10x Genomics, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
TXG$59.28+2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001770787-25-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001628280-25-050332
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 60 current paragraphs.
24 unchanged; 21 reworded; 15 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report
Acquisition
Current report
On August 7, 2025, we entered into an agreement to acquire all outstanding shares of common stock of Scale Biosciences, Inc., a single cell genomics technology company (“Scale”). Upon closing the transaction on August 11, 2025, we made an upfront payment consisting of $9.2 million in cash and $13.5 million (1,099,992 shares) in shares of our Class A common stock. In the first quarter of 2026, we expect to pay $20.0 million, subject to any adjustments, in connection with the technology transfer completed in the third quarter of 2025 and in the future may pay up to $30.0 million of contingent consideration if certain milestones are met.
Current report
The transaction was accounted for as an asset acquisition because substantially all of the fair value of the assets acquired is concentrated in the developed technology. We determined that the contingent consideration was within the scope of ASC 480, Distinguishing Liabilities from Equity, because the contingent consideration is payable in cash or shares of our Class A common stock, at our election. The contingent consideration was recorded at fair value as of the acquisition date. Upon closing, we recognized $22.4 million for the fair value of the contingent consideration. Refer to Note 3, Asset Acquisition, in the Notes to condensed consolidated financial statements included in this report, for a description of the fair value measurement of the contingent consideration.
Current report
Research and development expenses decreased $9.0 million, or 14%, to $57.2 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The decrease was primarily driven by a $5.9 million decrease in personnel expenses, including a $4.7 million decrease in stock-based compensation expense, a $1.9 million decrease in laboratory materials, supplies and equipment, and a $0.9 million decrease in allocated costs for facilities and information technology.
Current report
Research and development expenses decreased $15.1 million, or 8%, to $182.7 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily driven by a $11.3 million decrease in personnel expenses, including a $12.7 million decrease in stock-based compensation expense, a $3.1 million decrease in allocated costs for facilities and information technology and a $1.2 million decrease in depreciation and amortization costs. In May 2025, we had a reduction in force that resulted in restructuring costs of $3.7 million.
Current report
Selling, general and administrative expenses decreased $11.0 million, or 4%, to $239.5 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease was primarily driven by a reduction of $9.5 million in outside legal expenses, a $1.2 million decrease in marketing expenses related to conferences and seminars, and a $0.9 million decrease in other expense, partially offset by a $0.5 million increase in personnel expenses. The three months ended June 30, 2025 includes restructuring cost of $1.9 million. The three months ended September 30, 2025 includes the Scale assembled workforce impairment of $0.7 million.
Current report
Other income (expense), net decreased by $3.2 million to $1.2 million other expense, net for the three months ended September 30, 2025 as compared to $2.1 million other income, net, for the three months ended September 30, 2024. The decrease in other income (expense), net was driven by loss from foreign currency rate measurement fluctuations and the $1.1 million change in fair value of contingent consideration due to the completion of the technology transfer in the third quarter of 2025.
Current report
As explained above, we will remeasure the contingent consideration and assumed liabilities related to the Scale acquisition within the scope of ASC 480 as of each applicable reporting period. Upon remeasurement, we expect to record the change in the fair value of the contingent consideration within “other income (expense), net” in the Company’s condensed consolidated statement of operations. We expect other income (expense), net, to fluctuate, potentially significantly, from quarter to quarter due to changes in the fair value of the contingent consideration.
Current report
The Company’s provision for income taxes was a tax benefit of $0.7 million and an expense of $2.6 million, respectively, for the three and nine months ended September 30, 2025 and an expense of $1.3 million and $4.3 million respectively, for the three and nine months ended September 30, 2024. The decrease in income tax expense for the 2025 periods was primarily due to the enactment of the One Big Beautiful Bill Act (“OBBBA”) on July 4, 2025. Among its provisions, OBBBA restored the immediate deductibility of U.S. research and experimental expenditures, resulting in lower U.S. taxable income and a corresponding reduction in the Company’s provision for income taxes.
Current report
In the first quarter of 2026, we expect to pay $20.0 million, subject to any adjustments, in connection with the technology transfer completed in the third quarter of 2025 related to the Scale acquisition. In the future, we may pay up to $30.0 million of contingent consideration if certain milestones are met. The payment is payable in cash or equity at our election.
