Amphastar Pharmaceuticals, Inc.

Previous wording

Our largest products by net revenues currently include BAQSIMI®, Primatene MIST®, epinephrine, glucagon, lidocaine, and ipratropium bromide.

Current wording

Our largest products by net revenues currently include BAQSIMI®, Primatene MIST®, epinephrine, lidocaine, and glucagon.

Previous wording

We take the matters identified in the Warning Letter seriously. Since the conclusion of the FDA inspection, IMS has implemented and is continuing to implement corrective actions in response to the Form 483 and Warning Letter. We have timely responded to the FDA regarding IMS’s remediation plan. We continue to work with IMS and the FDA to address the items identified in the Warning Letter. As described under the Risk Factor entitled*“We must manufacture our drug products at our facilities in conformity with cGMP regulations; failure to maintain compliance with cGMP regulations may prevent or delay the manufacture or marketing of our products or product candidates and may prevent us from gaining approval of our products*,” aside from the use of additional resources and temporary suspension of manufacturing of one immaterial product which is not at risk of shortage in connection with the remediation plan, at this time, we do not anticipate a material adverse effect on our overall business operations and sales.

Current wording

We take the matters identified in the Warning Letter seriously. Since the conclusion of the FDA inspection, IMS has implemented and is continuing to implement corrective actions. We have timely responded to the FDA regarding IMS’s remediation plan. We continue to work with the FDA to address the items identified in the Warning Letter. As described under “Backlog” and the Risk Factor entitled*“We must manufacture our drug products at our facilities in conformity with cGMP regulations; failure to maintain compliance with cGMP regulations may prevent or delay the manufacture or marketing of our products or product candidates and may prevent us from gaining approval of our products,”* in addition to the use of additional resources and temporary suspension of manufacturing of one immaterial product, which is not at risk of shortage in connection with the remediation plan, as of September 30, 2026, we experienced a backlog of various products that are manufactured at our IMS facility. At this time, we do not anticipate a material adverse effect on our overall business operations and sales.

Previous wording

The decrease in sales of BAQSIMI® during the quarter was primarily due to a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $8.1 million. This decrease was partially offset by an increase in unit volumes, contributing $6.9 million in sales driven by our continued marketing efforts. Primatene MIST® sales decreased primarily due to the timing of customer purchases rather than changes in the underlying consumer demand. In store demand shows continued growth. Sales of epinephrine slightly decreased during the period, primarily due to a decrease in our epinephrine multi-dose vial product, as a result of increased competition, impacting sales by $2.2 million. This decrease was partially offset by an increase in demand for our epinephrine pre-filled syringe, as a result of other supplier shortages, contributing $1.9 million in sales. The decrease in sales of glucagon was due to a lower average selling price, which impacted sales by $7.5 million, as well as, a decrease in unit volumes, impacting sales by $1.2 million, as a result of increased competition and the continued shift to ready to use glucagon products such as BAQSIMI®. The increase in other products was primarily due to recently launched products including an increase in iron sucrose sales of $3.5 million and teriparatide sales of $4.5 million, which were launched in August 2025 and December 2025, respectively. Albuterol sales increased primarily due to an increase in unit volumes, as we continue to see positive growth since its launch in August 2024. Additionally, an increase in phytonadione and sodium bicarbonate sales as a result of an increase in demand caused by other supplier shortages, and an increase in API sales positively impacted sales.

Current wording

The increase in sales of BAQSIMI® during the quarter was primarily due to an increase in unit volumes, contributing $7.4 million in sales driven by our continued marketing efforts. This increase was partially offset by a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $2.2 million. Primatene MIST® sales increased primarily due to a higher average selling price, contributing $1.6 million in sales, as a result of a price increase that went into effect in the second quarter of 2026, as well as an increase in unit volumes, contributing $1.0 million in sales, as in-store demand for Primatene MIST® continues to grow. Lidocaine sales increased primarily due to an increase in unit volumes as a result of

Previous wording

A significant portion of our customer shipments in any period relate to orders received and shipped in the same period, generally resulting in low product backlog relative to total shipments at any time. However, as of June 30, 2026, we experienced a backlog of approximately $4.2 million for various products, primarily as a result of competitor shortages and supplier constraints. Historically, our backlog has not been a meaningful indicator in any given period of our ability to achieve any particular level of overall revenue or financial performance.

