Cytek Biosciences, Inc.

Previous wording

Our FSP cell analyzers, the Cytek Aurora, Northern Lights and Cytek Aurora Evo systems, deliver high-resolution, high-content and high-sensitivity cell analysis and addresses the inherent limitations of other technologies by providing a higher level of multiplexing with exquisite sensitivity, more flexibility and increased efficiency, all at a lower cost for performance. Additionally, our Cytek Aurora cell sorter (“Aurora CS system”) leverages our FSP technology to further broaden our potential applications across cell analysis. Each system is supported by our highly intuitive, proprietary embedded SpectroFlo software, our reagents, and our service offerings to provide a comprehensive, end-to-end platform of solutions for our customers. Since our first U.S. commercial launch in mid-2017, we have sold and deployed our instruments to customers around the world, including pharmaceutical companies, biopharma companies, academic research centers, and clinical research organizations (“CROs”).

Current wording

Our FSP cell analyzers, the Cytek Aurora, Northern Lights and Cytek Aurora Evo systems, deliver high-resolution, high-content and high-sensitivity cell analysis and addresses the inherent limitations of other technologies by providing a higher level of multiplexing with exquisite sensitivity, more flexibility and increased efficiency, all at a lower cost for performance. Additionally, our Cytek Aurora cell sorter (“Cytek Aurora CS system”) leverages our FSP technology to further broaden our potential applications across cell analysis. Each system is supported by our highly intuitive, proprietary embedded SpectroFlo software, our reagents, and our service offerings to provide a comprehensive, end-to-end platform of solutions for our customers. Since our first U.S. commercial launch in mid-2017, we have sold and deployed our instruments to customers around the world, including pharmaceutical companies, biopharma companies, academic research centers, and clinical research organizations (“CROs”).

Previous wording

To date, we have adopted a direct sales model in North America, Europe, China, and several other countries in the Asia-Pacific region, and sell our products through third-party distributors in certain countries in Europe, Latin America, the Middle East, Africa and the Asia-Pacific region. Revenue from direct sales represented 73% and 73% of total revenue for the three and six months ended June 30, 2025, respectively, and 74% and 75% for the three and six months ended June 30, 2024, respectively. Revenue from distributors represented 27% and 27% of total revenue for the three and six months ended June 30, 2025, respectively, and 26% and 25% for the three and six months ended June 30, 2024, respectively.

Current wording

To date, we have adopted a direct sales model in North America, Europe, China, and several other countries in the Asia-Pacific region, and sell our products through third-party distributors in certain countries in Europe, Latin America, the Middle East, Africa and the Asia-Pacific region. Revenue from direct sales represented 72% and 73% of total revenue for the three and nine months ended September 30, 2025, respectively, and 77% and 76% for the three and nine months ended September 30, 2024, respectively. Revenue from distributors represented 28% and 27% of total revenue for the three and nine months ended September 30, 2025, respectively, and 23% and 24% for the three and nine months ended September 30, 2024, respectively.

Previous wording

We focus a substantial portion of our resources on developing new products and solutions to meet our customers’ needs. Our research and development efforts focus on developing new and complementary instruments, reagents and reagent kits, and continued operating software development. We incurred research and development expenses of $8.8 million and $18.6 million for the three and six months ended June 30, 2025, respectively, and $10.0 million and $19.8 million for three and six months ended June 30, 2024, respectively. We intend to continue to make significant investments in research and development in the future.

Current wording

We focus a substantial portion of our resources on developing new products and solutions to meet our customers’ needs. Our research and development efforts focus on developing new and complementary instruments, reagents and reagent kits, and continued operating software development. We incurred research and development expenses of $9.0 million and $27.5 million for the three and nine months ended September 30, 2025, respectively, and $9.9 million and $29.7 million for three and nine months ended September 30, 2024, respectively. We intend to continue to make significant investments in research and development in the future.

Previous wording

We expect to continue to invest in our commercial infrastructure through hiring additional employees with strong scientific and technical backgrounds to support growth in our instrument sales as well as our planned expansion of reagents offerings and panel design capabilities. We also plan to continue to invest in sales, marketing and business development across the globe to drive commercialization of our products. We incurred sales and marketing expenses of $12.1 million and $24.6 million for the three and six months ended June 30, 2025, respectively, and $12.3 million and $24.8 million for three and six months ended June 30, 2024, respectively.