Current report
Acquisitions of intellectual property
Current report
We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further determination is required as to whether or not we have acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. We account for an asset acquisition under Accounting Standards Codification, Business Combinations Topic 805, Subtopic 50, which requires the acquiring entity in an asset acquisition to recognize net assets based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on relative fair values.
Current report
On August 7, 2025, we entered into an agreement to acquire all outstanding shares of common stock of Scale. The transaction was accounted for as an asset acquisition because substantially all of the fair value of the assets acquired is concentrated in the developed technology. Upon closing the transaction on August 11, 2025, we made an upfront payment consisting of $9.2 million in cash and $13.5 million (1,099,992 shares) in shares of our Class A common stock. In the first quarter of 2026, we expect to pay $20.0 million, subject to any adjustments, in connection with the technology transfer completed in the third quarter of 2025 and in the future may pay up to $30 million of contingent consideration if certain milestones are met.
Current report
We determined that the contingent consideration was within the scope of ASC 480, Distinguishing Liabilities from Equity, because the contingent consideration is payable in cash or Class A common shares, at our election. The contingent consideration was recorded at fair value as of the acquisition date. Upon closing, we recognized $22.4 million for the fair value of the contingent consideration. The contingent consideration will be remeasured each reporting period, with changes in fair value recognized within “other income” in our consolidated statement of operations.
Removed paragraphs (5)
Previous report
Research and development expenses decreased $1.7 million, or 3%, to $61.2 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The decrease was primarily driven by a $2.3 million decrease in personnel expenses, including a $5.2 million decrease in stock-based compensation expense, a $0.3 million decrease in allocated costs for facilities and information technology, partially offset by a $1.0 million increase in laboratory materials and supplies. The quarterly expenses include restructuring cost of $3.7 million.
Previous report
Research and development expenses decreased $6.1 million, or 5%, to $125.5 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The decrease was primarily driven by a $5.4 million decrease in personnel expenses, including an $8.0 million decrease in stock-based compensation expense, a $2.2 million decrease in allocated costs for facilities and information technology, partially offset by a $1.8 million increase in laboratory materials and supplies.
Previous report
Selling, general and administrative expenses decreased $4.7 million, or 3%, to $164.2 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The decrease was primarily driven by a reduction of $4.6 million in outside legal expenses, partially offset with a $1.2 million increase in personnel expenses, including a $8.5 million decrease in stock-based compensation expense. During the six months ended June 30, 2024, the Company recorded impairment charges of $2.1 million related to computer equipment and software of which $1.1 million was classified as selling, general and administrative expenses. The impairment charge was triggered by a decision to discontinue a software project.
Previous report
The Company’s provision for income taxes was $2.5 million and $3.3 million, respectively, for the three and six months ended June 30, 2025 and $0.8 million and $3.0 million respectively, for the three and six months ended June 30, 2024. The increase was primarily due to higher U.S. income.
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. We continue to analyze the provisions, including the restoration of deductibility of U.S. research and experimental expenditures, however we do not expect a material impact to the Company's consolidated financial statements.
Reworded paragraphs (21)
Previous wording
You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report and our audited consolidated financial statements and notes thereto and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 12, 2025 (our "Annual Report"). As discussed in the section titled “Special Note Regarding Forward-Looking Statements,” the following discussion and analysis, in addition to historical financial information, contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled “Risk Factors” in this Quarterly Report and Part I, Item 1A of our Annual Report.
Current wording
You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report and our audited consolidated financial statements and notes thereto and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 12, 2025 (our "Annual Report"). As discussed in the section titled “Special Note Regarding Forward-Looking Statements,” the following discussion and analysis, in addition to historical financial information, contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled “Risk Factors” in this Quarterly Report, in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and in Part I, Item 1A of our Annual Report.
Previous wording
Since our inception in 2012, we have incurred net losses in each year. Our net income was $34.5 million and $0.2 million for the three and six months ended June 30, 2025 and net losses were $37.9 million and $97.8 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $1.5 billion and cash and cash equivalents and marketable securities totaling $447.3 million. We expect to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term.
Current wording
Since our inception in 2012, we have incurred net losses in each year. Our net losses were $27.5 million and $27.3 million for the three and nine months ended September 30, 2025 and net losses were $35.8 million and $133.6 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $1.5 billion and cash and cash equivalents, and marketable securities totaling $482.1 million. We expect to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Comparison of the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
Products and services revenue decreased $7.8 million, or 5%, to $145.2 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Instruments revenue decreased $9.4 million, or 39%, to $14.5 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Consumables revenue decreased $1.2 million, or 1%, to $122.2 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Services revenue increased $2.7 million, or 47%, for the three months ended June 30, 2025 as compared to three months ended June 30, 2024, primarily driven by an increase in service plans for instruments coming off warranty.
