Alpha Teknova, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
TKNO$7.81-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-338178
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001850902-26-000017
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 103 current paragraphs.
56 unchanged; 39 reworded; 8 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Recent Developments
Current report
On October 22, 2026, we closed an underwritten public offering of 9,200,000 shares of our common stock, including the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $5.00 per share, for gross proceeds of $46.0 million, and net proceeds of approximately $42.9 million after deducting underwriting discounts and commissions, and offering expenses payable by us. See “Liquidity and Capital Resources” below and “Notes to Financial Statements—Note 17. Subsequent Events.”
Current report
Total revenue was $12.7 million and $10.5 million for the three months ended September 30, 2026 and 2025, respectively.
Current report
Comparison of the Nine Months Ended September 30, 2026, and Nine Months Ended September 30, 2025
Current report
Total revenue was $36.0 million and $30.5 million for the nine months ended September 30, 2026 and 2025, respectively.
Current report
Gross profit percentage was 37.5% and 33.4% for the nine months ended September 30, 2026 and 2025, respectively. The increase in gross profit percentage was primarily driven by higher revenue, partially offset by higher variable costs. Changes in finished goods inventory levels did not have a significant net impact on the comparison.
Current report
Other expenses, net
Current report
As described above under “Recent Developments,” on October 22, 2026, we received net proceeds of approximately $42.9 million, after deducting underwriting discounts and commissions and offering expenses payable by us, from our underwritten public offering of common stock. We intend to use the proceeds for general corporate purposes, including potentially the repayment of outstanding debt obligations. As of the date of this Quarterly Report on Form 10-Q, no portion of the proceeds has been used to repay amounts outstanding under the Term Loan.
Removed paragraphs (5)
Previous report
Total revenue was $12.2 million and $10.3 million for the three months ended June 30, 2026 and 2025, respectively.
Previous report
Comparison of the Six Months Ended June 30, 2026, and Six Months Ended June 30, 2025
Previous report
Total revenue was $23.3 million and $20.1 million for the six months ended June 30, 2026 and 2025, respectively.
Previous report
Gross profit percentage was 37.3% and 34.8% for the six months ended June 30, 2026 and 2025, respectively. The increase in gross profit percentage was primarily driven by higher revenue, partially offset by higher fixed cost absorption into cost of goods sold from faster finished goods inventory turns. This compares to the same period in the prior year that had benefited from unusually favorable manufacturing efficiency gains.
Previous report
Other (expenses) income, net
Reworded paragraphs (39)
Previous wording
We generated revenue of $12.2 million during the three months ended June 30, 2026, which represented an increase of $1.9 million compared to revenue of $10.3 million during the three months ended June 30, 2025. For the three months ended June 30, 2026 and 2025, only 4.3% and 5.0%, respectively, of our revenue was generated from customers located outside of the United States. We generated revenue of $23.3 million during the six months ended June 30, 2026, which represents an increase of $3.2 million compared to revenue of $20.1 million during the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, only 4.5% and 5.1%, respectively, of our revenue was generated from customers located outside of the United States. Our sales outside of the United States are denominated in U.S. Dollars. We primarily generate sales through direct channels and a small salesforce, supported by an established network of distributors.
Current wording
We generated revenue of $12.7 million during the three months ended September 30, 2026, which represented an increase of $2.3 million compared to revenue of $10.5 million during the three months ended September 30, 2025. For the three months ended September 30, 2026 and 2025, only 4.8% and 5.9%, respectively, of our revenue was generated from customers located outside of the United States. We generated revenue of $36.0 million during the nine months ended September 30, 2026, which represents an increase of $5.4 million compared to revenue of $30.5 million during the nine months ended September 30, 2025. For the nine months ended September 30, 2026 and 2025, only 4.6% and 5.4%, respectively, of our revenue was generated from customers located outside of the United States. Our sales outside of the United States are denominated in U.S. Dollars. We primarily generate sales through direct channels and a small salesforce, supported by an established network of distributors.