Current wording

We expect to continue to invest in our commercial infrastructure through hiring additional employees with strong scientific and technical backgrounds to support growth in our instrument sales as well as our planned expansion of reagents offerings and panel design capabilities. We also plan to continue to invest in sales, marketing and business development across the globe to drive commercialization of our products. We incurred sales and marketing expenses of $11.7 million and $36.3 million for the three and nine months ended September 30, 2025, respectively, and $12.4 million and $37.2 million for three and nine months ended September 30, 2024, respectively.

Previous wording

Our net loss was $5.6 million and $17.0 million for the three and six months ended June 30, 2025, respectively, and $10.4 million and $16.6 million for three and six months ended June 30, 2024, respectively. The change for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 resulted primarily from a decrease in revenues and gross profit and an increase in operating expenses.

Current wording

Our net loss was $5.5 million and $22.5 million for the three and nine months ended September 30, 2025, respectively, and our net income (loss) was $0.9 million and $(15.7) million for three and nine months ended September 30, 2024, respectively. The change for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 resulted primarily from a decrease in revenues and gross profit and an increase in operating expenses.

Previous wording

Product. Our product revenue primarily consists of sales of our instruments, including the Cytek Aurora, Northern Lights, Cytek Aurora Evo, Aurora CS, Amnis and Guava systems, instrument accessories, such as loaders, and consumables, such as reagents. We offer multiple versions of our FSP systems with different price points based on the number of lasers integrated in the systems. We also derive revenue from sales of our conventional flow cytometry system, which is available for sale in China. We recognize product revenue when control of the instrument is transferred to the customer.

Current wording

Product. Our product revenue primarily consists of sales of our instruments, including the Cytek Aurora, Northern Lights, Cytek Aurora Evo, Cytek Aurora CS, Amnis and Guava systems, instrument accessories, such as loaders, and consumables, such as reagents. We offer multiple versions of our FSP systems with different price points based on the number of lasers integrated in the systems. We also derive revenue from sales of our conventional flow cytometry system, which is available for sale in China. We recognize product revenue when control of the instrument is transferred to the customer.

Previous wording

We expect our revenue to increase in absolute dollars as we expand our sales organization and sales territories, broaden our customer base, and expand awareness of our products with new and existing customers. Our revenue was $45.6 million and $46.6 million for the three months ended June 30, 2025 and 2024, respectively, and $87.1 million and $91.5 million for the six months ended June 30, 2025 and 2024, respectively.

Current wording

We expect our revenue to increase in absolute dollars as we expand our sales organization and sales territories, broaden our customer base, and expand awareness of our products with new and existing customers. Our revenue was$52.3 million and $51.5 million for the three months ended September 30, 2025 and 2024, respectively, and$139.4 million and $143.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

The following table sets forth our consolidated results of operations and comprehensive loss data for the periods presented:

Current wording

The following table sets forth our consolidated results of operations and comprehensive (loss) income data for the periods presented:

Previous wording

Total revenue, net decreased by $1.0 million to $45.6 million, or 2%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Total revenue, net decreased by $4.4 million to $87.1 million, or 5%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Current wording

Total revenue, net increased by $0.8 million to $52.3 million, or 2%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Total revenue, net decreased by $3.6 million to $139.4 million, or 3%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Previous wording

Product revenue decreased by $3.2 million to $31.4 million, or 9%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The lower revenue for the three months ended June 30, 2025 was primarily due to lower revenue in EMEA and APAC. Product revenue decreased by $9.2 million to $59.5 million, or 13%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The lower revenue for the six months ended June 30, 2025 wasprimarily due to lower revenue in EMEA and the United States, offset partially by growth in the APAC market.

Current wording

Product revenue decreased by $1.4 million to $38.1 million, or 4%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The lower product revenue for the three months ended September 30, 2025 was primarily due to lower product revenue in EMEA, partially offset by growth in APAC and global reagent revenue. Product revenue decreased by $10.6 million to $97.6 million, or 10%, for the nine months ended September 30, 2025, as compared to thenine months ended September 30, 2024. The lower product revenue for thenine months ended September 30, 2025 wasprimarily due to lower product revenue in EMEA and to a lesser extent in the United States, partially offset by growth in the APAC region as well as global reagent revenue growth.

Previous wording

Service revenue increased $2.1 million to $14.2 million, or 18%, and $4.8 million to $27.5 million, or 21%, for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. The increase was primarily due to continued growth of the installed base with the related increase in service contracts and maintenance activity.

