Immuneering Corp

Previous wording

MAPKeeper 301 is a global Phase 3 registrational trial to evaluate atebimetinib (320 mg once-daily) in combination with mGnP, compared to standard of care GnP alone, in first-line metastatic PDAC. The primary endpoint of MAPKeeper 301 is overall survival, and secondary endpoints include progression-free survival, overall response rate, disease control rate, and quality of life measurements. We plan to enroll a total of approximately 510 patients in MAPKeeper 301, divided equally across the two arms.

Current wording

MAPKeeper 301 is a global Phase 3 registrational trial to evaluate atebimetinib (320 mg once-daily) in combination with mGnP, compared to standard of care GnP alone, in first-line metastatic PDAC. The primary endpoint of MAPKeeper 301 is overall survival, and secondary endpoints include progression-free survival, overall response rate, disease control rate, and quality of life measurements. We plan to enroll a total of approximately 570 patients in MAPKeeper 301, divided equally across the two arms. In October 2026, we announced an increase in the MAPKeeper 301 enrollment target from 510 to approximately 570 patients and that enrollment was ahead of schedule. We expect to maintain the trial's topline data readout currently planned for mid-2028, with the potential to accelerate the timing of the readout.

Previous wording

•in the second half of 2026, dosing the first patient in a clinical trial of atebimetinib in combination with Libtayo® in non-small cell lung cancer patients, with a preliminary data readout expected in late-2027;

Current wording

•in the fourth quarter of 2026, dosing the first patient in a clinical trial of atebimetinib in combination with Libtayo® in non-small cell lung cancer patients, with a preliminary data readout expected in late-2027;

Previous wording

•in the fourth quarter of 2026, additional pre-clinical data of atebimetinib in combination with anti-PD-1 in non-small cell lung cancer;

Current wording

•in the fourth quarter of 2026, providing additional pre-clinical data of atebimetinib in combination with anti-PD-1 in non-small cell lung cancer;

Previous wording

We did not sell any shares of common stock under the 2022 ATM Program during the three and six months ended June 30, 2026. We sold 4,836,804 shares of common stock under the 2022 ATM Program, at a weighted average price per share of $2.95, for aggregate gross proceeds of $14.2 million ($13.7 million net of offering expenses) during the three and six months ended June 30, 2025. We did not sell any shares of common stock under the 2025 ATM Program during the three and six months ended June 30, 2026 or June 30, 2025, respectively.

Current wording

We did not sell any shares of common stock under the 2022 ATM Program during the three and nine months ended September 30, 2026. The Company sold 327,355 shares of common stock under the 2022 ATM Program, at a weighted average price per share of $4.27, for aggregate gross proceeds of $1.4 million ($1.3 million net of offering expenses) during the three months ended September 30, 2025. The Company sold 5,164,159 shares of common stock under the 2022 ATM program, at a weighted average price per share of $3.03, for aggregate gross proceeds of $15.6 million ($15.0 million net of offering expenses) during the nine months ended September 30, 2025. We did not sell any shares of common stock under the 2025 ATM Program during the three and nine months ended September 30, 2026 or September 30, 2025, respectively.

Previous wording

Since our inception, we have had significant annual operating losses. Our net loss was approximately $30.7 million for the six months ended June 30, 2026 and approximately $56.0 million for the year ended December 31, 2025. As of June 30, 2026, we had an accumulated deficit of approximately $311.1 million and approximately $182.7 million in cash, cash equivalents and marketable securities.

Current wording

Since our inception, we have had significant annual operating losses. Our net loss was approximately $54.9 million for the nine months ended September 30, 2026 and approximately $56.0 million for the year ended December 31, 2025. As of September 30, 2026, we had an accumulated deficit of approximately $335.2 million and approximately $166.1 million in cash, cash equivalents and marketable securities.

Previous wording

Based on our current business plans, we believe that our existing cash, cash equivalents and marketable securities as of June 30, 2026 will enable us to fund our development activities and other operations into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured. We may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies, including our research and development activities. If we are unable to raise capital, we will need to delay, reduce or terminate some or all planned activities to reduce costs.

