10x Genomics, Inc.

Previous wording

We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. Our integrated research solutions include instruments, consumables and software for analyzing biological systems at resolution and scale that matches the complexity of biology. Our commercial product portfolio is made up of our Single Cell and Spatial solutions. Our products include our instruments, which include our Chromium instruments, our Visium CytAssist and our Xenium Analyzer, and our consumables, which include proprietary microfluidic chips, slides, reagents and other consumables for our Single Cell and Spatial solutions. We bundle our software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. Customers purchase instruments and consumables from us for use in their experiments. We also derive revenue from post-warranty service contracts for our instruments.

Current wording

We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. Our integrated research solutions consist of instruments, consumables and software across our Single Cell and Spatial portfolios. Our instruments include our Chromium instruments for Single Cell and our Visium CytAssist, Xenium Analyzer and Atera instruments for Spatial. Our consumables include proprietary microfluidic chips, slides, reagents and other consumables used with our Chromium, Visium, Xenium and Atera solutions. We bundle our software with these products to support customers’ experiments, from sample preparation through data analysis and visualization. We also derive revenue from post-warranty service contracts for our instruments.

Previous wording

The acquisition of the PTG business was accounted for as a business combination using the acquisition method of accounting. The purchase price consideration was preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, including $3.7 million of developed technology, with the excess of the purchase consideration over the estimated fair value of the identifiable net assets acquired recorded as goodwill.

Current wording

The acquisition of the PTG business was accounted for as a business combination using the acquisition method of accounting. The purchase price consideration was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, including $3.7 million of developed technology, with the excess of the purchase consideration over the estimated fair value of the identifiable net assets acquired recorded as goodwill.

Previous wording

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

Current wording

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

Previous wording

The following table represents total revenue by source for the periods indicated (dollars in thousands). Spatial includes our Visium and Xenium products:

Current wording

The following table represents total revenue by source for the periods indicated (dollars in thousands). Spatial includes our Visium, Xenium and Atera products:

Previous wording

Products and services revenue increased $3.9 million, or 3%, to $149.1 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Consumables revenue increased $8.6 million, or 7%, to $130.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Instruments revenue decreased $6.8 million, or 47%, to $7.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Services revenue increased $2.2 million, or 26%, to $10.7 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Current wording

Products and services revenue increased $2.2 million, or 1%, to $150.2 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. Consumables revenue increased $6.4 million, or 5%, to $134.3 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. Instruments revenue decreased $5.1 million, or 43%, to $6.9 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. Services revenue increased $0.9 million, or 11%, to $9.0 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025.

Previous wording

Products and services revenue increased $16.0 million, or 6%, to $299.0 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Consumables revenue increased $23.0 million, or 10%, to $260.6 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Instruments revenue decreased $10.4 million, or 35%, to $18.9 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Services revenue increased $3.4 million, or 21%, to $19.5 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Current wording

Products and services revenue increased $18.2 million, or 4%, to $449.2 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Consumables revenue increased $29.4 million, or 8%, to $394.9 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Instruments revenue decreased $15.5 million, or 38%, to $25.8 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. Services revenue increased $4.3 million, or 18%, to $28.5 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.

Previous wording

License and royalty revenue decreased $41.9 million, or 94%, in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decrease was primarily due to one-time royalty revenue of $44.1 million recognized in the six months ended June 30, 2025 in connection with our worldwide patent litigation settlements with Vizgen, Inc. (“Vizgen”) and Bruker, partially offset by $1.6 million of revenue recognized during the three months ended June 30, 2026 in connection with our patent litigation settlement with Takara.

Current wording

License and royalty revenue decreased $42.4 million, or 93%, to $3.3 million in the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The decrease was primarily due to one-time royalty revenue of $44.1 million recognized in the nine months ended September 30, 2025 in connection with our worldwide patent litigation settlements with Vizgen, Inc. (“Vizgen”) and Bruker Corporation (“Bruker”), partially offset by $1.6 million of revenue recognized during the nine months ended September 30, 2026 in connection with our patent litigation settlement with Takara Bio USA Holdings, Inc. (“Takara”).

Previous wording

Excluding non-recurring license and royalty revenue related to patent litigation settlements in 2026 and 2025, we expect our revenues to moderately increase in 2026 as compared to 2025.

Current wording

Excluding non-recurring license and royalty revenue related to patent litigation settlements in 2026 and 2025, we expect our revenues to increase in 2026 as compared to 2025.

