PROCEPT BioRobotics Corp

Previous wording

We are a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. We develop, manufacture and sell the AquaBeam Robotic System and HYDROS Robotic System, which are advanced, image-guided, surgical robotic systems for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. Each of our robotic systems employs a single-use disposable handpiece to deliver our proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. We designed our robotic systems to enable consistent and reproducible BPH surgery outcomes. We believe that Aquablation therapy represents a paradigm shift in the surgical treatment of BPH by addressing compromises associated with alternative surgical interventions. We designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that is independent of prostate size and shape, and delivers resection independent of surgeon experience. We have developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy. As of June 30, 2026, we had an install base of 1,036 AquaBeam Robotic Systems and HYDROS Robotic Systems globally, including 816 in the United States.

Current wording

We are a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. We develop, manufacture and sell the AquaBeam Robotic System and HYDROS Robotic System, which are advanced, image-guided, surgical robotic systems for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. Each of our robotic systems employs a single-use disposable handpiece to deliver our proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. We designed our robotic systems to enable consistent and reproducible BPH surgery outcomes. We believe that Aquablation therapy represents a paradigm shift in the surgical treatment of BPH by addressing compromises associated with alternative surgical interventions. We designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that is independent of prostate size and shape, and delivers resection independent of surgeon experience. We have developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy. As of September 30, 2026, we had an install base of 1,095 AquaBeam Robotic Systems and HYDROS Robotic Systems globally, including 858 in the United States.

Previous wording

We generated revenue of $177.6 million and incurred a net loss of $58.5 million for the six months ended June 30, 2026, compared to revenue of $148.3 million and a net loss of $44.3 million for the six months ended June 30, 2025. As of June 30, 2026, we had cash and cash equivalents of $227.9 million and an accumulated deficit of $700.1 million.

Current wording

We generated revenue of $275.9 million and incurred a net loss of $85.0 million for the nine months ended September 30, 2026, compared to revenue of $231.7 million and a net loss of $65.7 million for the nine months ended September 30, 2025. As of September 30, 2026, we had cash and cash equivalents of $218.4 million and an accumulated deficit of $726.6 million.

Previous wording

•Grow our install base of robotic systems: As of June 30, 2026, we had an install base of 1,036 robotic systems globally, including 816 in the United States. In the United States, we are initially focused on driving adoption of Aquablation therapy among urologists that perform hospital-based resective BPH surgery. We target approximately 2,700 hospitals that perform resective BPH procedures in the United States. To penetrate these hospitals, we expect to continue to increase our direct team of capital sales representatives, who are focused on driving system placement within hospitals by engaging with key surgeons and decision makers to educate them about the compelling value proposition of Aquablation therapy. As we increase our install base of robotic systems, we expect our revenue to increase as a result of the system sale and resulting utilization.

Current wording

•Grow our install base of HYDROS robotic systems: As of September 30, 2026, we had an install base of 1,095 robotic systems globally, including 858 in the United States. In the United States, we are initially focused on driving adoption of Aquablation therapy among urologists that perform hospital-based resective BPH surgery. To penetrate these hospitals, we expect to continue to invest in our direct team of capital sales representatives, who are focused on driving system placement within hospitals by engaging with key surgeons and decision makers to educate them about the compelling value proposition of Aquablation therapy. We have recently created a dedicated team focused on the process of upgrading our install base from the AquaBeam robotic system to our HYDROS robotic system. As we increase our install base of robotic systems and upgrade our install base to the latest technology, we expect our revenue to increase as a result of the system sales and resulting increased utilization.

Previous wording

•Increase system utilization: Our revenue is significantly impacted by the utilization of our robotic systems. Once we place a system within a hospital our objective is to establish Aquablation therapy as the surgical treatment of choice for BPH. Within each hospital we are initially focused on targeting urologists who perform medium-to-high volumes of resective procedures and converting their resective cases to Aquablation therapy. To accomplish this, we will continue expanding our team of highly trained Aquablation representatives and clinical specialists who are focused on driving system utilization within the hospital, providing education and training support and ensuring excellent user experiences. As urologists gain experience with Aquablation therapy, we expect to leverage their experiences to capture more surgical volumes and establish Aquablation therapy as the surgical standard of care.

