AbCellera Biologics Inc.

Previous wording

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Forward-looking statements can often be identified by the use of terminology such as “subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. In particular, these forward-looking statements include, but are not limited to:

Current wording

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financial position, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings “Business”, “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Forward-looking statements can often be identified by the use of terminology such as “subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. In particular, these forward-looking statements include, but are not limited to:

Previous wording

•our expectations regarding the rate and degree of market acceptance of our antibody discovery and development engine;

Current wording

•our expectations regarding the rate and degree of market acceptance of our antibody discovery and development capabilities;

Previous wording

•our ability to manage and grow our business by introducing our antibody discovery and development engine to new partners and expanding our relationships with existing partners;

Current wording

•our ability to manage and grow our business by introducing our antibody discovery and development capabilities to new partners and expanding our relationships with existing partners;

Previous wording

•our expectations regarding the quality of our antibody discovery and development engine and technological capabilities, the advancement of internal programs, and their acceptance by new and existing partners in our industry;

Current wording

•our expectations regarding the quality of our antibody discovery and development capabilities and technological capabilities, the advancement of internal programs, and their acceptance by new and existing partners in our industry;

Previous wording

•business disruptions affecting our operations and the development of our antibody discovery and development engine;

Current wording

•business disruptions affecting our operations and the development of our antibody discovery and development capabilities;

Previous wording

We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in “Summary of the Material and Other Risks Associated with Our Business” above and “Risk Factors” below, that we believe could cause actual results or events to differ materially from our forward-looking statements. We operate in a competitive and rapidly changing environment and new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures, or investments we may make or enter.

Current wording

We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on the forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in our forward-looking statements. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in “Summary of the Material and Other Risks Associated with Our Business” above and “Risk Factors” below, that we believe could cause actual results or events to differ materially from our forward-looking statements. We operate in a competitive and rapidly changing environment and new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures, or investments we may make or enter into.

Previous wording

You should read this Quarterly Report and the documents that we file with the Securities and Exchange Commission, or the SEC, with the understanding that our actual future results may differ materially from what we expect. The forward-looking statements contained in this Quarterly Report are made as of the date of this Quarterly Report, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Current wording

You should read this Quarterly Report and the documents that we file with the Securities and Exchange Commission, or the SEC, with the understanding that our actual future results may differ materially from what we expect. The forward-looking statements contained in this Quarterly Report are made as of the date of this Quarterly Report, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.

Previous wording

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

Current wording

In addition, statements that “we believe” and similar statements reflect our current beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

Previous wording

This Quarterly Report includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties as well as our own estimates of potential market opportunities. All market data used in this Quarterly Report involves assumptions and limitations, and you are cautioned not to give undue weight to such data. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our estimates of the potential market opportunities for our product candidates include several key assumptions based on our industry knowledge, industry publications, third-party research, and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal assumptions are reasonable, no independent source has verified such assumptions.

Current wording

This Quarterly Report includes statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties as well as our own estimates of potential market opportunities. All market data used in this Quarterly Report involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our estimates of the potential market opportunities for our product candidates include several key assumptions based on our industry knowledge, industry publications, third-party research, and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal assumptions are reasonable, no independent source has verified such assumptions.

Previous wording

We focus on the development of antibody-based drugs and are committed to improving discovery and development. We aim to build a competitive advantage in bringing antibody therapeutics from target into clinical testing by combining expertise, technologies, and infrastructure to build an integrated engine for antibody drug discovery and development. We think deeply about capital allocation and strive to maximize long-term value while mitigating the risks that are inherent in drug development and in scaling a company. We look for opportunities where we believe low-risk investments in building technology and operational efficiency can create a sustained competitive advantage and drive long-term value by making biologics drug development faster and more efficient.

Current wording

We focus on the development of antibody-based drugs and are committed to improving discovery and development. We aim to build a competitive advantage in bringing antibody therapeutics from target into clinical testing by combining expertise, technologies, and infrastructure to build integrated capabilities for antibody drug discovery and development. We think deeply about capital allocation and strive to maximize long-term value while mitigating the risks that are inherent in drug development. We look for opportunities where we believe low-risk investments in building technology and operational efficiency can create a sustained competitive advantage and drive long-term value by making biologics drug development faster and more efficient.

