Twist Bioscience Corp

Previous wording

We generate revenue primarily from DNA synthesis and protein solutions and NGS applications. As we have expanded from DNA fragments to genes, sample preparation, protein expression, and biologics discovery, the integration of our offerings has strengthened. Beginning in fiscal 2026, we combined synthetic biology tools and biopharma services into a single category, DNA synthesis and protein solutions, and renamed NGS tools to NGS applications to reflect their role in sequencing workflows.

Current wording

We generate revenues primarily from DNA synthesis and protein solutions and NGS applications. As we have expanded from DNA fragments to genes, sample preparation, protein expression, and biologics discovery, the integration of our offerings has strengthened. Beginning in fiscal 2026, we combined synthetic biology tools and biopharma services into a single category, DNA synthesis and protein solutions, and renamed NGS tools to NGS applications to reflect their role in sequencing workflows.

Previous wording

Since our inception, we have incurred net losses each year. Our net loss for the three and six months ended March 31, 2026 was $44.0 million and $74.5 million, respectively. As of March 31, 2026, we have an accumulated net deficit of $1,394.1 million and cash, cash equivalents and short-term investments of $171.7 million. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the success of our existing products and the development and commercialization of additional products in the therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners revenue industries as well as leveraging our investment in our manufacturing infrastructure.

Current wording

Since our inception, we have incurred net losses each year. Our net loss for the three and nine months ended June 30, 2026 was $35.1 million and $109.6 million, respectively. As of June 30, 2026, we have an accumulated net deficit of $1,429.2 million and cash, cash equivalents and short-term investments of $166.8 million. Our ability to generate product revenues sufficient to achieve profitability will depend heavily on the success of our existing products and the development and commercialization of additional products in the therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners industries as well as leveraging our investment in our manufacturing infrastructure.

Previous wording

•For the three and six months ended March 31, 2026, revenues increased 19.3% to $110.7 million and 18.1% to $214.4 million, respectively, driven by strong performance in DNA synthesis and protein solutions and NGS applications.

Current wording

•For the three and nine months ended June 30, 2026, revenues increased 23.2% to $118.4 million and 20% to $332.8 million, respectively, driven by strong performance in DNA synthesis and protein solutions and NGS applications.

Previous wording

•For the three and six months ended March 31, 2026, loss from operations increased 10.4% to $45.9 million and 3.4% to $78.8 million primarily due to an increase in selling, general and administrative expenses and litigation settlement costs, net of recoveries, offset by increases in both revenues and gross profit and a decrease in research and development expenses.

Current wording

•For the three and nine months ended June 30, 2026, loss from operations increased 20.5% to $36.3 million and 8.2% to $115.0 million, respectively, primarily due to an increase in selling, general and administrative expenses and litigation settlement costs, net of recoveries, offset by increases in both revenues and gross profit and a decrease in research and development expenses.

Previous wording

•For the six months ended March 31, 2026, net cash used in operating activities increased 23.1% to $42.4 million from $34.4 million.

Current wording

•For the nine months ended June 30, 2026, net cash used in operating activities increased 15.2% to $41.3 million from $35.8 million.

Previous wording

Comparison of the Three and Six Months Ended March 31, 2026 and 2025

Current wording

Comparison of the Three and Nine Months Ended June 30, 2026 and 2025

Previous wording

We historically reported our revenue by the following products: synthetic genes, oligo pools and DNA libraries (collectively, synthetic biology), antibody discovery, and NGS tools. Beginning fiscal 2026, we combined revenue from synthetic genes, oligo pools, DNA libraries, and biopharma services for antibody discovery into DNA synthesis and protein solutions. We also changed the name of NGS tools to NGS applications, as these products and services facilitate DNA reading and sequencing workflows. The table below summarizes revenues by the new products:

Current wording

We historically reported our revenues by the following products: synthetic genes, oligo pools and DNA libraries (collectively, synthetic biology), antibody discovery, and NGS tools. Beginning in fiscal 2026, we combined revenues from synthetic genes, oligo pools, DNA libraries, and biopharma services for antibody discovery into DNA synthesis and protein solutions. We also changed the name of NGS tools to NGS applications, as these products and services facilitate DNA reading and sequencing workflows. The table below summarizes revenues by the new products:

Previous wording

We historically reported revenue by industrial chemicals/materials, academic research, healthcare, and food/agriculture. Beginning fiscal 2026, we disclose revenue by therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners revenue. These updated categories better align with our operations and increase clarity around our key customer groups. The table below summarizes revenues by industry:

Current wording

We historically reported revenues by industrial chemicals/materials, academic research, healthcare, and food/agriculture. Beginning in fiscal 2026, we disclose revenues by therapeutics, diagnostics, industry and applied, academic research and government, and global supply partners. These updated categories better align with our operations and increase clarity around our key customer groups. The table below summarizes revenues by industry:

Previous wording

The number of customers who purchased products from us was approximately 2,583 and 2,431 customers for the three months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

The number of customers who purchased products from us was approximately 2,664 and 2,484 customers for the three months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

Revenues increased 19% to $110.7 million for the three months ended March 31, 2026, as compared to $92.8 million for the three months ended March 31, 2025. The increase in revenues primarily reflects growth in DNA synthesis and protein solutions revenue of 28% and growth in NGS applications revenue of 12%, both of which are primarily attributable to an increase in revenues from our customers in therapeutics, diagnostics, academic research and government industries, as well as an increase in the number of customers. The number of genes shipped in the three months ended March 31, 2026, increased to approximately 300,000 genes, compared to approximately 227,000 genes in the three months ended March 31, 2025, an increase of 32%.

Current wording

Revenues increased 23% to $118.4 million for the three months ended June 30, 2026, as compared to $96.1 million for the three months ended June 30, 2025. The increase in revenues primarily reflects growth in DNA synthesis and protein solutions revenues of 39% and growth in NGS applications revenues of 12%, both of which are primarily attributable to higher sales to our customers in therapeutics, diagnostics, academic research and government industries, as well as an increase in the number of customers. The number of genes shipped in the three months ended June 30, 2026, increased to approximately 369,000 genes, compared to approximately 237,000 genes in the three months ended June 30, 2025, an increase of 56%.

Previous wording

Revenues increased 18% to $214.4 million for the six months ended March 31, 2026, as compared to $181.5 million for the six months ended March 31, 2025. The increase in revenues primarily reflects growth in DNA synthesis and protein solutions revenue of 28% and growth in NGS applications revenue of 10%, both of which are primarily attributable to an increase in revenues from our customers in therapeutics, diagnostics, academic research and government and global supply partners industries, as well as an increase in the number of customers. The number of genes shipped in the six months ended March 31, 2026, increased to approximately 571,000 genes, compared to approximately 432,000 genes in the six months ended March 31, 2025, an increase of 32%.

Current wording

Revenues increased 20% to $332.8 million for the nine months ended June 30, 2026, as compared to $277.6 million for the nine months ended June 30, 2025. The increase in revenues primarily reflects growth in DNA synthesis and protein solutions revenues of 31% and growth in NGS applications revenues of 11%, both of which are primarily attributable to higher sales to our customers in therapeutics, diagnostics, academic research and government and global supply partners industries, as well as an increase in the number of customers. The number of genes shipped in the nine months ended June 30, 2026, increased to approximately 940,000 genes, compared to approximately 669,000 genes in the nine months ended June 30, 2025, an increase of 41%.

Previous wording

Cost of revenues increased 12% to $103.3 million for the six months ended March 31, 2026, as compared to $92.6 million for the six months ended March 31, 2025. The increase is primarily attributable to an increase in material costs of $9.0 million driven by increased sales and a $2.1 million increase in personnel costs. Gross margin increased 2.8% to 51.8% for the six months ended March 31, 2026, as compared to 49.0% in the same period of the prior year, mainly due to an increase in revenues and driving additional cost savings through continuous process improvement initiatives.