Current wording

A significant portion of our customer shipments in any period relate to orders received and shipped in the same period, generally resulting in low product backlog relative to total shipments at any time. However, as of September 30, 2026, we experienced a backlog of approximately $12.5 million for various products that are manufactured at our IMS facility related to a temporary slowdown in product releases as we continue the remediation efforts from an FDA warning letter at that facility. Historically, our backlog has not been a meaningful indicator in any given period of our ability to achieve any particular level of overall revenue or financial performance.

Previous wording

The increase in gross margins was primarily driven by our recently launched products that include iron sucrose, teriparatide, and ipratropium bromide, as well as an increase in sales of phytonadione, all of which are higher-margin products. This increase was partially offset by the impact of lower average selling prices for BAQSIMI®, glucagon, and epinephrine multi-dose vials. Additionally, our manufacturing expenses increased due to the expansion of our manufacturing facilities in Rancho Cucamonga, CA. Manufacturing expenses are expected to increase as we remediate the conditions which led to the FDA warning letter at our IMS facility.

Current wording

The decrease in gross margins was primarily driven by lower average selling prices for BAQSIMI®, glucagon, and epinephrine multi-dose vials, which are higher-margin products. Additionally, our manufacturing expense increased as a result of remediation efforts at our IMS facility in response to the FDA warning letter, as well as the expansion of our manufacturing facilities in Rancho Cucamonga, CA. This decrease was partially offset by our recently launched products that include teriparatide and ipratropium bromide, both of which are higher-margin products.

Previous wording

Research and development expenses increased primarily due to an increase in clinical trials expense for our insulin and inhalation pipeline products, as well as salary and personnel-related expenses. Additionally, we made a $2.0 million upfront payment for the licensing agreement that we entered into with Hanxin during the first quarter of 2026.

Current wording

The decrease in research and development expenses was primarily due to the $5.3 million upfront payment for the licensing agreement that we entered into with Nanjing Anji Biotechnology Co., Ltd, or Anji, in the third quarter of 2025. This decrease was partially offset by an increase in material and supply expenses, primarily for our insulin and proprietary pipeline products, as well as an increase in salary and personnel-related expense.

Previous wording

Our effective tax rate for the six months ended June 30, 2026 increased in comparison to the six months ended June 30, 2025, primarily due to differences in pre-tax income positions and timing of discrete tax items. For more information regarding our income taxes, see “Part I – Item 1. Financial Statements (unaudited) – Notes to Condensed Consolidated Financial Statements – Note 14. Income Taxes.”

Current wording

Our effective tax rate for the three months ended September 30, 2026 increased in comparison to the three months ended September 30, 2025, primarily due to differences in pre-tax income positions and timing of discrete tax items. For more information regarding our income taxes, see “Part I – Item 1. Financial Statements (unaudited) – Notes to Condensed Consolidated Financial Statements – Note 14. Income Taxes.”

Previous wording

The following table summarizes our revenue by product for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our revenue by product for the nine months ended September 30, 2026 and 2025:

Previous wording

The decrease in sales of BAQSIMI® was primarily due to a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $15.9 million. This decrease was partially offset by an increase in unit volumes, contributing $8.8 million in sales driven by our continued marketing efforts. Primatene MIST® sales decreased primarily due to the timing of customer purchases rather than changes in the underlying consumer demand. In store demand shows continued growth. The increase in sales of epinephrine was due to an increase in demand for our epinephrine pre-filled syringe, as a result of other supplier shortages, contributing $6.1 million in sales. This increase was partially offset by a decrease in our epinephrine multi-dose vial product, as a result increased competition, impacting sales by $5.8 million. The decrease in sales of glucagon was due to lower average selling price, which impacted sales by $13.7 million, as well as a decrease in unit volumes, impacting sales by $6.6 million, as a result of increased competition and the continued shift to ready to use glucagon products such as BAQSIMI®. The increase in other products was primarily due to recently launched products including an increase in iron sucrose sales of $5.0 million and teriparatide sales of $6.7 million, which were launched in August 2025 and December 2025, respectively. Albuterol sales increased primarily due to an increase in unit volumes, as we continue to see positive growth since its launch in August 2024. Additionally, an increase in dextrose and sodium bicarbonate sales as a result of an increase in demand caused by other supplier shortages, and an increase in API sales positively impacted sales.

