Elicio Therapeutics, Inc.

Previous wording

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our audited financial statements and accompanying notes for the years ended December 31, 2025 and 2024 included in the Form 10-K. In addition to the historical financial information, this discussion contains forward-looking statements that involve risks, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions, forecasts and projections. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under the sections titled “Risk Factors” in this Quarterly Report on Form 10-Q and the Form 10-K, which you should read carefully to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled“Forward-Looking Statements”at the beginning of this report.

Current wording

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our audited financial statements and accompanying notes for the years ended December 31, 2025 and 2024 included in the Form 10-K. In addition to the historical financial information, this discussion contains forward-looking statements that involve risks, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions, forecasts and projections. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under the sections titled “Risk Factors” in this Quarterly Report on Form 10-Q, the Quarterly Reports for the quarters ended March 31, 2026 and June 30, 2026, and the Form 10-K, which you should read carefully to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled“Forward-Looking Statements”at the beginning of this report.

Previous wording

We believe the therapeutic utility of currently approved and development stage cancer immunotherapies is limited in many cases due to their inability to sufficiently localize to lymph nodes and adequately engage with the critical immune cells responsible for stimulating adaptive immunity. Our AMP technology is specifically intended to localize payloads to lymph nodes leading to the generation of a robust T cell response that we believe is critical to generate an anticancer immune response.

Current wording

We believe the therapeutic utility of currently approved and development stage cancer immunotherapies is limited in many cases due to their inability to sufficiently localize lymph nodes to engage key immune cells. Our proprietary amphiphile (“AMP”) technology solves this by directly targeting payloads to the lymph nodes. This precise localization enhances the education, activation, and amplification of cancer-specific T cells, with the goal of generating robust immune responses and durable immunosurveillance necessary to deliver meaningful clinical benefits.

Previous wording

Our clinical pipeline includes the lymph node-targeted cancer immunotherapy ELI-002 7P, which we evaluated in a Phase 1/2 study, AMPLIFY-7P, designed to stimulate an immune response against mKRAS pancreatic ductal adenocarcinoma (“PDAC”), the most common form of pancreatic cancer. The ELI-002 7P formulation is designed to provide broad immune responses targeting seven Kirsten rat sarcoma viral oncogene homolog mutations that are observed in approximately 88% of PDAC patients and 25% of all solid tumors, thereby increasing the potential patient population for ELI-002 7P beyond PDAC alone.

Current wording

Our clinical pipeline includes the lymph node-targeted cancer immunotherapy camupepimut (ELI-002 7P), which we evaluated in a Phase 1/2 study, AMPLIFY-7P, designed to stimulate an immune response against mKRAS pancreatic ductal adenocarcinoma (“PDAC”), the most common form of pancreatic cancer. The camupepimut formulation is designed to provide broad immune responses targeting seven Kirsten rat sarcoma viral oncogene homolog mutations that are observed in approximately 90-95% of PDAC patients and 25% of all solid tumors, thereby increasing the potential patient population for camupepimut beyond PDAC alone.

Previous wording

ELI-002 2P (2-peptide formulation) has been studied previously in the Phase 1 (AMPLIFY-201) trial in patients with high relapse risk mKRAS-driven solid tumors, following surgery and chemotherapy. ELI-002 2P and ELI-002 7P also have been studied in patients with mKRAS-positive CRC in Phase 1 studies. The AMPLIFY-201 Phase 1 data for PDAC and CRC was presented at the ESMO Immuno-Oncology Congress 2024 and published in Nature Medicine (Wainberg et al, 2025) and included a 16.3-month median recurrence-free survival and 28.9-month median overall survival for the full study population.

Current wording

ELI-002 2P (2-peptide formulation) has been studied previously in the Phase 1 (AMPLIFY-201) trial in patients with high relapse risk mKRAS-driven solid tumors, following surgery and chemotherapy. ELI-002 2P and camupepimut also have been studied in patients with mKRAS-positive CRC in Phase 1 studies. The AMPLIFY-201 Phase 1 data for PDAC and CRC was presented at the European Society for Medical Oncology (“ESMO”) Immuno-Oncology Congress 2024 and published in Nature Medicine (Wainberg et al, 2025) and included a 16.3-month median recurrence-free survival and 28.9-month median overall survival for the full study population.

