Biomea Fusion, Inc.

Previous wording

We are a clinical-stage diabetes and obesity medicines company focused on the development of novel small molecule therapies to treat and improve the lives of patients with metabolic diseases. A covalent small molecule drug is a synthetic compound that forms a permanent bond to its target protein and offers a number of potential advantages over conventional non-covalent drugs, including greater target selectivity, lower drug exposure, and the ability to drive a deeper, more durable response.

Current wording

We are a clinical-stage diabetes and obesity medicines company focused on the development of novel small molecule therapies to treat and improve the lives of patients with metabolic diseases.

Previous wording

Our lead clinical program’s drug candidate, icovamenib, is currently being developed as an orally bioavailable, and selective, covalent inhibitor of menin, which serves as a checkpoint to prevent beta cell proliferation and is an important transcriptional regulator known to play a direct role in beta cell homeostasis. Icovamenib's potential in type 1 and type 2 diabetes as well as its impact in obesity is currently being investigated in two clinical and multiple preclinical studies. Our preclinical and clinical data to date support that inhibiting menin via icovamenib has the potential to enable the proliferation, preservation, and reactivation of healthy, functional beta cells capable of producing insulin, thereby leading to long-term glycemic control in patients with type 1 and type 2 diabetes.

Current wording

Our lead clinical program’s drug candidate, icovamenib, is an orally administered investigational small molecule currently in Phase 2 clinical development for the treatment of type 1 and type 2 diabetes. Nonclinical evidence shows that icovamenib promotes reversible downmodulation of menin, a transcriptional regulator implicated in beta cell biology. Nonclinical data also has shown that icovamenib induced glucose-dependent beta cell proliferation and enhanced insulin production and secretion. Through these proposed mechanisms, icovamenib has the potential to restore beta cell mass and function and thereby improve glycemic control. As a potential beta cell restorative therapy, icovamenib represents a novel treatment approach for individuals living with diabetes. Icovamenib's potential in type 1 and type 2 diabetes as well as its impact in obesity is currently being investigated in three clinical and multiple nonclinical studies. Our nonclinical and clinical data to date support that inhibiting menin via icovamenib has the potential to enable the proliferation, preservation, and reactivation of healthy, functional beta cells capable of producing insulin, thereby leading to long-term glycemic control in patients with type 1 and type 2 diabetes.

Previous wording

In preclinical studies, the administration of icovamenib has produced a pronounced effect in preclinical models of diabetes, normalizing glucose levels during treatment and even after drug washout. In October 2025, we reported 52-week results from our Phase II COVALENT-111 trial of icovamenib in type 2 diabetes and most recently in April 2026, we reported topline results from our type 1 diabetes trial (COVALENT-112) of icovamenib in type 1 diabetes. As of June 30, 2026 icovamenib is now being evaluated across two ongoing Phase II clinical trials (COVALENT-211 and COVALENT-212) in type 2 diabetes.

Current wording

In nonclinical studies, the administration of icovamenib has produced a pronounced effect in nonclinical models of diabetes, normalizing glucose levels during treatment and even after drug washout. In October 2025, we reported 52-week results from our Phase II COVALENT-111 trial of icovamenib in type 2 diabetes and most recently in April 2026, we reported topline results from our type 1 diabetes trial (COVALENT-112) of icovamenib in type 1 diabetes. As of September 30, 2026 icovamenib is now being evaluated across two ongoing Phase II clinical trials (COVALENT-211 and COVALENT-212) in type 2 diabetes, with the primary 26-week HbA1c endpoint readout from our Phase II clinical trial (COVALENT-211) expected in the first quarter of 2027, and the corresponding 26-week primary endpoint HbA1c readout from our Phase II clinical trial (COVALENT-212), expected in the second quarter of 2027. Longer-term 52-week secondary endpoint data from both COVALENT-211 and COVALENT-212 are expected subsequently. In June 2026, we announced a collaboration with the University of Leicester as part of the ongoing platform research study titled Investigating and Optimizing Physical Function with Weight Loss: A Multi-Arm Open Label Adaptive Platform Trial (OPAL). This newly activated experimental arm will evaluate the effects of icovamenib in combination with low-dose semaglutide in individuals without type 2 diabetes that are either overweight or obese. The collaborative study is designed to assess if adding icovamenib to semaglutide (a GLP-1 therapy) will enhance the body weight lowering effects of semaglutide while supporting muscular and skeletal health.