Previous wording

Our deals emphasize participation in the success and upside of future antibody therapeutic candidates. Our partnership agreements include near-term payments for technology access, research and intellectual property rights, and downstream payments in the form of clinical and commercial milestones, and royalties on net sales. We also participate in alternative investment opportunities including equity in our business partners and various rights for deeper involvement in moving molecules forward. Longer-term, we are eligible to receive additional payments upon satisfaction of clinical and commercial milestones, which we refer to as milestone payments, as well as royalties on sales of approved products derived from antibodies that we discover for our partners. Our partnerships generally include royalty payments (or equivalents) on net sales. For discovery agreements, these are typically in the single-digit to low-double digit range. We believe that our internal programs, if successfully out-licensed, may generate substantial upfront payments and royalty positions on net sales in the high single-digits to high teens range, in addition to clinical and commercial milestones.

Current wording

Our deals with partners emphasize participation in the success and upside of future antibody therapeutic candidates. We structure our agreements in a way that is designed to align our partners’ economic interests with our own. Our partnership agreements include near-term payments for technology access, research and intellectual property rights, and downstream payments in the form of clinical and commercial milestones, and royalties on net sales. We also participate in alternative investment opportunities including equity in our business partners and various rights for deeper involvement in moving molecules forward. Longer-term, we are eligible to receive additional payments upon satisfaction of clinical and commercial milestones, which we refer to as milestone payments, as well as royalties on sales of approved products derived from antibodies that we discover for our partners. Our partnerships generally include royalty payments (or equivalents) on net sales. For discovery agreements, these are typically in the single-digit to low-double digit range. We believe that our internal programs, if successfully out-licensed, may generate substantial upfront payments and royalty positions on net sales in the high single-digits to high teens range, in addition to clinical and commercial milestones.

Previous wording

We focus a substantial portion of our resources on research and development efforts towards strengthening our discovery and development engine and developing a pipeline of internal and co-development programs. We expect to continue to make significant investments in this area for the foreseeable future, over time shifting effort from engine development towards engine application. We expect to continue to incur significant expenses in connection with our ongoing activities, including as we:

Current wording

We focus a substantial portion of our resources on research and development efforts towards strengthening our discovery and development capabilities and developing a pipeline of internal and co-development programs. We expect to continue to make significant investments in this area for the foreseeable future and expect to continue to incur significant expenses in connection with our ongoing activities, including as we:

Previous wording

•invest in research and development activities to improve our antibody discovery and development engine including investments in completing the construction of our small-scale manufacturing facility and our new headquarters through our joint ventures;

Current wording

•invest in research and development activities to improve our antibody discovery and development capabilities, including investments in completing the construction of our small-scale manufacturing facility;

Previous wording

•expand and enhance operations to deliver programs, including investments in manufacturing;

Current wording

•improve and enhance operations to deliver programs, including investments in manufacturing;

Previous wording

The Company has advanced two AbCellera-led programs into IND-enabling studies. The programs align with the Company's strategy of building value, both through strategic partnerships, and through internal discovery and development of potential first-in-class and best-in-class antibody therapies. We have started a cumulative total of 95 partner-initiated programs with downstream participation and have seen a cumulative total 14 molecules advanced into the clinic, as illustrated by the following chart.

Current wording

The Company has advanced two AbCellera-led programs into IND-enabling studies. The programs align with the Company's strategy of building value, both through strategic partnerships, and through internal discovery and development of potential first-in-class and best-in-class antibody therapies. We anticipate starting Phase 1 clinical trials in Canada for both programs in the second half of 2025. Following the quarter end, we introduced ABCL635, as a first-in-class antibody for the non-hormonal treatment for vasomotor symptoms (hot flashes) associated with menopause.