Previous wording

In June 2026, we reported that the Phase 2 AMPLIFY-7P trial did not meet its pre-specified primary disease-free survival (“DFS”) endpoint in the intent-to-treat population; however, DFS analysis at three months and six months showed early treatment benefit and a stronger treatment effect in subsets of the patient population, and ELI-002 7P demonstrated a favorable safety profile. We are continuing to evaluate pre-specified subgroups including, the R0 resected population, and intend, based upon such results, to further refine our development strategy for the planned Phase 3 study for ELI-002 7P in adjuvant PDAC. For additional information, see “Recent Developments.”

Current wording

In June 2026, we reported that the Phase 2 AMPLIFY-7P trial did not meet its pre-specified primary disease-free survival (“DFS”) endpoint in the intent-to-treat (“ITT”) population; however, pre-specified analysis at six months showed an overall DFS advantage compared to observation during the treatment period with a consistent treatment effect observed in certain large subsets of the patient population. Camupepimut also demonstrated a favorable safety profile. In October 2026, we presented the complete Phase 2 AMPLIFY-7P trial results in a late-breaking Proffered Paper oral session at the ESMO Congress 2026 and simultaneously published such results in Nature Medicine (George et al, 2026). For additional information, see “Recent Developments.”

Previous wording

On June 17, 2026, we reported preliminary clinical observations from three patients who received ELI-002 7P during the Phase 2 AMPLIFY-7P study, experienced disease progression after treatment, and subsequently achieved confirmed complete radiographic and complete metabolic responses after receiving nivolumab-based therapy with concurrent normalization of serum tumor biomarker (CA19-9) levels. Two of the three patients maintained complete responses for at least nine months, with one ongoing complete response at greater than nine months. In addition, all three patients demonstrated persistent mKRAS-specific T cell responses.

Current wording

Additionally, in June 2026, we reported preliminary clinical observations from three patients who received camupepimut during the Phase 2 AMPLIFY-7P study, experienced disease progression after treatment, and subsequently achieved confirmed complete radiographic and complete metabolic responses after receiving nivolumab-based therapy with concurrent normalization of serum tumor biomarker (CA19-9) levels. In previous PDAC clinical trials, nivolumab did not show antitumor benefit beyond the control chemotherapy or radiation, suggesting that camupepimut-induced T cells are needed to enable the efficacy of the nivolumab checkpoint inhibition (Wainberg, Clinical Cancer Research. 2020; Padron, Nature Medicine. 2022; Chen, J Clinical Oncology. 2022). Of the three patients we reported on, two of the patients maintained complete responses for at least nine months, with one ongoing complete response at greater than nine months, as of June 2026. In addition, all three patients demonstrated persistent mKRAS-specific T cell responses. These preliminary post-study observations suggest that camupepimut-induced immune responses may enhance sensitivity to checkpoint inhibition. In the fourth quarter of 2026, we intend to initiate a Phase 1 study evaluating camupepimut in combination with a RAS small molecule inhibitor (daraxonrasib) with or without an anti-PD-1 inhibitor (nivolumab) in metastatic mKRAS pancreatic cancer, with potential preliminary study readouts anticipated three to six months after study start. The planned study is designed to prospectively evaluate whether camupepimut may enhance anti-tumor immunity and improve responsiveness to daraxonrasib with or without nivolumab. We also plan to use the Phase 1 combination study findings to help inform future development strategies in metastatic PDAC and our planned adjuvant PDAC Phase 3 trial.

Previous wording

We intend to continue monitoring additional patients who participated in the AMPLIFY-7P study and the Expanded Access Program for ELI-002 7P and are currently following a similar course of treatment.

