at our election (collectively, the “New Pharmakon Term Loans”) with a scheduled expiration date of December 31, 2026.

Previous wording

We currently operate in one reportable segment, and all of our net revenues are derived from sales of Jeuveau®. Net revenues consist of revenues, net of adjustments primarily for customer rebates, rewards related to the consumer loyalty program and co-branded marketing programs. Revenues are recognized when the control of the promised goods is transferred to the customer in an amount that reflects the consideration allocated to the related performance obligations and to which we expect to be entitled in exchange for those products or services.

Current wording

We currently operate one reportable segment, and our net product revenues are derived from the sales of Jeuveau®and, beginning April 2025, from the sales of Evolysse TM. Net revenues consist of gross revenues, net of adjustments primarily relating to customer rebates and rewards associated with consumer loyalty program and co-branded marketing programs. Revenues are recognized when the control of the promised goods is transferred to the customer in an amount that reflects the consideration allocated to the related performance obligations and to which we expect to be entitled in exchange for those products or services.

Previous wording

Cost of goods sold, increased by $3.1 million, or 16.5%, to $21.9 million for the three months ended March 31, 2025 from $18.8 million from the three months ended March 31, 2024 primarily due to higher sales volume of Jeuveau®. We anticipate that our cost of goods sold will fluctuate in line with changes in revenues until the expiration of our Medytox royalty obligation in September 2032.

Current wording

Cost of goods sold, primarily consists of inventory cost, amortization of intangible asset relating to distribution right and certain royalties. Cost of goods sold increased by $4.3 million, or 21.7%, to $24.1 million for the three months ended June 30, 2025 from $19.8 million for the three months ended June 30, 2024 primarily due to product mix between Jeuveau®and Evolysse TM. We anticipate that our cost of goods sold will fluctuate in line with changes in revenues.

Previous wording

Our gross profit margin was 68.1% and 68.3% for the three months ended March 31, 2025 and 2024, respectively. We anticipate our gross profit margin will fluctuate as we implement various incentive programs that may affect the average selling price for Jeuveau® and as we expand internationally.

Current wording

Our gross profit margin was 65.3% and 70.3% for the three months ended June 30, 2025 and 2024, respectively. We anticipate our gross profit margin will fluctuate as we implement various incentive programs that may affect the average selling price of our products and as we expand internationally.

Previous wording

Selling, general and administrative expenses increased by $11.5 million, or 25.5%, to $56.6 million for the three months ended March 31, 2025 from $45.1 million for the three months ended March 31, 2024, primarily resulting from increasing personnel costs related to our commercial activities. Selling, general and administrative expenses may fluctuate in the future primarily due to potential changes in marketing strategies and international launches.

Current wording

Selling, general and administrative expenses increased by $6.5 million, or 13.0%, to $56.7 million for the three months ended June 30, 2025 from $50.2 million for the three months ended June 30, 2024, primarily due to higher personnel costs related to our commercial activities and training for the launch of Evolysse TM. Selling, general and administrative expenses may fluctuate in the future primarily due to potential changes in marketing strategies and international launches of our products.

Previous wording

Research and development expenses increased by $0.1 million, or 4.8%, to $2.2 million for the three months ended March 31, 2025 from $2.1 million for the three months ended March 31, 2024. The increase was primarily attributable to increasing our clinical operations and research and development expenses related to Evolysse TM. We expect our research and development expenses to continue to increase if and when we develop further product candidates and as we pursue regulatory approvals in other jurisdictions for our current products.

Current wording

Research and development expenses decreased by $0.6 million, or 25.5%, to $1.8 million for the three months ended June 30, 2025 from $2.4 million for the three months ended June 30, 2024. The decrease was primarily attributable to our clinical operations and research and development expenses related to Evolysse TM incurred in the three months ended June 30, 2024. We expect our research and development expenses to increase if and when we develop further product candidates and as we pursue regulatory approvals in other jurisdictions for our current products.

Previous wording

The change in the fair value of the contingent royalty obligation payable to the founders of Evolus, or Evolus Founders is recorded in operating expenses in each reporting period. During the three months ended March 31, 2025 and 2024, the revaluation charges of $2.2 million and $1.6 million, respectively, were primarily driven by changes in management assumptions relating to revenue forecasts, the discount rate used and the timing of cash flows.