Previous wording

The following table summarizes our key operating results for the three and nine months ended September 30, 2023 and September 30, 2024. All figures are in U.S. dollars and amounts are expressed in thousands, except loss per share data:

Current wording

The following table summarizes our key operating results for the three months ended March 31, 2024 and March 31, 2025. All figures are in U.S. dollars and amounts are expressed in thousands, except loss per share data:

Previous wording

(1)Exclusive of depreciation, amortization, and impairment

Current wording

(1)Exclusive of depreciation and amortization

Previous wording

•Pursuing drug discovery and development opportunities internally. As the capabilities of our discovery and development engine have matured we are increasingly in a position to pursue attractive, well-validated targets ourselves, e.g. in the GPCR, ion channel, and TCE spaces. Such programs have the potential to yield first-in-class drug candidates in indications with substantial unmet medical need which we would wholly own. We plan on investing significant resources in the preclinical and, eventually, clinical development of internal programs which will impact our financial results. The investments in each program are undertaken at risk and may ultimately not yield a return.

Current wording

•Pursuing drug discovery and development opportunities internally. As our discovery and development capabilities have matured, we are increasingly in a position to pursue attractive, well-validated targets ourselves, e.g. in the GPCR, ion channel, and TCE spaces. Such programs have the potential to yield first-in-class drug candidates in indications with substantial unmet medical need which we would wholly own. We plan on investing significant resources in the preclinical and, eventually, clinical development of internal programs which will impact our financial results. The investments in each program are undertaken at risk and may ultimately not yield a return.

Previous wording

•Investing in enhancements to our discovery and development engine. Our ability to maintain and expand our partnerships is dependent on the advantages our discovery and development engine delivers to our partners and our internal programs. We intend to maintain our leading position through investments in research and development to refine and add capabilities in areas such as computation, protein engineering, immunization technologies, genetically engineered rodents and cell line selection. Specifically, we are currently completing our investments in integrated preclinical development and antibody manufacturing. We have also successfully executed and will continue to look for strategic technology acquisitions to improve, broaden and deepen our capabilities and expertise in antibody discovery and development, or those that offer opportunities to expand our business into adjacent therapeutic modalities. We intend to continue to devote resources to continue to improve our discovery differentiation which will impact our financial performance.

Current wording

•Investing in enhancements to our discovery and development capabilities. Our ability to maintain and expand our partnerships is dependent on the advantages our discovery and development capabilities deliver to our partners and our internal programs. We intend to maintain our leading position through investments in research and development to refine and add capabilities in areas such as computation, protein engineering, immunization technologies, genetically engineered rodents and cell line selection. Specifically, we are currently completing our investments in integrated preclinical development and antibody manufacturing. We have also successfully executed and will continue to look for strategic technology acquisitions to improve, broaden and deepen our capabilities and expertise in antibody discovery and development, or those that offer opportunities to expand our business into adjacent therapeutic modalities. We intend to continue to devote resources to continue to improve our discovery differentiation which will impact our financial performance.

Previous wording

Comparison of the three and nine months ended September 30, 2023 and September 30, 2024:

Current wording

Comparison of the three months ended March 31, 2024 and March 31, 2025:

Previous wording

Revenue decreased by $0.1 million from the three months ended September 30, 2023 compared to the three months ended September 30, 2024, and decreased $5.1 million from the nine months ended September 30, 2023 compared to the nine months ended September 30, 2024. The decrease in research fees in both periods was attributable to the timing and progress of our research and development efforts.

Current wording

Revenue decreased by $5.7 million from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The decrease in research fees in both periods was attributable to the timing and increased prioritization of our research and development efforts towards internal programs.

Previous wording

Research and development expenses increased by$3.1 million, or 8%, from the three months ended September 30, 2023 compared to the three months ended September 30, 2024. Research and development expenses reflect the continued growth in program execution, platform development, forward integration, and investment in partnered and internal programs, all of which contribute to increased capabilities and capacity of AbCellera's engine for antibody discovery and development. Of the total increase,$0.6 million is attributable to compensation-related expenses and $2.5 million isattributable to facilities, supplies and services expenditure consistent with the overall growth of the Company.

Current wording

Research and development expenses increased by$3.2 million, or 8%, from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. Research and development expenses reflect the continued progress in program execution, forward integration, and investment in partnered and internal programs. Of the total increase,$1.1 million is attributable to compensation-related expenses and $2.1 million is attributable to third-party research and development expenses for preclinical, discovery, and other research programs, and facilities, supplies and other unallocated research and development expenses.