Current wording

•Increase system utilization: Our revenue is significantly impacted by the utilization of our robotic systems. Once we place a system within a hospital our objective is to establish Aquablation therapy as the surgical treatment of choice for BPH. Within each hospital we are initially focused on targeting urologists who perform resective procedures and converting their resective cases to Aquablation therapy. To accomplish this, we reorganized our team of highly trained Aquablation representatives to focus on driving system utilization by urologists. We have created a dedicated launch team, ensuring excellent user experiences and setting the foundation for long-term successful Aquablation therapy programs. We have also invested in marketing programs focused on patient awareness and activation within the United States. As urologists gain experience with Aquablation therapy and patients become increasingly aware of this surgical option, we expect to capture more surgical volumes and establish Aquablation therapy as the surgical standard of care.

Previous wording

•Reimbursement and coverage decisions by third-party payors. Healthcare providers in the United States generally rely on third-party payors, principally federal Medicare, state Medicaid and private health insurance plans, to cover all or part of the cost of procedures using our robotic system. The revenue we are able to generate from sales of our products depends in large part on the availability of sufficient reimbursement from such payors. Effective in 2021, all local MACs, representing 100% of eligible Medicare patients, issued final positive local coverage determinations to provide Medicare beneficiaries with access to Aquablation therapy in all 50 states. We believe that these favorable coverage decisions have been a catalyst for hospital adoption of our robotic systems. We believe our strong body of clinical evidence and support from key societies, supplemented by the momentum from Medicare coverage, have led to favorable coverage decisions from many large commercial payors. We plan to leverage these successes in our active discussions with commercial payors to establish additional positive national and regional coverage policies. We believe that additional commercial payor coverage will contribute to increasing utilization of our system over time. Outside of the United States, we have ongoing efforts in key markets to expand established coverage and further improve patient access to Aquablation therapy.

Current wording

•Reimbursement and coverage decisions by third-party payors. Healthcare providers in the United States generally rely on third-party payors, principally federal Medicare, state Medicaid and private health insurance plans, to cover all or part of the cost of procedures using our robotic system. The revenue we are able to generate from sales of our products depends in large part on the availability of sufficient reimbursement from such payors. Effective in 2021, all local MACs, representing 100% of eligible Medicare patients, issued final positive local coverage determinations to provide Medicare beneficiaries with access to Aquablation therapy in all 50 states. We believe our strong body of clinical evidence and support from key societies, supplemented by the momentum from Medicare coverage, have led to favorable coverage decisions from many large commercial payors and will continue to support sufficient levels of payor coverage. Outside of the United States, we have ongoing efforts in key markets to expand established coverage and further improve patient access to Aquablation therapy.

Previous wording

We calculate gross margin percentage as gross profit divided by revenue. Our gross margin has been and will continue to be affected by a variety of factors, primarily, product and geographic mix and the resulting average selling prices, production volumes, manufacturing costs and product yields, and to a lesser extent the implementation of cost reduction strategies. We expect our gross margin to increase over the long term as our production volume increases and as we spread the fixed portion of our manufacturing overhead costs over a larger number of units produced, thereby significantly reducing our per unit manufacturing costs, though it may fluctuate from quarter to quarter. Our gross margins can fluctuate due to geographic mix. To the extent we sell more systems and handpieces in the United States, we expect our margins will increase due to the higher average selling prices as compared to sales outside of the United States.

Current wording

We calculate gross margin percentage as gross profit divided by revenue. Our gross margin has been and will continue to be affected by a variety of factors, primarily, product and geographic mix and the resulting average selling prices, tariffs, production volumes, manufacturing costs and product yields, and to a lesser extent the implementation of cost reduction strategies. We expect our gross margin to increase over the long term as our production volume increases and as we spread the fixed portion of our manufacturing overhead costs over a larger number of units produced, thereby significantly reducing our per unit manufacturing costs, though it may fluctuate from quarter to quarter. Our gross margins can fluctuate due to geographic mix. To the extent we sell more systems and handpieces in the United States, we expect our margins will increase due to the higher average selling prices as compared to sales outside of the United States.