Current wording

We may also seek to expand camupepimut to other indications, including mKRAS-positive non-small cell lung cancer and other mKRAS-positive cancers, subject to financing. We intend to continue monitoring additional patients who participated in the AMPLIFY-7P study and the Expanded Access Program for camupepimut and are currently following a similar course of treatment.

Previous wording

Our preclinical pipeline includes the lymph node-targeted immunotherapies, ELI-007, currently being evaluated in preclinical studies for the treatment of mutant b-raf murine sarcoma viral oncogene homolog B1-driven cancers, and ELI-008, currently being evaluated in preclinical studies for use in the treatment of mutated tumor protein p53-expressing cancers. We believe that each of our immunotherapy product candidates, if approved, has the potential to decrease tumor burden or reduce the risk of recurrence of tumors carrying specific oncogenic driver mutations.

Current wording

Our preclinical pipeline includes the lymph node-targeted immunotherapies, ELI-007, currently being evaluated in preclinical studies for the treatment of mutant b-raf murine sarcoma viral oncogene homolog B1-driven cancers, and ELI-008, currently being evaluated in preclinical studies for use in the treatment of mutated tumor protein p53-expressing cancers. We believe that each of our immunotherapy product candidates has the potential to decrease tumor burden or reduce the risk of recurrence of tumors carrying specific oncogenic driver mutations.

Previous wording

AMPLIFY-7P Phase 2 Topline Results

Current wording

AMPLIFY-7P Phase 2 Results Presented at ESMO Congress 2026 and Published in Nature Medicine

Previous wording

Our operations through June 30, 2026 have been financed primarily by aggregate net proceeds of $244.2 million from the issuance of common stock, pre-funded warrants, convertible preferred stock, convertible notes, promissory notes, the exercise of stock options and common warrants, the private placement of our securities, at-the-market offerings, and proceeds from the Merger with Angion. Since inception, we have had significant operating losses. Our net loss was $20.0 million and $21.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $253.7 million and cash and cash equivalents of $23.5 million. In July 2026, the Company entered into a securities purchase agreement with certain institutional investors (each a “July 2026 Investor” and collectively, the “July 2026 Investors”), pursuant to which the Company agreed to issue and sell, in a registered direct offering by the Company directly to the July 2026 Investors (the “July 2026 Offering”), an aggregate of 4,380,313 shares of common stock (the “July 2026 Shares”). Each July 2026 Share was sold at an offering price of $3.43. The July 2026 Offering resulted in aggregate net proceeds of approximately $13.6 million after deducting the placement agents’ fees and related offering expenses.

Current wording

Our operations through September 30, 2026 have been financed primarily by aggregate net proceeds of $262.0 million from the issuance of common stock, pre-funded warrants, convertible preferred stock, convertible notes, promissory notes, the exercise of stock options and common warrants, the private placement of our securities, at-the-market offerings, and proceeds from the Merger with Angion. Since inception, we have had significant operating losses. Our net loss was $28.0 million and $31.9 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, we had an accumulated deficit of $261.7 million and cash and cash equivalents of $30.9 million.

Previous wording

We are currently facing substantial doubt about our ability to continue as a going concern, given our cash position and cash runway. As of the filing date of this Quarterly Report on Form 10-Q, we believe that our cash on hand will enable us to fund our operations into the first quarter of 2027 based on our current financial operating plan. This period could be shortened or lengthened if there are any significant increases or decreases in planned or actual spending on development programs or more rapid progress of development programs than anticipated. There is no assurance that financing will be available when needed to allow us to continue as a going concern. Our losses from operations, negative operating cash flows and accumulated deficit, as well as the additional capital needed to fund operations for at least twelve months following the issuance of the condensed consolidated financial statements, raise substantial doubt about our ability to continue as a going concern. We expect to incur substantial expenditures in the foreseeable future for the development of our product candidates and will require additional financing to continue this development. We plan to address this condition through the sale of common stock or other securities in public offerings and/or private placements, debt financings, or through other capital sources, including licensing arrangements, partnerships and collaborations with other companies or other strategic transactions, but there is no assurance these plans will be completed successfully or at all. If we are unable to obtain additional capital when and as needed to continue as a going concern, we might have to further reduce or scale back our operations and/or liquidate our assets, and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected in our financial statements.