Previous wording

Cost of products and services revenue decreased $9.3 million, or 19%, to $38.5 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. The decrease was primarily driven by lower manufacturing costs of $3.3 million which included $2.6 million of tariff refunds, lower inventory write-downs of $3.0 million, lower warranty costs of $2.7 million, and lower royalty costs of $0.4 million. Gross margin increased to 74% for the three months ended June 30, 2026 as compared to 72% for the three months ended June 30, 2025. The increase was primarily due to lower manufacturing costs including tariff refunds, lower inventory write-downs, lower warranty costs, and changes in product mix, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the three months ended June 30, 2025.

Current wording

Cost of products and services revenue decreased $11.0 million, or 22%, to $37.7 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. The decrease was primarily driven by lower inventory write-downs of $5.9 million, lower manufacturing costs of $5.3 million and lower royalty costs of $0.5 million, partially offset by higher warranty costs of $0.7 million. Gross margin increased to 75% for the three months ended September 30, 2026 as compared to 67% for the three months ended September 30, 2025. The increase was primarily due to lower inventory write-downs and changes in product mix.

Previous wording

Cost of products and services revenue decreased $14.1 million, or 14%, to $83.2 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The decrease was primarily driven by lower inventory write-downs of $12.2 million and lower warranty costs of $5.2 million, partially offset by higher manufacturing costs of $2.8 million and higher royalty costs of $0.4 million. Gross margin increased to 72% for the six months ended June 30, 2026 as compared to 70% for the six months ended June 30, 2025. The increase was primarily due to lower inventory write-downs, lower warranty costs and changes in product mix, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the six months ended June 30, 2025.

Current wording

Cost of products and services revenue decreased $25.0 million, or 17%, to $120.9 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The decrease was primarily driven by lower inventory write-downs of $18.0 million, lower warranty costs of $4.4 million, lower manufacturing costs of $2.5 million and lower royalty costs of $0.1 million. Gross margin increased to 73% for the nine months ended September 30, 2026 as compared to 69% for the nine months ended September 30, 2025. The increase was primarily due to lower inventory write-downs, partially offset by a decrease in license and royalty revenue due to the non-recurring benefit in license and royalty revenue recorded in the nine months ended September 30, 2025.

Previous wording

We expect our gross margin to fluctuate throughout the remainder of 2026 due to a number of factors including changes in product mix.

Current wording

We expect our gross margin to decrease in the fourth quarter of 2026 compared to the prior quarter primarily due to changes in product mix.

Previous wording

Research and development expenses decreased $4.4 million, or 7%, to $56.8 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The decrease was primarily driven by an $8.3 million decrease in personnel expenses, including a $2.1 million decrease in stock-based compensation expense, partially offset by a $4.2 million increase in laboratory materials and supplies.

Current wording

Research and development expenses decreased $4.3 million, or 7%, to $52.9 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The decrease was primarily driven by a $3.3 million decrease in personnel expenses, including a $2.4 million decrease in stock-based compensation expense, and a $2.2 million decrease in laboratory materials and supplies, partially offset by a $0.4 million increase in consulting and contractor expenses and a $0.4 million increase in equipment expenses.

Previous wording

Research and development expenses decreased $11.8 million, or 9%, to $113.6 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily driven by a $13.6 million decrease in personnel expenses, including a $5.5 million decrease in stock-based compensation expense and a $2.3 million decrease in facilities and information technology costs, partially offset by a $3.8 million increase in laboratory materials and supplies.

Current wording

Research and development expenses decreased $16.1 million, or 9%, to $166.6 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The decrease was primarily driven by a $17.2 million decrease in personnel expenses, including a $7.9 million decrease in stock-based compensation expense, and a $2.0 million decrease in facilities and information technology costs, partially offset by a $1.6 million increase in laboratory materials and supplies, a $1.0 million increase in consulting and contractor expenses and a $0.6 million increase in equipment expense.

Previous wording

Selling, general and administrative expenses increased $4.2 million, or 6%, to $78.7 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily driven by a $1.8 million increase in travel and entertainment expenses, $1.5 million increase in outside legal expenses, $1.2 million increase in marketing expenses and a $0.3 million increase in facilities costs partially offset by a $0.7 million decrease in personnel expenses.