Previous wording

Research and development, or R&D, expenses consist primarily of engineering, product development, regulatory affairs, consulting services, clinical trial expenses, materials, depreciation and other costs associated with products and technologies being developed. These expenses include employee and non-employee compensation, including stock-based compensation, supplies, materials, quality assurance expenses, consulting, related travel expenses and facilities expenses. We expect our R&D expenses to increase in absolute dollars for the foreseeable future as we make strategic investments in R&D, continue to develop and enhance existing products and technologies, though it may fluctuate from quarter to quarter. However, over time, we expect our R&D expenses to decrease as a percentage of revenue.

Current wording

Research and development, or R&D, expenses consist primarily of engineering, product development, regulatory affairs, consulting services, clinical trial expenses, materials, depreciation and other costs associated with products and technologies being developed. These expenses include employee and non-employee compensation, including stock-based compensation, supplies, materials, quality assurance expenses, consulting, related travel expenses and facilities expenses. We expect our R&D expenses to decrease as a percentage of revenue over time.

Previous wording

Selling, general and administrative, or SG&A, expenses consist primarily of compensation for personnel, including stock-based compensation, related to selling, marketing, post-market clinical affairs, professional education, finance, information technology, and human resource functions. SG&A expenses also include commissions, training, travel expenses, promotional activities, conferences, trade shows, professional services fees, audit fees, legal fees, insurance costs, bad debt expense and general corporate expenses including allocated facilities-related expenses. Clinical study expenses include trial design, site reimbursement, data management and travel expenses. We expect our SG&A expenses to increase in absolute dollars for the foreseeable future as we expand our commercial infrastructure in order for us to execute on our long-term growth plan, though it may fluctuate from quarter to quarter. However, over time, we expect our SG&A expenses to decrease as a percentage of revenue.

Current wording

Selling, general and administrative, or SG&A, expenses consist primarily of compensation for personnel, including stock-based compensation, related to selling, marketing, post-market clinical affairs, professional education, finance, information technology, and human resource functions. SG&A expenses also include commissions, training, travel expenses, promotional activities, conferences, trade shows, professional services fees, audit fees, legal fees, insurance costs, bad debt expense and general corporate expenses including allocated facilities-related expenses. Clinical study expenses include trial design, site reimbursement, data management and travel expenses. We expect our SG&A expenses to increase in absolute dollars for the foreseeable future as we expand our commercial infrastructure and patient activation initiatives in order for us to execute on our long-term growth plan, though it may fluctuate from quarter to quarter. However, over time, we expect our SG&A expenses to decrease as a percentage of revenue.

Previous wording

Comparison of Three and Six Months Ended June 30, 2026 and 2025

Current wording

Comparison of Three and Nine Months Ended September 30, 2026 and 2025

Previous wording

Revenue increased $15.3 million, or 19%, to $94.5 million during the three months ended June 30, 2026, compared to $79.2 million during the three months ended June 30, 2025, and increased $29.3 million or 20% to $177.6 million during the six months ended June 30, 2026, compared to $148.3 million during the six months ended June 30, 2025. The growth in revenue was primarily attributable to $83.4 million and $155.4 million in revenue derived from the United States for the three and six months ended June 30, 2026. The increase was due to higher sales volumes of systems, handpieces, other consumables, and service contracts.

Current wording

Revenue increased $15.0 million, or 18%, to $98.3 million during the three months ended September 30, 2026, compared to $83.3 million during the three months ended September 30, 2025, and increased $44.3 million or 19% to $275.9 million during the nine months ended September 30, 2026, compared to $231.7 million during the nine months ended September 30, 2025. The growth in revenue was primarily attributable to $85.8 million and $241.3 million in revenue derived from the United States for the three and nine months ended September 30, 2026. The increase was due to higher sales volumes of systems, handpieces, other consumables, and service contracts.