Previous wording

In September 2025, we announced that BMF-650, our investigational, next-generation, oral small molecule glucagon-like peptide-1 GLP-1 receptor agonist (GLP-1 RA), received IND-clearance from the FDA. Our Phase I GLP-131 trial for BMF-650 in obese, otherwise healthy volunteers is ongoing, with topline results expected in the third quarter of 2026. With its unique pharmacokinetic profile, enhanced oral bioavailability, and potential for rapid, one-step dose escalation, we believe BMF-650 has the potential to provide a best-in-class therapeutic option for obesity.

Current wording

In September 2025, we announced that BMF-650, our investigational, next-generation, oral small molecule glucagon-like peptide-1 GLP-1 receptor agonist (GLP-1 RA), received IND-clearance from the FDA. In October 2026, we announced interim, topline results from our ongoing Phase Ib clinical trial for BMF-650. With its unique pharmacokinetic profile, enhanced oral bioavailability, and potential for rapid, one-step dose escalation, we believe BMF-650 has the potential to provide a best-in-class therapeutic option for obesity.

Previous wording

Since commencing operations in 2017, we have devoted substantially all of our efforts and financial resources to conducting research and development activities, including drug discovery and preclinical studies and clinical trials, establishing and maintaining our intellectual property portfolio, the manufacturing of clinical and research material, organizing and staffing our company, business planning, raising capital and providing general and administrative support for these operations. We have not generated any revenue from product sales and, as a result, we have never been profitable and have incurred net losses since commencement of our operations.

Current wording

Since commencing operations in 2017, we have devoted substantially all of our efforts and financial resources to conducting research and development activities, including drug discovery and nonclinical studies and clinical trials, establishing and maintaining our intellectual property portfolio, the manufacturing of clinical and research material, organizing and staffing our company, business planning, raising capital and providing general and administrative support for these operations. We have not generated any revenue from product sales and, as a result, we have never been profitable and have incurred net losses since commencement of our operations.

Previous wording

As of June 30, 2026, we had an accumulated deficit of $469.8 million. We incurred net losses of $20.7 million and $50.0 million for the six months ended June 30, 2026 and 2025, respectively. Based on our current operating plan, we believe that our existing cash and cash equivalents, and restricted cash as of June 30, 2026, without any future financing, will only be sufficient to fund our operations into the second quarter of 2027. We expect to continue to incur significant expenses and operating losses for the foreseeable future, and our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.

Current wording

As of September 30, 2026, we had an accumulated deficit of $476.0 million. We incurred net losses of $26.9 million and $66.4 million for the nine months ended September 30, 2026 and 2025, respectively. Based on our current operating plan, we believe that our existing cash and cash equivalents, and restricted cash as of September 30, 2026, without any future financing, will only be sufficient to fund our operations into the second quarter of 2027. We expect to continue to incur significant expenses and operating losses for the foreseeable future, and our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.

Previous wording

conduct our ongoing preclinical studies, our two Phase II clinical trials of icovamenib in type 2 diabetes and our Phase I clinical trial of BMF-650 in obese, otherwise healthy volunteers;

Current wording

conduct our ongoing nonclinical studies, our two Phase II clinical trials of icovamenib in type 2 diabetes and our Phase I clinical trial of BMF-650 in obese, otherwise healthy volunteers;

Previous wording

In April 2021, we completed our initial public offering (IPO) and issued an aggregate of 9,000,000 shares of our common stock at a price of $17.00 per share. Subsequent to the close, an additional 823,532 shares were issued in connection with the partial exercise by the underwriters of their option to purchase additional shares of common stock. In addition, immediately prior to the closing of the IPO, all outstanding shares of our convertible preferred stock automatically converted into 7,064,925 shares of common stock. Proceeds from the IPO, net of underwriting discounts and commissions and offering costs were $152.8 million. On April 3, 2023, we issued and sold 5,750,000 shares of common stock, which included 750,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $30.00 per share in an underwritten public offering pursuant to a shelf registration on Form S-3. Our net proceeds from the offering were $161.8 million, after deducting underwriting discounts and commissions and offering costs of $10.7 million. During the twelve months ended December 31, 2025, we issued 2,271,122 shares of our common stock for aggregate proceeds of $4.9 million, net of commissions and offering costs from our 2022 ATM Program. We did not issue any shares of common stock or receive any proceeds under our 2022 ATM Program during the six months ended June 30, 2026.