Previous wording
We had an operating loss of $2.9 million during the three months ended June 30, 2026, compared to an operating loss of $3.4 million during the three months ended June 30, 2025. We had an operating loss of $7.2 million during the six months ended June 30, 2026, compared to an operating loss of $8.4 million during the six months ended June 30, 2025. While our expenses may fluctuate over the short term, we expect our expenses will increase in future periods, but at a slower rate, in connection with our ongoing activities as we:
Current wording
We had an operating loss of $3.2 million during the three months ended September 30, 2026, compared to an operating loss of $4.0 million during the three months ended September 30, 2025. We had an operating loss of $10.4 million during the nine months ended September 30, 2026, compared to an operating loss of $12.4 million during the nine months ended September 30, 2025. While our expenses may fluctuate over the short term, we expect our expenses will increase in future periods, but at a slower rate, in connection with our ongoing activities as we:
Previous wording
Lab Essentials revenue was $9.2 million for the three months ended June 30, 2026, an increase of $1.4 million, or 17.9%, compared to $7.8 million for the three months ended June 30, 2025. The increase in Lab Essentials revenue was attributable to higher average revenue per customer and, to a slightly lesser extent, an increased number of customers.
Current wording
Lab Essentials revenue was $9.0 million for the three months ended September 30, 2026, an increase of $0.7 million, or 8.7%, compared to $8.3 million for the three months ended September 30, 2025. The increase in Lab Essentials revenue was attributable to an increased number of customers and, to a slightly lesser extent, higher average revenue per customer.
Previous wording
Clinical Solutions revenue was $2.4 million for the three months ended June 30, 2026, an increase of $0.4 million, or 17.9%, compared to $2.1 million for the three months ended June 30, 2025. The increase in Clinical Solutions revenue was attributable to an increased number of customers, partially offset by lower average revenue per customer.
Current wording
Clinical Solutions revenue was $3.2 million for the three months ended September 30, 2026, an increase of $1.5 million, or 85.7%, compared to $1.7 million for the three months ended September 30, 2025. The increase in Clinical Solutions revenue was attributable to a higher average revenue per customer and to a lesser extent an increased number of customers.
Previous wording
Revenue from U.S. sales was $11.7 million and $9.8 million for the three months ended June 30, 2026 and 2025, respectively. Revenue from U.S. sales as a percentage of our total revenue was consistent period over period, representing 95.7% and 95.0% of our total revenue during the three months ended June 30, 2026 and 2025, respectively.
Current wording
Revenue from U.S. sales was $12.1 million and $9.8 million for the three months ended September 30, 2026 and 2025, respectively. Revenue from U.S. sales as a percentage of our total revenue was consistent period over period, representing 95.2% and 94.1% of our total revenue during the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Revenue from international sales was $0.5 million for each of the three months ended June 30, 2026 and 2025. Revenue from international sales as a percentage of our total revenue was also consistent period over period, representing 4.3% and 5.0% of our total revenue during the three months ended June 30, 2026 and 2025, respectively.
Current wording
Revenue from international sales was $0.6 million for each of the three months ended September 30, 2026 and 2025. Revenue from international sales as a percentage of our total revenue was also consistent period over period, representing 4.8% and 5.9% of our total revenue during the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Gross profit percentage was 40.1% and 38.7% for the three months ended June 30, 2026 and 2025, respectively. The increase in gross profit percentage was primarily driven by higher revenue, partially offset by higher fixed cost absorption into cost of goods sold from faster finished goods inventory turns. This compares to the same period in the prior year that had benefited from unusually favorable manufacturing efficiency gains.
Current wording
Gross profit percentage was 38.0% and 30.7% for the three months ended September 30, 2026 and 2025, respectively. The increase in gross profit percentage was primarily driven by higher revenue and, to a lesser extent, lower fixed cost absorption into cost of goods sold from changes in finished goods inventory levels, partially offset by higher variable costs.
Previous wording
Research and development expenses were consistent at $0.6 million for each of the three months ended June 30, 2026 and 2025.
Current wording
Research and development expenses were consistent at $0.6 million and $0.5 million for each of the three months ended September 30, 2026 and 2025.