Current wording

The change in the fair value of the contingent royalty obligation payable to the founders of Evolus, or Evolus Founders is recorded in operating expenses in each reporting period. During the three months ended June 30, 2025 and 2024, we recognized an unrealized gain of $3.9 million and an unrealized loss of $1.6 million, respectively. Changes to the fair value of contingent royalty obligation payable to Evolus Founders are driven by changes in management assumptions relating to revenue forecasts, the discount rate used and the timing of cash flows.

Previous wording

Depreciation and amortization increased by $0.2 million, or 33.3%, to $0.8 million for the three months ended March 31, 2025 from $0.6 million for the three months ended March 31, 2024, primarily due to an increase in amortization of internal use software and leasehold improvements.

Current wording

Depreciation and amortization increased by $0.2 million, or 30.2%, to $0.9 million for the three months ended June 30, 2025 from $0.7 million for the three months ended June 30, 2024, primarily due to an increase in amortization of internal use software and leasehold improvements.

Previous wording

Non-operating expense, net, decreased by $0.5 million, or 11.5%, to $3.7 million for the three months ended March 31, 2025 from $4.2 million for the three months ended March 31, 2024, primarily due to interest expense on the Pharmakon Term Loans. Interest on the Pharmakon Term Loans is based on a variable interest rate, which we expect will continue to fluctuate with the market. See “—Liquidity and Capital Resources—The Pharmakon Term Loans” for further information.

Current wording

Non-operating expense, net, increased by $3.0 million, or 81.8%, to $6.7 million for the three months ended June 30, 2025 from $3.7 million for the three months ended June 30, 2024, primarily due to interest expense of our term loans with Pharmakon. Interest on the term loans with Pharmakon is based on a variable interest rate, which we expect will continue to fluctuate with the market. See “—Liquidity and Capital Resources—The Pharmakon Term Loans” for further information.

Previous wording

There was minimal income tax expense for each of the three months ended March 31, 2025 and 2024.

Current wording

There was minimal income tax expense in each of the three months ended June 30, 2025 and 2024.

Previous wording

Net revenues of Jeuveau® sales increased by $9.2 million, or 15.5%, to $68.5 million for the three months ended March 31, 2025 from $59.3 million for the three months ended March 31, 2024, primarily due to higher sales volumes. Net revenues during the three months ended March 31, 2025 and 2024 consisted of $0.4 million of service revenue from the sale of Jeuveau®through a distribution partner in Canada. We anticipate our continued sales growth will depend on our ability to grow our customer base and increase purchases by our current customers in the competitive aesthetic market as well as the success of the commercial launch of Evolysse TM Form and Evolysse TMSmooth products in the United States and the Evolysse TM injectable HA gel collection in Europe, and on regulatory approval for the Evolysse TM Sculpt, and Lips products in the United States.

Current wording

Net revenues increased by $11.7 million, or 9.2%, to $137.9 million for the six months ended June 30, 2025 from $126.2 million for the six months ended June 30, 2024, due to the launch of Evolysse™ in the United States, partially offset by a decline in revenues from the sales of Jeuveau®in the United States. Net revenues during the six months ended June 30, 2025 and 2024 contained $1.1 million of service revenue from the sales of Jeuveau®through a distribution partner in Canada. We anticipate our continued sales growth will depend on (i) our ability to grow our customer base and increase purchases by our current customers in the competitive aesthetic market, (ii) the success of the commercial launch of Evolysse TM Form and Evolysse TMSmooth products in the United States, (iii) the success of the commercial launch of Evolysse TM injectable HA gel collection in Europe and (iv) the regulatory approval for the Evolysse TM Sculpt, and Lips products in the United States.

Previous wording

As of March 31, 2025 we had cash and cash equivalents of $67.9 million, positive working capital of $75.5 million and stockholders’ deficit of $6.6 million.

Current wording

As of June 30, 2025 we had cash and cash equivalents of $61.7 million, positive working capital of $81.2 million and stockholders’ deficit of $18.7 million.