Previous wording

Sales and marketing expenses decreased by $0.3 million, or (10)%, from the three months ended September 30, 2023 compared to the three months ended September 30, 2024 and decreased by $1.4 million, or (13)%, from the nine months ended September 30, 2023 compared to the nine months ended September 30, 2024. The decrease in both periods was attributable to a reduction in consulting fees and other expenses related to our business development activity.

Current wording

Sales and marketing expenses decreased by $0.5 million, or (16)%, from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The decrease was attributable to a reduction in consulting fees and other expenses related to our business development activity.

Previous wording

General and administrative expenses increased by $4.8 million, or 33%, from the three months ended September 30, 2023 compared to the three months ended September 30, 2024. The increase was driven by a $1.2 million increase in compensation-related costs and a $3.6 million increase in legal, software, and other general administrative costs.

Current wording

General and administrative expenses decreased by $1.1 million, or (6)%, from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The decrease was driven by a $3.5 million decrease in compensation-related costs, partially offset by a $2.4 million increase in legal, software, and other general administrative costs.

Previous wording

Interest income decreased by$1.1 million, or(11)%, from the three months ended September 30, 2023 compared to the three months ended September 30, 2024 and decreased by$1.5 million, or (5)%, from the nine months ended September 30, 2023 compared to the nine months ended September 30, 2024. The decrease was primarily driven by a decrease in our average cash and cash equivalents and marketable securities balances in the respective periods.

Current wording

Interest income decreased by$2.4 million, or(23)%, from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The decrease was primarily driven by our cash, cash equivalents, and marketable securities balances and interest rate yields in the period.

Previous wording

Grants and incentives increased by$0.7 million, or 23%, from the three months ended September 30, 2023 compared to the three months ended September 30, 2024 and decreased$0.7 million, or (7)%, from the nine months ended September 30, 2023 compared to the nine months ended September 30, 2024. Changes in both periods were primarily driven by activity relating to research and development expenditures that are eligible for reimbursement under government programs for the period.

Current wording

Grants and incentives increased by$0.9 million, or 27%, from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The change was primarily driven by activity relating to research and development expenditures that are eligible for reimbursement under government programs for the period.

Previous wording

Other income increased by$15.9 million from the three months ended September 30, 2023 compared to the three months ended September 30, 2024. The increase was primarily attributable to a$16.5 million recognized gain onthe disposal of a non-marketable security, partially offset by fair value adjustments on the Trianni contingent consideration and a foreign exchange loss due to fluctuations in the Canadian and U.S. dollar exchange rate.

Current wording

Other expense increased by$1.0 million from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The increase was primarily due to a foreign exchange loss in the period due to fluctuations in the Canadian and U.S. dollar exchange rate, partially offset by fair value adjustments.

Previous wording

Income tax recovery increased by$0.9 million from the three months ended September 30, 2023 compared to the three months ended September 30, 2024 and decreased by$1.3 million from thenine months ended September 30, 2023 compared to thenine months ended September 30, 2024. The movement in each period was driven by the current net loss and a change in effective income tax rates.

Current wording

Income tax recovery increased by$5.2 million from the three months ended March 31, 2024 compared to the three months ended March 31, 2025. The increase was primarily driven by the current net loss and a change in effective income tax rates impacted from the availability of carry-back of losses to recover previously paid taxes.

Previous wording

As of September 30, 2024, we had $643.1 million of cash, cash equivalents and marketable securities, comprising $126.6 million in cash and cash equivalents and $516.5 million in marketable securities. The decrease of $117.4 million since December 31, 2023, was primarily from a combination of cash flow used in operations due to our continued research and development activity, investments in partnered and internal programs, our internal pipeline, investments in our corporate headquarters and GMP facility under construction, and offset by government contributions received in the nine months ended September 30, 2024.

Current wording

As of March 31, 2025, we had $605.3 million of cash, cash equivalents and marketable securities, comprising $159.3 million in cash and cash equivalents and $446.0 million in marketable securities. The decrease of $20.3 million since December 31, 2024, was primarily from a combination of cash flow used in operations due to our continued research and development activity, execution of internal and partnered programs, building our internal pipeline, and investments in our corporate headquarters andclinical manufacturing facility under construction, partially offset by government contributions received in the three months ended March 31, 2025.