Current wording
Products and services revenue decreased $3.5 million, or 2%, to $148.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Instruments revenue decreased $7.1 million, or 37%, to $12.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Consumables revenue increased $1.7 million, or 1%, to $127.9 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Services revenue increased $1.8 million, or 29%, to $8.1 million for the three months ended September 30, 2025 as compared to three months ended September 30, 2024, primarily driven by an increase in service plans for instruments coming off warranty.
Previous wording
Products and services revenue decreased $11.0 million, or 4%, to $283.0 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Instruments revenue decreased $20.0 million, or 41%, to $29.3 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Consumables revenue increased $3.8 million, or 2%, to $237.5 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Services revenue increased $5.1 million, or 47%, for the six months ended June 30, 2025 as compared to six months ended June 30, 2024, primarily driven by an increase in service plans for instruments coming off warranty.
Current wording
Products and services revenue decreased $14.6 million, or 3%, to $431.0 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Instruments revenue decreased $27.1 million, or 40%, to $41.3 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Consumables revenue increased $5.5 million, or 2%, to $365.4 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Services revenue increased $7.0 million, or 40%, for the nine months ended September 30, 2025 as compared to nine months ended September 30, 2024, primarily driven by an increase in service plans for instruments coming off warranty.
Previous wording
We expect our revenues, excluding the impact of license and royalty revenue, to slightly decline sequentially in the third quarter of 2025.
Current wording
We expect our revenues to moderately increase sequentially in the fourth quarter of 2025.
Previous wording
Cost of products and services revenue decreased $1.1 million, or 2%, to $47.8 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The decrease was primarily driven by lower royalties of $4.0 million and lower warranty costs of $1.7 million, partially offset by higher inventory write-downs of $2.5 million and an increase of $2.1 million due to changes in product mix. Gross margin increased to 72% primarily due to higher license and royalty revenue, and lower royalties and warranty costs, partially offset by an increase in inventory reserves, and higher manufacturing costs.
Current wording
Cost of products and services revenue increased $3.4 million, or 8%, to $48.7 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was primarily driven by higher manufacturing costs of $5.8 million and higher inventory write-downs of $3.5 million due to changes in product mix, partially offset by lower royalties of $4.1 million and lower warranty costs of $1.8 million. Gross margin decreased to 67% primarily due to changes in product mix and higher inventory write-downs, partially offset by lower royalties and lower warranty costs.
Previous wording
Cost of products and services revenue increased $0.3 million, or 0.3%, to $97.3 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase was primarily driven by higher inventory write-downs of $8.8 million, partially offset by lower royalties of $6.2 million and lower warranty costs of $2.0 million. Gross margin increased to 70% primarily due to higher license and royalty revenue and lower royalties, warranty, and manufacturing costs, partially offset by an increase in inventory reserves.
Current wording
Cost of products and services revenue increased $3.7 million, or 3%, to $146.0 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The increase was primarily driven by higher inventory write-downs of $12.3 million and higher manufacturing costs of $5.5 million due to change in product mix, partially offset by lower royalties of $10.3 million and lower warranty costs of $3.8 million. Gross margin increased to 69% primarily due to higher license and royalty revenue and lower royalties and warranty, partially offset by changes in product mix and higher inventory write-downs.
Previous wording
We expect our gross margin to fluctuate through the remainder of 2025 due to the non-recurring benefit in license and royalty revenue experienced in the first half of the year, as well as changes in product mix, changes in product prices and increased costs through the remainder of the year.
Current wording
We expect our gross margin to fluctuate through the remainder of 2025 due to the non-recurring benefit in license and royalty revenue experienced in the first half of the year, as well as changes in product mix through the remainder of the year.
Previous wording
Selling, general and administrative expenses decreased $8.6 million, or 10%, to $74.4 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The decrease was primarily driven by a reduction of $8.2 million in outside legal expenses, and a $0.9 million decrease in personnel expenses, including a $5.7 million decrease in stock-based compensation expense, partially offset with $1.1 million increase in marketing expenses, and a $0.6 million increase in allocated costs for facilities and information technology. The 2025 quarterly expenses include restructuring cost of $1.9 million.