Current wording

Selling, general and administrative expenses increased $0.7 million, or 1%, to $76.1 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. The increase was primarily driven by a $2.7 million increase in litigation expenses and a $1.0 million increase in marketing expenses, partially offset by a $1.0 million decrease in professional services expenses, a $0.7 million decrease in personnel expense and a $0.5 million decrease in consulting and contractor expenses. We also recognized an impairment charge of $0.7 million related to the Scale Bio assembled workforce in the three months ended September 30, 2025.

Previous wording

Selling, general and administrative expenses decreased $19.1 million, or 12%, to $145.0 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily driven by a $10.7 million decrease in outside legal expenses, a $5.0 million decrease in personnel expenses primarily due to a $3.9 million decrease in stock-based compensation expense, a $1.5 million decrease in professional services expenses and a $2.0 million decrease in facilities and information technology costs.

Current wording

Selling, general and administrative expenses decreased $18.4 million, or 8%, to $221.1 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The decrease was primarily driven by a $8.0 million decrease in litigation expenses, a $6.1 million decrease in personnel expenses, including a $3.8 million decrease in stock- based compensation expense, a $2.5 million decrease in professional services expenses and a $2.2 million decrease in facilities and information technology costs, partially offset by a $0.7 million increase in marketing expenses.

Previous wording

Gain on settlement decreased in the three and six months ended June 30, 2026 due to non-recurring gains on settlements of $40.7 million recorded in the three months ended June 30, 2025 and $49.9 million recorded in the six months ended June 30, 2025, as part of our patent litigation settlements with Bruker and Vizgen in 2025. In both periods, the decrease was partially offset by a $3.4 million gain on settlement recorded in the three months ended June 30, 2026 as part of our patent litigation settlement with Takara.

Current wording

Gain on settlement decreased in the nine months ended September 30, 2026 due to non-recurring gains on settlements of $49.9 million recorded in the nine months ended September 30, 2025, as part of our patent litigation settlements with Bruker and Vizgen in 2025. The decrease was partially offset by a $3.4 million gain on settlement recorded in the nine months ended September 30, 2026 as part of our patent litigation settlement with Takara.

Previous wording

Interest income increased $0.5 million, or 12%, to $4.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to higher money market fund balances. Interest income increased $1.9 million or 23%, to $9.8 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The increase was primarily due to higher money market fund balances and interest income applicable to legal settlement payments we received from Bruker during the six months ended June 30, 2026.

Current wording

Interest income decreased $0.2 million, or 3%, to $5.0 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. Interest income increased $1.7 million, or 13%, to $14.8 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The increase was primarily due to higher money market fund balances, partially offset by lower interest income applicable to legal settlement payments we received from Bruker during the nine months ended September 30, 2026.

Previous wording

Other income (expense), net decreased $6.5 million to $3.9 million other expense, net for the three months ended June 30, 2026 as compared to $2.6 million other income, net, for the three months ended June 30, 2025. Other income (expense), net decreased $9.4 million to $4.7 million other expense, net for the six months ended June 30, 2026 as compared to $4.7 million other income, net, for the six months ended June 30, 2025. The decrease in both periods was primarily driven by a $3.5 million loss resulting from the change in fair value of contingent consideration and increases in net losses from foreign currency remeasurements of $2.6 million and $4.9 million for the three and six month periods, respectively.

Current wording

Other income (expense), net decreased $15.7 million to $12.1 million other expense, net for the nine months ended September 30, 2026 as compared to $3.6 million other income, net, for the nine months ended September 30, 2025. The decrease in other income (expense), net was primarily driven by a $10.2 million loss from the increase in the fair value of contingent consideration, for the reason described above, and a $3.9 million increase in net losses from foreign currency remeasurements.

Previous wording

Our benefit from income taxes was $0.7 million and $0.1 million for the three and six months ended June 30, 2026 and our provision for income taxes was $2.5 million and $3.3 million for the three and six months ended June 30, 2025. The change in both periods was primarily driven by the income tax benefit of $1.4 million recognized in the second quarter of 2026 from a reduction in the valuation allowance recorded against our net deferred tax assets. This release was due to deferred tax liabilities recognized in connection with the PTG acquisition, which can be used as a source of income to realize certain domestic deferred tax assets. Additionally, the comparable 2025 periods included federal and state income tax expense of $1.2 million related to Internal Revenue Code Section 174 capitalization. This expense did not recur in 2026 following the enactment of an act to provide for reconciliation pursuant to title II of H. Con. Res. 14 on July 4, 2025, which restored the immediate deductibility of U.S. research and experimental expenditures, thereby lowering U.S. taxable income in the current year periods.