Previous wording

We began selling Jeuveau® in May 2019 and have a relatively limited history of generating revenues. Since inception, we have incurred recurring net operating losses and have an accumulated deficit of $628.3 million as of March 31, 2025 as a result of ongoing efforts to develop and commercialize Jeuveau®, including providing selling, general and administrative support for our operations. We had net loss of $18.9 million and $13.1 million in the three months ended March 31, 2025 and 2024, respectively. We had a loss from operations of $15.2 million and $8.9 million in the three months ended March 31, 2025 and 2024, respectively. We used net cash of $15.6 million and $10.6 million in operating activities in the three months ended March 31, 2025 and 2024, respectively. We expect to continue to incur significant expenses for the foreseeable future as we increase marketing efforts for Jeuveau® in the U.S., Europe, and Australia, launch commercially Evolysse™ Form, and Evolysse™ Smooth in the U.S., prepare for commercial launch of the Evolysse™ Form, Smooth, Sculpt and Lips injectable HA gels product line in Europe, and pursue regulatory approvals in other jurisdictions for Jeuveau® and Evolysse™ products.

Current wording

Since inception, we have incurred recurring net operating losses and have an accumulated deficit of $645.4 million as of June 30, 2025 as a result of ongoing efforts to develop and commercialize our products, including providing selling, general and administrative support for our operations. We had net loss of $36.0 million and $24.5 million in the six months ended June 30, 2025 and 2024, respectively. We had a loss from operations of $25.4 million and $16.6 million in the six months ended June 30, 2025 and 2024, respectively. We used net cash of $40.4 million and $17.1 million in operating activities in the six months ended June 30, 2025 and 2024, respectively. We expect to continue to incur significant expenses for the foreseeable future as we increase marketing efforts for our products in the U.S., Europe, and Australia, prepare for commercial launch of the Evolysse™ Form, Smooth, Sculpt and Lips injectable HA gels product line in Europe, and pursue regulatory approvals in other jurisdictions for Jeuveau® and Evolysse™ products.

Previous wording

On December 14, 2021, we entered into a loan agreement with BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP, and Biopharma Credit PLC (collectively, “Pharmakon”). Pursuant to the terms of the agreement, Pharmakon agreed to make term loans to us in two tranches. The first tranche of $75.0 million was funded on December 29, 2021. We received net proceeds of approximately $68.7 million from Pharmakon, after issuance costs and debt discounts. On December 5, 2022, we entered into a Second Amendment to the loan agreement to extend our option to draw down the second tranche of $50.0 million until December 31, 2023. On May 9, 2023, we entered into a Third Amendment to the loan agreement, which provided for the advancement of the second tranche of $50.0 million in two installments: (i) $25.0 million advanced on May 31, 2023 and (ii) $25.0 million advanced on December 15, 2023, which amounts were advanced on such dates subject to the terms and conditions of the Pharmakon Term Loans. We are required to pay interest only under the loan agreement until March 2026, after which we make seven equal quarterly payments, each in an amount equal to 1/12 th of the outstanding principal amount of the loan. We pay the remaining principal of the loan on the maturity date. The Pharmakon Term Loans will mature on the sixth year anniversary of the closing date of the first tranche. The term loan bears an annual interest rate equal to the 3-month secured overnight financing rate (“SOFR”) (subject to a SOFR rate floor of 1.0%) plus 8.5% per annum. The proceeds of the Pharmakon Term Loans are used to fund our general corporate and working capital requirements.

Current wording

On December 14, 2021, we entered into a loan agreement with BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP, and Biopharma Credit PLC (collectively, “Pharmakon”), which was subsequently amended in December 2022 and May 2023 (as amended, the “Prior Pharmakon Loan Agreement”). Pursuant to the terms of the Prior Pharmakon Loan Agreement, Pharmakon made loans to us totaling $125,000 (the “Prior Pharmakon Term Loans”). The Prior Pharmakon Term Loans loan bore an annual interest rate equal to the 3-month secured overnight financing rate (“SOFR”) (subject to a SOFR floor of 1.0%) plus 8.5% per annum.

Previous wording

We are obligated to make quarterly royalty payments of a low-single digit percentage of net sales of Jeuveau® to the Evolus Founders. These obligations terminate at the end of the second quarter of 2029. The fair value of the obligations is valued quarterly and is referred to in our condensed consolidated financial statements as the contingent royalty obligation.

Current wording

We are obligated to make quarterly royalty payments based on a low-single digit percentage of net sales of Jeuveau® to the Evolus Founders. These obligations terminate at the end of the second quarter of 2029. The fair value of the obligations is valued quarterly and is referred to in our condensed consolidated financial statements as the contingent royalty obligation.

Previous wording

As of March 31, 2025, we recorded an aggregate balance of $44.6 million on our balance sheet for the future royalty payment obligation to Evolus Founders.

Current wording

As of June 30, 2025, we recorded an aggregate balance of $38.6 million on our condensed consolidated balance sheet for the future royalty payment obligation to the Evolus Founders.