Current wording

Based on our current business plans, we believe that our existing cash, cash equivalents and marketable securities as of September 30, 2026 will enable us to fund our development activities and other operations into the fourth quarter of 2028. This update to our cash runway guidance (previously expected into 2029) reflects the anticipated cost impact, among other things, of: a longer than previously projected continuation of our ongoing Phase 1/2a clinical trial of atebimetinib in patients with advanced solid tumors; the planned increase to and acceleration of the target patient enrollment in the MAPKeeper 301 trial; and commercial readiness activities. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured. We may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies, including our research and development activities. If we are unable to raise capital, we will need to delay, reduce or terminate some or all planned activities to reduce costs.

Previous wording

As of August 5, 2026, the issuance date of the interim condensed consolidated financial statements for the three and six-months ended June 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q, based on our recurring losses from operations incurred since inception, expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance future operations, we believe that our existing cash, cash equivalents and marketable securities will enable us to fund our development activities and other operations into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.

Current wording

As of October 29, 2026, the issuance date of the interim condensed consolidated financial statements for the three and nine-months ended September 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q, based on our recurring losses from operations incurred since inception, expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance future operations, we believe that our existing cash, cash equivalents and marketable securities will enable us to fund our development activities and other operations into the fourth quarter of 2028. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.

Previous wording

We may never succeed in achieving regulatory approval for any of our product candidates. Further, a number of factors, including those outside of our control, could adversely impact the timing and duration of our product candidates’ development, which could increase our research and development expenses. We may obtain unexpected results from our preclinical studies and clinical trials. We may elect to discontinue, delay or modify clinical trials of some product candidates or focus on others. A change in the outcome of any of these factors could mean a significant change in the costs and timing associated with the development of our current and future preclinical and clinical product candidates. For example, if the FDA, EMA or another regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required for the completion of clinical development, or if we experience significant delays in execution of or enrollment in any of our preclinical studies or clinical trials, we could be required to expend significant additional financial resources and time on the advancement of preclinical and clinical development.

Current wording

We may never succeed in achieving regulatory approval for any of our product candidates. Further, a number of factors, including those outside of our control, could adversely impact the timing and duration of our product candidates’ development, which could increase our research and development expenses. We may obtain unexpected results from our preclinical studies and clinical trials. We have in the past and may in the future elect to discontinue, delay or modify clinical trials of some product candidates or focus on others. A change in the outcome of any of these factors could mean a significant change in the costs and timing associated with the development of our current and future preclinical and clinical product candidates. For example, if the FDA, EMA or another regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required for the completion of clinical development, or if we experience significant delays in execution of or enrollment in any of our preclinical studies or clinical trials, we could be required to expend significant additional financial resources and time on the advancement of preclinical and clinical development.

Previous wording

Research and development expenses increased by approximately $3.5 million, or 33.9%, to approximately $14.0 million for the three months ended June 30, 2026, as compared to approximately $10.5 million for the three months ended June 30, 2025. The increase of approximately $3.5 million was primarily due to an increase in direct costs of $2.8 million, driven by $2.1 million related to the initiation of the MAPKeeper 301 trial, in addition to increased preclinical spend of approximately $1.0 million, driven by development pipeline activities. The increase in direct research and development expenses was offset by a decrease of approximately $0.3 million in expenses related to the envometinib program, due to the Company's prioritization of the atebimetinib program. The overall increase in research and development expenses was also driven by an increase in indirect expenses of approximately $0.7 million, primarily driven by increased employee-related costs of $0.7 million, increased stock-based compensation costs of $0.1 million, offset by a decrease in depreciation/amortization and facilities and other expenses of $1 thousand.

