Xeris Biopharma Holdings, Inc.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and notes to those financial statements appearing elsewhere in this Quarterly Report on Form 10-Q and with the audited financial statements and the notes to those financial statements included in the Annual Report on Form 10-K filed on March 2, 2026 with the U.S. Securities and Exchange Commission ("SEC"). In addition to financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "would," "may," "should," "expects," "focus," "goal," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and terms of similar meaning are also generally intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including without limitation, the regulatory approval of our product candidates, including potential impacts of changes in or disruptions of U.S. governmental agencies, whether from a future U.S. federal government shutdown, reduced resources or shifting policy priorities and the resulting impact on regulatory feedback and timing thereof, new laws and regulations or amendment to existing laws and regulations in the U.S and foreign countries, changes in the macroeconomic conditions, such as possibility of an economic downturn, concerns regarding a potential global recession or general economic uncertainty, inflationary pressures and capital market disruptions, interest rate fluctuations, our ability to market and sell our products and product candidates if approved, increasing geopolitical tensions and military conflicts, such as the ongoing conflicts between Russia and Ukraine, the U.S. and Iran, and in the Middle East, and market volatility, including announced or implemented tariffs, and factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our other subsequent filings with the SEC, including elsewhere in this Quarterly Report on Form 10-Q. Any forward-looking statements contained herein speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and notes to those financial statements appearing elsewhere in this Quarterly Report on Form 10-Q and with the audited financial statements and the notes to those financial statements included in the Annual Report on Form 10-K filed on March 2, 2026 with the U.S. Securities and Exchange Commission ("SEC"). In addition to financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "would," "may," "should," "expects," "focus," "goal," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and terms of similar meaning are also generally intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including without limitation, the regulatory approval of our product candidates, including potential impacts of changes in or disruptions of U.S. governmental agencies, whether from a future U.S. federal government shutdown, reduced resources or shifting policy priorities and the resulting impact on regulatory feedback and timing thereof, changes in legislative, oversight and regulatory priorities following the November 2026 U.S. elections and potential public responses to the elections or their outcomes, new laws and regulations or amendment to existing laws and regulations in the U.S and foreign countries, changes in the macroeconomic conditions, such as possibility of an economic downturn, concerns regarding a potential global recession or general economic uncertainty, inflationary pressures and capital market disruptions, interest rate fluctuations, our ability to market and sell our products and product candidates if approved, increasing geopolitical tensions and military conflicts, such as the ongoing conflicts between Russia and Ukraine, the U.S. and Iran, and in the Middle East, and market volatility, including announced or implemented tariffs, and factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our other subsequent filings with the SEC, including elsewhere in this Quarterly Report on Form 10-Q. Any forward-looking statements contained herein speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Previous wording

We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. We offer Recorlev for the treatment of endogenous hypercortisolemia in patients with Cushing’s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis ("PPP"). We are advancing our Phase 3-ready pipeline product, XP-8121, once-weekly subcutaneous ("SC") levothyroxine, which leverages our proprietary technology XeriSol.

Current wording

We are an endocrine and rare disease biopharmaceutical company committed to helping people realize better lives through the development and commercialization of innovative medicines for serious diseases with significant unmet medical need. We have three commercially available products in the United States: Recorlev, a cortisol synthesis inhibitor for the treatment of endogenous hypercortisolemia in patients with Cushing's syndrome; Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and Keveyis, a therapy for primary periodic paralysis ("PPP"). We also have a pipeline of development programs led by XP-8121, a Phase 3-ready, once-weekly subcutaneous ("SC") levothyroxine injection for the treatment of hypothyroidism, as well as multiple early-stage programs that use our proprietary technology platforms, XeriSol and XeriJect, for ourselves and our partners.