Current wording

In April 2021, we completed our initial public offering (IPO) and issued an aggregate of 9,000,000 shares of our common stock at a price of $17.00 per share. Subsequent to the close, an additional 823,532 shares were issued in connection with the partial exercise by the underwriters of their option to purchase additional shares of common stock. In addition, immediately prior to the closing of the IPO, all outstanding shares of our convertible preferred stock automatically converted into 7,064,925 shares of common stock. Proceeds from the IPO, net of underwriting discounts and commissions and offering costs were $152.8 million. On April 3, 2023, we issued and sold 5,750,000 shares of common stock, which included 750,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $30.00 per share in an underwritten public offering pursuant to a shelf registration on Form S-3. Our net proceeds from the offering were $161.8 million, after deducting underwriting discounts and commissions and offering costs of $10.7 million. During the twelve months ended December 31, 2025, we issued 2,271,122 shares of our common stock for aggregate proceeds of $4.9 million, net of commissions and offering costs from our 2022 ATM Program. We did not issue any shares of common stock or receive any proceeds under our 2022 ATM Program during the nine months ended September 30, 2026.

Previous wording

We expense research and development costs in the periods in which they are incurred. Non-refundable advance payments for goods or services to be received in future periods for use in research and development activities are deferred and capitalized. The capitalized amounts are then expensed as the related goods are delivered and as services are performed. We track direct costs by stage of program, clinical or preclinical. However, we do not track indirect costs on a program specific or stage of program basis because these costs are deployed across multiple programs and, as such, are not separately classified.

Current wording

We expense research and development costs in the periods in which they are incurred. Non-refundable advance payments for goods or services to be received in future periods for use in research and development activities are deferred and capitalized. The capitalized amounts are then expensed as the related goods are delivered and as services are performed. We track direct costs by stage of program, clinical or nonclinical. However, we do not track indirect costs on a program specific or stage of program basis because these costs are deployed across multiple programs and, as such, are not separately classified.

Previous wording

We expect our research and development expenses to increase substantially during the next few years as we seek to initiate and complete clinical trials, pursue regulatory approval of icovamenib and advance BMF-650 through preclinical and clinical development. Predicting the timing or the final cost to complete our clinical program or validation of our manufacturing and supply processes is difficult and delays may occur because of many factors. The process of conducting the necessary preclinical and clinical research to obtain regulatory approval is costly and time-consuming. To the extent that our product candidates continue to advance into clinical trials, as well as advance into larger and later stage clinical trials, our expenses will increase substantially and may become more variable.

Current wording

We expect our research and development expenses to increase substantially during the next few years as we seek to initiate and complete clinical trials, pursue regulatory approval of icovamenib and advance BMF-650 through nonclinical and clinical development. Predicting the timing or the final cost to complete our clinical program or validation of our manufacturing and supply processes is difficult and delays may occur because of many factors. The process of conducting the necessary nonclinical and clinical research to obtain regulatory approval is costly and time-consuming. To the extent that our product candidates continue to advance into clinical trials, as well as advance into larger and later stage clinical trials, our expenses will increase substantially and may become more variable.

Previous wording

the scope, rate of progress, expense and results of our ongoing clinical trials, including our ongoing Phase II clinical trial of icovamenib in type 2 diabetes, enrollment in our Phase I clinical trial for BMF-650, including an additional cohort announced in June 2026, as well as any future preclinical development and clinical trials of our product candidates, and other research and development activities we may conduct;

Current wording

the scope, rate of progress, expense and results of our ongoing clinical trials, including our ongoing Phase II clinical trial of icovamenib in type 2 diabetes and our Phase I clinical trial for BMF-650, as well as any future nonclinical development and clinical trials of our product candidates, and other research and development activities we may conduct;

Previous wording

the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and non-U.S. regulators;

Current wording

the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and any comparable regulatory authorities outside the United States;

Previous wording

A change in the outcome of any of these variables with respect to the development of any or our product candidates could significantly change the costs and timing associated with the development of that product candidate. The actual probability of success for our product candidates may be affected by a variety of factors, including the safety and efficacy of our product candidates, investment in our clinical programs, manufacturing capability and competition with other products and product candidates. As a result of these variables, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we will generate revenue from the commercialization and sale of our product candidates. We may never succeed in achieving regulatory approval for any of our product candidates.

Current wording

A change in the outcome of any of these variables with respect to the development of any of our product candidates could significantly change the costs and timing associated with the development of that product candidate. The actual probability of success for our product candidates may be affected by a variety of factors, including the safety and efficacy of our product candidates, investment in our clinical programs, manufacturing capability and competition with other products and product candidates. As a result of these variables, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we will generate revenue from the commercialization and sale of our product candidates. We may never succeed in achieving regulatory approval for any of our product candidates.

Previous wording

Gain on sale of property and equipment was $0.0 million and $0.5 million for the three and six months ended June 30, 2026, respectively. No gain on sale of property and equipment was recorded for the three and six months ended June 30, 2025. The gain in the current period was attributable to proceeds from the sale of laboratory equipment.

Current wording

Gain on sale of property and equipment was $0.0 million and $0.5 million for the three and nine months ended September 30, 2026, respectively. No gain on sale of property and equipment was recorded for the three and nine months ended September 30, 2025. The gain in the current period was attributable to proceeds from the sale of laboratory equipment.

Previous wording

Comparison of the three and six months ended June 30, 2026 and 2025

Current wording

Comparison of the three and nine months ended September 30, 2026 and 2025

Previous wording

Research and development expenses decreased by $21.2 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease of $10.7 million in external costs was primarily driven by a decrease of $3.1 million related to clinical activities, a decrease of $3.4 million related to preclinical and exploratory programs, a decrease of $3.2 million in other external costs related to consultants, advisors and other professional services to support our clinical studies, and a decrease of $1.0 million of manufacturing costs. Personnel-related expenses decreased by $7.0 million, including stock-based compensation, due to a decrease in headcount. Facilities and other allocated expenses decreased by $3.5 million due to a decrease in rent and facilities-related costs.

Current wording

Research and development expenses decreased by $5.9 million during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease of $4.0 million in external costs was primarily driven by a decrease of $1.2 million related to nonclinical and exploratory programs, a decrease of $1.0 million of manufacturing costs, a decrease of $1.0 million in other external costs related to consultants, advisors and other professional services to support our clinical studies, and a decrease of $0.9 million related to clinical activities. Personnel-related expenses decreased by $1.0 million, including stock-based compensation, due to a decrease in headcount. Facilities and other allocated expenses decreased by $0.9 million due to a decrease in rent and facilities-related costs.

Previous wording

Research and development expenses decreased by $7.4 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease of $3.2 million in external costs was primarily driven by a decrease of $1.5 million related to preclinical and exploratory programs, a decrease of $1.3 million in other external costs related to consultants, advisors and other professional services to support our clinical studies, and a decrease of $1.0 million of manufacturing costs, offset by an increase of $0.6 million related to clinical activities. Personnel-related expenses decreased by $2.5 million, including stock-based compensation, due to a decrease in headcount. Facilities and other allocated expenses decreased by $1.7 million due to a decrease in rent and facilities-related costs.

Current wording

Research and development expenses decreased by $27.1 million during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease of $14.8 million in external costs was primarily driven by a decrease of $4.6 million related to nonclinical and exploratory programs, a decrease of $4.2 million in other external costs related to consultants, advisors and other professional services to support our clinical studies, a decrease of $4.0 million related to clinical activities and a decrease of $2.0 million of manufacturing costs. Personnel-related expenses decreased by $8.0 million, including stock-based compensation, due to a decrease in headcount. Facilities and other allocated expenses decreased by $4.3 million due to a decrease in rent and facilities-related costs.

Previous wording

General and administrative expenses decreased by $1.1 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily driven by a decrease of $0.9 million related to personnel-related expenses, including stock-based compensation, due to a decrease in headcount and a decrease of $0.1 million of corporate-related expenses. Facilities and other allocated expenses decreased by $0.1 million.

Current wording

General and administrative expenses increased by $0.2 million during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily driven by an increase of $0.6 million of corporate-related expenses, offset by a decrease of $0.4 million related to personnel-related expenses, including stock-based compensation, due to a decrease in headcount. Facilities and other allocated expenses decreased by less than $0.1 million.

Previous wording

General and administrative expenses decreased by $4.2 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily driven by a decrease of $2.7 million related to personnel-related expenses, including stock-based compensation, due to a decrease in headcount and a decrease of $1.3 million of corporate-related expenses. Facilities and other allocated expenses decreased by $0.2 million.

Current wording

General and administrative expenses decreased by $4.0 million during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily driven by a decrease of $3.1 million related to personnel-related expenses, including stock-based compensation, due to a decrease in headcount and a decrease of $0.7 million of corporate-related expenses. Facilities and other allocated expenses decreased by $0.2 million.

Previous wording

Change in fair value of common warrant liability was $4.1 million for the three months ended June 30, 2026 and $0.2 million for the three months ended June 30, 2025, attributable to revaluation of the common warrants issued in connection with the June and October 2025 underwritten public offerings (see Note 5). The common warrants are re-measured at each balance sheet date.

Current wording

Change in fair value of common warrant liability was $6.5 million for the three months ended September 30, 2026 and $3.9 million for the three months ended September 30, 2025, attributable to revaluation of the common warrants issued in connection with the June and October 2025 underwritten public offerings (see Note 5). The common warrants are re-measured at each balance sheet date.

Previous wording

Change in fair value of common warrant liability was $3.5 million for the six months ended June 30, 2026 and $0.2 million for the six months ended June 30, 2025, attributable to revaluation of the common warrants issued in connection with the June and October 2025 underwritten public offerings (see Note 5). The common warrants are re-measured at each balance sheet date.

Current wording

Change in fair value of common warrant liability was $10.1 million for the nine months ended September 30, 2026 and $4.1 million for the nine months ended September 30, 2025, attributable to revaluation of the common warrants issued in connection with the June and October 2025 underwritten public offerings (see Note 5). The common warrants are re-measured at each balance sheet date.

Previous wording

Gain on sale of property and equipment was $0.5 million for the six months ended June 30, 2026 and $0.0 million for the six months ended June 30, 2025. The gain in the current period was attributable to proceeds from the sale of laboratory equipment.

Current wording

Gain on sale of property and equipment was $0.5 million for the nine months ended September 30, 2026 and $0.0 million for the nine months ended September 30, 2025. The gain in the current period was attributable to proceeds from the sale of laboratory equipment.

Previous wording

Interest and other income, net was $0.3 million for the three months ended June 30, 2026 and June 30, 2025, respectively.

Current wording

Interest and other income, net was $0.3 million for the three months ended September 30, 2026 and $0.5 million for the three months ended September 30, 2025.

Previous wording

Interest and other income, net was $0.7 million for the six months ended June 30, 2026 compared to $0.8 million for the six months ended June 30, 2025. The decrease of $0.1 million was primarily due to lower interest rates earned on cash and cash equivalents balance.

Current wording

Interest and other income, net was $1.0 million for the nine months ended September 30, 2026 compared to $1.3 million for the nine months ended September 30, 2025. The decrease of $0.3 million was primarily due to lower interest rates earned on cash and cash equivalents balance.

Previous wording

As of June 30, 2026, we had cash, cash equivalents, and restricted cash of $35.2 million and an accumulated deficit of $469.8 million. We have incurred substantial operating losses and have used cash in our operating activities since inception. Without any future financing, the current operating plan under the existing cash and cash equivalents, and restricted cash as of June 30, 2026, will only be sufficient to fund our operations into the second quarter of 2027. Our ability to continue as a going concern will require us to obtain additional financing to fund our operations and there can be no assurance that additional financing will be available to us or that such financing, if available, will be available on terms acceptable to us. Accordingly, there is substantial doubt about our ability to continue as a going concern.

Current wording

As of September 30, 2026, we had cash, cash equivalents, and restricted cash of $26.8 million and an accumulated deficit of $476.0 million. We have incurred substantial operating losses and have used cash in our operating activities since inception. Without any future financing, the current operating plan under the existing cash and cash equivalents, and restricted cash as of September 30, 2026, will only be sufficient to fund our operations into the second quarter of 2027. Our ability to continue as a going concern will require us to obtain additional financing to fund our operations and there can be no assurance that additional financing will be available to us or that such financing, if available, will be available on terms acceptable to us. Accordingly, there is substantial doubt about our ability to continue as a going concern.

Previous wording

the scope, timing, progress, duration, costs and results of our clinical trials, drug discovery, preclinical development activities and laboratory testing for our product candidates;

Current wording

the scope, timing, progress, duration, costs and results of our clinical trials, drug discovery, nonclinical development activities and laboratory testing for our product candidates;

Previous wording

Net cash used in operating activities was $21.7 million during the six months ended June 30, 2026 and consisted of a net loss of $20.7 million offset by a decrease in net assets of $0.1 million and non-cash adjustments of $0.8 million. The decrease in net assets consisted primarily of a decrease in prepaid expenses and other current assets of $1.0 million, a decrease in accrued expenses and other current liabilities of $0.1 million and a decrease in operating lease liabilities of $0.7 million, offset by an increase in other assets of $0.4 million and an increase in accounts payable of less than $0.1 million. Non-cash adjustments consisted primarily of stock-based compensation expense of $3.2 million, gain on sale of property and equipment of $0.5 million and a non-cash gain on the change in fair value of warrant liability of $3.5 million.

Current wording

Net cash used in operating activities was $30.1 million during the nine months ended September 30, 2026 and consisted of a net loss of $26.9 million offset by a decrease in net assets of $2.5 million and an increase of non-cash adjustments of $5.7 million. The decrease in net assets consisted primarily of a decrease in prepaid expenses and other current assets of $1.3 million, and a decrease in operating lease liabilities of $1.1 million, offset by an increase in other assets of $0.4 million, an increase in accrued expenses and other current liabilities of $2.6 million and an increase in accounts payable of less than $0.1 million. Non-cash adjustments consisted primarily of stock-based compensation expense of $4.8 million, gain on sale of property and equipment of $0.5 million and a non-cash gain on the change in fair value of warrant liability of $10.1 million.

Previous wording

Net cash used in operating activities was $44.9 million during the six months ended June 30, 2025 and consisted of a net loss of $50.0 million offset by a decrease in net assets of $2.9 million and non-cash adjustments of $8.0 million. The decrease in net assets consisted primarily of a decrease in prepaid expenses and other current assets of $1.6 million, a decrease in other assets of $0.6 million, a decrease in accounts payable of $4.7 million and a decrease in operating lease liabilities of $1.7 million, offset by an increase in accrued expenses and other current liabilities of $1.3 million. Non-cash adjustments consisted primarily of stock-based compensation expense of $5.7 million, operating lease expense of $1.6 million, depreciation expense of $0.9 million and a non-cash loss on the change in fair value of warrant liability of $0.2 million.

Current wording

Net cash used in operating activities was $56.4 million during the nine months ended September 30, 2025 and consisted of a net loss of $66.4 million offset by a decrease in net assets of $1.2 million and non-cash adjustments of $8.8 million. The decrease in net assets consisted primarily of a decrease in prepaid expenses and other current assets of $7.3 million, a decrease in other assets of $0.6 million, a decrease in accounts payable of $6.5 million and a decrease in operating lease liabilities of $1.9 million, offset by an increase in accrued expenses and other current liabilities of $1.7 million. Non-cash adjustments consisted primarily of stock-based compensation expense of $7.7 million, operating lease expense of $1.7 million, depreciation expense of $1.4 million, impairment of property and equipment of $2.2 million and a non-cash gain on the change in fair value of warrant liability of $4.1 million.

Previous wording

Net cash provided by investing activities was $0.6 million during the six months ended June 30, 2026.

Current wording

Net cash provided by investing activities was $0.6 million during the nine months ended September 30, 2026.

Previous wording

Net cash provided by investing activities was $0.0 million during the six months ended June 30, 2025.

Current wording

Net cash provided by investing activities was $0.0 million during the nine months ended September 30, 2025.

Previous wording

Net cash provided by financing activities was $0.2 million during the six months ended June 30, 2026.

Current wording

Net cash provided by financing activities was $0.2 million during the nine months ended September 30, 2026 and primarily relates to proceeds from stock option exercises and purchases under the employee stock purchase plan.

Previous wording

Net cash provided by financing activities was $42.8 million during the six months ended June 30, 2025, and primarily relates to net proceeds from issuances of common stock and pre-funded warrants under the public offering and our 2022 ATM Program.

Current wording

Net cash provided by financing activities was $44.8 million during the nine months ended September 30, 2025 and primarily relates to net proceeds of $44.7 million from issuances of common stock and pre-funded warrants under the public offering and the 2022 ATM Program, and $0.1 million of proceeds from stock option exercises and purchases under the employee stock purchase plan.

Previous wording

Our critical accounting policies are described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K filed with the SEC on March 24, 2026 and the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q. During the six months ended June 30, 2026, except as described in Note 2 to the unaudited condensed financial statements appearing elsewhere in this Quarterly Report on Form 10-Q, there were no material changes to our critical accounting policies from those discussed in our Annual Report on Form 10-K filed with the SEC on March 24, 2026.

Current wording

Our critical accounting policies are described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K filed with the SEC on March 24, 2026 and the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q. During the nine months ended September 30, 2026, except as described in Note 2 to the unaudited condensed financial statements appearing elsewhere in this Quarterly Report on Form 10-Q, there were no material changes to our critical accounting policies from those discussed in our Annual Report on Form 10-K filed with the SEC on March 24, 2026.