Current wording

We are currently facing substantial doubt about our ability to continue as a going concern, given our cash position and cash runway. As of the filing date of this Quarterly Report on Form 10-Q, we believe that our cash on hand will enable us to fund our operations into the second quarter of 2027 based on our current financial operating plan. This period could be shortened or lengthened if there are any significant increases or decreases in planned or actual spending on development programs or more rapid progress of development programs than anticipated. There is no assurance that financing will be available when needed to allow us to continue as a going concern. Our losses from operations, negative operating cash flows and accumulated deficit, as well as the additional capital needed to fund operations for at least twelve months following the issuance of the condensed consolidated financial statements, raise substantial doubt about our ability to continue as a going concern. We expect to incur substantial expenditures in the foreseeable future for the development of our product candidates and will require additional financing to continue this development. We plan to address this condition through the sale of common stock or other securities in public offerings and/or private placements, debt financings, or through other capital sources, including licensing arrangements, partnerships and collaborations with other companies or other strategic transactions, but there is no assurance these plans will be completed successfully or at all. If we are unable to obtain additional capital when and as needed to continue as a going concern, we might have to further reduce or scale back our operations and/or liquidate our assets, and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected in our financial statements.

Previous wording

•advance our lead product candidate, ELI-002 7P, to early-stage clinical trials in metastatic PDAC and to late-stage clinical trials in adjuvant PDAC;

Current wording

•advance our lead product candidate, camupepimut, to early-stage clinical trials in metastatic PDAC and to late-stage clinical trials in adjuvant PDAC;

Previous wording

As of the filing date of this Quarterly Report on Form 10-Q, we believe that our cash on hand will enable us to fund our operations into the first quarter of 2027 based on our current plan. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.

Current wording

As of the filing date of this Quarterly Report on Form 10-Q, we believe that our cash on hand will enable us to fund our operations into the second quarter of 2027 based on our current plan. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.

Previous wording

Our research and development expenses are not currently tracked on a program-by-program basis. We use our personnel and infrastructure resources across multiple research and development programs directed toward identifying and developing product candidates. Substantially all our research and development costs are incurred on the development of ELI-002 7P and our preclinical candidates.

Current wording

Our research and development expenses are not currently tracked on a program-by-program basis. We use our personnel and infrastructure resources across multiple research and development programs directed toward identifying and developing product candidates. Substantially all our research and development costs are incurred on the development of camupepimut and our preclinical candidates.

Previous wording

We expect our research and development expenses to increase substantially for the foreseeable future as we continue to invest in research and development activities related to developing our product candidates, including investments in conducting clinical trials, manufacturing and otherwise advancing our programs. The process of conducting the clinical research necessary to obtain regulatory approval is costly and time-consuming, and the successful development of our product candidates is highly uncertain. At this time, we cannot reasonably estimate the nature, timing and costs of the efforts that will be needed to complete the development of, or the period, if any, in which material net cash inflows may commence from ELI-002 7P or any of our preclinical candidates. This is due to the numerous risks and uncertainties associated with developing drugs, including the uncertainty of:

Current wording

We expect our research and development expenses to increase substantially for the foreseeable future as we continue to invest in research and development activities related to developing our product candidates, including investments in conducting clinical trials, manufacturing and otherwise advancing our programs. The process of conducting the clinical research necessary to obtain regulatory approval is costly and time-consuming, and the successful development of our product candidates is highly uncertain. At this time, we cannot reasonably estimate the nature, timing and costs of the efforts that will be needed to complete the development of, or the period, if any, in which material net cash inflows may commence from camupepimut or any of our preclinical candidates. This is due to the numerous risks and uncertainties associated with developing drugs, including the uncertainty of:

Previous wording

•the ability to market, commercialize and achieve market acceptance for ELI-002 7P, or any of our preclinical candidates that we or our future collaboration partners may develop in the future.