Previous wording

Our agreement (as amended, the “Daewoong Agreement”) with Daewoong Pharmaceutical Co. Ltd. (“Daewoong”), provides us with an exclusive distribution license to Jeuveau® from Daewoong for aesthetic indications in the United States, European Union, United Kingdom, members of the European Economic Area, Switzerland, Canada, Australia, New Zealand, and South Africa, as well as co-exclusive distribution rights with Daewoong in Japan. The Daewoong Agreement includes certain minimum annual purchases we are required to make in order to maintain the exclusivity of the license. We may, however, meet these minimum purchase obligations by achieving certain market share in our licensed territories. These potential minimum purchase obligations are contingent upon the occurrence of future events, including receipt of governmental approvals and our future market share in various jurisdictions.

Current wording

Our agreement (as amended, the “Daewoong Agreement”) with Daewoong Pharmaceutical Co. Ltd. (“Daewoong”) provides us with an exclusive distribution license to Jeuveau® from Daewoong for aesthetic indications in the United States, the European Union, United Kingdom, members of the European Economic Area, Switzerland, Canada, Australia, New Zealand, and South Africa, as well as co-exclusive distribution rights with Daewoong in Japan. The Daewoong Agreement includes certain minimum annual purchases we are required to make in order to maintain the exclusivity of the license. We may, however, meet these minimum purchase obligations by achieving certain market share in our licensed territories. These potential minimum purchase obligations are contingent upon the occurrence of future events, including receipt of governmental approvals and our future market share in various jurisdictions.

Previous wording

Our corporate headquarters in Newport Beach, California is under a non-cancelable operating lease, which expires on January 31, 2030 with an option to extend the term for an additional 60 months. Lease payments increase based on an annual rent escalation clause that occurs on each February 1 anniversary.

Current wording

Our corporate headquarters in Newport Beach, California is under a non-cancelable operating lease, which expires on January 31, 2030 with an option to extend the term for an additional 60 months. Lease payments increase based on an annual rent escalation clause that occurs on February 1st of each year under the lease term.

Previous wording

We believe that our current capital resources, which consist of cash and cash equivalents, future cash generated from operations, and existing liquidity, will be sufficient to satisfy our cash requirements for at least the next twelve months for working capital to support our daily operations and meet commitments under our contractual obligations with third parties, although we may wish to access the debt and equity markets or other sources of financing to satisfy our long-term cash requirements as further discussed below.

Current wording

We believe that our current capital resources, which consist of cash and cash equivalents, future cash generated from operations, availability of liquidity under the New Pharmakon Term Loans and existing liquidity, will be sufficient to satisfy our cash requirements for at least the next twelve months for working capital that supports our daily operations and to meet commitments under our contractual obligations with third parties, although we may wish to access the debt and equity markets or other sources of financing to satisfy our long-term cash requirements as further discussed below.

Previous wording

We have based our projections of capital requirements on assumptions that may prove to be incorrect and we may use all our available capital resources, which consist of cash and cash equivalents and cash generated from operations, sooner than we expect. Our cash requirements depend on numerous factors, including but not limited to, the impact of any potential disruptions to our supply chain, inflation or other economic conditions, uncertainty regarding the stability of certain financial institutions, and other long-term commitments and contingencies. Because of the numerous risks and uncertainties associated with research, development and commercialization of our products, we are unable to estimate the exact amount of our operating capital requirements, including our requirements beyond the next twelve months. In such case, we may be required to raise additional capital to fund future operations through the incurrence of debt, the entry into licensing or collaboration agreements with partners, sale of equity securities, grants or other sources of financing. However, there can be no assurance such financing or other alternatives will be available to us on acceptable terms, or at all. The global economy, including the financial and credit markets, has recently experienced significant volatility and disruptions, including severely diminished liquidity and credit availability and rising interest rates. These conditions may adversely impact our ability to raise additional capital on acceptable terms, or at all.

