Autolus Therapeutics plc

Previous wording

We maintain our books and records in pounds sterling, our results are subsequently converted to U.S. dollars, and we prepare our consolidated financial statements in accordance with U.S. GAAP, as issued by the FASB. All references in this Quarterly Report on Form 10-Q to “$” are to U.S. dollars and all references to “£” are to pounds sterling. Our unaudited condensed consolidated statements of operations and comprehensive loss and unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 have been translated from pounds sterling into U.S. dollars at the rate of £1.00 to $1.3477 and £1.00 to $1.2588, respectively. Our unaudited condensed consolidated balance sheet as of March 31, 2026 and audited consolidated balance sheet as of December 31, 2025 have been translated from pounds sterling into U.S. dollars at the rate of £1.00 to $1.3216 and £1.00 to $1.2935, respectively. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at those or any other exchange rate as of those or any other dates.

Current wording

We maintain our books and records in pounds sterling, our results are subsequently converted to U.S. dollars, and we prepare our consolidated financial statements in accordance with U.S. GAAP, as issued by the FASB. All references in this Quarterly Report on Form 10-Q to “$” are to U.S. dollars and all references to “£” are to pounds sterling. Our unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended June 30, 2026 and 2025 have been translated from pounds sterling into U.S. dollars at the rate of £1.00 to $1.3414 and £1.00 to $1.3355, respectively. Our unaudited condensed consolidated statements of operations and comprehensive loss and cash flows for the six months ended June 30, 2026 and 2025 have been translated from pounds sterling into U.S. dollars at the rate of £1.00 to $1.3445 and £1.00 to $1.2971, respectively. Our unaudited condensed consolidated balance sheet as of June 30, 2026 and audited consolidated balance sheet as of December 31, 2025 have been translated from pounds sterling into U.S. dollars at the rate of £1.00 to $1.3242 and £1.00 to $1.3455, respectively. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at those or any other exchange rate as of those or any other dates.

Previous wording

Since our inception, we have incurred significant operating losses. For the three months ended March 31, 2026 and 2025, we incurred net losses of $71.6 million and $70.2 million, respectively, and had an accumulated deficit of $1,458.4 million and $1,386.8 million as of March 31, 2026 and December 31, 2025, respectively.

Current wording

Since our inception, we have incurred significant operating losses. For the three months ended June 30, 2026 and 2025, we incurred net losses of $39.1 million and $47.9 million, respectively, and had an accumulated deficit of $1,497.5 million and $1,386.8 million as of June 30, 2026 and December 31, 2025, respectively.

Previous wording

As of March 31, 2026, we had cash and cash equivalents of $130.9 million and marketable securities of $98.5 million. Based on our current clinical development and commercialization plans, we believe our existing cash, cash equivalents and marketable securities will be sufficient to fund our current and planned operating expenses and capital expenditure requirements through at least the next twelve months from the date of issuance of our unaudited condensed consolidated financial statements included in this Quarterly Report. This forecast of cash resources is forward-looking information that involves risks and uncertainties, and the actual amount of our revenues and expenses, which we have based on assumptions that may prove to be wrong and could prove to be significantly higher than we currently anticipate, could vary materially and adversely as a result of a number of factors. Management does not know whether additional financing will be on terms favorable or acceptable to us when needed, if at all. If adequate additional funds are not available when required, or if we are unsuccessful in entering into partnership agreements for further development of our product candidates, management may need to curtail its development efforts and planned operations.

Current wording

As of June 30, 2026, we had cash and cash equivalents of $171.4 million and marketable securities of $30.2 million. Based on our current clinical development and commercialization plans, we believe our existing cash, cash equivalents and marketable securities, together with the $75.0 million received from its Notes Purchase Agreement with Perceptive Advisors, “Perceptive”, will be sufficient to fund our current and planned operating expenses and capital expenditure requirements through at least the next twelve months from the date of issuance of our unaudited condensed consolidated financial statements included in this Quarterly Report. This forecast of cash resources is forward-looking information that involves risks and uncertainties, and the actual amount of our revenues and expenses, which we have based on assumptions that may prove to be wrong and could prove to be significantly higher than we currently anticipate, could vary materially and adversely as a result of a number of factors. Management does not know whether additional financing will be on terms favorable or acceptable to us when needed, if at all. If adequate additional funds are not available when required, or if we are unsuccessful in entering into partnership agreements for further development of our product candidates, management may need to curtail its development efforts and planned operations.