Current wording

•the ability to market, commercialize and achieve market acceptance for camupepimut, or any of our preclinical candidates that we or our future collaboration partners may develop in the future.

Previous wording

Any of these variables with respect to the development of ELI-002 7P, or any other of our preclinical candidates that we may develop could result in a significant change in the costs and timing associated with the development of such candidates. For example, if the FDA or other regulatory authority were to require us to conduct preclinical and clinical studies beyond those which we currently anticipate will be required for the completion of clinical development or if we experience significant delays in enrollment in any clinical trials, we could be required to expend significant additional financial resources and time on the completion of our clinical development programs.

Current wording

Any of these variables with respect to the development of camupepimut, or any other of our preclinical candidates that we may develop could result in a significant change in the costs and timing associated with the development of such candidates. For example, if the FDA or other regulatory authority were to require us to conduct preclinical and clinical studies beyond those which we currently anticipate will be required for the completion of clinical development or if we experience significant delays in enrollment in any clinical trials, we could be required to expend significant additional financial resources and time on the completion of our clinical development programs.

Previous wording

For the three and six months ended June 30, 2026 and 2025, other income and expense consisted primarily of interest income, foreign exchange transaction gains, interest expense, and the change in fair value of our warrant liabilities.

Current wording

For the three and nine months ended September 30, 2026 and 2025, other income and expense consisted primarily of interest income, foreign exchange transaction gains, interest expense, and the change in fair value of our warrant liabilities.

Previous wording

Research and development expenses were $6.8 million for the three months ended June 30, 2026, compared to $7.0 million for the three months ended June 30, 2025. The decrease of $0.2 million was primarily due to lower clinical trial costs as the Phase 2 study of ELI-002 7P continues and the patients moved out of the active dosing phase and into the follow-up phase of the trial.

Current wording

Research and development expenses were $4.9 million for the three months ended September 30, 2026, compared to $5.0 million for the three months ended September 30, 2025. The decrease of $0.1 million was primarily due to lower clinical trial costs as the Phase 2 study of camupepimut continues and the patients moved out of the active dosing phase and into the follow-up phase of the trial, partially offset by increased personnel costs.

Previous wording

General and administrative expenses were $3.6 million for the three months ended June 30, 2026, compared to $3.1 million for the three months ended June 30, 2025. The increase of $0.5 million was primarily due to increased Company headcount resulting in increased personnel costs and a slight increase in professional fees.

Current wording

General and administrative expenses were $3.6 million for the three months ended September 30, 2026, compared to $3.0 million for the three months ended September 30, 2025. The increase of $0.6 million was primarily due to increased personnel costs and an increase in professional fees.

Previous wording

Other income for the three months ended June 30, 2026 was $2.2 million compared to an other expense of $0.5 million for the three months ended June 30, 2025. The increase of $2.7 million was primarily due to the change in fair value associated with the outstanding liability-classified common warrants, partially offset by the interest expense related to the June 2025 Promissory Note.

Current wording

Other income for the three months ended September 30, 2026 was $0.5 million compared to an other expense of $2.0 million for the three months ended September 30, 2025. The increase of $2.6 million was primarily due to the change in fair value associated with the outstanding liability-classified common warrants.

Previous wording

Research and development expenses were $13.6 million for the six months ended June 30, 2026, compared to $14.8 million for the six months ended June 30, 2025. The decrease of $1.2 million was primarily due to lower clinical trial costs as the Phase 2 study of ELI-002 7P continues and the patients moved out of the active dosing phase and into the follow-up phase of the trial.

Current wording

Research and development expenses were $18.5 million for the nine months ended September 30, 2026, compared to $19.8 million for the nine months ended September 30, 2025. The decrease of $1.4 million was primarily due to lower clinical trial costs as the Phase 2 study of camupepimut continues and the patients moved out of the active dosing phase and into the follow-up phase of the trial, partially offset by increased personnel and chemistry, manufacturing and controls costs.