Current wording

We have based our projections of capital requirements on assumptions that may prove to be incorrect and we may use all our available capital resources, which consist of cash and cash equivalents and cash generated from operations, sooner than we expect. Our cash requirements depend on numerous factors, including but not limited to, the impact of any potential disruptions to our supply chain, inflation or other economic conditions, uncertainty regarding the stability of certain financial institutions, and other long-term commitments and contingencies. Because of the numerous risks and uncertainties associated with research, development and commercialization of our products, we are unable to estimate the exact amount of our operating capital requirements, including our requirements beyond the next twelve months. In such case, we may be required to raise additional capital to fund future operations through the incurrence of debt, the entry into licensing or collaboration agreements with partners, sale of equity securities, grants or other sources of financing. However, there can be no assurance such financing or other alternatives will be available to us on acceptable terms, or at all. The global economy, including the financial and credit markets, has recently experienced significant volatility and disruptions, including severely diminished liquidity and credit availability and elevated interest rates. These conditions may adversely impact our ability to raise additional capital on acceptable terms, or at all.

Previous wording

•the timing of regulatory approval for the additional Evolysse™ products in the United States and Europe by Symatese and our ability to successfully commercialize these products;

Current wording

•the timing of regulatory approval for the additional Evolysse™ products in the United States and Europe and our ability to successfully commercialize these products;

Previous wording

For the three months ended March 31, 2024, operating activities used $10.6 million of cash, which primarily resulted from our net loss of $13.1 million. Net operating assets and liabilities changed by $6.2 million, primarily driven by improved collections from customers, payments to vendors and the timing of inventory purchases from our supplier. Operating activities also includes adjustments for certain non-cash charges including $5.1 million of stock-based compensation expense, $1.6 million in revaluation of our contingent royalty obligation payable to Evolus Founders, $0.2 million of provision of allowance for doubtful accounts and $1.4 million of depreciation and amortization.

Current wording

For the six months ended June 30, 2025, operating activities used $40.4 million of cash, which primarily resulted from our net loss of $36.0 million. Net operating assets and liabilities changed by $19.8 million, primarily driven by timing of cash collections from customers, cash payments to vendors and the timing of inventory purchases from our suppliers. Operating activities also include adjustments for certain non-cash charges including $10.4 million of stock-based compensation expense, $1.8 million of unrealized gain relating to the revaluation of our contingent royalty obligation payable to Evolus Founders, $1.8 million of provision for bad debts and $3.3 million of depreciation and amortization.

Previous wording

For the three months ended March 31, 2025, operating activities used $15.6 million of cash, which primarily resulted from our net loss of $18.9 million. Net operating assets and liabilities changed by $8.1 million, primarily driven by timing of collections from customers, payments to vendors and the timing of inventory purchases from our supplier. Operating activities also includes adjustments for certain non-cash charges including $5.9 million of stock-based compensation expense, $2.2 million in revaluation of our contingent royalty obligation payable to Evolus Founders, $1.1 million of provision for bad debts and $1.6 million of depreciation and amortization.

Current wording

For the six months ended June 30, 2024, operating activities used $17.1 million of cash, which primarily resulted from our net loss of $24.5 million. Net operating assets and liabilities changed by $11.1 million, primarily driven by improved collections from customers, cash payments to vendors and the timing of inventory purchases from our supplier. Operating activities also include adjustments for certain non-cash charges including $10.9 million of stock-based compensation expense, $3.2 million of unrealized loss relating to the revaluation of our contingent royalty obligation payable to Evolus Founders, $0.8 million of provision for bad debts and $2.8 million of depreciation and amortization.

Previous wording

Cash used in investing activities was $1.9 million for the three months ended March 31, 2025 compared to $0.8 million for the three months ended March 31, 2024, primarily driven by an increase in additions to capitalized software.

Current wording

Cash used in investing activities was $4.1 million for the six months ended June 30, 2025 compared to $2.1 million for the six months ended June 30, 2024, primarily driven by an increase in expenditures relating to capitalized software.

Previous wording

Cash used in financing activities was $1.6 million for the three months ended March 31, 2025, compared to $45.7 million of cash provided by financing activities for the three months ended March 31, 2024, primarily driven by $2.4 million payment of contingent royalty obligation to Evolus Founders. For the three months ended March 31, 2024, cash provided by financing activities resulted from $47.0 million from a follow-on equity offering as described above.

Current wording

Cash provided by financing activities was $19.0 million for the six months ended June 30, 2025 compared to $50.1 million for the six months ended June 30, 2024, primarily driven by $25.0 million of proceeds from the modification of our long-term debt, partially offset by $4.4 million of payments relating to contingent royalty obligation to Evolus Founders and $2.6 million in payments for debt modification fees. For the six months ended June 30, 2024, cash provided by financing activities was mostly due to $51.2 million of proceeds from a follow-on equity offering.

Previous wording

See “—Liquidity and Capital Resources—The Pharmakon Term Loans” for a description of our Pharmakon Term Loans.

Current wording

See “—Liquidity and Capital Resources—The Pharmakon Term Loans” for a description of our New Pharmakon Term Loans.

Previous wording

Our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, primarily consist of (i) principal and interest payments related to our Pharmakon Term Loans (future interest payments on our outstanding Pharmakon Term Loans total approximately $35.6 million, with $16.5 million due within twelve months), (ii) quarterly royalty payments to the Evolus Founders of a low single digit percentage of net sales of Jeuveau® (these obligations terminate in the quarter after the 10-year anniversary of the first commercial sale of Jeuveau® in the United States), (iii) quarterly royalty payments to Medytox of a low-double digit royalty on net sales of Jeuveau®sold in the United States and other Evolus territories (during the period from September 17, 2022 to September 16, 2032), (iv) minimum purchase obligations under the Daewoong Agreement, (v) €12.1 milestone payments under the Symatese U.S. Agreement consisting of €1.6 million in June 2025, €4.1 million in June 2026, €3.2 million in June 2027, and €3.2 million in June 2028, in each case subject to three of the injectable HA gel products gaining approval prior to that date, (vi) €3.1 million of milestone payments under the Symatese Europe Agreement consisting of: €1.2 million on the second anniversary of certain regulatory approvals and €1.9 million on the earlier of the third anniversary of certain regulatory approvals or following a year in which we achieves €25.0 million in revenue in Europe for the injectable HA gel products, and (vii) obligations under operating leases related to our office space which are described in more detail in Note 8. Operating Leasesin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. During the three months ended March 31, 2025, there were no material changes to these obligations as reported in our Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

Our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, primarily consist of (i) principal and interest payments related to our New Pharmakon Term Loans (future interest payments on our outstanding New Pharmakon Term Loans total approximately $68.3 million, with $14.1 million due within twelve months), (ii) quarterly royalty payments to the Evolus Founders based on a low single digit percentage of net sales of Jeuveau® (these obligations terminate in the quarter after the 10-year anniversary of the first commercial sale of Jeuveau® in the United States), (iii) quarterly royalty payments to Medytox based on a low single digit royalty on net sales of Jeuveau®sold in the United States and other Evolus territories (during the period from September 17, 2022 to September 16, 2032), (iv) minimum purchase obligations under the Daewoong Agreement, (v) €12.1 million of milestone payments under the Symatese U.S. Agreement, subject to FDA approval of three Evolysse™ products, consisting of €1.6 million due on the date of FDA approval, €4.1 million in June 2026, €3.2 million in June 2027, and €3.2 million in June 2028, in each case subject to and contingent on three of the injectable HA gel products gaining approval prior to the milestone payment date, (vi) €3.1 million of milestone payments under the Symatese Europe Agreement consisting of: €1.2 million on the second anniversary of certain regulatory approvals and €1.9 million on the earlier of the third anniversary of certain regulatory approvals or following a year in which we achieves €25.0 million in revenue in Europe for the injectable HA gel products, (vii) minimum purchase and royalty obligations for the injectable HA gel products, and (viii) obligations under operating leases related to our office space which are described in more detail in Note 8. Operating Leasesin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. During the six months ended June 30, 2025, there were no material changes to these obligations as reported in our Annual Report on Form 10-K for the year ended December 31, 2024, except as described above with respect to the New Pharmakon Term Loans.

Previous wording

Management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the consolidated financial statements as well as the expenses incurred during the reporting period. Generally, we base our estimates on historical experience and on various other assumptions in accordance with GAAP that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions and such differences could be material to the financial position and results of operations. On an ongoing basis, we evaluate our estimates and assumptions in light of changes in circumstances, facts and experience.

Current wording

Management’s discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the condensed consolidated financial statements as well as the expenses incurred during the reporting period. Generally, we base our estimates on historical experience and on various other assumptions in accordance with GAAP that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions and such differences could be material to the financial position and results of operations. On an ongoing basis, we evaluate our estimates and assumptions in light of changes in circumstances, facts and experience.

Previous wording

We describe the recently issued and adopted accounting pronouncements that apply to us in Note 2. Summary of Significant Accounting Policies-Recent Accounting Pronouncementsin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

We describe the recently issued and adopted accounting pronouncements that apply to us in Note 2. Summary of Significant Accounting Policies-Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncementsin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.