Current wording

Cost of revenues increased 25% to $55.9 million for the three months ended June 30, 2026, as compared to $44.8 million for the three months ended June 30, 2025. The increase was primarily attributable to an increase in material costs of $8.5 million driven by increased sales, a $0.9 million increase in laboratory supplies, a $0.7 million increase in personnel costs and a $0.5 million increase in depreciation and amortization. Gross margin decreased 0.6 percentage points to 52.8% for the three months ended June 30, 2026, as compared to 53.4% in the same period of the prior year primarily due to customer mix.

Previous wording

Cost of revenues increased 15% to $53.6 million for the three months ended March 31, 2026, as compared to $46.8 million for the three months ended March 31, 2025. The increase is primarily attributable to an increase in material costs of $6.3 million driven by increased sales and a $0.7 million increase in personnel costs. Gross margin increased 2.0% to 51.6% for the three months ended March 31, 2026, as compared to 49.6% in the same period of the prior year, mainly due to an increase in revenues and driving additional cost savings through continuous process improvement initiatives.

Current wording

Cost of revenues increased 16% to $159.2 million for the nine months ended June 30, 2026, as compared to $137.4 million for the nine months ended June 30, 2025. The increase was primarily attributable to an increase in material costs of $17.5 million driven by increased sales and a $2.8 million increase in personnel costs. Gross margin increased 1.6 percentage points to 52.1% for the nine months ended June 30, 2026, as compared to 50.5% in the same period of the prior year, mainly due to an increase in revenues and cost savings through continuous process improvement initiatives partially offset by investment in capacity expansion.

Previous wording

Research and development expenses decreased 19% to $36.8 million for the six months ended March 31, 2026, as compared to $45.2 million for the six months ended March 31, 2025. The decrease is primarily driven by a $4.6 million decrease in personnel costs, including a $2.5 million decrease in stock-based compensation expenses, a $2.0 million decrease in professional services costs, and a $1.6 million decrease in costs for facilities and depreciation and amortization. These decreases are largely attributable to the sale of our DNA data storage business in fiscal year 2025.

Current wording

Research and development expenses decreased 13% to $54.8 million for the nine months ended June 30, 2026, as compared to $63.3 million for the nine months ended June 30, 2025. The decrease was primarily driven by a $4.3 million decrease in professional services costs, a $2.3 million decrease in personnel costs, which included a $1.8 million decrease in stock-based compensation expenses, and a $1.6 million decrease in facilities costs and depreciation and amortization. These decreases are largely attributable to the sale of our DNA data storage business in fiscal year 2025.

Previous wording

Selling, general and administrative expenses increased 19% to $76.1 million for the three months ended March 31, 2026, as compared to $63.7 million for the three months ended March 31, 2025. The increase is primarily attributable to an $8.2 million increase in personnel costs, including a $0.4 million increase in stock-based compensation expense, a $2.4 million increase in IT services costs, an $0.8 million increase in marketing costs, and a $1.9 million increase in other costs. These increases were partially offset by a $0.9 million decrease in professional services costs. The increase in selling, general and administrative expenses reflect headcount additions and investments in our commercial organization and corporate infrastructure to support the continued growth of the business.

Current wording

Selling, general and administrative expenses increased 27% to $80.7 million for the three months ended June 30, 2026, as compared to $63.4 million for the three months ended June 30, 2025. The increase was primarily attributable to a $10.6 million increase in personnel costs, which include a $1.9 million increase in stock-based compensation expense, a $2.6 million increase in professional services costs, a $1.9 million increase in IT services costs, a $0.9 million increase in marketing costs, and a $1.0 million increase in other costs. The increase in selling, general and administrative expenses reflects headcount additions and investments in our commercial organization and corporate infrastructure to support the continued growth of the business.

Previous wording

Selling, general and administrative expenses increased 22% to $145.8 million for the six months ended March 31, 2026, as compared to $119.8 million for the six months ended March 31, 2025. The increase is primarily attributable to a $15.9 million increase in personnel costs, including a $2.7 million increase in stock-based compensation expense, and a $5.0 million increase in IT services, a $2.3 million increase in marketing costs, and a $4.6 million increase in other costs. These increases were partially offset by a $1.8 million decrease in professional services costs. The increase in selling, general and administrative expenses reflect headcount additions and investments in our commercial organization and corporate infrastructure to support the continued growth of the business.