Previous wording

General and administrative expenses were $7.5 million for the six months ended June 30, 2026, compared to $6.0 million for the six months ended June 30, 2025. The increase of $1.4 million was primarily due to increased Company headcount resulting in increased personnel costs and a slight increase in professional fees.

Current wording

General and administrative expenses were $11.0 million for the nine months ended September 30, 2026, compared to $9.0 million for the nine months ended September 30, 2025. The increase of $2.0 million was primarily due to increased Company headcount resulting in increased personnel costs as well as an increase in professional fees.

Previous wording

Other income was $1.0 million for the six months ended June 30, 2026, compared to other expense of $0.9 million for the six months ended June 30, 2025. The increase of $1.9 million was primarily due to the change in fair value associated with the outstanding liability-classified common warrants, partially offset by the interest expense related to the June 2025 Promissory Note.

Current wording

Other income was $1.5 million for the nine months ended September 30, 2026, compared to other expense of $3.0 million for the nine months ended September 30, 2025. The increase of $4.5 million was primarily due to the change in fair value associated with the outstanding liability-classified common warrants, partially offset by the interest expense related to the June 2025 Promissory Note.

Previous wording

Our operations through June 30, 2026 have been financed primarily by aggregate net proceeds of $244.2 million from the issuance of common stock, pre-funded warrants, convertible preferred stock, convertible notes, promissory notes, the exercise of stock options and common warrants, the private placement of our securities, at-the-market offerings, and proceeds from the Merger with Angion. Since inception, we have had significant operating losses. Our net loss was $20.0 million and $21.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $253.7 million and cash and cash equivalents of $23.5 million. In July 2026, the Company entered into the July 2026 Offering, pursuant to which the Company agreed to issue and sell directly to the July 2026 Investors the July 2026 Shares. The July 2026 Offering resulted in aggregate net proceeds of approximately $13.6 million after deducting the placement agent’s fees and related offering expenses. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses.

Current wording

Our operations through September 30, 2026 have been financed primarily by aggregate net proceeds of $262.0 million from the issuance of common stock, pre-funded warrants, convertible preferred stock, convertible notes, promissory notes, the exercise of stock options and common warrants, the private placement of our securities, at-the-market offerings, and proceeds from the Merger with Angion. Since inception, we have had significant operating losses. Our net loss was $28.0 million and $31.9 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, we had an accumulated deficit of $261.7 million and cash and cash equivalents of $30.9 million. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable and accrued expenses.

Previous wording

The following table sets forth a summary of our net cash flow activity for the six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table sets forth a summary of our net cash flow activity for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

For the six months ended June 30, 2026, net cash used in operating activities was $19.8 million, which consisted of a net loss of $20.0 million and a decrease in our assets and liabilities of $0.8 million, partially offset by non-cash charges of $1.0 million. The non-cash charges primarily consisted of $1.8 million of stock-based compensation, $0.5 million amortization of the ROU asset, and $0.1 million of depreciation, and $0.1 million of debt discount amortization, partially offset by a $1.5 million gain from the change in the fair value of warrant liabilities.

Current wording

For the nine months ended September 30, 2026, net cash used in operating activities was $30.2 million, which consisted of a net loss of $28.0 million and a decrease in our assets and liabilities of $3.9 million, partially offset by non-cash charges of $1.7 million. The non-cash charges primarily consisted of $2.9 million of stock-based compensation, $0.7 million amortization of the ROU asset, $0.1 million of depreciation, and $0.2 million of debt discount amortization, partially offset by a $2.2 million gain from the change in the fair value of warrant liabilities.

Previous wording

For the six months ended June 30, 2025, net cash used in operating activities was $19.1 million, which consisted of a net loss of $21.8 million and a decrease in our assets and liabilities of $0.7 million, partially offset by non-cash charges of $3.4 million. The non-cash charges were primarily related to $1.4 million of change in the fair value of warrant liabilities, $1.2 million of stock-based compensation, $0.5 million amortization of the ROU asset, $0.2 million of non-cash interest expense, and $0.1 million of depreciation.