Current wording

For both the three and nine months ended September 30, 2026, our provision for income taxes was $0.9 million. For the three and nine months ended September 30, 2025, our benefit from income taxes was $0.7 million and our provision for income taxes was $2.6 million, respectively. The change for the three months ended September 30, 2026 was primarily due to a $1.2 million benefit recognized in the third quarter of 2025 from the enactment of the One Big Beautiful Bill Act, which restored the immediate deductibility of U.S. research and experimental expenditures. The change for the nine months ended September 30, 2026 was primarily due to an income tax benefit of $1.4 million recognized in the second quarter of 2026 from a reduction in the valuation allowance recorded against our net deferred tax assets in connection with the PTG acquisition.

Previous wording

As of June 30, 2026, we had approximately $552.0 million in cash and cash equivalents and marketable securities, which increased by $28.6 million as compared to December 31, 2025, and were primarily held in U.S. banks. We have generated losses from operations since inception as reflected in our accumulated deficit of $1.5 billion.

Current wording

As of September 30, 2026, we had approximately $575.7 million in cash and cash equivalents and marketable securities, which increased by $52.3 million as compared to December 31, 2025, and were primarily held in U.S. banks. We have generated losses from operations since inception as reflected in our accumulated deficit of $1.6 billion.

Previous wording

In 2025, we completed the asset acquisition of Scale Biosciences, Inc. (“Scale Bio”) and recorded contingent consideration related to the potential achievement of certain milestones. In the first quarter of 2026, we made a milestone payment consisting of $10.0 million in cash and $8.7 million in shares (396,584 shares) of our Class A common stock in connection with a technology transfer completed in the third quarter of 2025. In the future, we may pay up to $30.0 million of contingent consideration if certain milestones are met.

Current wording

In 2025, we completed the asset acquisition of Scale Biosciences, Inc. (“Scale Bio”) and recorded contingent consideration related to the potential achievement of certain milestones. In the first quarter of 2026, we made a milestone payment consisting of $10.0 million in cash and $8.7 million in shares (396,584 shares) of our Class A common stock in connection with a technology transfer completed in the third quarter of 2025. In the future, we may pay up to $30.0 million of contingent consideration and assumed liabilities if certain milestones are met. The estimated fair value of the remaining contingent consideration and assumed liabilities was $17.3 million and $0.6 million as of September 30, 2026, respectively, of which $12.0 million of the total is classified as current liabilities.

Previous wording

We expect to continue to incur operating losses for the foreseeable future. We believe that our existing cash and cash equivalents and cash generated from sales of our products will be sufficient to meet our anticipated cash needs for at least the next 12 months. However, our liquidity assumptions may prove to be incorrect, and we could exhaust our available financial resources sooner than we currently expect. The adequacy of our cash resources depends on many assumptions, including primarily our assumptions with respect to product sales and expenses, as well as the other factors set forth in "Risk Factors" under the heading "Risks related to our business and industry” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

We expect to continue to incur operating losses for the foreseeable future. We believe that our existing cash and cash equivalents and cash generated from sales of our products will be sufficient to meet our anticipated cash needs for at least the next 12 months. However, our liquidity assumptions may prove to be incorrect, and we could exhaust our available financial resources sooner than we currently expect. The adequacy of our cash resources depends on many assumptions, including primarily our assumptions with respect to product sales and expenses, as well as the other factors set forth in “Risk Factors” under the heading “Risks related to our business and industry” in this Quarterly Report.

Previous wording

The net cash provided by operating activities of $43.1 million for the six months ended June 30, 2026 consisted of a net loss of $31.4 million, non-cash adjustments of $73.3 million and a net cash inflow from changes in operating assets and liabilities of $1.2 million. The non-cash adjustments of $73.3 million primarily consisted of stock-based compensation expense of $48.3 million, depreciation and amortization of $19.6 million, non-cash lease expense of $4.0 million and fair value adjustments on contingent consideration of $3.5 million, partially offset by a $1.4 million of tax benefit recognized in relation to the acquisition of the PTG business. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with a decrease in other receivables of $32.1 million primarily related to the Bruker settlement, an increase in accounts payable of $8.1 million, a decrease in inventory of $5.7 million, and a decrease in prepaid and other current assets of $3.2 million. The net cash inflow from operating assets and liabilities was partially offset by cash outflows associated with a decrease in accrued compensation and other related benefits of $17.8 million, an increase in other noncurrent assets of $11.9 million, a decrease in accrued expenses and other current liabilities of $9.7 million, a decrease in the operating lease liability of $5.8 million, a decrease in deferred revenue of $1.5 million, a decrease in accrued contingent consideration of $0.6 million and an increase in accounts receivable of $0.5 million due to timing of collections.