Current wording
Selling, general and administrative expenses decreased $6.3 million, or 8%, to $75.4 million for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The decrease was primarily driven by a reduction of $4.9 million in outside legal expenses, a $1.1 million decrease in marketing expenses related to conferences and seminars, and a $0.7 million decrease in personnel expenses, partially offset by a $0.3 million increase in other expense. The three months ended September 30, 2025 includes the Scale assembled workforce impairment of $0.7 million.
Previous wording
We expect our operating expenses to trend lower in 2025 versus prior year as a result of our actions to reduce operating costs including our May 2025 reduction in force that resulted in the termination of approximately 8% of our global workforce and additional planned reductions in non-headcount operating expenses.
Current wording
We expect our operating expenses to trend lower in 2025 versus the prior year as a result of our actions to reduce operating costs including our May 2025 reduction in force that resulted in the termination of approximately 8% of our global workforce and additional planned reductions in non-headcount operating expenses.
Previous wording
Interest income decreased by $0.4 million, or 9%, to $4.3 million for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Interest income decreased by $1.5 million, or 16%, to $8.0 million for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.The decrease was primarily due to lower interest rate, partially offset by higher marketable securities balance during the three and six months ended June 30, 2025.
Current wording
Interest income increased by $0.2 million, or 5%, to $5.2 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Interest income decreased by $1.3 million, or 9%, to $13.2 million for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease was primarily due to lower interest rate, partially offset by higher marketable securities balance during the three and nine months ended September 30, 2025.
Previous wording
Other income (expense), net increased by $2.7 million to $2.6 million other income, net for the three months ended June 30, 2025 as compared to $0.1 million other expense, net, for the three months ended June 30, 2024. Other income (expense), net increased by $5.8 million to $4.7 million other income, net for the six months ended June 30, 2025 as compared to $1.1 million other expense, net, for the six months ended June 30, 2024.The increase in other income (expense), net was driven by gains from foreign currency rate measurement fluctuations.
Current wording
Other income (expense), net increased by $2.6 million to $3.6 million other income, net for the nine months ended September 30, 2025 as compared to $1.0 million other income, net, for the nine months ended September 30, 2024. The increase in other income (expense), net was driven by gain from foreign currency rate measurement fluctuations, offset by the $1.1 million change in fair value of contingent consideration related to the Scale acquisition.
Previous wording
As of June 30, 2025, we had approximately $447.3 million in cash and cash equivalents and marketable securities which were primarily held in U.S. banks. We have generated negative cumulative cash flows from operations since inception through June 30, 2025, and we have generated losses from operations since inception as reflected in our accumulated deficit of $1.5 billion.
Current wording
As of September 30, 2025, we had approximately $482.1 million in cash and cash equivalents, and marketable securities which were primarily held in U.S. banks. We have generated negative cumulative cash flows from operations since inception through September 30, 2025, and we have generated losses from operations since inception as reflected in our accumulated deficit of $1.5 billion.
Previous wording
The net cash provided by operating activities of $52.1 million for the six months ended June 30, 2025 was primarily due to a net income of $0.2 million, stock-based compensation expense of $58.6 million, depreciation and amortization of $15.8 million and amortization of leased right-of-use assets of $3.6 million, primarily offset by net cash outflow from changes in operating assets and liabilities of $25.4 million. The net cash outflow from operating assets and liabilities was primarily due to an increase in other receivables of $68.5 million related to the Bruker settlement and a decrease in accrued compensation and other related benefits of $7.8 million related to prior year annual bonus payments. The net cash outflow from operating assets and liabilities was partially offset by a decrease in accounts receivable of $37.9 million, a decrease in inventory of $15.1 million, and an increase in accounts payable of $3.5 million.
Current wording
The net cash provided by operating activities of $95.3 million for the nine months ended September 30, 2025 which consisted of a net loss of $27.3 million, non-cash adjustments of $116.2 million, which included stock-based compensation expense of $83.9 million, depreciation and amortization of $26.1 million, amortization of leased right-of-use assets of $5.6 million and fair value adjustments on contingent consideration of $1.1 million, and a net cash inflow from changes in operating assets and liabilities of $6.4 million. The net cash inflow from operating assets and liabilities was primarily due to a decrease in accounts receivable of $44.5 million due to timing of collections, a decrease in inventory of $22.4 million, an increase in accounts payable of $3.3 million, a decrease in other noncurrent assets of $2.3 million, an increase in accrued compensation and other related benefits of $2.3 million and an increase in other noncurrent liabilities of $1.3 million. The net cash inflow from operating assets and liabilities was partially offset by an increase in other receivables of $52.2 million related to the Bruker settlement, a decrease in accrued expenses and other current liabilities of $9.9 million and a decrease in the operating lease liability of $7.6 million.