Current wording

The decrease in sales of BAQSIMI® was primarily due to a lower average selling price, as a result of a change in gross-to-net discounts due to changes in chargebacks and rebates and changes to the customer mix, impacting sales of approximately $17.8 million. This decrease was partially offset by an increase in unit volumes, contributing $15.9 million in sales driven by our continued marketing efforts. Primatene MIST® sales increased primarily due to an increase in average selling price, as a result of a price increase that went into effect in the second quarter of 2026. Lidocaine sales increased primarily due to an increase in unit volumes as a result of an increase in demand caused by other supplier shortages. The decrease in sales of epinephrine was due to a decrease in our epinephrine multi-dose vial product, as a result of increased competition, impacting sales by $5.8 million. This decrease was partially offset by an increase in demand for our epinephrine pre-filled syringe, as a result of other supplier shortages, contributing $2.6 million in sales. The decrease in sales of glucagon was due to lower average selling price, which impacted sales by $19.7 million, as well as a decrease in unit volumes, impacting sales by $5.7 million, as a result of increased competition. The increase in other products was primarily due to teriparatide sales of $13.0 million, which we launched in December 2025. Additionally, the increase in sales of iron sucrose was primarily due to an increase in unit volumes as the prior year period did not include a full year of sales as we launched the product in August 2025. Albuterol sales increased primarily due to an increase in unit volumes, as we continue to see positive growth since its launch in August 2024. Additionally, an increase in dextrose and sodium bicarbonate sales as a result of an increase in demand caused by other supplier shortages, and API sales from our ANP subsidiary positively impacted sales.

Previous wording

We anticipate that sales of glucagon will continue to decline in the future due to competitive dynamics. We also anticipate that sales of epinephrine and other products will continue to fluctuate depending on the ability of our

Current wording

We anticipate that sales of glucagon will continue to decline in the future due to competitive dynamics. We also

Previous wording

competitors to supply market demands. We may see lower sales from our IMS subsidiary, as we take steps to remediate an FDA warning letter at that facility, which could cause a slowdown in production.

Current wording

anticipate that sales of epinephrine and other products will continue to fluctuate depending on the ability of our competitors to supply market demands. We may see lower sales from our IMS subsidiary, as we take steps to remediate an FDA warning letter at that facility, which could cause a slowdown in production.

Previous wording

The decrease in gross margins was impacted by lower average selling prices for our higher margin products, including BAQSIMI®, glucagon, phytonadione, and epinephrine multi-dose vials. Additionally, our manufacturing expenses increased due to the expansion of our manufacturing facilities in Rancho Cucamonga, CA. Manufacturing expenses are expected to increase as we remediate the conditions which led to the FDA warning letter at our IMS facility.

Current wording

The decrease in gross margins was impacted by lower average selling prices for our higher margin products, including BAQSIMI®, glucagon, phytonadione, and epinephrine multi-dose vials. Additionally, our manufacturing expenses increased as a result of the remediation efforts at our IMS facility in response to an FDA warning letter, as well as the expansion of our manufacturing facilities in Rancho Cucamonga, CA.

Previous wording

The increase in selling, distribution and marketing expenses was primarily due to increased freight expense and the increased marketing efforts for BAQSIMI®. The increase in general and administrative expenses was primarily due to an increase in legal expense, expenses associated with implementing a new ERP system and salary and personnel-related expenses.