Previous wording

Cost of sales increased $4.7 million, or 17%, to $32.1 million during the three months ended June 30, 2026, compared to $27.4 million during the three months ended June 30, 2025, and increased $8.9 million or 17% to $61.3 million during the six months ended June 30, 2026, compared to $52.4 million during the six months ended June 30, 2025. The increase in cost of sales was primarily attributable to the growth in the number of units sold.

Current wording

Cost of sales increased $3.8 million, or 13%, to $33.1 million during the three months ended September 30, 2026, compared to $29.3 million during the three months ended September 30, 2025, and increased $12.7 million or 16% to $94.4 million during the nine months ended September 30, 2026, compared to $81.8 million during the nine months ended September 30, 2025. The increase in cost of sales was primarily attributable to the growth in the number of units sold.

Previous wording

Gross margin increased to 66% during the three months ended June 30, 2026, compared to 65% for the three months ended June 30, 2025, and remained flat at 65% during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The year over year increase in gross margin was primarily attributable to a one-time tariff refund of $2.9 million, partially offset by increases in overhead absorption, warranty replacements and excess and obsolete reserves.

Current wording

Gross margin increased to 66% during the three months ended September 30, 2026, compared to 65% for the three months ended September 30, 2025, and increased to 66% during the nine months ended September 30, 2026, compared to 65% for the nine months ended September 30, 2025. The year over year increase in gross margin was primarily attributable to tariff refunds of $3.2 million.

Previous wording

R&D expenses increased $2.5 million, or 14%, to $20.1 million during the three months ended June 30, 2026, compared to $17.6 million during the three months ended June 30, 2025 and increased $7.5 million or 22% to $41.6 million during the six months ended June 30, 2026, compared to $34.0 million during the six months ended June 30, 2025. The increase in R&D expenses was primarily due to employee-related expenses of our R&D organization such as salaries and wages and stock-based compensation. These expenses support ongoing product improvements and the development of additional and next generation technologies.

Current wording

R&D expenses increased $1.8 million, or 10%, to $20.0 million during the three months ended September 30, 2026, compared to $18.2 million during the three months ended September 30, 2025 and increased $9.4 million or 18% to $61.6 million during the nine months ended September 30, 2026, compared to $52.2 million during the nine months ended September 30, 2025. The increase in R&D expenses was primarily due to employee-related expenses of our R&D organization such as salaries and wages, stock-based compensation, product development and clinical studies. These expenses support ongoing product improvements and the development of additional and next generation technologies.

Previous wording

SG&A expenses increased $13.4 million, or 24%, to $69.7 million during the three months ended June 30, 2026, compared to $56.3 million during the three months ended June 30, 2025, and increased $23.3 million or 21% to $134.8 million during the six months ended June 30, 2026, compared to $111.5 million during the six months ended June 30, 2025. The increase in SG&A expenses was primarily due to employee-related expenses of our sales and marketing organization such as salaries and wages and stock-based compensation expense primarily to expand the commercial organization, and employee-related expenses of our administrative organization such as salaries and wages and stock-based compensation expense, to drive and support our growth in revenue.

Current wording

SG&A expenses increased $13.5 million, or 23%, to $72.5 million during the three months ended September 30, 2026, compared to $59.0 million during the three months ended September 30, 2025, and increased $36.8 million or 22% to $207.3 million during the nine months ended September 30, 2026, compared to $170.5 million during the nine months ended September 30, 2025. The increase in SG&A expenses was primarily due to employee-related expenses of our sales and marketing organization such as salaries and wages, stock-based compensation expense and consulting primarily to expand the commercial organization, and employee-related expenses of our administrative organization such as salaries and wages and stock-based compensation expense, to drive and support our growth in revenue.