Current wording

Research and development expenses increased by approximately $9.9 million, or 90.7%, to approximately $20.7 million for the three months ended September 30, 2026, as compared to approximately $10.9 million for the three months ended September 30, 2025. The increase of approximately $9.9 million was primarily due to an increase in direct costs of $8.7 million, driven by $8.5 million related to the conduct of the MAPKeeper 301 trial, in addition to increased preclinical spend of approximately $0.6 million, driven by development pipeline activities. The increase in direct research and development expenses was offset by a decrease of approximately $0.3 million in expenses related to the envometinib program, due to the Company's prioritization of the atebimetinib program. The overall increase in research and development expenses was also driven by an increase in indirect expenses of approximately $1.1 million, primarily driven by increased employee-related costs of $1.0 million, increased stock-based compensation costs of $0.1 million, and an increase in depreciation/amortization and facilities and other expenses of $3 thousand.

Previous wording

General and administrative expenses increased by approximately $0.7 million, or 16.3%, to approximately $5.0 million for the three months ended June 30, 2026, as compared to approximately $4.3 million for the three months ended June 30, 2025. The increase of approximately $0.7 million was primarily driven by a $0.5 million increase in employee-related costs, a $0.1 million increase in other expenses, primarily consisting of increased software costs supporting the general and administrative functions, and a $0.1 million increase in professional fees, stock-based compensation, and facilities and other allocated expenses, in the aggregate.

Current wording

General and administrative expenses increased by approximately $0.6 million, or 12.3%, to approximately $5.1 million for the three months ended September 30, 2026, as compared to approximately $4.5 million for the three months ended September 30, 2025. The increase of approximately $0.6 million was primarily driven by a $0.6 million increase in employee-related costs, a $0.5 million increase in stock-based compensation, and a $23 thousand increase in facilities and other allocated expenses, offset by a decrease in professional fees of $0.2 million and a decrease in other expenses of $0.4 million, with such decreases primarily driven by lower public filing costs associated with the various financing efforts from the prior year.

Previous wording

Other income for the three months ended June 30, 2026 was $0.6 million, compared to no other income for the three months ended June 30, 2025. This was primarily driven by the accretion of marketable securities during the three months ended June 30, 2026. There were no marketable securities as of June 30, 2025.

Current wording

Other income for the three months ended September 30, 2026 was $0.4 million, compared to no other income for the three months ended September 30, 2025. This was primarily driven by the accretion of marketable securities during the three months ended September 30, 2026. There were no marketable securities as of September 30, 2025.

Previous wording

Research and development expenses increased by approximately $2.7 million, or 12.4%, to approximately $24.6 million for the six months ended June 30, 2026, as compared to approximately $21.9 million for the six months ended June 30, 2025. The increase of approximately $2.7 million was primarily due to an increase in direct research and development expenses of $1.8 million, driven by a $1.9 million increase in expenses related to the initiation of the MAPKeeper 301 trial, in addition to increased preclinical spend of approximately $1.8 million. This was offset by a decrease of approximately $1.9 million in expenses related to the envometinib program, due to the Company's prioritization of the atebimetinib program. The overall increase to research and development expenses was also driven by an increase of approximately $0.9 million related to indirect research and development expenses. Indirect expenses were driven by an approximate $1.0 million increase associated with employee-related costs, offset by a minor decrease in stock-based compensation expense, depreciation/amortization, and facilities and other expenses, in the aggregate.

Current wording

Research and development expenses increased by approximately $12.6 million, or 38.3%, to approximately $45.4 million for the nine months ended September 30, 2026, as compared to approximately $32.8 million for the nine months ended September 30, 2025. The increase of approximately $12.6 million was primarily due to an increase in direct research and development expenses of $10.5 million, driven by a $10.4 million increase in expenses related to the conduct of the MAPKeeper 301 trial, in addition to increased preclinical spend of approximately $2.3 million. This was offset by a decrease of approximately $2.2 million in expenses related to the envometinib program, due to the Company's prioritization of the atebimetinib program. The overall increase to research and development expenses was also driven by an increase of approximately $2.0 million related to indirect research and development expenses. Indirect expenses were driven by an approximately $2.0 million increase associated with employee-related costs, an approximately $0.1 million increase in stock-based compensation expense, and a minor increase in depreciation/amortization and facilities and other expenses, in the aggregate.

Previous wording

General and administrative expenses increased by approximately $1.4 million, or 16.6%, to approximately $9.7 million for the six months ended June 30, 2026, as compared to approximately $8.3 million for the six months ended June 30, 2025. The increase of approximately $1.4 million was due to a $0.9 million increase in employee-related costs, an increase in professional fees incurred for accounting, auditing, legal and tax services of approximately $0.3 million, increased other expenses of approximately $0.2 million, primarily consisting of software costs supporting the general and administrative functions, and increased stock-based compensation costs of approximately $0.1 million.

Current wording

General and administrative expenses increased by approximately $1.9 million, or 15.1%, to approximately $14.7 million for the nine months ended September 30, 2026, as compared to approximately $12.8 million for the nine months ended September 30, 2025. The increase of approximately $1.9 million was due to a $1.5 million increase in employee-related costs, an increase in stock-based compensation expense of $0.6 million, an increase in professional fees incurred for accounting, auditing, legal and tax services of approximately $0.1 million, and an increase in facilities and other allocated expenses of $36 thousand, offset by a decrease in other expenses of approximately $0.2 million primarily driven by lower public filing costs associated with the various financing efforts from the prior year.

Previous wording

Amortization of intangible asset was $14,633 for the six months ended June 30, 2026, and 2025. This amortization is related to the technology acquired for the BioArkive acquisition completed in December 2021.

Current wording

Amortization of intangible asset was $21,950 for the nine months ended September 30, 2026, and 2025. This amortization is related to the technology acquired for the BioArkive acquisition completed in December 2021.

Previous wording

Interest income increased by approximately $1.7 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, driven primarily by an increased total cash balance resulting from various financing events in August and September 2025.

Current wording

Interest income increased by approximately $2.5 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, driven primarily by an increased total cash balance resulting from various financing events in August and September 2025.

Previous wording

Other income for the six months ended June 30, 2026 was approximately $1.2 million, compared to no other income for the six months ended June 30, 2025. This was primarily driven by the accretion of marketable securities during the six months ended June 30, 2026. There were no marketable securities as of June 30, 2025.

Current wording

Other income for the nine months ended September 30, 2026 was approximately $1.6 million, compared to no other income for the nine months ended September 30, 2025. This was primarily driven by the accretion of marketable securities during the nine months ended September 30, 2026. There were no marketable securities as of September 30, 2025.

Previous wording

As of June 30, 2026, we had an accumulated deficit of $311.1 million and $182.7 million in cash, cash equivalents and marketable securities. Cash, cash equivalents and marketable securities are comprised primarily of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, reflected in the change in our outstanding accounts payable and accrued expenses.

Current wording

As of September 30, 2026, we had an accumulated deficit of $335.2 million and $166.1 million in cash, cash equivalents and marketable securities. Cash and cash equivalents are comprised primarily of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, reflected in the change in our outstanding accounts payable and accrued expenses.

Previous wording

On August 10, 2022, we entered into the 2022 Sales Agreement with the Sales Agent to sell shares of our common stock with aggregate gross proceeds of up to $50 million, from time to time, through the 2022 ATM Program. We did not sell any shares of common stock under the 2022 ATM Program during the three and six months ended June 30, 2026. We sold 4,836,804 shares of common stock under the 2022 ATM Program, at a weighted average price per share of $2.95, for aggregate gross proceeds of $14.2 million ($13.7 million net of offering expenses) during the three and six months ended June 30, 2025. In August 2025, the 2022 Shelf Registration Statement and the 2022 ATM Program expired, and the 2022 Sales Agreement was terminated.

Current wording

On August 10, 2022, we entered into the 2022 Sales Agreement with the Sales Agent to sell shares of our common stock with aggregate gross proceeds of up to $50 million, from time to time, through the 2022 ATM Program. We did not sell any shares of common stock under the 2022 ATM Program during the three and nine months ended September 30, 2026. We sold 327,355 shares of common stock under the 2022 ATM Program, at a weighted average price per share of $4.27, for aggregate gross proceeds of $1.4 million ($1.3 million net of offering expenses) during the three months ended September 30, 2025. We sold 5,164,159 shares of common stock under the 2022 ATM program, at a weighted average price per share of $3.03, for aggregate gross proceeds of $15.6 million ($15.0 million net of offering expenses) during the nine months ended September 30, 2025. In August 2025, the 2022 Shelf Registration Statement and the 2022 ATM Program expired, and the 2022 Sales Agreement was terminated.

Previous wording

On August 13, 2025, we entered into the 2025 Sales Agreement with the Sales Agent, to sell shares of our common stock with aggregate gross proceeds of up to $100 million, from time to time, through the 2025 ATM Program. In connection with the September 2025 Offering, we: (i) reduced the maximum aggregate offering price for sales of shares of common stock pursuant to at-the-market transactions under the 2025 ATM Program by the Reduced Amount, resulting in a new maximum aggregate offering price of up to $98,749,993 under the 2025 ATM Program, and (ii) suspended the 2025 ATM Program and terminated the continuous offering under the 2025 ATM Program, in each case, as to the Reduced Amount. We did not sell any shares of common stock under the 2025 ATM Program during the three and six months ended June 30, 2026 or June 30, 2025, respectively.

Current wording

On August 13, 2025, we entered into the 2025 Sales Agreement with the Sales Agent, to sell shares of our common stock with aggregate gross proceeds of up to $100 million, from time to time, through the 2025 ATM Program. In connection with the September 2025 Offering, we: (i) reduced the maximum aggregate offering price for sales of shares of common stock pursuant to at-the-market transactions under the 2025 ATM Program by the Reduced Amount, resulting in a new maximum aggregate offering price of up to $98,749,993 under the 2025 ATM Program, and (ii) suspended the 2025 ATM Program and terminated the continuous offering under the 2025 ATM Program, in each case, as to the Reduced Amount. We did not sell any shares of common stock under the 2025 ATM Program during the three and nine months ended September 30, 2026 or September 30, 2025, respectively.

Previous wording

As of June 30, 2026, we had contractual obligations related to various leases of $0.4 million for 2026, $0.8 million for 2027, $0.8 million for 2028, $0.8 million for 2029, $0.9 million for 2030 and $1.2 million for the periods thereafter.

Current wording

As of September 30, 2026, we had contractual obligations related to various leases of $0.2 million for 2026, $0.8 million for 2027, $0.8 million for 2028, $0.8 million for 2029, $0.9 million for 2030 and $1.2 million for the periods thereafter.

Previous wording

Based on our current business plans, we believe that our existing cash, cash equivalents and marketable securities as of June 30, 2026 will enable us to fund our development activities and other operations into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured. We may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies, including our research and development activities. If we are unable to raise capital, we will need to delay, reduce or terminate some or all planned activities to reduce costs.

Current wording

Based on our current business plans, we believe that our existing cash, cash equivalents and marketable securities as of September 30, 2026 will enable us to fund our development activities and other operations into the fourth quarter of 2028. This update to our cash runway guidance (previously expected into 2029) reflects the anticipated cost impact, among other things, of: a longer than previously projected continuation of our ongoing Phase 1/2a clinical trial of atebimetinib in patients with advanced solid tumors; the planned increase to and acceleration of the target patient enrollment in the MAPKeeper 301 trial; and commercial readiness activities. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured. We may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies, including our research and development activities. If we are unable to raise capital, we will need to delay, reduce or terminate some or all planned activities to reduce costs.

Previous wording

During the six months ended June 30, 2026, operating activities used approximately $34.9 million of cash, primarily resulting from our net loss of approximately $30.7 million, changes in assets and liabilities of $6.9 million, and accretion of discount of marketable securities of $0.9 million. This was partially offset by stock-based compensation expense of approximately $3.3 million, depreciation of approximately $0.2 million and the reduction in carrying amount of right-of-use assets of approximately $0.2 million.