Current wording

The increase in selling, distribution and marketing expenses was primarily due to an increase in freight expense and increased marketing efforts for BAQSIMI®. The decrease in general and administrative expenses was primarily due to a litigation provision of $23.1 million that was recorded in the third quarter of 2025 for a litigation matter that was settled in the fourth quarter of 2025. This decrease was partially offset by increases in expenses associated with implementing a new ERP system and salary and personnel-related expenses.

Previous wording

Research and development expenses increased due to an increase in clinical trials expense, primarily for our insulin pipeline products, as well as an increase in salary and personnel-related expense. This was partially offset by a decrease in material and supply expenses.

Current wording

Research and development expenses increased primarily due to an increase in clinical trials expense for our insulin and inhalation pipeline products, as well as salary and personnel-related expenses.

Previous wording

We have made, and expect to continue to make, substantial investments in research and development to expand our product portfolio and grow our business. We expect that research and development expenses will increase on an annual basis due to increased clinical trials costs related to our proprietary, insulin and inhalation product candidates. These expenditures will include costs of APIs developed internally as well as APIs purchased externally for use in research and development, the cost of purchasing reference listed drugs and the costs of performing the clinical trials. As we undertake new and challenging research and development projects, we anticipate that the associated costs will increase significantly over the next several quarters and years.

Current wording

basis due to increased clinical trials costs related to our proprietary, insulin and inhalation product candidates. These expenditures will include costs of APIs developed internally as well as APIs purchased externally for use in research and development, the cost of purchasing reference listed drugs and the costs of performing the clinical trials. As we undertake new and challenging research and development projects, we anticipate that the associated costs will increase significantly over the next several quarters and years.

Previous wording

The change in non-operating expenses, net, is primarily a result of foreign currency fluctuation, as well as the mark-to-market adjustments relating to our interest rate swap contract during the six months ended June 30, 2026.

Current wording

The change in non-operating expenses, net, is primarily a result of foreign currency fluctuation, as well as the mark-to-market adjustments relating to our interest rate swap contract during the nine months ended September 30, 2026.

Previous wording

Our effective tax rate for the three months ended June 30, 2026 did not materially change in comparison to the three months ended June 30, 2025. For more information regarding our income taxes, see “Part I – Item 1. Financial Statements (unaudited) – Notes to Condensed Consolidated Financial Statements – Note 14. Income Taxes.”

Current wording

Our effective tax rate for the nine months ended September 30, 2026 increased in comparison to the nine months ended September 30, 2025, primarily due to differences in pre-tax income positions and timing of discrete tax items. For more information regarding our income taxes, see “Part I – Item 1. Financial Statements (unaudited) – Notes to Condensed Consolidated Financial Statements – Note 14. Income Taxes.”

Previous wording

Our cash obligations include the principal and interest payments due on our existing loans, and finance and operating lease payments. In June 2026, we achieved the first annual net sales milestone of $175.0 million under the Purchase Agreement, triggering a milestone payment of $100.0 million that is due in the third quarter of 2026, which is recorded in our condensed consolidated balance sheet as of June 30, 2026. In addition, upon the achievement of various development, regulatory and commercial milestones for agreements we have entered into, we are contractually obligated to pay additional amounts that, in the aggregate, are significant. These payments are contingent upon the occurrence of various future events, substantially all of which have a high degree of uncertainty of occurring, and any resulting cash requirements are managed through our operating budgeting processes. As of June 30, 2026, the maximum amount that may be payable in the future for agreements we have entered into with third parties is approximately $1.1 billion. These obligations are described further throughout this Quarterly Report.

Current wording

Our cash obligations include the principal and interest payments due on our existing loans, and finance and operating lease payments. In addition, upon the achievement of various development, regulatory and commercial milestones for agreements we have entered into, we are contractually obligated to pay additional amounts that, in the aggregate, are significant. These payments are contingent upon the occurrence of various future events, substantially all of which have a high degree of uncertainty of occurring, and any resulting cash requirements are managed through our operating budgeting processes. As of September 30, 2026, the maximum amount that may be payable in the future for agreements we have entered into with third parties is approximately $1.1 billion. These obligations are described further throughout this Quarterly Report.