Previous wording

Interest expense decreased approximately $0.1 million, or 6%, to $0.8 million during the three months ended June 30, 2026, compared to $0.9 million during the three months ended June 30, 2025, and decreased $0.1 million or 6% to $1.7 million during the six months ended June 30, 2026, compared to $1.8 million during the six months ended June 30, 2025. The decrease in interest expense was primarily due to a decrease in the interest rate as compared to the prior period.

Current wording

Interest expense remained flat at $0.9 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, and decreased $0.2 million or 7% to $2.5 million during the nine months ended September 30, 2026, compared to $2.7 million during the nine months ended September 30, 2025. The decrease in interest expense was primarily due to a decrease in the interest rate as compared to the prior period.

Previous wording

Interest and other income, net, decreased $2.2 million for the three months ended June 30, 2026 and decreased $4.0 million during the six months ended June 30, 2026. The decreases were primarily due to a decrease in interest income, which was due to our decreased cash balances.

Current wording

Interest and other income, net, decreased $1.1 million for the three months ended September 30, 2026 and decreased $5.0 million during the nine months ended September 30, 2026. The decreases were primarily due to a decrease in interest income, which was primarily due to our decreased cash balances.

Previous wording

As of June 30, 2026, we had cash and cash equivalents of $227.9 million, an accumulated deficit of $700.1 million, and $52.0 million outstanding on our loan facility. We expect our expenses will increase for the foreseeable future, as we continue to make substantial investments in sales and marketing, operations and research and development. Our future funding requirements will depend on many factors, including:

Current wording

As of September 30, 2026, we had cash and cash equivalents of $218.4 million, an accumulated deficit of $726.6 million, and $52.0 million outstanding on our loan facility. We expect our expenses will increase for the foreseeable future, as we continue to make investments in sales and marketing, operations and research and development. Our future funding requirements will depend on many factors, including:

Previous wording

Based on our operating plan, we currently believe that our existing cash and cash equivalents and anticipated revenue will be sufficient to meet our capital requirements and fund our operations through at least the next twelve months from the issuance date of the financial statements. We have based this estimate on assumptions that may prove to be wrong, and we may need to utilize additional available capital resources. If these sources are insufficient to satisfy our liquidity requirements, we may seek to sell additional public equity or debt securities or obtain an additional credit facility. The sale of equity and convertible debt securities may result in dilution to our stockholders and, in the case of preferred equity securities or convertible debt, those securities could provide for rights, preferences or privileges senior to those of our common stock. Debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders. Additional financing may not be available at all, or in amounts or on terms unacceptable to us. If we are unable to obtain additional financing, we may be required to delay the development, commercialization and marketing of our products.

Current wording

Based on our operating plan, we currently believe that our existing cash and cash equivalents and anticipated revenue will be sufficient to meet our capital requirements and fund our operations through at least the next twelve months from the issuance date of the financial statements. We have based this estimate on assumptions that may prove to be wrong, and we may need to utilize additional available capital resources. If these sources are insufficient to satisfy our liquidity requirements, we may seek to sell additional public equity or debt securities or obtain an additional credit facility. The sale of equity and convertible debt securities may result in dilution to our stockholders and, in the case of preferred equity securities or convertible debt, those securities could provide for rights, preferences or privileges senior to those of our common stock. Debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders. Additional financing may not be available at all, or may be in amounts or on terms unacceptable to us. If we are unable to obtain additional financing, we may be required to delay the development, commercialization and marketing of our products.

Previous wording

The Term Loan Facility is scheduled to mature on October 6, 2027, the fifth anniversary of the closing date, or the Maturity Date. We have the option to prepay the Term Loan Facility without any prepayment charge or fee.

Current wording

The Term Loan Facility is scheduled to mature on October 1, 2028 (the “Maturity Date”). We have the option to prepay the Term Loan Facility without any prepayment charge or fee.

Previous wording

The obligations under the loan and security agreement are secured by substantially all of our assets, including our intellectual property and by a pledge of all of our equity interests in its U.S. subsidiaries and 65% of our equity interests in our non-U.S. subsidiaries that are directly owned by us.