Current wording

The net cash provided by operating activities of $58.9 million for the nine months ended September 30, 2026 consisted of a net loss of $50.8 million, non-cash adjustments of $115.4 million and a net cash outflow from changes in operating assets and liabilities of $5.7 million. The non-cash adjustments of $115.4 million primarily consisted of stock-based compensation expense of $71.4 million, depreciation and amortization of $29.1 million, contingent consideration fair value adjustments of $11.3 million and non-cash lease expense of $6.1 million, partially offset by a $1.4 million tax benefit recognized in connection to our acquisition of the PTG business. The net cash outflow from operating assets and liabilities was primarily driven by cash outflows associated with an increase in other noncurrent assets of $9.8 million, a decrease in the operating lease liability of $9.0 million, an increase in accounts receivable of $8.7 million due to timing of collections, a decrease in accrued expenses and other current liabilities of $7.9 million, an increase in inventory of $6.5 million, a decrease in deferred revenue of $3.3 million, a decrease in accrued compensation and other related benefits of $2.9 million and a decrease in accrued contingent consideration of $0.6 million. The net cash outflow from operating assets and liabilities was partially offset by cash inflows associated with a decrease in other receivables of $32.2 million primarily related to the Bruker settlement, an increase in accounts payable of $8.9 million and a decrease in prepaid and other current assets of $2.0 million.

Previous wording

The net cash provided by operating activities of $52.1 million for the six months ended June 30, 2025 consisted of net income of $0.2 million, non-cash adjustments of $77.3 million and a net cash outflow from changes in operating assets and liabilities of $25.4 million. The non-cash adjustments of $77.3 million consisted of stock-based compensation expense of $58.6 million, depreciation and amortization of $15.8 million and non-cash lease expense of $3.6 million. The net cash outflow from operating assets and liabilities was primarily driven by an increase in other receivables of $68.5 million primarily related to the Bruker settlement, a decrease in accrued compensation and other related benefits of $7.8 million, a decrease in the operating lease liability of $5.0 million and a decrease in accrued expenses and other current liabilities of $2.9 million. The net cash outflow from operating assets and liabilities was partially offset by cash inflows associated with a decrease in accounts receivable of $37.9 million, a decrease in inventory of $15.1 million, an increase in accounts payable of $3.5 million and a decrease in other noncurrent assets of $2.4 million.

Current wording

The net cash provided by operating activities of $95.3 million for the nine months ended September 30, 2025 consisted of a net loss of $27.3 million, non-cash adjustments of $116.2 million and a net cash inflow from changes in operating assets and liabilities of $6.4 million. The non-cash adjustments of $116.2 million primarily consisted of stock-based compensation expense of $83.9 million, depreciation and amortization of $26.1 million, non-cash lease expense of $5.6 million and contingent consideration fair value adjustments of $1.1 million. The net cash inflow from operating assets and liabilities was primarily driven by cash inflows associated with 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 cash outflows associated with 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 investing activities of $9.0 million in the six months ended June 30, 2026 was due to the purchase of marketable securities of $49.3 million, net cash paid for the business combination of $6.1 million and cash paid for purchases of property and equipment of $3.2 million, partially offset by maturities of marketable securities of $50.0 million.

Current wording

The net cash used in investing activities of $9.5 million in the nine months ended September 30, 2026 was due to the purchase of marketable securities of $73.8 million, net cash paid for the business combination of $6.1 million and cash paid for purchases of property and equipment of $4.2 million, partially offset by maturities of marketable securities of $75.0 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 Scale Bio acquisition of $8.6 million and cash paid for 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 used in financing activities of $5.4 million in the six months ended June 30, 2026 was due to the payment of contingent consideration of $8.7 million related to the Scale Bio acquisition, partially offset by proceeds related to the issuance of common stock from the exercise of stock options.

Current wording

The net cash provided by financing activities of $3.1 million in the nine months ended September 30, 2026 was due to proceeds related to the issuance of common stock from the exercise of stock options, partially offset by the payment of contingent consideration of $8.7 million related to the Scale Bio acquisition.

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 from proceeds related to the issuance of common stock from the exercise of stock options and employee stock purchase plan.