Previous wording

As of June 30, 2026, our foreign subsidiaries collectively held $15.8 million in cash and cash equivalents. Cash or cash equivalents held at foreign subsidiaries are not available to fund the parent company’s operations in the United States. We believe that our cash reserves, operating cash flows, and borrowing availability under our credit facilities will be sufficient to fund our operations for at least the next 12 months from the filing of this Quarterly Report on Form 10-Q. We expect additional cash flows to be generated in the longer term from future product launches, although there can be

Current wording

As of September 30, 2026, our foreign subsidiaries collectively held $16.5 million in cash and cash equivalents. Cash or cash equivalents held at foreign subsidiaries are not available to fund the parent company’s operations in the United States. We believe that our cash reserves, operating cash flows, and borrowing availability under our credit facilities will be sufficient to fund our operations for at least the next 12 months from the filing of this Quarterly Report on Form 10-Q. We expect additional cash flows to be generated in the longer term from future product launches, although there can be no assurance as to the receipt of regulatory approval for any product candidates that we are developing or the timing of any product launches, which could be lengthy or ultimately unsuccessful.

Previous wording

Working capital decreased $110.1 million to $367.8 million at June 30, 2026, compared to $477.9 million at December 31, 2025.

Current wording

Working capital decreased $56.6 million to $421.3 million at September 30, 2026, compared to $477.9 million at December 31, 2025.

Previous wording

The following table summarizes our cash flows provided by and used in operating, investing, and financing activities for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our cash flows provided by and used in operating, investing, and financing activities for the nine months ended September 30, 2026 and 2025:

Previous wording

Net cash provided by operating activities was $99.2 million for the six months ended June 30, 2026, which included net income of $36.8 million. Non-cash items comprised primarily of $34.5 million of depreciation and amortization, which includes $16.1 million related to depreciation of property, plant and equipment; $12.5 million related to amortization of intangible assets; $4.3 million related to amortization of operating lease right-of-use assets; $1.6 million related to amortization of discounts, premiums, and debt issuance costs; and share-based compensation expense of $16.4 million.

Current wording

Net cash provided by operating activities was $142.5 million for the nine months ended September 30, 2026, which included net income of $74.5 million. Non-cash items comprised primarily of $53.3 million of depreciation and amortization, which includes $24.3 million related to depreciation of property, plant and equipment; $19.9 million related to amortization of intangible assets; $6.5 million related to amortization of operating lease right-of-use assets; $2.6 million related to amortization of discounts, premiums, and debt issuance costs; and share-based compensation expense of $23.4 million.

Previous wording

Additionally, for the six months ended June 30, 2026, there was a net cash inflow from changes in operating assets and liabilities of $12.7 million, which resulted primarily from increases in accounts payable and accrued liabilities, which was partially offset by an increase in inventories and accounts receivable. Accounts payable and accrued liabilities increased primarily due to the timing of payments. The increase in inventories was primarily due to the increased purchases of certain raw material and components. The increase in accounts receivables was primarily due to the timing of sales.

Current wording

Additionally, for the nine months ended September 30, 2026, there was a net cash outflow from changes in operating assets and liabilities of $5.2 million, which resulted primarily from increases in accounts receivables, which was partially offset by an increase in accounts payable and accrued liabilities and a decrease in inventories. The increase in accounts receivables was primarily due to the timing of sales. Accounts payable and accrued liabilities increased primarily due to the increase in accrued customer fees and rebates.

Previous wording

Net cash provided by operating activities was $70.7 million for the six months ended June 30, 2025, which included net income of $56.3 million. Non-cash items comprised primarily of $33.0 million of depreciation and amortization, which includes $15.7 million related to depreciation of property, plant and equipment; $12.5 million related to amortization of intangible assets; $3.2 million related to amortization of operating lease right-of-use assets; $1.6 million related to amortization of discounts, premiums, and debt issuance costs; and share-based compensation expense of $14.8 million. Additionally, for the six months ended June 30, 2025, there was a net cash outflow from changes in operating assets and liabilities of $35.2 million, which resulted primarily from an increase in inventories. This was partially offset by an increase in accounts payable and accrued liabilities and a decrease in accounts receivable. The increase in inventories was primarily due to the increased purchases of finished product, raw materials and components for BAQSIMI®, as we assumed full responsibility for the supply chain from Lilly. Accounts payable and accrued liabilities increased primarily due to the increase in accrued customer fees and rebates, mainly associated with BAQSIMI® sales. The decrease in accounts receivables was primarily due to the timing of sales.

