Camp4 Therapeutics Corp

Previous wording

We are leveraging our RAP Platform to advance a preclinical program for the treatment of synaptic Ras GTPase activating protein 1 (“SYNGAP1”)-related disorders, a group of neurodevelopmental conditions caused by pathogenic variants in the SYNGAP1 gene that result in a haploinsufficient state, reducing SYNGAP protein levels by up to 50%. SYNGAP plays a critical role in cognitive development and synaptic function. Epilepsy is a common characteristic of these disorders and nearly all patients experience some degree of developmental delay and cognitive impairment. Incidence estimates vary significantly, ranging from one to 40 per 100,000 individuals. While we believe that SYNGAP1-related disorders remain underdiagnosed, we estimate that there are approximately 10,000 individuals living with these disorders in the United States. SYNGAP1-related disorders are reported to represent 0.5% to 1.0% of all intellectual disability cases, making them among the most common causes of intellectual disability in patients with epilepsy, and indicating that the patient population may be significantly larger than incidence estimates suggest. There are no FDA-approved, disease-modifying therapies for SYNGAP1-related disorders. Treatment is often limited to supportive physical, occupational and speech therapy. A combination of non-specific anti-seizure medications may be prescribed, though SYNGAP1-related disorders have proven difficult to control with available therapeutics. Up to 50% of patients do not adequately respond to medication, in which case implantable devices, such as those for vagus nerve stimulation, may offer incremental therapeutic benefit. We are advancing our CMP-SYNGAP program to address the significant unmet need by targeting the direct cause of SYNGAP1-related disorders, haploinsufficiency, which we believe is amenable to targeting through regRNAs. Our CMP-SYNGAP program is a novel approach that targets the SYNGAP1 gene at the transcriptional level to restore SYNGAP function and improve symptoms by utilizing an intrathecally delivered ASO. Upregulation of SYNGAP1 gene expression may increase SYNGAP protein levels in amounts sufficient to yield therapeutic benefit. Our preclinical studies demonstrated a dose-dependent increase in SYNGAP mRNA levels accompanied by an increase in SYNGAP protein expression. On May 16, 2025, we presented preclinical data from our SYNGAP program in an oral presentation at the 28th American Society of Gene and Cell Therapy Annual Meeting. We observed that intracerebroventricular injection of our lead development candidate, CMP-SYNGAP-01, restored SYNGAP protein levels to near normal range in haploinsufficient mice carrying a single copy of the human SYNGAP1 gene after a single dose and rescued motor defects and spatial learning defects following two doses. Additionally, we observed that biweekly intrathecal injections of CMP-SYNGAP-01 were well tolerated in cynomolgus monkeys and resulted in a significant increase in SYNG…

Excerpt shortened here; the source contains the full paragraph.

Current wording

We are leveraging our RAP Platform to advance a preclinical program for the treatment of synaptic Ras GTPase activating protein 1 (“SYNGAP1”)-related disorders, a group of neurodevelopmental conditions caused by pathogenic variants in the SYNGAP1 gene that result in a haploinsufficient state, reducing SYNGAP protein levels by up to 50%. SYNGAP plays a critical role in cognitive development and synaptic function. Epilepsy is a common characteristic of these disorders, and nearly all patients experience some degree of developmental delay and cognitive impairment. Incidence estimates vary significantly, ranging from one to 40 per 100,000 individuals. While we believe that SYNGAP1-related disorders remain underdiagnosed, we estimate that there are more than 10,000 individuals living with these disorders in the United States. SYNGAP1-related disorders are reported to represent 0.5% to 1.0% of all intellectual disability cases, making them among the most common causes of intellectual disability in patients with epilepsy, and indicating that the patient population may be significantly larger than incidence estimates suggest. There are no FDA-approved, disease-modifying therapies for SYNGAP1-related disorders. Treatment is often limited to supportive physical, occupational and speech therapy. A combination of non-specific anti-seizure medications may be prescribed, though SYNGAP1-related disorders have proven difficult to control with available therapeutics. Up to 50% of patients do not adequately respond to medication, in which case implantable devices, such as those for vagus nerve stimulation, may offer incremental therapeutic benefit. We are advancing our SYNGAP program to address the significant unmet need by targeting the direct cause of SYNGAP1-related disorders, haploinsufficiency, which we believe is amenable to targeting through regRNAs. Our novel approach targets the SYNGAP1 gene at the transcriptional level to restore SYNGAP function and improve symptoms by utilizing an intrathecally delivered ASO. Upregulation of SYNGAP1 gene expression may increase SYNGAP protein levels in amounts sufficient to yield therapeutic benefit. Our preclinical studies demonstrated a dose-dependent increase in SYNGAP mRNA levels accompanied by an increase in SYNGAP protein expression. On May 16, 2025, we presented preclinical data from our SYNGAP program in an oral presentation at the 28th American Society of Gene and Cell Therapy Annual Meeting. We observed that intracerebroventricular injection of our lead development candidate, CMP-002 (formerly known as CMP-SYNGAP-01), restored SYNGAP protein levels to near normal range in haploinsufficient mice carrying a single copy of the human SYNGAP1 gene after a single dose and rescued motor defects and spatial learning defects following two doses. Additionally, we observed that biweekly intrathecal injections of CMP-002 were well tolerated in cynomolgus monkeys and resulted in a significant increase in SYNGAP protein lev…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

We are also evaluating our clinical candidate, CMP-CPS-001, for the treatment of the most prevalent urea cycle disorders (“UCDs”), in a Phase 1 clinical trial in healthy volunteers. UCDs are a group of severe, inherited metabolic diseases caused by mutations in the genes that encode one or more of the eight enzymes and transporters necessary to convert ammonia into urea. The inability of the body to properly metabolize ammonia leads to the accumulation of toxic levels in circulation, ultimately resulting in severe health outcomes, such as neurologic disability, seizure and death. CMP-CPS-001 is designed to improve urea cycle activity by amplifying expression of carbamoyl phosphate synthetase 1 (“CPS1”), an enzyme that catalyzes the first step of the urea cycle, by binding to a CPS1-specific regRNA. Our preclinical studies have demonstrated that modulating the activity of the target regRNA increases expression of the CPS1 gene, resulting in increased CPS1 enzyme levels, which allows for more ammonia to be converted into urea, thereby lowering ammonia levels to normal, healthy ranges. These preclinical studies also demonstrated that CMP-CPS-001 can increase the level of, or upregulate, the production of multiple enzymes responsible for converting ammonia into urea, potentially allowing us to address more than 85% of patients with UCDs. We have completed a planned interim analysis of safety and pharmacokinetic data from all four cohorts of the single ascending dose (“SAD”) portion of the clinical trial, and we have completed dosing of the first three cohorts from the multiple ascending dose (“MAD”) portion of the clinical trial, with no safety trends of concern observed to date. We have also submitted a clinical trial application in Europe for a Phase 1b expansion to enroll female participants who are heterozygous for a mutation of the OTC gene. We estimate that there are approximately 2,000 diagnosed female OTC heterozygotes in the United States who have inherited one copy of a gene with OTC-related changes and experience potentially addressable UCD symptoms. We expect to report data from all four cohorts of the SAD portion and the first three cohorts of the MAD portion of the clinical trial, including safety, pharmacokinetic and pharmacodynamic biomarker data, in the fourth quarter of 2025 and to evaluate potential next steps for the further development of CMP-CPS-001 based on these data, which may include exploring potential partnership opportunities.

Current wording

Our pipeline also includes our clinical candidate, CMP-001 (formerly known as CMP-CPS-001), for the treatment of the most prevalent urea cycle disorders (“UCDs”), for which we have completed a Phase 1 clinical trial in healthy volunteers. UCDs are a group of severe, inherited metabolic diseases caused by mutations in the genes that encode one or more of the eight enzymes and transporters necessary to convert ammonia into urea. The inability of the body to properly metabolize ammonia leads to the accumulation of toxic levels in circulation, ultimately resulting in severe health outcomes, such as neurologic disability, seizure and death. CMP-001 is designed to improve urea cycle activity by amplifying expression of carbamoyl phosphate synthetase 1 (“CPS1”), an enzyme that catalyzes the first step of the urea cycle, by binding to a CPS1-specific regRNA. Our preclinical studies have demonstrated that modulating the activity of the target regRNA increases expression of the CPS1 gene, resulting in increased CPS1 enzyme levels, which allows for more ammonia to be converted into urea, thereby lowering ammonia levels to normal, healthy ranges. These preclinical studies also demonstrated that CMP-001 can increase the level of, or upregulate, the production of multiple enzymes responsible for converting ammonia into urea, potentially allowing us to address more than 85% of patients with UCDs. We have received approval of a clinical trial application in the Netherlands to enable the initiation of a Phase 1b expansion to enroll female participants who are heterozygous for a mutation of the OTC gene. We estimate that there are approximately 2,000 diagnosed female OTC heterozygotes in the United States who have inherited one copy of a gene with OTC-related changes and experience potentially addressable UCD symptoms.

Previous wording

In addition, we have an ongoing discovery program targeting a regRNA to increase GBA1 gene expression for the treatment of Parkinson’s disease (“PD”) caused by mutations in the GBA1 gene, and have initiated discovery programs in other CNS indications utilizing our RAP Platform. Finally, we have entered into a strategic research collaboration with BioMarin Pharmaceutical Inc. (“BioMarin”) to advance novel therapeutics that increase protein levels by targeting regRNA sequences for two genetic targets.

Current wording

In addition, we are party to a strategic research collaboration with BioMarin Pharmaceutical Inc. (“BioMarin”) to advance novel therapeutics that increase protein levels by targeting regRNA sequences for two genetic targets.

Previous wording

Since our inception in 2015, we have focused substantially all of our resources primarily on developing our RAP Platform, identifying, developing and progressing our product candidates through preclinical and clinical development, organizing and staffing our company, research and development (“R&D”) activities, establishing and protecting our intellectual property portfolio, and raising capital. To date, we have primarily funded our operations with proceeds from the sale of convertible preferred stock and common stock, including in our initial public offering (“IPO”), which closed on October 15, 2024, as well as through revenues from our license and collaboration agreements. Through June 30, 2025, we have received net proceeds of $72.4 million from our IPO and $188.3 million from the sale of our convertible preferred stock. In addition, through June 30, 2025, we have recognized $20.4 million in research collaboration and license revenue through our development and license agreements. Our ability to generate any product revenue and, in particular, our ability to generate product revenue sufficient to achieve profitability, will depend on the successful development and eventual commercialization of product candidates.

Current wording

Since our inception in 2015, we have focused substantially all our resources primarily on developing our RAP Platform, identifying, developing and progressing our product candidates through preclinical and clinical development, organizing and staffing our company, research and development (“R&D”) activities, establishing and protecting our intellectual property portfolio, and raising capital. To date, we have primarily funded our operations with proceeds from the sale of convertible preferred stock and common stock, including our private placement, the initial closing of which occurred on September 11, 2025, and our initial public offering (“IPO”), which closed on October 15, 2024, as well as through revenues from our license and collaboration agreements. Through September 30, 2025, we have received net proceeds of $46.7 million from the initial closing of our private placement, $72.4 million from our IPO and $188.3 million from the sale of our convertible preferred stock. In addition, through September 30, 2025, we have recognized $21.2 million in research collaboration and license revenue through our development and license agreements. Our ability to generate any product revenue and, in particular, our ability to generate product revenue sufficient to achieve profitability, will depend on the successful development and eventual commercialization of product candidates.

Previous wording

We have incurred significant operating losses and negative cash flows from operations since our inception. Our net losses were $25.0 million for both the six months ended June 30, 2025 and 2024. As of June 30, 2025, we had an accumulated deficit of $236.8 million. Substantially all of our net losses have resulted from costs incurred in connection with our R&D programs and, to a lesser extent, from general and administrative (“G&A”) costs associated with our operations. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and preclinical studies, our other R&D activities and capital expenditures, and the timing and amount of any milestone or royalty payments due under our existing or future license or collaboration agreements. In addition, we incur additional costs associated with operating as a public company, including significant legal, audit, accounting, regulatory and tax-related services associated with maintaining compliance with exchange listing and requirements of the SEC, director and officer liability insurance costs, investor and public relations costs, and other expenses that we did not incur as a private company. If we obtain regulatory approval for our product candidates, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing and distribution. We anticipate that our expenses will increase substantially if and as we:

Current wording

We have incurred significant operating losses and negative cash flows from operations since our inception. Our net losses were $40.1 million and $38.5 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $251.9 million. Substantially all of our net losses have resulted from costs incurred in connection with our R&D programs and, to a lesser extent, from general and administrative (“G&A”) costs associated with our operations. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and preclinical studies, our other R&D activities and capital expenditures, and the timing and amount of any milestone or royalty payments due under our existing or future license or collaboration agreements. In addition, we incur additional costs associated with operating as a public company, including significant legal, audit, accounting, regulatory and tax-related services associated with maintaining compliance with exchange listing and requirements of the SEC, director and officer liability insurance costs, investor and public relations costs, and other expenses that we did not incur as a private company. If we obtain regulatory approval for our product candidates, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing and distribution.

Previous wording

As of June 30, 2025, we had cash and cash equivalents of $39.1 million. Based on our current operating plan, we estimate that our existing cash and cash equivalents will be sufficient to fund our projected operating expenses and capital expenditure requirements into the second quarter of 2026, which raises substantial doubt about our ability to continue as a going concern. See the sections titled “Liquidity and Capital Resources” included elsewhere in this Quarterly Report and “Risk Factors - Risks Related to our Financial Position and Need for Additional Capital” included elsewhere in this Quarterly Report and in our 2024 Form 10-K.

Current wording

As of September 30, 2025, we had cash and cash equivalents of $75.3 million. Based on our current operating plan, we estimate that our existing cash and cash equivalents will be sufficient to fund our projected operating expenses and capital expenditure requirements into 2027. See the sections titled “Liquidity and Capital Resources” included elsewhere in this Quarterly Report and “Risk Factors - Risks Related to our Financial Position and Need for Additional Capital” included elsewhere in this Quarterly Report and in our 2024 Form 10-K.

Previous wording

We recognized $2.4 million in research and collaboration revenue during the six months ended June 30, 2025. We did not recognize any research and collaboration revenue during the six months ended June 30, 2024. The increase of $2.4 million was due to revenue recognized under our Collaboration and License Agreement with BioMarin of $1.8 million and a $0.6 million milestone payment earned under the Fulcrum Agreement.

Current wording

We recognized $0.8 million in research and collaboration revenue during the three months ended September 30, 2025. We did not recognize any research and collaboration revenue during the three months ended September 30, 2024. The increase of $0.8 million was due to revenue recognized under our Collaboration and License Agreement with BioMarin.

Previous wording

G&A expenses were $4.2 million for the three months ended June 30, 2025 compared to $3.3 million for the three months ended June 30, 2024. The increase of $0.9 million was partially due to an increase of $0.5 million in personnel-related expenses due to annual merit-related salary increases and stock compensation expense and an increase of $0.2 million in facility-related and overhead expense due to increases in insurance premiums. In addition, there was an increase of $0.2 million in other expenses due to an increase in state franchise taxes.

Current wording

G&A expenses were $4.6 million for the three months ended September 30, 2025 compared to $3.8 million for the three months ended September 30, 2024. The increase of $0.8 million was partially due to an increase of $1.0 million in professional and consulting fees primarily due to private placement fees associated with our tranche liability and $0.2 million in facility-related and overhead expense due to increases in insurance premiums. These increases were partially offset by a $0.4 million decrease in personnel-related expenses primarily due to higher stock-based compensation for the three months ended September 30, 2024 associated with the forgiveness of promissory notes originally issued to certain executive officers.

Previous wording

Other income, net was $0.4 million for the three months ended June 30, 2025 compared to $0.1 million for the three months ended June 30, 2024. The increase of $0.3 million was primarily due to an increase in interest income due to higher average invested cash balances during the three months ended June 30, 2025.

Current wording

Other (expense) income, net for the three months ended September 30, 2025 was a $1.4 million expense compared to nominal income for the three months ended September 30, 2024. The change was primarily due to a $1.8 million expense for the change in fair value of our derivative tranche liability associated with the second tranche of our private placement. This expense was partially offset by a $0.3 million increase in interest income due to higher average invested cash balances during the three months ended September 30, 2025.

Previous wording

The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024 (in thousands):

Current wording

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024 (in thousands):

Previous wording

We recognized $1.5 million in research and collaboration revenue during the three months ended June 30, 2025. We did not recognize any research and collaboration revenue during the three months ended June 30, 2024. The increase of $1.5 million was due to revenue recognized under our Collaboration and License Agreement with BioMarin of $0.9 million and a $0.6 million milestone payment earned under the Fulcrum Agreement.

Current wording

We recognized $3.2 million in research and collaboration revenue during the nine months ended September 30, 2025. We did not recognize any research and collaboration revenue during the nine months ended September 30, 2024. The increase of $3.2 million was due to revenue recognized under our Collaboration and License Agreement with BioMarin of $2.6 million and a $0.6 million milestone payment earned under the Fulcrum Agreement.

Previous wording

The following table summarizes our R&D expenses for the six months ended June 30, 2025 and 2024 (in thousands):

Current wording

The following table summarizes our R&D expenses for the nine months ended September 30, 2025 and 2024 (in thousands):

Previous wording

R&D expenses were $10.3 million for the three months ended June 30, 2025 compared to $9.4 million for the three months ended June 30, 2024. The increase of $1.0 million was primarily due to an increase of $0.4 million in clinical and preclinical expenses due to increases associated with the Company’s UCD clinical trial and SYNGAP preclinical work. There was also an increase of $0.4 million in professional and consulting fees due to increased utilization of external support for clinical operations. In addition, there was an increase of $0.2 million in personnel-related expenses due to severance costs related to separation agreements with certain former employees.

Current wording

R&D expenses were $29.8 million for the nine months ended September 30, 2025 compared to $28.8 million for the nine months ended September 30, 2024. The increase of $1.0 million was primarily due to an increase of $0.4 million in personnel-related expenses due to lower offsetting personnel reimbursements under one of our collaboration agreements as well as severance and related costs resulting from separation agreements with certain former employees. We also incurred an increase of $0.4 million in professional and consulting fees due to increased utilization of external support for clinical operations. In addition, we incurred an increase of $0.2 million in clinical and preclinical expenses related to the Company’s UCD clinical trial and SYNGAP preclinical work.

Previous wording

The following table summarizes our G&A expenses for the six months ended June 30, 2025 and 2024 (in thousands):

Current wording

The following table summarizes our G&A expenses for the nine months ended September 30, 2025 and 2024 (in thousands):

Previous wording

G&A expenses were $8.0 million for the six months ended June 30, 2025 compared to $6.4 million for the six months ended June 30, 2024. The increase of $1.6 million was partially due to an increase of $0.9 million in personnel-related expenses due to annual merit-related salary increases, stock compensation expense, and severance costs related to separation agreements with certain former employees. In addition, there was an increase of $0.5 million in other expenses due to an increase in state franchise taxes, as well as costs associated with operating as a public company. Lastly, there was an increase of $0.3 million in facility-related and overhead expense due to increases in insurance premiums. These increases were offset by a decrease in professional and consulting-related expenses of $0.1 million.

Current wording

G&A expenses were $12.6 million for the nine months ended September 30, 2025 compared to $10.2 million for the nine months ended September 30, 2024. The increase of $2.4 million was partially due to an increase of $0.5 million in facility-related and overhead expense due to increases in insurance premiums. In addition, there was an increase of $0.5 million in other expenses due to an increase in state franchise taxes, as well as costs associated with operating as a public company. There was also an increase of $0.5 million in personnel-related expenses due to annual merit-related salary increases, partially offset by decreases in stock compensation expense primarily due to higher stock-based compensation for the nine months ended September 30, 2024 associated with the forgiveness of promissory notes originally issued to certain executive officers. Finally, there was an increase of $0.9 million in professional and consulting-related expenses due to costs associated with operating as a public company.

Previous wording

Other income, net was $1.1 million for the six months ended June 30, 2025 compared to $0.5 million for the six months ended June 30, 2024. The increase of $0.5 million was primarily due to an increase in interest income due to higher average invested cash equivalent balances during the six months ended June 30, 2025.

Current wording

Other (expense) income, net was an expense of $0.3 million for the nine months ended September 30, 2025 compared to income of $0.5 million for the nine months ended September 30, 2024. The change of $0.9 million was primarily due to a $1.8 million expense for the change in fair value of our derivative tranche liability associated with the second tranche of our private placement. This was partially offset by a $0.7 million increase in interest income due to higher average invested cash equivalent balances during the nine months ended September 30, 2025 and a decrease in other expenses of $0.2 million primarily due to lower foreign exchange losses.

Previous wording

As of June 30, 2025, we had cash and cash equivalents of $39.1 million. Based on our current operating plan, we estimate that our cash and cash equivalents as of June 30, 2025 will be sufficient to fund our operating expenses and capital expenditure requirements into the second quarter of 2026. However, we have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we currently expect. Our capital resources will not be sufficient to fund operations through at least the next twelve months from the date the accompanying unaudited condensed consolidated financial statements as of June 30, 2025 are issued based on our expected cash needs, which raises substantial doubt about our ability to continue as a going concern. Our future viability is dependent on our ability to generate cash from our operating activities or to raise additional capital to finance our operations. There is no assurance that we will succeed in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all.

Current wording

As of September 30, 2025, we had cash and cash equivalents of $75.3 million. Based on our current operating plan, we estimate that our cash and cash equivalents as of September 30, 2025 will be sufficient to fund our operating expenses and capital expenditure requirements into 2027. However, we have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we currently expect. Our future viability is dependent on our ability to generate cash from our operating activities or to raise additional capital to finance our operations. There is no assurance that we will succeed in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all.

Previous wording

As of June 30, 2025, other than those disclosed within Note 4 and 5 to our condensed consolidated financial statements, there have been no material changes to our contractual obligations and commitments from those described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Form 10-K.

Current wording

As of September 30, 2025, other than those disclosed within Note 4, 5, and 6 to our condensed consolidated financial statements, there have been no material changes to our contractual obligations and commitments from those described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Form 10-K.

Previous wording

The following table provides information regarding our cash flows for the six months ended June 30, 2025 and 2024 (in thousands):

Current wording

The following table provides information regarding our cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

Previous wording

Net cash used in operating activities for the six months ended June 30, 2025 was $24.6 million and consisted of net loss of $25.0 million, non-cash adjustments of $3.7 million and a net change in assets and liabilities of $3.3 million. Non-cash items primarily included stock-based compensation of $1.9 million, non-cash operating lease expense of $1.0 million, and depreciation and amortization of $0.9 million. The net change in assets and liabilities was primarily due to a decrease in accrued expenses due to the timing of payout related to annual employee bonuses and cash paid to certain executive officers to offset the tax impact associated with the forgiveness of promissory notes from 2024.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2025 was $35.8 million and consisted of net loss of $40.1 million, non-cash adjustments of $7.9 million and a net change in assets and liabilities of $3.7 million. Non-cash items primarily included stock-based compensation of $2.8 million, loss from the change in fair value of our tranche liability of $1.8 million, non-cash operating lease expense of $1.4 million, depreciation and amortization of $1.3 million, and impairment of the Boulder lease ROU asset of $0.5 million. The net change in assets and liabilities was primarily due to $2.6 million in lease payments, a decrease in accounts payable of $0.6 million due to the timing of payments, a decrease in accrued expenses of $0.4 million due to the payout of annual employee bonuses and cash paid to certain executive officers to offset the tax impact associated with the forgiveness of promissory notes from 2024, partially offset by the current year accrual for annual employee bonuses and higher accrued R&D expenses.

Previous wording

Our primary investing activities consist of capital expenditures for laboratory and computer equipment as well as software. Net cash used in investing activities for the six months ended June 30, 2025 was $0.3 million, due to purchases of laboratory equipment. Net cash used in investing activities increased by $0.1 million during the six months ended June 30, 2025, compared to the same period in 2024, primarily attributable to the timing of cash payments for laboratory equipment.

Current wording

Our primary investing activities consist of capital expenditures for laboratory and computer equipment as well as software. Net cash used in investing activities for the nine months ended September 30, 2025 was $0.2 million, due to purchases of laboratory equipment, partially offset by the sale of equipment used in our Boulder location. Net cash used in investing activities increased by $0.1 million during the nine months ended September 30, 2025, compared to the same period in 2024, primarily attributable to the timing of cash payments for laboratory equipment, partially offset by lower spend for the nine months ended September 30, 2025.

Previous wording

Our primary financing activities for the six months ended June 30, 2025 consist of principal payments on finance leases. Net cash used in financing activities for the six months ended June 30, 2025 was $0.1 million. Net cash used in financing activities decreased by $0.9 million during the six months ended June 30, 2025, compared to the same period in 2024, primarily attributable cash used in 2024 of $0.6 million for deferred offering costs and $0.2 million in repayments for our financing liability. In addition, there was a $0.1 million decrease in principal payments on finance leases.

Current wording

Net cash provided by financing activities for the nine months ended September 30, 2025 was $47.3 million. Our primary financing activity for the nine months ended September 30, 2025 was our private placement, which resulted in cash net of issuance costs totaling $32.6 million for securities sold in the initial close and $14.9 million allocated to the derivative tranche liability. Excluding the cash provided by the private placement, net cash used in financing activities decreased $16.1 million during the nine months ended September 30, 2025, compared to the same period in 2024. The decrease was primarily attributable to cash used in 2024 of $0.8 million for deferred offering costs and a $0.4 million decrease in repayments of our finance leases and financing liability.

Previous wording

There have been no significant changes to our critical accounting estimates in the preparation of our condensed consolidated financial statements during the six months ended June 30, 2025 compared to those disclosed in our 2024 Form 10-K.

Current wording

There have been no significant changes to our critical accounting estimates in the preparation of our condensed consolidated financial statements during the nine months ended September 30, 2025 compared to those disclosed in our 2024 Form 10-K except for the following.