Previous wording

•We reported net product revenue, net of $26.2 million for three months ended March 31, 2026, compared to $9.0 milion for the three months ended March 31, 2025.

Current wording

•We reported net product revenue of $45.7 million for three months ended June 30, 2026, compared to $20.9 million for the same period the prior year and compared to $26.2 million for three months ending March 31, 2026. Net revenues were primarily driven by increasing product demand both within existing treatment centers and expansion into new centers, supplemented by contribution from UK sales in the second quarter of launch in this market.

Previous wording

•The Phase 2 portion of the ongoing CATULUS Phase 1 trial of obe-cel in pediatric relapsed or refractory (r/r) B-ALL patients is underway and we expect to report data at the end of 2027. The U.S. Food and Drug Administration (“FDA”) has granted regenerative medicine advanced therapy (“RMAT”) designation to obe-cel for the treatment of pediatric patients with r/r B-ALL.

Current wording

•Our Phase 2 portion of the ongoing CATULUS trial of obe-cel in pediatric relapsed or refractory (r/r) B-cell precursor ALL (“B-ALL”) patients is on track and data is expected to be reported at the end of 2027.

Previous wording

•We have advanced obe-cel into initial clinical development to explore treatment in progressive MS. The Phase 1 BOBCAT trial, expected to include up to 18 adult patients, is enrolling and will determine the safety, tolerability, and preliminary efficacy of obe-cel in participants with refractory progressive forms of MS. We expect to report initial data from the trial at the end of 2026 and full data in 2027.

Current wording

•The Phase 1 BOBCAT trial is expected to include up to 18 adult patients and will determine the safety, tolerability, and preliminary efficacy of obe-cel in participants with refractory progressive forms of MS.

Previous wording

▪The first patient was dosed in the ongoing Phase 1 ALARIC trial evaluating AUTO8 in light-chain amyloidosis, and initial data is expected to be reported at the end of 2026.

Current wording

•The Phase 1 ALARIC trial evaluating AUTO8 in light-chain amyloidosis is ongoing and initial data are expected to be reported at the end of 2026.

Previous wording

•In April 2026, we announced a strategic initiative and plan to improve operational efficiency and reduce operating expenses. As part of this plan, we are implementing a reduction in force affecting approximately 13% of its existing overall workforce, impacting all areas of the business. The actions are expected to reduce operating expenses by approximately $15 million on an annualized basis beginning in 2027. As a result of the reorganization, which includes employee-related actions taken beginning in the second half of 2025, we expect to incur total restructuring charges of approximately $8 million, consisting primarily of employee severance and related costs, the majority of which will be recognized in the first half of 2026. The implementation of the workforce reduction plan is expected to be complete by the third quarter of 2026.

Current wording

•In April 2026, we announced a strategic initiative and plan to improve operational efficiency and reduce operating expenses. As part of this initiative, we implemented a reduction in force affecting approximately 13% of its existing overall workforce, impacting all areas of the business. The actions are expected to reduce operating expenses by approximately $15 million on an annualized basis beginning in 2027. As a result of the reorganization, which includes employee-related actions taken beginning in the second half of 2025, we expect to incur total restructuring charges of approximately $8 million, consisting primarily of employee severance and related costs, the majority of which have been recognized in the first half of 2026. The implementation of the workforce reduction plan is now substantially complete.

Previous wording

During the three-month period ended March 31, 2025, our product revenue comprised of sales of AUCATZYL in the U.S. In the U.S., we use Cardinal Health as an agent to deliver our product, AUCATZYL, to ATCs. The ATCs are responsible for the treatment of the patient including administration of the product which occurs in two separate doses. Cardinal Health is obligated to pay us for the product upon the delivery and acceptance of the product at the ATC within standard payment terms. The ATC is obligated to pay Cardinal Health for the product upon receipt and acceptance of the product and is entitled to a credit, in certain circumstances, including when the patient is not administered one or both doses. In November 2025, the NICE recommended AUCATZYL for use in the NHS in England and Wales as a treatment option for adult patients (age 26 and older) with r/r B-ALL. The first sale of AUCATZYL in the United Kingdom occurred in January 2026.

Current wording

During the three-month and six-month period ended June 30, 2025, our product revenue, net was solely comprised of sales of AUCATZYL in the U.S. We use Cardinal Health as an agent to deliver our product, AUCATZYL, to ATCs. The ATCs are responsible for the treatment of the patient including infusion of the product which occurs in two separate doses. Cardinal Health is obligated to pay us for the product upon the delivery and acceptance of the product at the ATC within standard payment terms. The ATC is obligated to pay Cardinal Health for the product upon receipt and acceptance of the product and is entitled to a credit in certain circumstances, including when the patient is not administered one or both doses.

Previous wording

During the three-months ended March 31, 2026, we launched AUCATZYL in the U.K. Consequently, our product revenue, net comprised of sales of AUCATZYL in the U.S. and U.K. AUCATZYL is available in the U.K. through the NHS and private treatment centers.

Current wording

We launched AUCATZYL in the U.K. in January 2026. Consequently, our product revenue, net now includes sales of AUCATZYL in the U.S. and U.K.. AUCATZYL is available through the National Health Service (“NHS”) and private treatment centers.

Previous wording

Cost of sales for a newly launched product does not include the full cost of manufacturing until the initial pre-launch raw materials inventory is depleted. Thus, the cost of sales as a percentage of net sales of AUCATZYL for the three months ended March 31, 2026 was affected by use of the initial pre-launch raw materials inventory, which was previously expensed as research and development expense, and is referred to as zero cost inventories. We estimate cost of sales as a percentage of net product revenue and will continue to be positively impacted as we sell products which includes some raw material inventory that was previously expensed prior to the FDA approval.

Current wording

Cost of sales for a newly launched product does not include the full cost of manufacturing until the initial pre-launch raw materials inventory is depleted. Thus, the cost of sales as a percentage of net sales of AUCATZYL for the three and six months ended June 30, 2026 was affected by use of the initial pre-launch raw materials inventory, which was previously expensed as research and development expense, and is referred to as zero cost inventories. We estimate cost of sales as a percentage of net product revenue and will continue to be positively impacted as we sell products which includes some raw material inventory that was previously expensed prior to the FDA approval.

Previous wording

We are subject to corporate taxation in the United Kingdom, United States, Germany and Switzerland. Due to the nature of our business, we have generated losses since inception. Our income tax (expense) benefit recognized represents the sum of income tax payable or receivable in the United Kingdom and in the United States.

Current wording

We are subject to corporate taxation in the United Kingdom, United States, Germany and Switzerland. Due to the nature of our business, we have generated losses since inception. Our income tax (expense) benefit recognized represents the sum of income tax payable or receivable in the United Kingdom, in the United States, in Germany and in Switzerland.

Previous wording

Un-surrendered U.K. losses may be carried forward indefinitely to be offset against future taxable profits, subject to numerous utilization criteria and restrictions. The amount that can be offset each year is limited to £5.0 million plus an incremental 50% of United Kingdom taxable profits. After accounting for tax credits receivable, we had accumulated tax losses for carry forward in the United Kingdom of $953.6 million at December 31, 2025. No deferred tax assets are recognized on our U.K. losses and tax credit carryforwards because there is currently no indication that we will make sufficient taxable profits to utilize these tax losses and tax credit carryforwards. We carry a $3.6 million deferred tax asset balance related to the U.S. entity at March 31, 2026 for which a valuation allowance of $2.4 million was applied. We have recorded a valuation allowance against the net deferred tax asset where the recoverability due to future taxable profits is unknown. On April 1, 2023 the main rate of the U.K. corporation tax was increased to 25% for companies with profits in excess of £250,000, or the small profits rate of 19% for companies with profits of £50,000 or less (with marginal relief from the main rate available to companies with profits between £50,000 and £250,000).

Current wording

Un-surrendered U.K. losses may be carried forward indefinitely to be offset against future taxable profits, subject to numerous utilization criteria and restrictions. The amount that can be offset each year is limited to £5.0 million plus an incremental 50% of United Kingdom taxable profits. After accounting for tax credits receivable, we had accumulated tax losses for carry forward in the United Kingdom of $953.6 million at December 31, 2025. No deferred tax assets are recognized on our U.K. losses and tax credit carryforwards because there is currently no indication that we will make sufficient taxable profits to utilize these tax losses and tax credit carryforwards. We carry a $2.8 million deferred tax asset balance related to the U.S. entity at June 30, 2026 for which a valuation allowance of $2.4 million was applied. We have recorded a valuation allowance against the net deferred tax asset where the recoverability due to future taxable profits is unknown. On April 1, 2023 the main rate of the U.K. corporation tax was increased to 25% for companies with profits in excess of £250,000, or the small profits rate of 19% for companies with profits of £50,000 or less (with marginal relief from the main rate available to companies with profits between £50,000 and £250,000).

Previous wording

We began recognizing product revenue, net arising from the commercial sales of AUCATZYL in the United States and United Kingdom in January 2025 and January 2026, respectively. Product revenue, net increased by $17.2 million to $26.2 million for the three months ended March 31, 2026 from $9.0 million for the three months ended March 31, 2025. The increase is primarily due to an increase in the number of AUCATZYL doses administered in the territories where we commercialize AUCATZYL.

Current wording

We began recognizing product revenue, net arising from the commercial sales of AUCATZYL in the United States and United Kingdom in January 2025 and January 2026, respectively. Product revenue, net increased by $24.7 million to $45.7 million for the three months ended June 30, 2026 from $20.9 million for the three months ended June 30, 2025. The increase is primarily due to an increase in the number of AUCATZYL doses administered to patients in the territories where we commercialize AUCATZYL.

Previous wording

Certain manufacturing expenses incurred prior to AUCATZYL receiving the FDA approval were classified as research and development expenses, resulting in zero cost inventory. If cost of sales included previously expensed inventories, the total cost of sales with these manufacturing costs included would have increased by approximately $0.7 million and $2.4 million for the three months ended March 31, 2026 and 2025 respectively.

Current wording

Certain manufacturing expenses incurred prior to AUCATZYL receiving the FDA approval were classified as research and development expenses, resulting in zero cost inventory. If cost of sales included previously expensed inventories, the total cost of sales with these manufacturing costs included would have increased by approximately $0.4 million and $1.9 million for the three months ended June 30, 2026 and 2025 respectively.

Previous wording

•a decrease of $0.4 million in United Kingdom R&D tax credits (resulting in an increase in R&D expense) due to no longer being eligible for the SME scheme and moving to the merged RDEC from January 1, 2025, as well as lower qualifying spend.

Current wording

•a decrease of $2.6 million in United Kingdom R&D tax credits (resulting in an increase in R&D expense) due to no longer being eligible for the SME scheme and moving to the merged RDEC from January 1, 2025, as well as lower qualifying spend; offset by:

Previous wording

•a decrease of $5.2 million in clinical trial costs, clinical manufacturing supply costs and related support costs; and

Current wording

•an increase of $1.5 million in clinical trial costs, clinical manufacturing supply costs and related support costs; offset by

Previous wording

•a decrease of $0.7 million in salaries and other employment related costs including share-based compensation expense relating to research and development activities; offset by:

Current wording

•a decrease of $3.6 million in salaries and other employment related costs including share-based compensation expense relating to research and development activities,

Previous wording

•an increase of $7.3 million in salaries and other employment related costs including share-based compensation expenses, which was mainly driven by an increase in the number of employees engaged in selling, general and administrative activities;

Current wording

•an increase of $7.4 million in salaries and other employment related costs including share-based compensation expenses, which was mainly driven by termination and severance costs related to the reduction in workforce initiative announced in April 2026 and an increase in the number of employees engaged in selling, general and administrative activities;

Previous wording

•an increase of $1.5 million in information technology infrastructure and support for information systems and facility costs relating to the conduct of corporate and commercial operations, including increase in space utilized for these activities.

Current wording

•an increase of $2.1 million in information technology infrastructure and support for information systems and facility costs relating to the conduct of corporate and commercial operations, including increase in space utilized for these activities;

Previous wording

•an increase of $1.6 million in professional fees primarily related to commercialization activities in the U.S. and U.K.; and

Current wording

•an increase of $1.1 million in professional fees primarily related to commercialization activities in the U.S. and U.K; and

Previous wording

Foreign exchange (losses) gains, net decreased to a loss of $2.7 million for the three months ended March 31, 2026 as compared to a gain of $1.2 million for the three months ended March 31, 2025 primarily due to gains and losses on a variety of items, including on U.S. dollar monetary assets and liabilities held by our main operating subsidiary in the United Kingdom, as well as our cash and cash equivalents and liabilities related to future royalties and milestones.

Current wording

Foreign exchange gains (losses), net decreased to a gain of $0.5 million for the three months ended June 30, 2026 as compared to a gain of $1.5 million for the three months ended June 30, 2025 primarily due to gains and losses on a variety of items, including on U.S. dollar monetary assets and liabilities held by our main operating subsidiary in the United Kingdom, as well as our cash and cash equivalents and liabilities related to future royalties and milestones.

Previous wording

Interest income decreased to $2.5 million for the three months ended March 31, 2026, as compared to $6.1 million for the three months ended March 31, 2025. The decrease in interest income of $3.6 million was primarily driven by lower aggregate balances and yield associated with our cash, cash equivalents and marketable securities during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Current wording

Interest income decreased to $1.9 million for the three months ended June 30, 2026, as compared to $5.2 million for the three months ended June 30, 2025. The decrease in interest income of $3.3 million was primarily driven by lower aggregate balances and yield associated with our cash, cash equivalents and marketable securities during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Previous wording

Interest expense, net increased to $11.1 million for the three months ended March 31, 2026 as compared to $10.1 million for the three months ended March 31, 2025. Interest expense, net increased by $1.0 million primarily due to higher liabilities related to future royalties and milestone, net balances as of March 31, 2026 compared to March 31, 2025 in relation to the Collaboration Agreement with Blackstone and the BioNTech License and Option Agreement.

Current wording

Interest expense, net increased to $8.5 million for the six months ended June 30, 2026 as compared to $3.3 million for the six months ended June 30, 2025. Interest expense, net decreased by $5.1 million primarily due to cumulative catch up adjustments as a result of changes in the assumptions used in the valuation of the Collaboration Agreement with Blackstone and the BioNTech License and Option Agreement for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Previous wording

We have one product approved for commercial sale in the United States and United Kingdom, AUCATZYL, of which the first commercial sale of AUCATZYL in the United States and United Kingdom was made during January 2025 and January 2026, respectively. We have funded our operations to date primarily with proceeds from government grants, sales of our equity securities including ADSs, through public offerings and pursuant to our at-the-market equity facility, through U.K. research and development tax credits and receipts from the SME and RDEC schemes, out-licensing arrangements, strategic collaboration agreements and sale of our commercial product. We have an accumulated deficit of $1,458.4 million as of March 31, 2026.

Current wording

We have one product approved for commercial sale in the United States and United Kingdom, AUCATZYL, of which the first commercial sale of AUCATZYL in the United States and United Kingdom was made during January 2025 and January 2026, respectively. We have funded our operations to date primarily with proceeds from government grants, sales of our equity securities including ADSs, through public offerings and pursuant to our at-the-market equity facility, through U.K. research and development tax credits and receipts from the SME and RDEC schemes, out-licensing arrangements, strategic collaboration agreements and sale of our commercial product. We have an accumulated deficit of $1,497.5 million as of June 30, 2026.

Previous wording

We have funded our operations to date primarily with proceeds from product revenue, government grants, sales of our equity securities, through public offerings and pursuant to our at-the-market equity facility, United Kingdom research and development tax credits and receipts from the SME and RDEC schemes, out-licensing arrangements and strategic collaboration and financing agreements. From our inception in 2014 through March 31, 2026, we have generated an aggregate of $1.8 billion from these capital sources.

Current wording

We have funded our operations to date primarily with proceeds from product revenue, government grants, sales of our equity securities, through public offerings and pursuant to our at-the-market equity facility, United Kingdom research and development tax credits and receipts from the SME and RDEC schemes, out-licensing arrangements and strategic collaboration and financing agreements. From our inception in 2014 through June 30, 2026, we have generated an aggregate of $1.9 billion from these capital sources.