Current wording

Selling, general and administrative expenses increased 24% to $226.5 million for the nine months ended June 30, 2026, as compared to $183.2 million for the nine months ended June 30, 2025. The increase was primarily attributable to a $26.5 million increase in personnel costs, which included a $4.7 million increase in stock-based compensation expense, and a $6.9 million increase in IT services, a $3.2 million increase in marketing costs, a $0.8 million increase in professional services costs and a $5.6 million increase in other costs. The increase in selling, general and administrative expenses reflects headcount additions and investments in our commercial organization and corporate infrastructure to support the continued growth of the business.

Previous wording

We expect selling, general and administrative expense to moderate in the second half of fiscal 2026 resulting from a number of cost saving initiatives.

Current wording

We expect selling, general and administrative expense to moderate in the fourth quarter of fiscal 2026 resulting from a number of cost saving initiatives.

Previous wording

We recorded litigation settlement costs, net of recoveries of $7.2 million for the three and six months ended March 31, 2026.

Current wording

We recorded litigation settlement costs, net of recoveries of $7.2 million for the nine months ended June 30, 2026.

Previous wording

Interest income decreased 39% to $1.7 million for the three months ended March 31, 2026, as compared to $2.8 million for the three months ended March 31, 2025, due to lower cash equivalents and short-term investments balances and lower interest rates.

Current wording

Interest income decreased 44% to $1.5 million for the three months ended June 30, 2026, as compared to $2.7 million for the three months ended June 30, 2025, due to lower cash equivalents and short-term investments balances and lower interest rates.

Previous wording

Interest income decreased 36% to $3.9 million for the six months ended March 31, 2026, as compared to $6.0 million for the six months ended March 31, 2025, due to lower cash equivalents and short-term investments balances and lower interest rates.

Current wording

Interest income decreased 38% to $5.4 million for the nine months ended June 30, 2026, as compared to $8.7 million for the nine months ended June 30, 2025, due to lower cash equivalents and short-term investments balances and lower interest rates.

Previous wording

We recorded an income tax provision of less than $0.1 million and $0.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. We recorded an income tax provision of $0.3 million and $0.3 million for the six months ended March 31, 2026 and March 31, 2025, respectively.

Current wording

We recorded an income tax provision of $0.3 million and $0.2 million for the three months ended June 30, 2026 and June 30, 2025, respectively. We recorded an income tax provision of $0.6 million and $0.5 million for the nine months ended June 30, 2026 and June 30, 2025, respectively.

Previous wording

As of March 31, 2026, we had a balance of $122.7 million of cash and cash equivalents and $49.0 million in short-term investments. We have incurred losses and negative cash flows from operations since our inception, and as of March 31, 2026, we had an accumulated deficit of $1,394.1 million.

Current wording

As of June 30, 2026, we had a balance of $117.4 million of cash and cash equivalents and $49.4 million in short-term investments. We have incurred losses and negative cash flows from operations since our inception, and as of June 30, 2026, we had an accumulated deficit of $1,429.2 million.

Previous wording

Since our inception, we have financed our operations and capital expenditures principally through public equity raises, private placements of our convertible preferred stock, borrowings from credit facilities, proceeds from the royalty purchase agreement, sale of DNA data storage assets and revenue from our commercial operations.

Current wording

Since our inception, we have financed our operations and capital expenditures principally through public equity raises, private placements of our convertible preferred stock, borrowings from credit facilities, proceeds from the royalty purchase agreement, sale of DNA data storage assets and revenues from our commercial operations.

Previous wording

Our primary uses of capital are, and we expect will continue to be for the near future, compensation and related expenses, manufacturing costs, laboratory and related supplies, legal and other regulatory expenses and general overhead costs, including facilities costs and capital expenditures. We had $15.7 million in commitments for capital expenditures as of March 31, 2026.

Current wording

Our primary uses of capital are, and we expect will continue to be for the near future, compensation and related expenses, manufacturing costs, laboratory and related supplies, legal and other regulatory expenses and general overhead costs, including facilities costs and capital expenditures. We had $12.2 million in commitments for capital expenditures as of June 30, 2026.