Previous wording
The net cash used in operating activities of $8.2 million for the six months ended June 30, 2024 was primarily due to a net loss of $97.8 million, net cash outflow from changes in operating assets and liabilities of $10.4 million, primarily offset by stock-based compensation expense of $74.6 million, depreciation and amortization of $18.2 million, lease and asset impairment charges of $2.5 million, amortization of leased right-of-use assets of $4.2 million, and other non-cash expenses of $0.5 million. The net cash outflow from operating assets and liabilities was primarily due to a decrease in accrued expenses and other current liabilities of $12.1 million primarily driven by payments related to purchase consideration and royalty payments, an increase in inventory of $15.1 million, a decrease in accrued compensation and other related benefits of $10.0 million related to the prior year annual bonus payments and a decrease in operating lease liability of $5.6 million. The net cash outflow from operating assets and liabilities was partially offset by an increase in accounts receivable of $23.6 million due to timing of collections, an increase in accounts payable of $5.7 million and an increase in deferred revenue of $5.8 million.
Current wording
The net cash provided by operating activities of $13.4 million for the nine months ended September 30, 2024 was primarily due to a net loss of $133.6 million, net cash inflow from changes in operating assets and liabilities of $2.6 million, primarily offset by stock-based compensation expense of $108.2 million, depreciation and amortization of $27.1 million, lease and asset impairment charges of $2.5 million, amortization of leased right-of-use assets of $6.0 million, and other non-cash expenses of $0.6 million. The net cash inflow from operating assets and liabilities was primarily due to a decrease in accounts receivable of $31.3 million due to timing of collections, an increase in accounts payable of $10.0 million and an increase in deferred revenue of $8.1 million. The net cash inflow from operating assets and liabilities was partially offset by a decrease in accrued expenses and other current liabilities of $17.1 million primarily driven by payments related to purchase consideration and royalty payments, an increase in inventory of $19.4 million, and a decrease in the operating lease liability of $9.8 million.
Previous wording
The net cash used in investing activities of $2.8 million in the six months ended June 30, 2025 was due to the purchase of marketable securities of $49.4 million and purchases of property and equipment of $3.5 million, partially offset by maturities of marketable securities of $50.0 million.
Current wording
The net cash used in investing activities of $11.6 million in the nine months ended September 30, 2025 was due to the purchase of marketable securities of $98.9 million, net cash paid for the asset acquisition of $8.6 million and purchases of property and equipment of $4.2 million, partially offset by maturities of marketable securities of $100.0 million.
Previous wording
The net cash provided by investing activities of $22.6 million in the six months ended June 30, 2024 was due to proceeds from sales and maturities of marketable securities of $3.6 million and $25.8 million, respectively, partially offset by purchases of property and equipment and intangible assets of $5.8 million and $1.0 million, respectively.
Current wording
The net cash provided by investing activities of $19.0 million in the nine months ended September 30, 2024 was due to proceeds from sales and maturities of marketable securities of $3.9 million and $25.8 million, respectively, partially offset by purchases of property and equipment and intangible assets of $9.7 million and $1.0 million, respectively.
Previous wording
The net cash provided by financing activities of $3.9 million in the six months ended June 30, 2025 was primarily from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.
Current wording
The net cash provided by financing activities of $4.6 million in the nine months ended September 30, 2025 was primarily from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.
Previous wording
The net cash provided by financing activities of $6.2 million in the six months ended June 30, 2024 was primarily from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.
Current wording
The net cash provided by financing activities of $6.4 million in the nine months ended September 30, 2024 was primarily from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.
Previous wording
There have been no significant changes in our critical accounting policies and estimates during the six months ended June 30, 2025 as compared to the critical accounting policies and estimates disclosed in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our most recent Annual Report on Form 10-K filed with the SEC on February 12, 2025.
Current wording
During the nine months ended September 30, 2025, there have been no significant changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our most recent Annual Report on Form 10-K filed with the SEC on February 12, 2025, except as follows: