Momentus Inc.

Previous wording

Momentus offers or plans to offer satellites, satellite buses, satellite technologies and components, including solar arrays, and transportation and infrastructure services to help enable the commercialization of space for commercial companies and to support the missions of U.S. and friendly governments missions. Satellite operators are our target commercial customers. Momentus is also seeking business in support of U.S. Government missions for Departments and Agencies like NASA and the Department of Defense.

Current wording

Momentus offers or plans to offer satellites, satellite buses, satellite technologies and components, including solar arrays, and transportation, communications and infrastructure services to help enable the commercialization of space for commercial companies and to support the missions of U.S. and friendly governments. Satellite operators and space companies and other organizations are our target commercial customers. Momentus is also seeking business in support of U.S. Government missions for Departments and Agencies like NASA and the Department of Defense.

Previous wording

Products and services that we plan to provide include provision of satellites, satellite buses, satellite technologies and components, including solar arrays, integration of payload instruments, “last mile” satellite transportation, payload-hosting, on‑orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings.

Current wording

Products and services that we plan to provide include provision of satellites, satellite buses, satellite technologies and components, including solar arrays, integration of payload instruments, communication, tracking, and other satellite services, “last mile” satellite transportation, payload-hosting, on‑orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings.

Previous wording

Beyond transportation, we anticipate that growth of the satellite constellations market may drive demand for our satellites, satellites buses, and technologies like solar arrays, hosted payload, on-orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings, if we are successful in executing on our business plan, including fully developing and validating our technology in space. Satellite constellations have relatively low lifespans and, in our view, will require maintenance, de-orbiting, and other general servicing with higher frequency.

Current wording

Beyond transportation, we anticipate that growth of the satellite constellations market may drive demand for our satellites, satellites buses, and technologies like solar arrays, hosted payload, communication, tracking, and other satellite services, on-orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings, if we are successful in executing on our business plan, including fully developing and validating our technology in space. Satellite constellations have relatively low lifespans and, in our view, will require maintenance, de-orbiting, and other general servicing with higher frequency.

Previous wording

During the three and six months ended June 30, 2025, the Company recognized $0.2 million and $0.5 million of revenue, respectively, primarily from the completion of performance obligations on engineering services performed for U.S. government and engineering project services.

Current wording

During the three and nine months ended September 30, 2025, the Company recognized $0.2 million and $0.7 million of revenue, respectively, primarily from the completion of performance obligations on engineering services performed for U.S. government and engineering project services.

Previous wording

As of June 30, 2025 we have signed contracts with customers and have collected approximately $3.1 million in customer deposits, $0.2 million of which are recorded as non-current contract liabilities in our condensed consolidated balance sheets.

Current wording

As of September 30, 2025 we have signed contracts with customers and have collected approximately $3.1 million in customer deposits, $0.1 million of which are recorded as non-current contract liabilities in our condensed consolidated balance sheets.

Previous wording

Cost of revenue consists primarily of expenses associated with third-party launch costs and direct headcount cost related to the engineering project. The costs associated with orbital service vehicles are deferred to prepaid cost of revenues and amortized to cost of revenues upon release of payload. The current design and technology allow for a single use of the orbital service vehicle.

Current wording

Cost of revenue consists primarily of expenses associated with third-party launch costs and direct headcount cost related to the engineering project. The costs associated with OSVs are deferred to prepaid cost of revenues and amortized to cost of revenues upon release of payload. The current design and technology allow for a single use of the OSV.

Previous wording

Research and development expenditures consist primarily of the cost of the following activities for developing existing and future technologies for our satellites, satellite technologies, and our Orbital Service Vehicles. Research and development activities include basic research, applied research, design, development, and related test program activities. Costs incurred for developing our technologies primarily include equipment and labor hours (both internal and subcontractors). The Company also records launch costs related to the testing of its Vigoride vehicles as research and development costs.

Current wording

Research and development expenditures consist primarily of the cost of the following activities for developing existing and future technologies for our satellites, satellite technologies, and our OSV. Research and development activities include basic research, applied research, design, development, and related test program activities. Costs incurred for developing our technologies primarily include equipment and labor hours (both internal and subcontractors). The Company also records launch costs related to the testing of its Vigoride vehicles as research and development costs.

Previous wording

Revenue recognized during the three months ended June 30, 2025 and 2024, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in$0.2 million and $1.2 millionof revenue recognition, respectively.

Current wording

Revenue recognized during the three months ended September 30, 2025 and 2024, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in$0.2 million and $0.1 million of revenue recognition, respectively.

Previous wording

Research and development expenses decreased from $2.9 million in the three months ended June 30, 2024 to $2.2 million in the three months ended June 30, 2025. Payroll costs decreased by $0.5 million, inclusive of a decrease of $0.2 million in non-cash stock based compensation, driven by reduced headcount. Other miscellaneous fees, such as materials and overhead, decreased by $0.1 million

Current wording

Research and development expenses increased from $2.2 million in the three months ended September 30, 2024, to $2.3 million in the three months ended September 30, 2025. Subcontractor costs increased by $0.3 million. Payroll costs decreased by $0.2 million, inclusive of a decrease of $0.2 million in non-cash stock based compensation. Other miscellaneous fees, such as materials and overhead, increased by $0.03 million

Previous wording

Selling, general and administrative expenses decreased from $5.3 million in the three months ended June 30, 2024 to $3.9 million in the three months ended June 30, 2025. Payroll costs decreased by $0.9 million, inclusive of a decrease of $0.6 million in non-cash stock based compensation. Other miscellaneous fees, such as insurance and overhead, decreased by $0.5 million.

Current wording

Selling, general and administrative expenses decreased from $5.4 million in the three months ended September 30, 2024, to $4.2 million in the three months ended September 30, 2025. Payroll costs decreased by $1.2 million, inclusive of a decrease of $0.8 million in non-cash stock based compensation. Other miscellaneous fees, such as insurance and overhead, decreased by $0.03 million. SEC and legal services expenses decreased by $0.03 million.

Previous wording

The $0.1 million interest reduction for the three months ended June 30, 2025 was primarily due to amortization of the debt premium on the July Convertible Note and the October Convertible Note, partially offset by cash interest accrual. See Note 8 for additional information.

Current wording

The $0.2 million interest reduction for the three months ended September 30, 2025 was primarily due to amortization of the debt premium on the July 2024 Convertible Note and the October 2024 Convertible Note, partially offset by cash interest accrual. See Note 8 for additional information.

Previous wording

The gain on extinguishment of debt recognized for the three months ended June 30, 2025, was due to the amendment of the convertible promissory notes between the Company and Space Infrastructure Ventures. See Note 8 for additional information.

Current wording

The loss on extinguishment of debt recognized for the three months ended September 30, 2025, was due to the amendment of the convertible promissory notes between the Company and SIV and extinguishment of the May 2025 Loan. See Note 8 for additional information.

Previous wording

Comparison of Financial Results for the Six Months Ended June 30, 2025 and 2024

Current wording

Comparison of Financial Results for the Nine Months Ended September 30, 2025 and 2024

Previous wording

The revenue recognized during the six months ended June 30, 2024, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in $1.7 million of revenue recognition. The remaining $0.04 million of revenue recognized was due to customer deposit forfeiture upon contract expiration.

Current wording

Revenue recognized during the nine months ended September 30, 2025 and 2024, was primarily driven by engineering services performed for the Space Development Agency agreement. Of total revenue recognized of $0.7 million and $1.8 million of revenue recognized during the nine months ended September 30, 2025 and 2024, respectively, $0.5 million and $1.8 million was recognized for engineering services performed, respectively. The remaining $0.2 million of revenue recognized during the nine months ended September 30, 2025, was due to customer deposit forfeiture upon contract expiration.

Previous wording

Research and development expenses decreased from $5.5 million in the six months ended June 30, 2024, to $4.1 million in the six months ended June 30, 2025. The decrease was primarily due to (i) a $1.0 million reduction in payroll costs due to decreased headcount, (ii) a $0.2 million reduction on subcontractor cost, (iii) a $0.2 million reduction in research and development expenses, and (iv) a $0.1 million decrease in other overhead and allocated IT costs.

Current wording

Research and development expenses decreased from $7.7 million in the nine months ended September 30, 2024, to $6.4 million in the nine months ended September 30, 2025. The decrease was primarily due to a $1.2 million reduction in payroll costs due to decreased headcount and a $0.2 million reduction in product and material expenses, partially offset by a $0.1 million increase in subcontractor costs.

Previous wording

Selling, general and administrative expenses decreased from $11.5 million in the six months ended June 30, 2024 to $8.5 million in the six months ended June 30, 2025. The decrease is primarily due to (i) a $2.0 million decrease in payroll related expenses, inclusive of a decrease of $1.3 million in non-cash stock based compensation, (ii) a decrease in legal expenses of $0.9 million, and (iii) a $1.0 million decrease in other miscellaneous fees, such as insurance and overhead. These decreases were partially offset by an increase in consulting and professional services of $1.0 million.