Previous wording
Sales and marketing expenses were $4.3 million and $3.2 million for the six months ended June 30, 2026 and 2025, respectively. The increase was primarily driven by higher headcount and increased marketing expenses.
Current wording
Sales and marketing expenses were $2.3 million and $1.7 million for the three months ended September 30, 2026 and 2025, respectively. The increase was primarily driven by higher headcount.
Previous wording
General and administrative expenses were $4.8 million and $4.9 million for the three months ended June 30, 2026 and 2025, respectively. The decrease was primarily driven by lower stock-based compensation expense, partially offset by increased professional fees.
Current wording
General and administrative expenses were $4.8 million and $4.6 million for the three months ended September 30, 2026 and 2025, respectively. The increase was driven by a net increase in general spending, partially offset by lower stock-based compensation expense.
Previous wording
Our income tax expense was $0.1 million for the six months ended June 30, 2026 and not significant for the six months ended June 30, 2025. The effective tax rates for the six months ended June 30, 2026 and 2025 were (1.0)% and (0.5)% respectively. The effective tax rates differ from the federal statutory rate primarily due to operating losses not expected to produce an income tax benefit.
Current wording
Our income tax expense was not significant for the three months ended September 30, 2026, and was $0.1 million for the three months ended September 30, 2025. The effective tax rates for the three months ended September 30, 2026 and 2025 were (1.0%) and (1.9)%, respectively. The effective tax rates differ from the federal statutory rate primarily due to operating losses not expected to produce an income tax benefit.
Previous wording
The following tables set forth our results of operations for the six months ended June 30, 2026 and 2025 (dollars in thousands):
Current wording
The following tables set forth our results of operations for the nine months ended September 30, 2026 and 2025 (dollars in thousands):
Previous wording
Our revenue disaggregated by product category for the six months ended June 30, 2026 and 2025, was as follows (dollars in thousands):
Current wording
Our revenue disaggregated by product category for the nine months ended September 30, 2026 and 2025, was as follows (dollars in thousands):
Previous wording
Lab Essentials revenue was $17.6 million for the six months ended June 30, 2026, an increase of $1.7 million, or 10.5%, compared to $15.9 million for the six months ended June 30, 2025. The increase in Lab Essentials revenue was attributable to an increased number of customers and, to a lesser extent, higher average revenue per customer.
Current wording
Lab Essentials revenue was $26.6 million for the nine months ended September 30, 2026, an increase of $2.4 million, or 9.9%, compared to $24.2 million for the nine months ended September 30, 2025. The increase in Lab Essentials revenue was attributable to an increased number of customers and, to a lesser extent, higher average revenue per customer.
Previous wording
Clinical Solutions revenue was $4.6 million for the six months ended June 30, 2026, an increase of $1.4 million, or 41.9%, compared to $3.2 million for the six months ended June 30, 2025. The increase in Clinical Solutions revenue was attributable to an increased number of customers, partially offset by lower average revenue per customer.
Current wording
Clinical Solutions revenue was $7.7 million for the nine months ended September 30, 2026, an increase of $2.8 million, or 57.1%, compared to $4.9 million for the nine months ended September 30, 2025. The increase in Clinical Solutions revenue was attributable to higher average revenue per customer and, to a lesser extent, an increased number of customers.
Previous wording
Our revenue disaggregated by geographic region, for the six months ended June 30, 2026 and 2025, was as follows (dollars in thousands):
Current wording
Our revenue disaggregated by geographic region, for the nine months ended September 30, 2026 and 2025, was as follows (dollars in thousands):
Previous wording
Revenue from U.S. sales was $22.2 million and $19.0 million for the six months ended June 30, 2026 and 2025, respectively. Revenue from U.S. sales as a percentage of our total revenue was consistent period over period, representing 95.5% and 94.9% of our total revenue during the six months ended June 30, 2026 and 2025, respectively.