Current wording

The obligations under the loan and security agreement are secured by substantially all of our assets, including our intellectual property and by a pledge of all of our equity interests in our U.S. subsidiaries and 65% of our equity interests in our non-U.S. subsidiaries that are directly owned by us.

Previous wording

During the six months ended June 30, 2026, net cash used in operating activities was $57.4 million, consisting primarily of a net loss of $58.5 million and an increase in net operating assets of $31.6 million, partially offset by non-cash charges of $32.8 million. The cash used in operations was primarily due to our net loss due to the increase in operating expenses to support our commercialization and development activities. The expansion of our commercialization activities resulted in an increase in accounts receivable and inventory. Non-cash charges consisted primarily of stock-based compensation, depreciation, and reserves for excess and obsolete inventory.

Current wording

During the nine months ended September 30, 2026, net cash used in operating activities was $66.4 million, consisting primarily of a net loss of $85.0 million and an increase in net operating assets of $31.4 million, partially offset by non-cash charges of $50.1 million. The cash used in operations was primarily due to our net loss due to the increase in operating expenses to support our commercialization and development activities. The expansion of our commercialization activities resulted in an increase in accounts receivable and inventory. Non-cash charges consisted primarily of stock-based compensation, depreciation and provision for credit losses.

Previous wording

During the six months ended June 30, 2025, net cash used in operating activities was $32.0 million, consisting primarily of a net loss of $44.3 million and an increase in net operating assets of $13.8 million, partially offset by non-cash charges of $26.1 million. The cash used in operations was primarily due to our net loss due to the increase in operating expenses to support our commercialization and development activities. The expansion of our commercialization activities resulted in an increase in inventory and accounts payable, partially offset by a decrease in accounts receivable, due to timing of cash receipts. Non-cash charges consisted primarily of stock-based compensation, depreciation, and provision for credit losses.

Current wording

During the nine months ended September 30, 2025, net cash used in operating activities was $38.7 million, consisting primarily of a net loss of $65.7 million and an increase in net operating assets of $15.9 million, partially offset by non-cash charges of $42.9 million. The cash used in operations was primarily due to our net loss due to the increase in operating expenses to support our commercialization and development activities. The expansion of our commercialization activities resulted in an increase in accounts receivable, inventory, prepaid expenses, and accounts payable. Non-cash charges consisted primarily of stock-based compensation, depreciation, and provision for credit losses.

Previous wording

During the six months ended June 30, 2026, net cash used in investing activities was $5.9 million, consisting of purchases of property and equipment. During the six months ended June 30, 2025, net cash used in investing activities was $4.6 million, consisting of purchases of property and equipment.

Current wording

During the nine months ended September 30, 2026, net cash used in investing activities was $6.5 million, consisting of purchases of property and equipment. During the nine months ended September 30, 2025, net cash used in investing activities was $7.5 million, consisting of purchases of property and equipment.

Previous wording

During the six months ended June 30, 2026, net cash provided by financing activities was $4.7 million, consisting of proceeds from exercises of stock options and proceeds from the issuance of common stock under the ESPP. During the six months ended June 30, 2025, net cash provided by financing activities was $5.7 million, consisting of proceeds from exercises of stock options and proceeds from the issuance of common stock under the ESPP.

Current wording

During the nine months ended September 30, 2026, net cash provided by financing activities was $4.8 million, consisting of proceeds from exercises of stock options and proceeds from the issuance of common stock under the ESPP. During the nine months ended September 30, 2025, net cash provided by financing activities was $6.8 million, consisting of proceeds from exercises of stock options and proceeds from the issuance of common stock under the ESPP.

Previous wording

The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in our audited consolidated financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in our Annual Report on Form 10-K dated February 26, 2026, or Annual Report, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report. There have been no material changes to our significant accounting policies during the six months ended June 30, 2026.

Current wording

The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in our audited consolidated financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in our Annual Report on Form 10-K dated February 26, 2026, or Annual Report, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report. There have been no material changes to our significant accounting policies during the nine months ended September 30, 2026.