Current wording

During the nine months ended September 30, 2026, operating activities used approximately $51.7 million of cash, primarily resulting from our net loss of approximately $54.9 million, changes in assets and liabilities of $1.3 million, and accretion of discount of marketable securities of $1.3 million. This was partially offset by stock-based compensation expense of approximately $5.3 million, depreciation of approximately $0.3 million and the reduction in carrying amount of right-of-use assets of approximately $0.3 million.

Previous wording

During the six months ended June 30, 2025, operating activities used approximately $23.5 million of cash, primarily resulting from our net loss of approximately $29.5 million and changes in assets and liabilities of $2.4 million, partially offset by stock-based compensation expense of approximately $3.2 million, depreciation of approximately $0.2 million and the reduction in carrying amount of right-of-use assets of approximately $0.2 million.

Current wording

During the nine months ended September 30, 2025, operating activities used approximately $35.5 million of cash, primarily resulting from our net loss of approximately $44.4 million, partially offset by changes in assets and liabilities of $3.7 million, stock-based compensation expense of approximately $4.7 million, depreciation of approximately $0.2 million and the reduction in carrying amount of right-of-use assets of approximately $0.3 million.

Previous wording

During the six months ended June 30, 2026, investing activities used approximately $52.6 million of cash, primarily resulting from purchases of marketable securities of $84.0 million and purchases of property and equipment of approximately $0.1 million, offset by maturities of marketable securities of $31.5 million.

Current wording

During the nine months ended September 30, 2026, investing activities used approximately $19.1 million of cash, primarily resulting from purchases of marketable securities of $84.0 million and purchases of property and equipment of approximately $0.1 million, offset by maturities of marketable securities of $65.2 million.

Previous wording

During the six months ended June 30, 2025, investing activities used approximately $11 thousand, primarily resulting from purchases of property and equipment of approximately $11 thousand.

Current wording

During the nine months ended September 30, 2025, investing activities used approximately $18 thousand, primarily resulting from purchases of property and equipment of approximately $18 thousand.

Previous wording

During the six months ended June 30, 2026, net cash provided by financing activities was approximately $0.2 million, primarily driven by proceeds of approximately $0.2 million from the sale of common stock pursuant to our employee stock purchase plan and $35 thousand from the exercise of stock options.

Current wording

During the nine months ended September 30, 2026, net cash provided by financing activities was approximately $0.4 million, primarily driven by proceeds of approximately $0.3 million from the sale of common stock pursuant to our employee stock purchase plan and $0.1 million from the exercise of stock options.

Previous wording

Based on our currently forecasted operating plan, we believe that our existing cash, cash equivalents and marketable securities as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into 2029. Based on our recurring losses from operations incurred since inception, our expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance future operations, as of August 5, 2026, the issuance date of the interim condensed consolidated financial statements for the three and six-months ended June 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q, management considered whether or not there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, and concluded that there are none as it estimates that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed consolidated financial statements.

Current wording

Based on our currently forecasted operating plan, we believe that our existing cash, cash equivalents and marketable securities as of September 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2028. Based on our recurring losses from operations incurred since inception, our expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance future operations, as of October 29, 2026, the issuance date of the interim condensed consolidated financial statements for the three and nine-months ended September 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q, management considered whether or not there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, and concluded that there are none as it estimates that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed consolidated financial statements.

Previous wording

We may qualify as an EGC until December 31, 2026, which is the end of the fiscal year following the fifth anniversary of our IPO, although if the market value of our common stock that is held by non-affiliates exceeds $700 million as of June 30 of any year before that time, or if we have annual gross revenues of $1.235 billion or more in any fiscal year, we will cease to be an EGC as of December 31 of the applicable year. We also will cease to be an EGC if we issue more than $1.0 billion of non-convertible debt over a three-year period.

Current wording

We will continue to qualify as an EGC until December 31, 2026, which is the end of the fiscal year following the fifth anniversary of our IPO.