Current wording

Net cash provided by operating activities was $123.3 million for the nine months ended September 30, 2025, which included net income of $73.7 million. Non-cash items comprised primarily of $49.7 million of depreciation and amortization, which includes $23.5 million related to depreciation of property, plant and equipment; $18.8 million related to amortization of intangible assets; $4.9 million related to amortization of operating lease right-of-use assets; $2.5 million related to amortization of discounts, premiums, and debt issuance costs; and share-based compensation expense of $21.1 million. Additionally, for the nine months ended September 30, 2025, there was a net cash outflow from changes in operating assets and liabilities of $23.2 million, which resulted primarily from an increase in inventories and an increase in accounts receivable. This was partially offset by an increase in accounts payable and accrued liabilities. The increase in inventories was primarily due to the increased purchases of finished product, raw materials and components for BAQSIMI®, as we assumed full responsibility for the supply chain from Lilly. The increase in accounts receivables was primarily due to the timing of sales. Accounts payable and accrued liabilities increased

Previous wording

Net cash provided by investing activities was $28.1 million for the six months ended June 30, 2026, primarily as a result of a net cash inflow of $48.0 million from sales and purchases of investments during the period. This was partially offset

Current wording

Net cash used in investing activities was $35.8 million for the nine months ended September 30, 2026, primarily as a result of the BAQSIMI® milestone payment of $100.0 million that was paid in the third quarter of 2026 and included $94.5 million that was allocated to acquired intangible assets and $5.5 million allocated to property, plant and equipment. We used a total of $28.0 million in purchase of property, plant and equipment, which included $18.5 million in the United States, $3.7 million in France, and $5.8 million in China. This was partially offset by a net cash inflow of $88.8 million from sales and purchases of investments during the period.

Previous wording

Net cash provided by investing activities was $9.9 million for the six months ended June 30, 2025, primarily as a result of $35.7 million from sales and purchases of investments during the period. This was partially offset by $21.3 million in purchases of property, plant, and equipment, which included $13.5 million incurred in the United States, $1.4 million in France, and $6.3 million in China.

Current wording

Net cash used in investing activities was $9.8 million for the nine months ended September 30, 2025, primarily as a result of $26.6 million in purchases of property, plant, and equipment, which included $16.9 million incurred in the United States, $2.0 million in France, and $7.7 million in China. This was partially offset by a net cash inflow of $23.0 million from sales and purchases of investments during the period.

Previous wording

Net cash used in financing activities was $73.7 million for the six months ended June 30, 2026, primarily as a result of $74.7 million used to purchase treasury stock. This was partially offset by $1.5 million in net proceeds from the settlement of share-based compensation awards under our equity plan.

Current wording

Net cash used in financing activities was $72.0 million for the nine months ended September 30, 2026, primarily as a result of $75.1 million used to purchase treasury stock. This was partially offset by $3.7 million in net proceeds from the settlement of share-based compensation awards under our equity plan.

Previous wording

Net cash used in financing activities was $44.7 million for the six months ended June 30, 2025, primarily as a result of $50.2 million used to purchase treasury stock. This was partially offset by $5.8 million of net proceeds from borrowings on our line of credit in China.

Current wording

Net cash used in financing activities was $49.1 million for the nine months ended September 30, 2025, primarily as a result of $55.1 million used to purchase treasury stock. This was partially offset by $5.9 million of net proceeds from borrowings on our line of credit in China.

Previous wording

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes to the financial statements. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions. A summary of our critical accounting policies is presented in Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies as compared to the critical accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and notes to the financial statements. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions. Historically, revisions to our estimates have not resulted in a material change to the financial statements. A summary of our critical accounting policies is presented in Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies as compared to the critical accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2025.