Previous wording

As of July 31, 2026, we owned 191 patents issued globally, including composition of matter patents covering our ready-to-use glucagon formulation that expire in 2036. Included in the total patents, we have 70 granted patents globally related to our platform technologies and nine patents granted in the United States and listed in the FDA Orange Book covering proprietary formulations of levoketoconazole (the active pharmaceutical ingredient in Recorlev) and the uses of such formulations in treating certain endocrine-related diseases and syndromes. The latter includes United States Patent Nos. 11,020,393, 11,278,547, 11,903,940, and 12,377,096, which were granted on June 1, 2021, March 22, 2022, February 20, 2024, and August 5, 2025, respectively, and which provide patent protection through 2040 for the use of Recorlev in the treatment of certain patients with persistent or recurrent Cushing's syndrome.

Current wording

As of October 30, 2026, we owned 197 patents issued globally, including composition of matter patents covering our ready-to-use glucagon formulation that expire in 2036. Included in the total patents, we have 70 granted patents globally related to our platform technologies and nine patents granted in the United States and listed in the FDA Orange Book covering proprietary formulations of levoketoconazole (the active pharmaceutical ingredient in Recorlev) and the uses of such formulations in treating certain endocrine-related diseases and syndromes. The latter includes United States Patent Nos. 11,020,393, 11,278,547, 11,903,940, and 12,377,096, which were granted on June 1, 2021, March 22, 2022, February 20, 2024, and August 5, 2025, respectively, and which provide patent protection through 2040 for the use of Recorlev in the treatment of certain patients with persistent or recurrent Cushing's syndrome. In addition, in October 2026, the United States Patent and Trademark Office granted U.S. Patent No. 12,758,502, which relates to Keveyis and which we expect to provide patent protection through at least 2039.

Previous wording

For the six months ended June 30, 2026 and June 30, 2025, we reported net losses of $28.9 million and $11.1 million, respectively. Our accumulated deficit was $700.2 million. In the near term, we may incur net losses as we, among other things:

Current wording

For the nine months ended September 30, 2026 and 2025, we reported net losses of $17.6 million and $10.5 million, respectively. Our accumulated deficit was $688.9 million. In the near term, we may incur net losses as we, among other things:

Previous wording

The following discussion sets forth certain components of the statement of operations of Xeris for the three and six months ended June 30, 2026 and 2025 as well as factors that impact those items.

Current wording

The following discussion sets forth certain components of the statement of operations of Xeris for the three and nine months ended September 30, 2026 and 2025 as well as factors that impact those items.

Previous wording

Royalty and contract revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. Revenue generated from various collaboration and technology partnerships are included in this line item.

Current wording

Royalty and contract revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. Revenue generated from various collaboration and technology partnerships is included in this line item.

Previous wording

The following table summarizes our results of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following table summarizes our results of operations for the three and nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Net revenue increased by $25.3 million or 80.6% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was due to higher volume ($21.9 million or 69.6%), primarily driven by increased patient demand, and favorable net pricing ($3.4 million or 11.0%).

Current wording

Net revenue increased by $34.6 million or 93.5% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was due to higher volume ($27.5 million or 74.2%), primarily driven by increased patient demand, and favorable net pricing ($7.1 million or 19.3%).

Previous wording

Net revenue increased by $49.6 million or 87.0% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was due to higher volume ($42.6 million or 74.7%), primarily driven by increased patient demand, and favorable net pricing ($7.0 million or 12.3%).

Current wording

Net revenue increased by $84.1 million or 89.6% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was due to higher volume ($70.0 million or 74.5%), primarily driven by increased patient demand, and favorable net pricing ($14.1 million or 15.1%).

Previous wording

Net revenue decreased by $0.9 million or 3.9% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was due to lower volume ($1.5 million or 6.5%), partially offset by favorable net pricing ($0.6 million or 2.6%).

Current wording

Net revenue decreased by $3.4 million or 13.7% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was due to unfavorable net pricing ($4.2 million or 16.8%), partially offset by higher volume ($0.8 million or 3.1%).