Previous wording

While we have generated positive operating cash flows in the past, we intend to significantly invest in our business, and as a result may continue to incur operating losses in future periods. We will continue to use our significant available liquidity from our cash, cash equivalents and marketable securities to fund and invest in research and development efforts towards expanding our capabilities and expertise along our discovery and development engine, the building of our business development team and marketing our solutions to new and existing partners, and the expansion of our corporate headquarters, GMP facility and related infrastructure, including optimization of long-term office-lease arrangements. Based on our current business plan, we believe that our available liquidity from existing cash, cash equivalents, marketable securities, loan receivables, and government contributions, will be sufficient to meet our working capital and capital expenditure needs and do not anticipate the need of additional external funding over at least the next 36 months following the date of this report.

Current wording

While we have generated positive operating cash flows in the past, we intend to significantly invest in our business, and as a result may continue to incur operating losses in future periods. We will continue to use our significant available liquidity from our cash, cash equivalents, and marketable securities to fund and invest in research and development efforts towards expanding our capabilities and expertise, execute and build our internal pipeline, and the expansion of our corporate headquarters, clinical manufacturing facility and related infrastructure, including optimization of long-term office-lease arrangements. In 2025, we are on track to complete our final large platform investments in our clinical manufacturing facility and our corporate headquarters. With the completion of these large platform investments, we expect a significant reduction in investing cash flows, shifting our capital allocation from building capabilities to using them as we execute our strategy of building on our pipeline of first-in-class and best-in-class medicines. Based on our current business plan, we believe that our available liquidity from existing cash, cash equivalents, marketable securities, loan receivables, and government contributions, will be sufficient to meet our working capital and capital expenditure needs and do not anticipate the need of additional external funding over at least the next 36 months following the date of this report.

Previous wording

In May 2023, we entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia. Under the agreements, up to $166.7 million ($225.0 million CAD) and $55.6 million ($75.0 million CAD) was committed by the Government of Canada and the Government of British Columbia, respectively, to build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research. See the notes to our condensed consolidated financial statements for further information related to the government contributions.

Current wording

In May of 2023, we entered into multi-year contribution agreements with the Government of Canada and the Government of British Columbia. Under the agreements, up to $166.7 million ($225.0 million CAD) and $55.6 million ($75.0 million CAD) was committed by the Government of Canada and the Government of British Columbia, respectively, to build new capabilities in Canada to develop, manufacture, and deliver antibody medicines to patients through Phase 1 clinical trials and build expertise in translational science, technical operations, and clinical operations and research. See the notes to our condensed consolidated financial statements for further information related to the government contributions.

Previous wording

Net cash used in operating activities increased from $24.3 million in the nine months ended September 30, 2023 to $100.6 million in the nine months ended September 30, 2024. The increase in cash flows used in operations was attributable to research and development activity, program execution, and investment in partnered and internal programs in addition to working capital movements including higher levels of accounts and grants receivable in thenine months ended September 30, 2024.

Current wording

Net cash used in operating activities decreased from $41.7 million in the three months ended March 31, 2024 to $11.6 million in the three months ended March 31, 2025. The decrease in cash flows used in operations was primarily attributable to an increase in deferred revenues and working capital movements including a reduction in accounts and grants receivable in three months ended March 31, 2025.

Previous wording

Net cash used in investing activities decreased from $196.8 million used in investing activities in the nine months ended September 30, 2023 to $85.7 million provided by investing activities in the nine months ended September 30, 2024. The decrease in cash used in investing activities was primarily attributable to specific one-time investments that occurred in the first quarter of 2023, receipt of grant funding, and proceeds from marketable securities in thenine months ended September 30, 2024.

Current wording

Net cash provided by investing activities decreased from $29.9 million in the three months ended March 31, 2024 to $7.9 million in the three months ended March 31, 2025. The decrease in cash provided by investing activities was primarily attributable to a reduction in grant funding received in the period, property and equipment expenditure, and proceeds from marketable securities in thethree months ended March 31, 2025.

Previous wording

Detailed information about our critical accounting policies and estimates is set forth in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies during the nine months ended September 30, 2024.

Current wording

Detailed information about our critical accounting policies and estimates is set forth in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes to these policies during the three months ended March 31, 2025.