Current wording
Revenue from U.S. sales was $34.3 million and $28.9 million for the nine months ended September 30, 2026 and 2025, respectively. Revenue from U.S. sales as a percentage of our total revenue was consistent period over period, representing 95.4% and 94.6% of our total revenue during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Revenue from international sales was $1.0 million for each of the six months ended June 30, 2026 and 2025. Revenue from international sales as a percentage of our total revenue was also consistent period over period, representing 4.5% and 5.1% of our total revenue during the six months ended June 30, 2026 and 2025, respectively.
Current wording
Revenue from international sales was $1.7 million for each of the nine months ended September 30, 2026 and 2025. Revenue from international sales as a percentage of our total revenue was also consistent period over period, representing 4.6% and 5.4% of our total revenue during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Our gross profit for the six months ended June 30, 2026 and 2025, was as follows (dollars in thousands):
Current wording
Our gross profit for the nine months ended September 30, 2026 and 2025, was as follows (dollars in thousands):
Previous wording
Our operating expenses for the six months ended June 30, 2026 and 2025, were as follows (dollars in thousands):
Current wording
Our operating expenses for the nine months ended September 30, 2026 and 2025, were as follows (dollars in thousands):
Previous wording
Research and development expenses were consistent at $1.2 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Research and development expenses were consistent at $1.7 million for each of the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Sales and marketing expenses were $2.1 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively. The increase was primarily driven by higher headcount and increased marketing expenses.
Current wording
Sales and marketing expenses were $6.6 million and $5.0 million for the nine months ended September 30, 2026 and 2025, respectively. The increase was primarily driven by higher headcount and marketing expenses.
Previous wording
General and administrative expenses were $9.9 million and $10.4 million for the six months ended June 30, 2026 and 2025, respectively. The decrease was primarily driven by lower stock-based compensation expense.
Current wording
General and administrative expenses were $14.7 million and $15.1 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease was primarily driven by lower stock-based compensation expense, partially offset by a general net increase in other spending.
Previous wording
Amortization of intangible assets was consistent at $0.6 million for each of the six months ended June 30, 2026 and 2025.
Current wording
Amortization of intangible assets was consistent at $0.9 million for each of the nine months ended September 30, 2026 and 2025.
Previous wording
Our other (expenses) income, net for the six months ended June 30, 2026 and 2025, were as follows (dollars in thousands):
Current wording
Our other expenses, net for the nine months ended September 30, 2026 and 2025, were as follows (dollars in thousands):
Previous wording
Total other (expenses) income, net was an expense of $0.5 million for the six months ended June 30, 2026, compared to income of $0.2 million for the six months ended June 30, 2025. The increase in total other expense, net was primarily attributable to the $0.5 million adjustment recognized on the exit fee concurrent with the refinancing of our credit agreement during the three months ended March 31, 2025 coupled with lower interest income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Current wording
Total other expenses, net was an expense of $0.7 million and not significant for the nine months ended September 30, 2026 and 2025. The increase in total other expense, net was primarily attributable to the $0.5 million adjustment recognized on the exit fee concurrent with the refinancing of our credit agreement during the three months ended March 31, 2025, coupled with lower interest income for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.
Previous wording
Our provision for income taxes for the six months ended June 30, 2026 and 2025, was as follows (dollars in thousands):
Current wording
Our provision for income taxes for the nine months ended September 30, 2026 and 2025, was as follows (dollars in thousands):
Previous wording
Our income tax expenses were not significant for either the three months ended June 30, 2026 or 2025. The effective tax rates for the three months ended June 30, 2026 and 2025 were (1.0%) and (0.5)%, respectively. The effective tax rates differ from the federal statutory rate primarily due to operating losses not expected to produce an income tax benefit.
Current wording
Our income tax expense was $0.1 million for each of the nine months ended September 30, 2026 and 2025. The effective tax rates for the nine months ended September 30, 2026 and 2025 were each (1.0)%. The effective tax rates differ from the federal statutory rate primarily due to operating losses not expected to produce an income tax benefit.
Previous wording
The primary sources of financing for our operations are our (i) registered direct offering and concurrent private placement completed in September 2023, which resulted in aggregate gross proceeds of $22.9 million before deducting offering expenses of $0.4 million and the prepayment of $10.0 million of the Term Loan, and (ii) private placement completed in July 2024, which resulted in aggregate gross proceeds of $15.4 million before deducting offering expenses of $0.2 million.
Current wording
The primary sources of financing for our operations are our (i) registered direct offering and concurrent private placement completed in September 2023, which resulted in aggregate gross proceeds of $22.9 million before deducting offering expenses of $0.4 million and the prepayment of $10.0 million of the Term Loan, and (ii) private placement completed in July 2024, which resulted in aggregate gross proceeds of $15.4 million before deducting offering expenses of $0.2 million, and (iii) underwritten public offering completed in October 2026, which resulted in aggregate gross proceeds of $46.0 million, and net proceeds of approximately $42.9 million after deducting underwriting discounts and commissions, and offering expenses payable by us.
Previous wording
Our principal liquidity requirements are to fund our operations and capital expenditures. During the six months ended June 30, 2026, we incurred net losses of $7.7 million. In addition, as of June 30, 2026, we had an accumulated deficit of $143.5 million and $13.2 million in borrowings outstanding under our Term Loan (defined below). As of June 30, 2026, we had $24.0 million in net working capital, which included $17.4 million in cash and cash equivalents and short-term investments. Our material cash requirements from known contractual obligations and commitments relate primarily to operating leases for our office, manufacturing, warehouse, and distribution facilities at June 30, 2026. See “Notes to Financial Statements—Note 9. Leases,” for a discussion of our lease obligations reflected on our Condensed Balance Sheets.
Current wording
Our principal liquidity requirements are to fund our operations and capital expenditures. During the nine months ended September 30, 2026, we incurred net losses of $11.2 million. In addition, as of September 30, 2026, we had an accumulated deficit of $147.0 million and $13.2 million in borrowings outstanding under our Term Loan (defined below). As of September 30, 2026, we had $22.9 million in net working capital, which included $16.6 million in cash and cash equivalents and short-term investments. Our material cash requirements from known contractual obligations and commitments relate primarily to operating leases for our office, manufacturing, warehouse, and distribution facilities at September 30, 2026. See “Notes to Financial Statements—Note 9. Leases,” for a discussion of our lease obligations reflected on our Condensed Balance Sheets.
Previous wording
In addition to our existing cash and cash equivalents and short-term investments, our principal source of liquidity is our credit facility. On March 3, 2025, we entered into the Second Amended and Restated Credit Agreement with MidCap Financial Trust (MidCap) which provides for loan commitments in an aggregate amount of up to $28.245 million consisting of a $23.245 million senior secured term loan (Term Loan) and a $5.0 million working capital facility (Revolver). The Term Loan consists of the $12.135 million balance outstanding under the previous term loan, plus an additional $1.110 million related to the exit fee that would otherwise have been due upon closing of the Second Amended and Restated Term Loan Credit Agreement, as well as an additional tranche of $10.0 million that may become available for use in an acquisition, with MidCap’s consent. As of June 30, 2026, there were no amounts outstanding under the Revolver, and $3.4 million was available based on borrowing base estimates. The Second Amended and Restated Credit Agreement includes minimum net revenue requirements that are measured on a trailing twelve-month basis and a minimum cash requirement throughout the term of the agreement. The minimum cash requirement is $8.0 million, which includes cash and cash equivalents as well as short-term investments in U.S. Treasuries. We were in compliance with our financial covenants under the terms of the Second Amended and Restated Credit Agreement as of June 30, 2026. See “Notes to Financial Statements—Note 12. Long-Term Debt, Net” for a more detailed discussion of the material terms of our Second Amended and Restated Credit Agreement.
Current wording
In addition to our existing cash and cash equivalents and short-term investments, our principal source of liquidity is our credit facility. On March 3, 2025, we entered into the Second Amended and Restated Credit Agreement with MidCap Financial Trust (MidCap) which provides for loan commitments in an aggregate amount of up to $28.245 million consisting of a $23.245 million senior secured term loan (Term Loan) and a $5.0 million working capital facility (Revolver). The Term Loan consists of the $12.135 million balance outstanding under the previous term loan, plus an additional $1.110 million related to the exit fee that would otherwise have been due upon closing of the Second Amended and Restated Term Loan Credit Agreement, as well as an additional tranche of $10.0 million that may become available for use in an acquisition, with MidCap’s consent. As of September 30, 2026, there were no amounts outstanding under the Revolver, and $3.7 million was available based on borrowing base estimates. The Second Amended and Restated Credit Agreement includes minimum net revenue requirements that are measured on a trailing twelve-month basis and a minimum cash requirement throughout the term of the agreement. The minimum cash requirement is $8.0 million, which includes cash and cash equivalents as well as short-term investments in U.S. Treasuries. We were in compliance with our financial covenants under the terms of the Second Amended and Restated Credit Agreement as of September 30, 2026. See “Notes to Financial Statements—Note 12. Long-Term Debt, Net” for a more detailed discussion of the material terms of our Second Amended and Restated Credit Agreement.
Previous wording
On July 10, 2025, we filed a “shelf” registration statement on Form S-3 (Reg. No. 333-288613) with the SEC, which was declared effective on July 16, 2025. This shelf registration statement, which includes a base prospectus, allows us at any time to offer any combination of securities described in the prospectus in one or more offerings for our own account in an aggregate amount up to $225 million. The Form S-3 is intended to provide us flexibility to conduct registered sales of our securities, subject to market conditions and our future capital needs. The terms of any future offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering.
Current wording
On July 10, 2025, we filed a “shelf” registration statement on Form S-3 (Reg. No. 333-288613) with the SEC, which was declared effective on July 16, 2025. This shelf registration statement, which includes a base prospectus, allows us at any time to offer any combination of securities described in the prospectus in one or more offerings for our own account in an aggregate amount up to $225 million. The Form S-3 is intended to provide us flexibility to conduct registered sales of our securities, subject to market conditions and our future capital needs. The terms of any future offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering. In October 2026, we sold an aggregate of $46.0 million of our common stock under this shelf registration statement, and approximately $179.0 million remains available under it for potential future offerings.
Previous wording
Net cash used in operating activities for both the six months ended June 30, 2026 and 2025 consisted primarily of net loss, adjusted for certain non-cash items, and changes in working capital and other operating activities.
Current wording
Net cash used in operating activities for both the nine months ended September 30, 2026 and 2025 consisted primarily of net loss, adjusted for certain non-cash items, and changes in working capital and other operating activities.
Previous wording
Net cash used in operating activities was $3.8 million for the six months ended June 30, 2026, which primarily consisted of net loss of $7.7 million plus net adjustments for non-cash charges of $5.4 million, offset by net changes in operating assets and liabilities of $1.5 million. The primary non-cash adjustments to net loss included $3.2 million of depreciation and amortization, $1.3 million of stock-based compensation, and a $0.8 million provision for inventory. The main drivers of the changes in operating assets and liabilities were a $0.8 million increase in accounts receivable, a $0.7 million increase in inventories, and a $0.7 million decrease in accrued liabilities, partially offset by a $0.3 million decrease in prepaid expenses and other current assets, a $0.2 million decrease in other non-current assets, and a $0.2 million increase in accounts payable.
Current wording
Net cash used in operating activities was $5.1 million for the nine months ended September 30, 2026, which primarily consisted of net loss of $11.2 million plus net adjustments for non-cash charges of $8.1 million, offset by net changes in operating assets and liabilities of $1.9 million. The primary non-cash adjustments to net loss included $4.8 million of depreciation and amortization, $1.9 million of stock-based compensation, and a $1.2 million provision for inventory, partially offset amortization of the discount on short-term investments of $0.2 million. The main drivers of the changes in operating assets and liabilities were a $1.6 million increase in inventories, a $1.2 million increase in accounts receivable, and a $0.9 million increase in prepaid expenses and other current assets, partially offset by a $1.0 million increase in accrued liabilities, a $0.5 million increase in accounts payable, and a $0.2 million decrease in other non-current assets.