Previous wording

Our contractual obligations have not materially changed from those reported in our Annual Report on Form 10-K except for lease commitments. As of March 31, 2026, our operating lease liability was $95.8 million. See Note 10, Leases of the notes to our condensed consolidated financial statements included elsewhere in this Form 10-Q for information on our operating lease commitments.

Current wording

Our contractual obligations have not materially changed from those reported in our Annual Report on Form 10-K except for lease commitments. As of June 30, 2026, our operating lease liability was $93.6 million. See Note 10, Leases of the notes to our condensed consolidated financial statements included elsewhere in this Form 10-Q for information on our operating lease commitments.

Previous wording

Of the total $33.8 million commitment, $5.0 million represented an outflow of cash, with the remaining $28.8 million was settled or to be settled through the issuance of the Company's common stock, thereby limiting the cash impact on liquidity. The contingent issuance of common stock, which is dependent on the completion of the technology transfer, as well as the common stock issuance for the subsequent closing related to acquiring ownership interests in Invenra, are both recorded as other current liabilities in the consolidated balance sheet as of March 31, 2026.

Current wording

Of the total $33.8 million commitment, $5.0 million represented an outflow of cash, with the remaining $28.8 million was settled or to be settled through the issuance of the Company's common stock, thereby limiting the cash impact on liquidity. The contingent issuance of common stock, which is dependent on the completion of the technology transfer is recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of June 30, 2026.

Previous wording

We filed a prospectus supplement under our existing shelf registration statement on Form S-3 to register the resale of up to 632,328 shares of common stock issued or issuable in connection with these transactions, which will not provide any proceeds to us and will have no material impact on our liquidity or capital resources.

Current wording

We filed a prospectus supplement under our prior shelf registration statement on Form S-3 to register the resale of up to 632,328 shares of common stock issued or issuable in connection with these transactions, which will not provide any proceeds to us and will have no material impact on our liquidity or capital resources.

Previous wording

Net cash used in operating activities was $34.4 million during the six months ended March 31, 2025 primarily due to a net loss of $70.9 million adjusted for non-cash items including depreciation and amortization expense of $12.8 million, stock-based compensation expense of $32.3 million and a net cash outflow from operating assets and liabilities of $9.4 million. The net cash outflow from operating assets and liabilities was mainly due to an increase in accounts receivable of $15.3 million due to timing of collections, a decrease in accrued compensation of $8.7 million offset by decreases in inventories of $3.2 million, increases in accrued expenses of $3.3 million, accounts payable of $6.4 million and other liabilities of $1.3 million. The changes in accrued compensation, accrued expenses, and accounts payable are due to timing of payments to vendors and employees.

Current wording

Net cash used in operating activities was $41.3 million during the nine months ended June 30, 2026. This primarily consisted of a net loss of $109.6 million, adjusted for non-cash items of $69.1 million, primarily stock-based compensation expense of $50.4 million and depreciation and amortization of $19.4 million, and a net cash outflow from changes in operating assets and liabilities of $0.8 million. The net cash outflow from changes in operating assets and liabilities was primarily due to increases in prepaid expenses and other current assets of $19.0 million, primarily driven by insurance receivable for litigation settlement costs, accounts receivable of $8.5 million due to the increase in revenues and the timing of collections, and inventories of $6.9 million to support anticipated demand, substantially offset by increases in accrued expenses and other liabilities of $25.7 million, primarily related to litigation accruals, indirect taxes payable and timing of payments to vendors, accounts payable of $4.6 million and accrued compensation of $3.6 million due to the timing of payments to vendors and employees.

Previous wording

Net cash used in operating activities was $42.4 million during the six months ended March 31, 2026, which was primarily due to a net loss of $74.5 million, adjusted for non-cash items, including depreciation and amortization of $12.6 million, stock-based compensation expense of $32.2 million, and a net cash outflow from operating assets and liabilities of $11.8 million. The net cash outflow from operating assets and liabilities was mainly due to increases in inventories of $5.2 million, accounts receivable of $7.4 million due to the increase in revenues and the timing of collections, and prepaid and other current assets of $18.9 million, and a decrease in accrued compensation of $4.3 million, partially offset by an increase in accrued and other liabilities of $22.8 million. The changes in accrued compensation, accrued expenses and other liabilities, and accounts payable are due to timing of payments to vendors and employees.