Current wording

Selling, general and administrative expenses decreased from $16.9 million in the nine months ended September 30, 2024 to $12.7 million in the nine months ended September 30, 2025. The decrease is primarily due to (i) a $3.2 million decrease in payroll related expenses, inclusive of a decrease of $2.1 million in non-cash stock based compensation, (ii) a decrease in legal expenses of $1.1 million, and (iii) a $1.0 million decrease in other miscellaneous fees, such as insurance and overhead. These decreases were partially offset by an increase in consulting and professional services of $1.1 million.

Previous wording

The decrease in realized loss on disposal of assets for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due to losses from the auction of machinery and equipment.

Current wording

The decrease in realized loss on disposal of assets for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due to losses from the auction of machinery and equipment.

Previous wording

Interest income decreased from $0.02 million for six months ended June 30, 2024 to $0.01 million for the six months ended June 30, 2025 as the Company invested less in money market funds due to liquidity constraints.

Current wording

Interest income decreased from $0.02 million for nine months ended September 30, 2024 to $0.01 million for the nine months ended September 30, 2025 as the Company invested less in money market funds due to liquidity constraints.

Previous wording

Interest expense decreased from $0.1 million of cash and debt discount amortization interest for the six months ended June 30, 2024, to a $0.1 million interest reduction for the six months ended June 30, 2025, primarily due to amortization of the debt premium on the July Convertible Note and the October Convertible Note, partially offset by cash interest accrual. See Note 8 for additional information.

Current wording

Interest expense remained consistent, as a $0.1 million interest reduction, for both the nine months ended September 30, 2025 and 2024. The interest reduction is primarily due to amortization of the debt premium on the July 2024 Convertible Note and the October 2024 Convertible Note, partially offset by cash interest accrual. See Note 8 for additional information.

Previous wording

The gain on extinguishment of debt recognized for the six months ended June 30, 2025, was due to the amendment of the convertible promissory notes between the Company and Space Infrastructure Ventures. See Note 8 for additional information.

Current wording

The loss on extinguishment of debt recognized for the nine months ended September 30, 2025, was due to the amendment of the convertible promissory notes between the Company and SIV and extinguishment of the May 2025 Loan. See Note 8 for additional information.

Previous wording

The change in fair value of convertible debt carried at fair value for the three months ended June 30, 2025, was due to the change in fair value of the May 2025 Loan. See the Fair Value Measurement discussion in Note 2 for additional information.

Current wording

The change in fair value of convertible debt carried at fair value for the nine months ended September 30, 2025, was due to the change in fair value of the May 2025 Loan. See the Fair Value Measurement discussion in Note 2 for additional information.

Previous wording

The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date, the Company has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net losses of $12.6 million for the six months ended June 30, 2025 and an accumulated deficit of $420.6 million as of June 30, 2025. Additionally, the Company used net cash of $7.4 million to fund its operating activities for the six months ended June 30, 2025, and had cash and cash equivalents of $0.1 million as of June 30, 2025.

Current wording

The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date, the Company has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net losses of $23.7 million for the nine months ended September 30, 2025 and an accumulated deficit of $431.7 million as of September 30, 2025. Additionally, the Company used net cash of $12.7 million to fund its operating activities for the nine months ended September 30, 2025, and had cash and cash equivalents of $0.7 million as of September 30, 2025.

Previous wording

In connection with the preparation of the condensed consolidated interim financial statements for the six months ended June 30, 2025, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and sale of its services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these condensed consolidated interim financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company continues to seek and evaluate opportunities to access additional capital through all available means.

Current wording

In connection with the preparation of the condensed consolidated interim financial statements for the nine months ended September 30, 2025, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and sale of its services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these condensed consolidated interim financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company continues to seek and evaluate opportunities to access additional capital through all available means.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2025 was $7.4 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2025 was $12.7 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities.

Previous wording

Headcount related payroll costs, excluding stock-based compensation of $2.0 million, were $3.3 million. Professional fees of $3.5 million included $0.9 million in legal fees discussed in Note 12. Office overheads and other general corporate expenses were $2.4 million, which includes insurance costs of $0.5 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.8 million. These cash outflows were partially offset by gross profit of $0.5 million primarily related to the fulfillment of performance obligations during the six months ended June 30, 2025. Additionally, the Company had a change in operating assets and liabilities of $1.7 million during the six months ended June 30, 2025.

Current wording

Headcount related payroll costs, excluding stock-based compensation of $2.7 million, were $5.1 million. Professional fees of $5.2 million included $1.4 million in legal fees. Office overheads and other general corporate expenses were $3.9 million, which includes insurance costs of $0.7 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $1.4 million. These cash outflows were partially offset by gross profit of $0.7 million primarily related to the fulfillment of performance obligations during the nine months ended September 30, 2025. Additionally, the Company had a change in operating assets and liabilities of $2.0 million during the nine months ended September 30, 2025.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2024 was $6.4 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2024 was $10.9 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities.

Previous wording

Headcount related payroll costs, excluding stock-based compensation of $3.2 million, were $5.2 million. Professional fees of $3.4 million included $1.9 million in legal fees. Office overheads and other general corporate expenses were $3.1 million, which includes insurance costs of $1.0 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.5 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $1.1 million. These cash outflows were partially offset by gross profit of $1.7 million primarily related to the fulfillment of performance obligations for Vigoride 5 and Vigoride 6 customers during the six months ended June 30, 2024. Additionally, the Company had a change in operating assets and liabilities of $4.7 million during the six months ended June 30, 2024.

Current wording

Headcount related payroll costs, excluding stock-based compensation of $4.9 million, were $7.3 million. Professional fees of $5.1 million included $2.6 million in legal fees. Office overheads and other general corporate expenses were $4.4 million, which includes insurance costs of $1.3 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $1.5 million. These cash outflows were partially offset by gross profit of $1.8 million primarily related to the fulfillment of performance obligations for Vigoride 5 and Vigoride 6 customers during the nine months ended September 30, 2024. Additionally, the Company had a change in operating assets and liabilities of $5.6 million during the nine months ended September 30, 2024.

Previous wording

Net cash used in investing activities was zero and $0.04 million for the six months ended June 30, 2025 and 2024, respectively, which consisted of purchases of machinery and equipment and proceeds received on the sale of machinery and equipment.

Current wording

Net cash used in investing activities was zero and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively, which consisted of purchases of machinery and equipment and proceeds received on the sale of machinery and equipment.

Previous wording

Net cash provided by financing activities was $6.0 million for the six months ended June 30, 2025, primarily due to gross proceeds of approximately $5.0 million received from the February Offering, $2.1 million received from the March 2025 Warrant Inducement Agreement, and $0.2 million received from the May 2025 Loan, partially offset by principal repayments of $0.7 million of the Convertible Notes and $1.1 million in current and deferred issuance costs related to common stock, related warrants, the warrant inducement, and other common and preferred stock issuances.

Current wording

Net cash provided by financing activities was $11.8 million for the nine months ended September 30, 2025, primarily due to gross proceeds of approximately $9.0 million received from the July 2025 Offering and the February 2025 Offering, $4.8 million received from the August 2025 Warrant Inducement Agreement and the March 2025 Warrant Inducement Agreement, $2.3 million received from the September 2025 Private Placement, the May 2025 Loan, and related issuances of warrants, partially offset by principal repayments of $2.1 million of the May 2025 Loan and SIV Convertible Notes and $2.2 million in current and deferred issuance costs related to convertible notes, common stock, related warrants, the warrant inducements, and other common and preferred stock issuances.

Previous wording

Net cash provided by financing activities was $5.2 million for the six months ended June 30, 2024, primarily due to gross proceeds of approximately $8.0 million received from the January Offering and March Offering, partially offset by principal repayments of $2.3 million under the Term Loan and $0.8 million in issuance costs related to common stock and related warrants.

Current wording

Net cash provided by financing activities was $9.6 million for the nine months ended September 30, 2024, primarily due to gross proceeds of approximately $10.8 million received from the January 2024 Offering and March 2024 Offering, and $2.3 million received from SIV partially offset by principal repayments of $2.3 million under the Term Loan and $1.1 million in issuance costs related to common stock and related warrants.

Previous wording

The Company enters into short-term contracts for ‘last-mile’ satellite and cargo delivery (transportation services), payload hosting and in-orbit servicing options with customers that are primarily in the aerospace industry. For its transportation service arrangements, the Company has a single performance obligation of delivering the customers’ payload to its designated orbit and recognizes revenue (along with any other fees that have been paid) at a point in time, upon satisfaction of this performance obligation. Additionally, for its in-orbit service arrangements, the Company provides a multitude of services consistently throughout the mission to its customers and has services available on a ‘stand ready’ basis until the mission reaches its conclusion. The Company recognizes revenue for these in-orbit services ratably over time on a straight-line basis. The Company enters into contracts to perform services for U.S. Government customers. The Company recognizes revenue for these services in accordance with the terms of these contracts.