Current wording

Service revenue increased $2.2 million to $14.2 million, or 19%, and $7.0 million to $41.7 million, or 20%, for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024. The increase was primarily due to continued growth of the installed base of instruments and the related increase in the number of service contracts and in maintenance activity.

Previous wording

Total cost of sales increased by $0.6 million to $21.7 million, or 3%, for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Total cost of sales was flat at $43.0 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase in cost of sales for the three months ended June 30, 2025 was driven primarily by the increase in service cost of sales associated with higher parts and labor costs required to support higher service revenue. The higher service cost of sales was offset partially by lower product cost of sale primarily related to lower product revenue in the three months ended June 30, 2025.

Current wording

Total cost of sales increased by $2.2 million to $24.7 million, or 10%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Total cost of sales increased by $2.3 million to $67.8 million, or 3%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The increase in cost of sales for the three and nine months ended September 30, 2025 was driven primarily by higher parts and labor costs required to support a larger installed base of instruments and the associated higher level of service activity. The higher service cost of sales for the nine months ended September 30, 2025 was partially offset by lower product cost of sales primarily related to lower product revenue in thenine months ended September 30, 2025.

Previous wording

Product revenue for the three and six months ended June 30, 2025 decreased by 9% and 13%, respectively, as compared to the three and six months ended June 30, 2024. Product cost of sales for the three and six months ended June 30, 2025 decreased by 6% and 6%, respectively, as compared to the same period in 2024. Product gross profit for the three and six months ended June 30, 2025 decreased 12% and 20%, respectively, as compared to the three and six months ended June 30, 2024. The lower product gross profit margins in the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 were driven primarily by lower product revenue resulting in lower fixed cost absorption.

Current wording

Product revenue for the three and nine months ended September 30, 2025 decreased by 4% and 10%, respectively, as compared to the three and nine months ended September 30, 2024. Product cost of sales for the three months ended September 30, 2025 increased by 1%, due to higher overhead, material, and tariff costs, and for the nine months ended September 30, 2025 decreased 4%, as compared to the same period in 2024 due to lower material costs on lower volume. Product gross profit for the three and nine months ended September 30, 2025 decreased 8% and 15%, respectively, as compared to the three and nine months ended September 30, 2024. The lower product gross profit margins in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 were driven primarily by higher overhead costs associated with a site transition and higher tariff costs. The lower product gross margins in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 were driven primarily by lower product revenue resulting in lower fixed cost absorption, higher overhead associated with a manufacturing site transition and increased tariff costs.

Previous wording

Service revenue for the three and six months ended June 30, 2025 increased 18% and 21%, respectively, as compared to the three and six months ended June 30, 2024. Service cost of sales for the three and six months ended June 30, 2025 increased by 27% and 20%, respectively, as compared to the same period in 2024. Service gross profit for the three and six months ended June 30, 2025 increased 11% and 21%, respectively, as compared to the three and six months ended June 30, 2024. In the three months ended June 30, 2025, service gross margins declined compared to the three months ended June 30, 2024 due to higher service materials costs.

Current wording

Service revenue for the three and nine months ended September 30, 2025 increased 19% and 20%, respectively, as compared to the three and nine months ended September 30, 2024. Service cost of sales for the three and nine months ended September 30, 2025 increased by 40% and 27%, respectively, as compared to the same period in 2024. Service gross profit for the three and nine months ended September 30, 2025 increased 3% and 15%, respectively, as compared to the three and nine months ended September 30, 2024. In the three and nine months ended September 30, 2025, service gross margins declined compared to the three and nine months ended September 30, 2024 due to higher service labor and travel costs resulting from an increased field service headcount required to service a growing installed base of instruments, and higher material costs.

Previous wording

Research and development expenses were $8.8 million and $18.6 million for the three and six months ended June 30, 2025, respectively, as compared to $10.0 million and $19.8 million for the three and six months ended June 30, 2024, respectively. The decrease in research and development expenses for both the three and six months ended June 30, 2025 compared to research and development expenses for the three and six months ended June 30, 2024 was primarily due to lower headcount and engineering expenses.

Current wording

Research and development expenses were $9.0 million and $27.5 million for the three and nine months ended September 30, 2025, respectively, as compared to $9.9 million and $29.7 million for the three and nine months ended September 30, 2024, respectively. The decrease in research and development expenses for both the three and nine months ended September 30, 2025 compared to research and development expenses for the three and nine months ended September 30, 2024 was primarily due to lower compensation expenses from lower headcount and lower outside services costs.

Previous wording

General and administrative expenses were $13.5 million and $26.4 million for the three and six months ended June 30, 2025, respectively, as compared to $11.7 million and $23.1 million for the three and six months ended June 30, 2024, respectively. The increase of $1.8 million and $3.3 million in general and administrative expenses for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarilydue to ongoing patent litigation expenses incurred in 2025.

Current wording

General and administrative expenses were $16.1 million and $42.6 million for the three and nine months ended September 30, 2025, respectively, as compared to $10.9 million and $34.0 million for the three and nine months ended September 30, 2024, respectively. The increase of $5.2 million and $8.5 million in general and administrative expenses for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, was primarilydue to four factors: ongoing patent litigation expenses incurred in 2025 but not in 2024, a non-recurring charge of $0.7 million related to the write-off of deferred offering costs for a 2022 “at-the-market” offering program that expired as of September 30, 2025.

Previous wording

Interest expense was $0.4 million and $0.7 million for the three and six months ended June 30, 2025, respectively, as compared to $0.1 million and $0.6 million for the three and six months ended June 30, 2024, respectively. The increase in interest expense was mainly due to the adjustment to the settlement liability related to the settlement agreement with Becton, Dickinson and Company (“BD”). See Note 11 to our unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details.

Current wording

Interest expense was $0.5 million and $1.2 million for the three and nine months ended September 30, 2025, respectively, as compared to $0.1 million and $0.7 million for the three and nine months ended September 30, 2024, respectively. The increase in interest expense for thethree and nine months ended September 30, 2025 were mainly due to two factors: (i) reductions in interest expense in thethree and nine months ended September 30, 2024 to the interest accrual on the estimated Becton, Dickinson and Company (“BD”) settlement liability to the accrual on actual liability based on sales of the relevant products in the quarter; (ii) increase in interest expense in thethree and nine months ended September 30, 2025 to reflect provisions for various state sales tax audit liabilities. See Note 11 to our unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for further details.

Previous wording

Interest income was $0.6 million and $1.1 million for the three and six months ended June 30, 2025, respectively, as compared to $1.4 million and $2.8 million for the three and six months ended June 30, 2024, respectively. The decrease in interest income was the result of lower average balance of cash and cash equivalents and short-term investments as compared to the three and six months ended June 30, 2024 due to the transfer of funds from cash accounts to marketable securities accounts, the income from which is classified as investment income, included in Other income, net, rather than interest income, and a lower interest rate environment.

Current wording

Interest income was $0.6 million and $1.6 million for the three and nine months ended September 30, 2025, respectively, as compared to $1.4 million and $4.2 million for the three and nine months ended September 30, 2024, respectively. The decrease in interest income was the result of lower average balance of cash and cash equivalents and short-term investments as compared to the three and nine months ended September 30, 2024 due to the transfer of funds from cash accounts to marketable securities accounts, the income from which is classified as investment income, included in Other income, net, rather than interest income, and a lower interest rate environment.

Previous wording

Benefit from income taxes was $1.2 million and $1.1 millionfor thethree and six months ended June 30, 2025, respectively, as compared to an income taxes expense of $3.2 million and$0.4 million for thethree and six months ended June 30, 2024, respectively. The net decrease of $4.4 million for the three months ended June 30, 2025 was primarily due to higher tax expense in the quarter ended June 30, 2024, which was driven by reversal of a tax benefit from the first quarter of 2024, which did not reoccur in the current quarter, and a higher effective tax rate due to the geographic mix of worldwide profit and losses. Benefit from income tax expense was $1.1 million for the six months ended June 30, 2025, as compared to an income taxes expense of $0.4 million for the six months ended June 30, 2024. The net decrease of $1.5 million for the six months ended June 30, 2025 was primarily due to a higher effective tax rate due to the geographic mix of worldwide profit and losses.

Current wording

Benefit from income taxes was $2.3 million and $3.3 million for the three and nine months ended September 30, 2025, respectively, as compared to benefit from income taxes of $0.8 million and $0.4 million for the three and nine months ended September 30, 2024, respectively. The net increase of $1.5 million for the three months ended September 30, 2025 was primarily due toa higher effective tax rate for the three months ended September 30, 2025 caused by a higher worldwide taxable loss for 2025 compared to 2024 and a higher pre-tax loss compared to pre-tax income in the three months ended September 30, 2024. Benefit from income tax expense was $3.3 million for the nine months ended September 30, 2025, as compared to the benefit from income tax expense of $0.4 million for the nine months ended September 30, 2024. The net increase of $3.0 million for the nine months ended September 30, 2025 was primarily due to a higher effective tax rate resulting from alarger projected worldwide taxable loss for 2025 compared to 2024, and a higher pre-tax loss compared to the three months ended September 30, 2024.

Previous wording

To date, our primary sources of capital have been through sales of our securities and revenue from the sale of our products and services. As of June 30, 2025 and December 31, 2024, we had approximately $262.0 million and $277.9 million, respectively, in cash and cash equivalents and short term investments, which were primarily held in U.S. short-term bank deposit accounts, money market funds, U.S. Treasury notes, Federal agency security notes, and short term commercial paper.

Current wording

To date, our primary sources of capital have been through sales of our securities and revenue from the sale of our products and services. As of September 30, 2025 and December 31, 2024, we had approximately $261.7 million and $277.9 million, respectively, in cash and cash equivalents and short term investments, which were primarily held in U.S. short-term bank deposit accounts, money market funds, U.S. Treasury notes, Federal agency security notes, and short term commercial paper.

Previous wording

In addition, we lease certain office facilities under operating lease arrangements that expire on various dates through fiscal year 2029. Under the terms of the leases, we are responsible for certain expenses related to operations, maintenance, repairs and management fees. Future minimum lease payments under non-cancelable operating leases totaled $22.1 million as of June 30, 2025.

Current wording

In addition, we lease certain office facilities under operating lease arrangements that expire on various dates through fiscal year 2029. Under the terms of the leases, we are responsible for certain expenses related to operations, maintenance, repairs and management fees. Future minimum lease payments under non-cancelable operating leases totaled $21.0 million as of September 30, 2025.

Previous wording

On August 26, 2022, we entered into a sales agreement (the “Sales Agreement”) with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150.0 million of our common stock through an “at the market” offering program. To date, we have not made any sales of common stock pursuant to the Sales Agreement. The securities in this transaction were offered pursuant to an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) that was filed with the SEC on August 26, 2022.

Current wording

On August 26, 2022, we entered into a sales agreement (the “2022 Sales Agreement”) with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150.0 million of our common stock through an “at-the-market” offering program. The securities in this transaction were offered pursuant to an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) that was filed with the SEC on August 26, 2022 and expired in August 2025. As of the termination of the 2022 Sales Agreement in August 2025, concurrent with the expiration of the automatic shelf registration statement, the Company had not made any sales of common stock pursuant to the 2022 Sales Agreement. Accordingly, $0.7 million in transaction expenses recorded as prepaid offering costs have been expensed and recorded as of September 30, 2025.

Previous wording

Net cash used inoperating activities for thesix months ended June 30, 2025, was $0.02 million, which included a net loss of $17.0 million, an increase in deferred income taxes of $2.4 million, and an increase in loss on investments accretion and amortization, net of $3.1 million. Additionally, there was an increase of $5.1 million in inventories and a decrease of operating lease liabilities of $2.2 million, a decrease in legal settlement liability of $0.6 million, and an increase in prepaid expenses and other assets of $0.4 million. Cash used in operating activities during the period was partially offset bythe non-cash provision for stock-based compensation expense, depreciation and amortization, amortization of right-of-use assets, and excess and obsolete inventory of $13.4 million, $3.8 million, $2.1 million, and $0.3 million, respectively. Additionally, trade accounts receivable decreased by $7.1 million due to seasonality, with our first quarter typically being lower than our fourth quarter, an increase in deferred revenue of $1.6 million, and an increase in trade accounts payable of $1.2 million.

Current wording

Net cash used inoperating activities for thenine months ended September 30, 2025, was $3.92 million. The primary factors affecting our operating cash flows during the period were ournet loss of $22.5 million, impacted by our non-cash charges of $19.9 million, primarily consisting ofstock-based compensation expense of $19.1 million, depreciation and amortization of $5.7 million, amortization of right-of-use assets of $3.2 million, and excess and obsolete inventory of $0.5 million, partially offset by deferred income taxes of $5.0 million and gain on investments accretion and amortization, net of $4.5 million. The cash used in changes in our operating assets and liabilities of $1.3 million were primarily due to an increase of $7.3 million in inventories, a decrease of operating lease liabilities of $3.3 million, a decrease in legal settlement liability of $0.8 million, and an increase in prepaid expenses and other assets of $0.7 million. These amounts were partially offset by cash provided from changes in our operating assets and liabilities of a decrease in trade accounts receivable of $6.5 million, an increase in deferred revenue of $1.9 million, and an increase in trade accounts payable of $1.8 million.

Previous wording

Net cash provided byoperating activities for thesix months ended June 30, 2024 was $10.2 million due to the non-cash provision for stock-based compensation expense, depreciation and amortization, excess and obsolete inventory and amortization of right-of-use assets of $12.8 million, $3.5 million, $1.0 million, and $1.4 million, respectively; partially offset by a gain on investments, accretion and amortization, net of $2.4 million. Additionally, there was a decrease of inventories of $9.2 million and a decrease of trade accounts receivable of $10.2 million due to seasonality with our first quarter typically being lower than our fourth quarter due to marketing campaign closing activity. These were partially offset by usage of cash which included a net loss of $16.6 million and an increase in accrued expenses and other liabilities of $9.4 million, and an increase in prepaid expenses and other assets of $0.5 million.

Current wording

Net cash provided byoperating activities for thenine months ended September 30, 2024 was $23.4 million. The primary factors affecting our operating cash flows during the period were our net loss of$15.7 million, impacted by our non-cash charges of $25.8 million, primarily consisting ofstock-based compensation expense of $19.8 million, depreciation and amortization of $5.4 million, amortization of right-of-use assets of $2.4 million, and excess and obsolete inventory of $1.4 million, partially offset by a gain on investments, accretion and amortization, net of $3.6 million. The cash provided by changes in our operating assets and liabilities of $13.2 million were primarily due to a decrease of inventories of $12.8 million and a decrease of trade accounts receivable of $3.9 million. These amounts were partially offset by cash used from changes in our operating assets and liabilities of a decrease in accrued expenses and other liabilities of $3.8 million, and an increase in prepaid expenses and other assets of $2.1 million.

Previous wording

Net cash used in investing activities during the six months ended June 30, 2025 was $7.0 million driven by purchase of marketable securities of $141.4 million, and purchase of property and equipment of approximately $2.5 million, partially offset by proceeds from maturities of marketable securities of $136.9 million.

Current wording

Net cash provided by investing activities during the nine months ended September 30, 2025 was $12.0 million driven by proceeds from maturities of marketable securities of $216.1 million, proceeds from sale of property and equipment of $0.1 million, partially offset by purchase of marketable securities of $201.0 million, and purchase of property and equipment of approximately $3.2 million.

Previous wording

Net cash used in investing activities during the six months ended June 30, 2024 was $3.7 million driven by purchases of marketable securities of $114.0 million, and the purchase of fixed assets and intangibles of approximately $1.6 million. This was partially offset by the proceeds from maturities of marketable securities of $112.0 million.

Current wording

Net cash used in investing activities during the nine months ended September 30, 2024 was $19.5 million driven by purchases of marketable securities of $166.8 million, and the purchase of property and equipment of approximately $2.6 million. This was partially offset by the proceeds from maturities of marketable securities of $150.0 million.

Previous wording

Net cash used in financing activities during the six months ended June 30, 2025 was $14.1 million, driven by the payments for repurchase of shares of $15.1 million and repayment of loan of $1.7 million, partially offset by the proceeds from a line of credit of $2.1 million.

Current wording

Net cash used in financing activities during the nine months ended September 30, 2025 was $12.2 million, driven by the payments for repurchase of shares of $15.1 million and repayment of loan of $1.8 million, partially offset by the proceeds from a line of credit of $4.2 million.

Previous wording

Net cash used in financing activities during the six months ended June 30, 2024 was $0.1 million, driven by the payments for the repurchase of share of $2.7 million. This was partially offset by the proceeds from a line of credit of $1.4 million and the proceeds from the issuance of common stock under employee stock plans of $0.7 million.

Current wording

Net cash used in financing activities during the nine months ended September 30, 2024 was $12.2 million, driven by the payments for the repurchase of share of $14.6 million. This was partially offset by the proceeds from a line of credit of $1.4 million, proceeds from our Employee Stock Purchase Plan of $1.0 million, and the proceeds from the issuance of common stock under our equity incentive plans of $0.9 million.

Previous wording

During the six months ended June 30, 2025, there were no material changes to our contractual obligations and commitments from those described under “Management’s Discussion and Analysis of Financial Condition” which is contained in our Form 10-K and filed with the SEC on February 28, 2025.

Current wording

During the nine months ended September 30, 2025, there were no material changes to our contractual obligations and commitments from those described under “Management’s Discussion and Analysis of Financial Condition” which is contained in our Form 10-K and filed with the SEC on February 28, 2025.