Current wording

Net cash used in operating activities was $35.8 million during the nine months ended June 30, 2025. This consisted primarily a net loss of $50.5 million adjusted for non-cash items of $20.3 million, primarily stock-based compensation expense of $48.4 million and depreciation and amortization expense of $18.8 million, partially offset by a gain on sale of business of $48.8 million and a net cash outflow from operating assets and liabilities of $5.6 million. The net cash outflow from changes in operating assets and liabilities was primarily due to an increase in accounts receivable of $15.2 million due to increased revenues and the timing of collections, increases in inventories of $1.9 million and prepaid expenses and other current assets of $1.8 million and a decrease in accrued compensation of $4.7 million, partially offset by increases in accounts payable of $9.6 million and accrued expenses and other liabilities of $8.9 million due to the timing of payments to vendors and employees.

Previous wording

Net cash used in investing activities was $22.6 million during the six months ended March 31, 2026, which consisted of the purchases of property and equipment of $17.9 million and cash paid for asset acquisition of $5.0 million.

Current wording

Net cash used in investing activities was $32.8 million during the nine months ended June 30, 2026, which primarily consisted of purchases of property and equipment of $27.6 million and cash paid for an asset acquisition of $5.0 million. Purchases of investments of $38.5 million were substantially offset by proceeds from maturities of investments of $38.4 million.

Previous wording

Net cash used in investing activities was $3.0 million during the six months ended March 31, 2025, which consisted of the purchases of property and equipment of $6.4 million offset by the proceeds from the net impact of purchases and maturity of investments of $3.5 million.

Current wording

Net cash used in investing activities was $12.4 million during the nine months ended June 30, 2025, which consisted of purchases of property and equipment of $15.6 million, partially offset by proceeds from the sale of our data storage business of $2.5 million and the net impact of purchases and maturity of investments of $0.7 million.

Previous wording

Net cash provided by financing activities was $4.4 million in the six months ended March 31, 2026, which consisted of $2.1 million from the exercise of stock options and $2.4 million proceeds from issuance of shares under the ESPP.

Current wording

Net cash provided by financing activities was $8.2 million during the nine months ended June 30, 2026, which primarily consisted of $5.9 million of proceeds from the exercise of stock options and $2.4 million of proceeds from the issuance of common stock under the employee stock purchase plan.

Previous wording

Net cash provided by financing activities was $21.1 million in the six months ended March 31, 2025, which consisted of $15.0 million from XOMA for the sale of future revenue, $3.7 million from the exercise of stock options and $2.4 million proceeds from issuance of shares under the ESPP.

Current wording

Net cash provided by financing activities was $23.0 million during the nine months ended June 30, 2025, which consisted of $15.0 million of proceeds from the Royalty Purchase Agreement with XOMA (US) LLC related to the sale of future revenue, $5.6 million of proceeds from the exercise of stock options and $2.4 million of proceeds from the issuance of common stock under the employee stock purchase plan.

Previous wording

The preparation of our Condensed Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States of America requires management to make estimates and judgments that affect the reported amounts in the financial statements and related disclosures. On an ongoing basis, we evaluate our significant accounting policies and estimates. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ significantly from these estimates. A summary of our critical accounting policies and estimates is presented in Part II, Item 7 of our Annual Report on Form 10-K. There were no changes to our critical accounting policies and estimates during the six months ended March 31, 2026.

Current wording

The preparation of our Condensed Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States of America requires management to make estimates and judgments that affect the reported amounts in the financial statements and related disclosures. On an ongoing basis, we evaluate our significant accounting policies and estimates. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ significantly from these estimates. A summary of our critical accounting policies and estimates is presented in Part II, Item 7 of our Annual Report on Form 10-K. There were no changes to our critical accounting policies and estimates during the nine months ended June 30, 2026.