Previous wording

As of March 31, 2026, we had cash and cash equivalents of $130.9 million and available-for-sale debt securities of $98.5 million.

Current wording

As of June 30, 2026, we had cash and cash equivalents of $171.4 million and available-for-sale debt securities of $30.2 million.

Previous wording

Net cash used in our operating activities was $65.3 million for the three months ended March 31, 2026, compared to net cash used in operating activities of $75.6 million for the three months ended March 31, 2025. The decrease of $10.3 million in net cash used in our operating activities was primarily driven by increases in accounts receivable, inventories net, operating lease liability and prepaid expenses working capital movements, reflecting the timing of payments, partially offset by accounts payable and accrued expenses working capital movements.

Current wording

Net cash used in our operating activities was $90.4 million for the six months ended June 30, 2026, compared to net cash used in operating activities of $148.3 million for the six months ended June 30, 2025. The decrease of $58.0 million in net cash used in our operating activities was primarily driven by increases in accounts receivable, inventories net, operating lease liability and working capital movements, reflecting the timing of payments, partially offset by prepaid expenses, accounts payable and accrued expenses working capital movements.

Previous wording

Net Cash Provided by (Used in) Investing Activities

Current wording

Net Cash Provided by Investing Activities

Previous wording

During the three months ended March 31, 2026 and 2025, net cash provided by investing activities amounted to $96.2 million and net cash used in investing activities amounted to $59.5 million, respectively. Net cash provided by investing activities during the three months ended March 31, 2026 primarily reflected by $113.6 million in proceeds from maturity and redemption of marketable securities, offset by purchases of marketable securities totaling $14.7 million, and purchases of property and equipment totaling $2.7 million. Net cash used in investing activities during the three months ended March 31, 2025 consisted of $71.3 million of investment in marketable securities and of $8.2 million related to purchases of property and equipment offset by $20.0 million of maturity and redemption of marketable securities.

Current wording

During the six months ended June 30, 2026 and 2025, net cash provided by investing activities amounted to $164.1 million and $36.4 million, respectively. Net cash provided by investing activities during the six months ended June 30, 2026 primarily reflected by $182.4 million in proceeds from maturity and redemption of marketable securities, offset by purchases of marketable securities totaling $14.7 million, and purchases of property and equipment totaling $3.6 million. Net cash provided by investing activities during the six months ended June 30, 2025 consisted of $171.2 million in proceeds from maturity and redemption of marketable securities, offset by $119.3 million related to purchases of marketable securities and $15.5 million purchases of property and equipment.

Previous wording

During the three months ended March 31, 2026, net cash used in financing activities totaled $2.1 million, primarily due to revenue share payments to Blackstone and BioNTech. During the three months ended March 31, 2025, there was no cash used or provided by financing activities.

Current wording

During the six months ended June 30, 2026, net cash used in financing activities totaled $4.2 million, primarily due to revenue share payments to Blackstone and BioNTech. During the six months ended June 30, 2025, there were revenue share payments to Blackstone and BioNTech amounting to $0.8 million.

Previous wording

Based on our current clinical development and commercialization plans, we believe our existing cash and cash equivalents of $130.9 million, marketable securities of $98.5 million as of March 31, 2026 and the expected proceeds from the sale of AUCATZYL , will enable us to fund our current and planned operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of this Quarterly Report. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect. If we receive regulatory approval for our other product candidates, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize. We may also require additional capital to pursue in-licenses or acquisitions of other product candidates.

Current wording

Based on our current clinical development and commercialization plans, we believe our existing cash and cash equivalents of $171.4 million, marketable securities of $30.2 million as of June 30, 2026 together with the $75.0 million received from its Notes Purchase Agreement with Perceptive, and the expected proceeds from the sale of AUCATZYL, will enable us to fund our current and planned operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of this Quarterly Report. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect. If we receive regulatory approval for our other product candidates, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize. We may also require additional capital to pursue in-licenses or acquisitions of other product candidates.

Previous wording

There have been no material changes to our critical accounting estimates and significant judgments during the three months ended March 31, 2026.

Current wording

There have been no material changes to our critical accounting estimates and significant judgments during the six months ended June 30, 2026.