Previous wording

Net revenue decreased by $1.0 million or 2.2% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was due to lower volume ($1.9 million or 4.3%), partially offset by favorable net pricing ($0.9 million or 2.1%).

Current wording

Net revenue decreased by $4.4 million or 6.3% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was due to unfavorable net pricing ($3.3 million or 4.7%) and lower volume ($1.1 million or 1.6%).

Previous wording

Net revenue increased by $0.6 million or 2.8% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was due to favorable net pricing ($1.3 million or 5.7%), partially offset by lower volume ($0.7 million or 2.9%).

Current wording

Net revenue increased by $1.7 million or 5.0% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was due to favorable net pricing ($2.4 million or 7.1%), partially offset by lower volume ($0.7 million or 2.1%).

Previous wording

Royalty, contract and other revenue decreased $2.7 million or 71.4% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease primarily reflects the recognition of a milestone from a partnership agreement in 2025.

Current wording

Royalty, contract and other revenue decreased $3.7 million or 57.8% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease primarily reflects the recognition of a milestone from a partnership agreement in 2025.

Previous wording

Cost of goods sold increased by $0.6 million or 5.2% for the three months ended June 30, 2026 compared to the same period ended June 30, 2025. Cost of goods sold increased by $2.5 million or 11.9% for the six months ended June 30, 2026 compared to the same period ended June 30, 2025.

Current wording

Cost of goods sold increased by $1.4 million or 13.0% for the three months ended September 30, 2026 compared to the same period ended September 30, 2025. Cost of goods sold increased by $3.9 million or 12.3% for the nine months ended September 30, 2026 compared to the same period ended September 30, 2025.

Previous wording

Cost of goods sold as a percent of total product revenue improved by 3.9%, to 13.7% for the three months ended June 30, 2026 compared to 17.6% for the same period ended June 30, 2025, primarily due to favorable product mix dynamics ($4.5 million or 6.8%), partially offset by higher write-downs of expired and excess inventory ($1.9 million or 2.9%).

Current wording

Cost of goods sold as a percent of total product revenue improved by 3.1%, to 11.7% for the three months ended September 30, 2026 compared to 14.8% for the same period ended September 30, 2025, primarily due to favorable product mix dynamics ($1.8 million or 2.5%) and lower write-downs of expired and excess inventory ($0.6 million or 0.6%).

Previous wording

Cost of goods sold as a percent of total product revenue improved by 3.1%, to 13.3% for the six months ended June 30, 2026 compared to 16.4% for the same period ended June 30, 2025, primarily due to favorable product mix dynamics ($7.3 million or 5.8%), partially offset by higher write-downs of expired and excess inventory ($3.4 million or 2.7%).

Current wording

Cost of goods sold as a percent of total product revenue improved by 3.1%, to 12.7% for the nine months ended September 30, 2026 compared to 15.8% for the same period ended September 30, 2025, primarily due to favorable product mix dynamics ($8.3 million or 4.1%), offset by higher write-downs of expired and excess inventory ($2.8 million or 1.0%).

Previous wording

Research and development expenses increased by $2.6 million or 32.5% for the three months ended June 30, 2026 compared to the same period ended June 30, 2025.

Current wording

Research and development expenses increased by $3.6 million or 47.8% for the three months ended September 30, 2026 compared to the same period ended September 30, 2025. This increase was primarily due to higher pipeline expense ($2.4 million) and higher personnel related expense ($1.1 million) to support XP-8121.

Previous wording

The following table summarizes our research and development expenses by type for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our research and development expenses by type for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Selling, general and administrative expenses increased $16.6 million or 37.5% for the three months ended June 30, 2026 compared to the same period ended June 30, 2025. This increase was primarily due to higher personnel related expense ($14.7 million) to support the commercial enterprise, including the Recorlev expansion.

Current wording

Selling, general and administrative expenses increased $17.6 million or 38.0% for the three months ended September 30, 2026 compared to the same period ended September 30, 2025. This increase was primarily due to higher personnel related expense ($12.0 million) to support the commercial enterprise, including the Recorlev expansion.

Previous wording

Selling, general and administrative expenses increased $25.8 million or 29.1% for the six months ended June 30, 2026 compared to the same period ended June 30, 2025. This increase was primarily due to higher personnel related expense ($22.7 million) to support the commercial enterprise, including the Recorlev expansion.

Current wording

Selling, general and administrative expenses increased $43.4 million or 32.2% for the nine months ended September 30, 2026 compared to the same period ended September 30, 2025. This increase was primarily due to higher personnel related expense ($34.7 million) to support the commercial enterprise, including the Recorlev expansion.

Previous wording

For the three and six months ended June 30, 2026 and June 30, 2025, amortization of intangible assets were both $2.7 million and $5.4 million, respectively.

Current wording

For the three and nine months ended September 30, 2026 and September 30, 2025, amortization of intangible assets were both $2.7 million and $8.1 million, respectively.

Previous wording

For the three months ended June 30, 2026, interest expense decreased $0.4 million or 5.6% compared to the same period ended June 30, 2025. This decrease was primarily due to a reduction in the interest rate.

Current wording

For the three months ended September 30, 2026, interest expense decreased $0.8 million or 11.2% compared to the same period ended September 30, 2025. This decrease was primarily due to a reduction in the interest rate and settlement of the 2028 Convertible Notes disclosed in "Note 8 - Debt."

Previous wording

For the six months ended June 30, 2026, interest expense decreased $0.8 million or 5.7% compared to the same period ended June 30, 2025. This decrease was primarily due to a reduction in the interest rate.

Current wording

For the nine months ended September 30, 2026, interest expense decreased $1.6 million or 7.5% compared to the same period ended September 30, 2025. This decrease was primarily due to a reduction in the interest rate and settlement of the 2028 Convertible Notes disclosed in "Note 8 - Debt."

Previous wording

During the three months ended June 30, 2026, the Company executed an exchange agreement with certain holders of the 2028 Convertible Notes to enable settlement of the outstanding principle amount in cash. Execution of this exchange agreement resulted in recognition of an extinguishment loss of $30.8 million.

Current wording

During the nine months ended September 30, 2026, the Company executed an exchange agreement with certain holders of the 2028 Convertible Notes to enable settlement of the outstanding principal amount in cash. Execution of this exchange agreement resulted in recognition of an extinguishment loss of $30.8 million.

Previous wording

In May 2022, we entered into an Open Market Sale Agreement with Jefferies LLC, as sales agent, dated May 11, 2022 ("Sales Agreement") for the offering, issuance and sale of up to a maximum aggregate offering price of $75.0 million of our common stock. The Sales Agreement will terminate upon the earlier of (i) the sale of all shares of common stock subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein. Either party may each terminate the Sales Agreement at any time upon ten days’ prior notice. To date, we have not sold any shares pursuant to the Sales Agreement.

Current wording

In May 2022, we entered into an Open Market Sale Agreement with Jefferies LLC, as sales agent, dated May 11, 2022 ("Sales Agreement") for the offering, issuance and sale of up to a maximum aggregate offering price of $75.0 million of our common stock. The Sales Agreement will terminate upon the earlier of (i) the sale of all shares of common stock subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein. Either party may terminate the Sales Agreement at any time upon ten days’ prior notice. To date, we have not sold any shares pursuant to the Sales Agreement.

Previous wording

In September 2023, we completed the exchange of $32.0 million in aggregate principal amount of our 5.00% Convertible Senior Note due 2025 ("2025 Convertible Notes") for $33.6 million in aggregate principal amount of our 8.00% Convertible Senior Note due 2028 ("2028 Convertible Notes").

Current wording

In September 2023, we completed the exchange of $32.0 million in aggregate principal amount of our 5.00% Convertible Senior Notes due 2025 ("2025 Convertible Notes") for $33.6 million in aggregate principal amount of our 8.00% Convertible Senior Notes due 2028 ("2028 Convertible Notes").

Previous wording

In March and April of 2025, holders of the 2025 Convertible Senior Notes converted the outstanding $15.2 million in aggregate principal amount of the notes into 4,978,152 shares of the Company's common stock. As of June 30, 2026, the outstanding balance of the 2028 Convertible Notes was $33.6 million.

Current wording

In March and April of 2025, holders of the 2025 Convertible Senior Notes converted the outstanding $15.2 million in aggregate principal amount of the notes into 4,978,151 shares of the Company's common stock. Following the completion of the exchange transactions and the conversion, no 2025 Convertible Notes remain outstanding.

Previous wording

In June 2026, we executed an exchange agreement with certain holders of the 2028 Convertible Notes to enable settlement of the outstanding principal amount in cash. Execution of this exchange agreement resulted in recognition of an extinguishment loss of $30.8 million, which represents the difference between the amortized cost of the 2028 Convertible Notes immediately prior to the exchange and their fair value of $53.7 million, which has been presented on the Condensed Consolidated Balance Sheet as a component of the current portion of long-term debt. This exchange resulted in a loss on extinguishment of debt of $30.8 million, recognized in other income (expense) on the condensed consolidated statements of operations and comprehensive loss.

Current wording

In June 2026, we executed an exchange agreement with certain holders of the 2028 Convertible Notes to enable settlement of the outstanding principal amount in cash. Execution of this exchange agreement resulted in recognition of an extinguishment loss of $30.8 million, which represents the difference between the amortized cost of the 2028 Convertible Notes immediately prior to the exchange and their fair value of $53.7 million. This exchange resulted in a loss on extinguishment of debt of $30.8 million, recognized in other income (expense) on the condensed consolidated statements of operations and comprehensive income (loss).

Previous wording

In July 2026, we completed the privately negotiated exchange transactions with certain holders of our 2028 Convertible Notes ("collectively, the "Exchanging Noteholders"), pursuant to which the Exchanging Noteholders exchanged approximately $23.0 million in aggregate principal amount of their 2028 Convertible Notes for an aggregate of approximately 5.0 million shares of our common stock and approximately $23.0 million in cash and, separately, a holder of approximately $10.5 million in principal amount of the 2028 Convertible Notes elected to convert its 2028 Convertible Notes into approximately 3.6 million shares of our common stock. Following the completion of the exchange transactions and the conversion, no 2028 Convertible Notes remain outstanding.

Current wording

In July 2026, we completed the privately negotiated exchange transactions with certain holders of our 2028 Convertible Notes ("collectively, the "Exchanging Noteholders"), pursuant to which the Exchanging Noteholders exchanged approximately $23.1 million in aggregate principal amount of their 2028 Convertible Notes for an aggregate of approximately 5.0 million shares of our common stock and approximately $23.1 million in cash and, separately, a holder of approximately $10.5 million in principal amount of the 2028 Convertible Notes elected to convert its 2028 Convertible Notes into approximately 3.6 million shares of our common stock. Following the completion of the exchange transactions and the conversion, no 2028 Convertible Notes remain outstanding.

Previous wording

We have an accumulated deficit of $700.2 million at June 30, 2026. Based on our current operating plans and existing working capital at June 30, 2026, we believe that our cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next twelve months. We may incur substantial additional expenditures in the near term to support the marketing and selling of Recorlev, Gvoke and Keveyis, as well as our ongoing research and development activities. We may incur net losses for at least the next twelve months. Our ability to fund the marketing and selling of Recorlev, Gvoke and Keveyis, as well as our product development and clinical operations, including completion of future clinical trials, will depend on the amount and timing of cash received from product revenue and potential future financings. Our future capital requirements will depend on many factors, including, but not limited to:

Current wording

We have an accumulated deficit of $688.9 million at September 30, 2026. Based on our current operating plans and existing working capital at September 30, 2026, we believe that our cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next twelve months. We may incur substantial additional expenditures in the near term to support the marketing and selling of Recorlev, Gvoke and Keveyis, as well as our planned research and development activities related to XP-8121. We may incur net losses for at least the next twelve months. Our ability to fund the marketing and selling of Recorlev, Gvoke and Keveyis, as well as our product development and clinical operations, including completion of future clinical trials, will depend on the amount and timing of cash received from product revenue and potential future financings. Our future capital requirements will depend on many factors, including, but not limited to:

Previous wording

Net cash provided by operating activities was$18.1 million for the six months ended June 30, 2026, compared to $9.8 million used in operating activities for the six months ended June 30, 2025. The increase in net cash provided by operating activities was primarily driven by higher product sales. For a discussion regarding product revenue, net and increases in spending, refer to "Results of Operations" included in this "Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations" of Part I of this Quarterly Report on Form 10-Q.

Current wording

Net cash provided by operating activities was$53.6 million for the nine months ended September 30, 2026, compared to $8.6 million provided by operating activities for the nine months ended September 30, 2025. The increase in net cash provided by operating activities was primarily driven by higher product sales. For a discussion regarding product revenue, net and increases in spending, refer to "Results of Operations" included in this "Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations" of Part I of this Quarterly Report on Form 10-Q.

Previous wording

Net cash used in investing activities was$534 thousand for the six months ended June 30, 2026, compared to $292 thousand used in investing activities for the six months ended June 30, 2025. The increase in cash used by investing activities for the six months ended June 30, 2026 was due to higher capital expenditures.

Current wording

Net cash used in investing activities was$0.7 million for the nine months ended September 30, 2026, compared to $0.4 million used in investing activities for the nine months ended September 30, 2025. The increase in cash used by investing activities for the nine months ended September 30, 2026 was due to higher capital expenditures.

Previous wording

Net cash used in financing activities was$6.9 million for the six months ended June 30, 2026, compared to $2.2 million used in financing activities for the six months ended June 30, 2025. The net cash used in financing activities for the six months ended June 30, 2026 was primarily driven by repurchases of common stock withheld for taxes of $17.2 million, offset by proceeds from the exercise of stock awards, proceeds from issuance of shares under the employee stock purchase plan and proceeds from the issuance of shares of common stock upon settlement of warrants of $10.3 million. The net cash used in financing activities for the six months ended June 30, 2025 was driven by repurchases of common stock withheld for taxes of $8.9 million, offset by proceeds from the exercise of stock awards and proceeds from the issuance of shares of common stock under the employee stock purchase plan of $6.7 million.

Current wording

Net cash used in financing activities was$32.9 million for the nine months ended September 30, 2026, compared to $11.7 million provided by financing activities for the nine months ended September 30, 2025. The net cash used in financing activities for the nine months ended September 30, 2026 was primarily driven by cash paid to settle the 2028 Convertible Notes of $23.1 million and repurchases of common stock withheld for taxes of $18.0 million, offset by proceeds from the exercise of stock options of $2.0 million and proceeds from the issuance of shares of common stock upon settlement of warrants of $7.9 million. The net cash provided by financing activities for the nine months ended September 30, 2025 was primarily driven by proceeds from the exercise of stock options of $11.0 million and proceeds from the issuance of shares of common stock upon settlement of warrants of $9.2 million, offset by repurchases of common stock withheld for taxes of $9.3 million.

Previous wording

Our Annual Report on Form 10-K for the year ended December 31, 2025 describes the critical accounting policies for which management uses significant judgments and estimates in the preparation of our consolidated financial statements. There have been no significant changes to our critical accounting policies since December 31, 2025.

Current wording

Our Annual Report on Form 10-K for the year ended December 31, 2025 describes the critical accounting policies for which management uses significant judgments and estimates in the preparation of our condensed consolidated financial statements. There have been no significant changes to our critical accounting policies since December 31, 2025.