Previous wording
Net cash used in operating activities was $6.2 million for the six months ended June 30, 2025, which primarily consisted of net loss of $8.2 million plus net adjustments for non-cash charges of $5.4 million, offset by net changes in operating assets and liabilities of $3.4 million. The primary non-cash adjustments to net loss included $3.2 million of depreciation and amortization, $1.8 million of stock-based compensation, and $0.9 million provision for inventory, partially offset by an adjustment to the loan exit fee of $0.5 million, and amortization of the discount on short-term investments of $0.4 million. The main drivers of the changes in operating assets and liabilities were a $1.7 million increase in inventories, a $1.2 million decrease in accrued liabilities, and a $0.9 million increase in accounts receivable, partially offset by a $0.4 million increase in accounts payable.
Current wording
Net cash used in operating activities was $8.2 million for the nine months ended September 30, 2025, which primarily consisted of net loss of $12.5 million plus net adjustments for non-cash charges of $8.5 million, offset by net changes in operating assets and liabilities of $4.2 million. The primary non-cash adjustments to net loss included $4.8 million of depreciation and amortization, $2.7 million of stock-based compensation, and a $1.7 million provision for inventory, partially offset amortization of the discount on short-term investments of $0.5 million, and an adjustment to the loan exit fee of $0.5 million. The main drivers of the changes in operating assets and liabilities were a $1.8 million increase in inventories, a $1.5 million increase in prepaid expenses and other current assets, a $0.9 million increase in accounts receivable, and a $0.4 million decrease in accrued liabilities, partially offset by a $0.2 million increase in accounts payable.
Previous wording
Net cash provided by investing activities was $3.8 million for the six months ended June 30, 2026, which consisted of maturities of short-term investments of $12.0 million, partially offset by purchases of short-term investments of $7.9 million and purchases of property, plant, and equipment of $0.3 million.
Current wording
Net cash provided by investing activities was $5.2 million for the nine months ended September 30, 2026, which consisted of maturities of short-term investments of $17.5 million, partially offset by purchases of short-term investments of $11.8 million and purchases of property, plant, and equipment of $0.5 million.
Previous wording
Net cash provided by investing activities was $5.9 million for the six months ended June 30, 2025, which consisted of maturities of short-term investments of $16.0 million, partially offset by purchases of short-term investments of $9.7 million and purchases of property, plant, and equipment of $0.4 million.
Current wording
Net cash provided by investing activities was $7.5 million for the nine months ended September 30, 2025, which consisted of maturities of short-term investments of $22.0 million, partially offset by purchases of short-term investments of $13.7 million and purchases of property, plant, and equipment of $0.8 million.
Previous wording
Net cash provided by financing activities was $0.1 million for the six months ended June 30, 2026, which was primarily attributable to proceeds of $0.2 million from exercise of stock options and proceeds of $0.1 million from the issuance of common stock under our employee stock purchase plan, partially offset by the repayment of financed insurance premiums of $0.1 million.
Current wording
Net cash provided by financing activities was $0.6 million for the nine months ended September 30, 2026, which was primarily attributable to proceeds from financed insurance premiums of $0.4 million, $0.2 million from the exercise of stock options, and proceeds of $0.1 million from the issuance of common stock under our employee stock purchase plan, partially offset by the repayment of financed insurance premiums of $0.1 million.
Previous wording
Net cash used in financing activities was $0.1 million for the six months ended June 30, 2025, which was primarily attributable to payment of exit fee costs of $1.1 million in connection with entering into the Second Amended and Restated Term Loan Credit Agreement, payment of debt issuance costs of $0.1 million, and repayment of financed insurance premiums of $0.1 million, largely offset by proceeds from long-term debt of $1.1 million and proceeds of $0.1 million from the issuance of common stock under our employee stock purchase plan.
Current wording
Net cash provided by financing activities was $0.2 million for the nine months ended September 30, 2025, which was primarily attributable to proceeds from long-term debt of $1.1 million, proceeds from financed insurance premiums of $0.3 million, and proceeds of $0.1 million from the issuance of common stock under our employee stock purchase plan, largely offset by the payment of exit fee costs of $1.1 million, repayment of financed insurance premiums of $0.2 million, and payment of debt issuance costs of $0.1 million.