Current wording

For the nine months ended September 30, 2025, net cash used in operating activities was $30.2 million, which consisted of a net loss of $31.9 million and a decrease in our assets and liabilities of $4.9 million, partially offset by non-cash charges of $6.6 million. The non-cash charges were primarily related to $3.2 million of change in the fair value of warrant liabilities, $1.9 million of stock-based compensation, $0.7 million amortization of the ROU asset, $0.6 million of non-cash interest expense, and $0.2 million of depreciation.

Previous wording

For the six months ended June 30, 2026, net cash provided by financing activities was $24.5 million as a result of the issuance of $24.4 million of our common stock under our ATM Programs net of issuance and offering costs, and $0.1 million from the exercise of stock options.

Current wording

For the nine months ended September 30, 2026, net cash provided by financing activities was $42.3 million as a result of net proceeds of $28.6 million from the issuance of our common stock under our ATM Programs, net proceeds of $13.6 million from the July 2026 Offering, and $0.1 million from the exercise of stock options.

Previous wording

For the six months ended June 30, 2025, net cash provided by financing activities was $22.3 million, primarily as a result of net proceeds of $9.9 million from the June 2025 Promissory Note Financing, net proceeds of $9.1 million from the January 2025 Offering, the issuance of $2.9 million of our common stock under our 2024 ATM Program net of issuance costs, and $0.4 million from the exercise of common warrants and stock options.

Current wording

For the nine months ended September 30, 2025, net cash provided by financing activities was $31.8 million, primarily as a result of net proceeds of $9.9 million from the June 2025 Promissory Note Financing, net proceeds of $9.1 million from the January 2025 Offering, the issuance of $11.4 million of our common stock under our 2024 ATM Program net of issuance costs, and $1.4 million from the exercise of common warrants and stock options.

Previous wording

Based on our current operating plan, as of the filing date of this Quarterly Report on Form 10-Q, we believe our cash and cash equivalents will be sufficient to fund our planned operations into the first quarter of 2027. However, we have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all our available capital resources sooner than we expect. We are unable to estimate the exact amount of our operating capital requirements. The amount and timing of our future funding requirements will depend on many factors, including, but not limited to:

Current wording

Based on our current operating plan, as of the filing date of this Quarterly Report on Form 10-Q, we believe our cash and cash equivalents will be sufficient to fund our planned operations into the second quarter of 2027. However, we have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all our available capital resources sooner than we expect. We are unable to estimate the exact amount of our operating capital requirements. The amount and timing of our future funding requirements will depend on many factors, including, but not limited to:

Previous wording

Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Significant Judgments and Estimates” in the Form 10-K. There have been no material changes in our critical accounting policies and estimates in the preparation of our condensed consolidated financial statements during the six months ended June 30, 2026 compared to those disclosed in the Form 10-K.

Current wording

Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Significant Judgments and Estimates” in the Form 10-K. There have been no material changes in our critical accounting policies and estimates in the preparation of our condensed consolidated financial statements during the nine months ended September 30, 2026 compared to those disclosed in the Form 10-K.

Previous wording

We are a smaller reporting company and an emerging growth company, as defined under the Jumpstart Our Business Startup (“JOBS”) Act. Under the JOBS Act, emerging growth companies can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other exemptions and reduced reporting requirements under the JOBS Act for emerging growth companies include presentation of only two years of audited financial statements in a registration statement for an initial public offering, an exemption from the requirement to provide an auditor's report on internal controls over financial reporting pursuant to Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation, and less extensive disclosure about our executive compensation arrangements.

Current wording

We are a smaller reporting company and an emerging growth company, as defined under the Jumpstart Our Business Startups (“JOBS”) Act. Under the JOBS Act, emerging growth companies can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other exemptions and reduced reporting requirements under the JOBS Act for emerging growth companies include presentation of only two years of audited financial statements in a registration statement for an initial public offering, an exemption from the requirement to provide an auditor's report on internal controls over financial reporting pursuant to Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation, and less extensive disclosure about our executive compensation arrangements.