Current wording

The Company enters into short-term contracts for ‘last-mile’ satellite and cargo delivery (transportation services), payload hosting and in-orbit servicing options with customers that are primarily in the aerospace industry. For its transportation service arrangements, the Company has a performance obligation of delivering the customers’ payload to its designated orbit and recognizes revenue (along with any other fees that have been paid) at a point in time, upon satisfaction of this performance obligation. Additionally, for its in-orbit service arrangements, the Company provides a multitude of services during the mission to its customers. The Company recognizes revenue for these in-orbit services ratably over time on a straight-line basis. The Company enters into contracts to perform services for U.S. Government customers. The Company recognizes revenue for these services in accordance with the terms of these contracts.

Previous wording

We account for customer contracts in accordance with ASC Topic 606, Revenue from Contracts with Customers, which includes the following five-step model:

Current wording

We account for customer contracts in accordance with ASC Topic 606, which includes the following five‑step model:

Previous wording

The Company’s satellite and cargo delivery services (transportation services) are considered a single performance obligation, to transport the customers’ payload to a specified orbit in space. We recognize revenue for these services at a point in time, when control is transferred, which is considered to be upon the release of the customers’ payload into its specified orbit. We will calculate the weight distribution of each transfer vehicle at the customer level, and we will estimate the delivery date for each customer’s payload based on the relative weight of payloads released to determine the point in time to recognize revenue for each payload release.

Current wording

The Company’s satellite and cargo delivery services (transportation services) are considered a performance obligation, to transport the customers’ payload to a specified orbit in space. We recognize revenue for these services at a point in time, when control is transferred, which is considered to be upon the release of the customers’ payload into its specified orbit. We will calculate the weight distribution of each transfer vehicle at the customer level, and we will estimate the delivery date for each customer’s payload based on the relative weight of payloads released to determine the point in time to recognize revenue for each payload release.

Previous wording

We prepay for certain launch costs to third-party providers that will carry the orbital service vehicle to orbit. Prepaid costs allocated to the delivery of a customer’s payload are classified as deferred fulfillment costs. Prepaid costs allocated to our payload are classified as prepaid launch costs. These costs are then recognized as cost of revenues upon release of the customer’s payload and our payload, respectively.

Current wording

We prepay for certain launch costs to third-party providers that will carry the OSV to orbit. Prepaid costs allocated to the delivery of a customer’s payload are classified as deferred fulfillment costs. Prepaid costs allocated to our payload are classified as prepaid launch costs. These costs are then recognized as cost of revenues upon release of the customer’s payload and our payload, respectively.

Previous wording

We have various stock incentive plans under which incentive and non-qualified stock options and restricted stock awards are granted to employees, directors, and consultants. All stock-based payments to employees, including grants of employee stock options are recognized in the condensed consolidated interim financial statements based on their respective grant date fair values.

Current wording

We have various stock incentive plans under which incentive and NSOs and RSAs are granted to employees, directors, and consultants. All stock-based payments to employees, including grants of employee stock options are recognized in the condensed consolidated interim financial statements based on their respective grant date fair values.

Previous wording

The market risk inherent in our financial instruments and our financial position represents the potential loss arising from adverse changes in interest rates. As of June 30, 2025, we had cash and cash equivalents of $0.1 million, which were primarily invested in highly liquid investments purchased with a remaining maturity of three months or less. However, due to the short-term maturities and the low-risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair value of our cash and cash equivalents.

Current wording

The market risk inherent in our financial instruments and our financial position represents the potential loss arising from adverse changes in interest rates. As of September 30, 2025, we had cash and cash equivalents of $0.7 million, which were primarily invested in highly liquid investments purchased with a remaining maturity of three months or less. However, due to the short-term maturities and the low-risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair value of our cash and cash equivalents.

Previous wording

There were no material foreign currency transactions for the three and six months ended June 30, 2025 and 2024. Currently, a significant portion of our cash receipts and expenses are generated in U.S. dollars.

Current wording

There were no material foreign currency transactions for the three and nine months ended September 30, 2025 and 2024. Currently, all of our cash receipts and expenses are generated in U.S. dollars.