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DE
99-1407174
Toowong Tower, Level 3, Suite 302
9 Sherwood Road
Toowong
AU
4066
61
7 3152 3200
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<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap; font-size: 10pt;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">1.</span>
</div>
<div style="font-size: 10pt;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF BUSINESS </span>
</div>
</div>
<div style="text-align: justify; margin-left: 28.35pt; clear: both; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The principal activities of Anteris Technologies Global Corp. (“ATGC,” “Anteris,” “Company,” “we,” “us,” or “our”) include:</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;">
<div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">●</span>
</div>
<div style="font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">Continued research and development (“R&D”) of the DurAVR</span><sup style="color: rgb(0, 0, 0);">®</sup><span style="color: rgb(0, 0, 0);"> Transcatheter Heart Valve (“THV”), consisting of a single-piece biomimetic valve made with our primary ADAPT</span><sup style="color: rgb(0, 0, 0);">®</sup><span style="color: rgb(0, 0, 0);"> tissue-enhancing technology and deployed with our ComASUR</span><sup style="color: rgb(0, 0, 0);">®</sup><span style="color: rgb(0, 0, 0);"> balloon-expandable delivery system (the “ComASUR</span><sup style="color: rgb(0, 0, 0);">®</sup><span style="color: rgb(0, 0, 0);"> Delivery System”), designed to address unmet medical needs in the treatment of aortic stenosis. The DurAVR</span><sup style="color: rgb(0, 0, 0);">®</sup><span style="color: rgb(0, 0, 0);"> THV, with its single piece, native-shaped biomimetic design is built to mimic the performance of a healthy aortic valve and to restore normal laminar blood flow. This new class of technology can be used to treat new aortic stenosis patients and to treat aortic stenosis patients where their current bioprosthetic aortic valve is failing (“valve-in-valve”).</span>
</div>
</div>
<div style="text-align: justify; margin-left: 27pt; clear: both; font-size: 10pt;">
</div>
<div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;">
<div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">●</span>
</div>
<div style="font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">Advancing the DurAVR</span><sup style="color: rgb(0, 0, 0);">®</sup><span style="color: rgb(0, 0, 0);"> THV clinical program, including ongoing patient recruitment and data collection for the randomized global pivotal study (the “PARADIGM Trial”), expansion into additional geographies, and continued site activation and training. Data from the PARADIGM Trial is intended to support a Premarket Approval (“PMA”) application in the United States and a parallel CE Mark approval in Europe. These are key milestones on the path to commercialization.</span>
</div>
</div>
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<div style="float: left; width: 28.35pt; white-space: nowrap; font-size: 10pt;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">2.</span>
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<div style="font-size: 10pt;">
<span style="color: rgb(0, 0, 0); font-weight: bold;">BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span>
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</div>
<div style="text-align: justify; margin-left: 28.35pt; clear: both; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These policies have been consistently applied to all the periods presented, unless otherwise stated. The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of results that may be expected for the full year or any other subsequent interim period.</span> </div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">Unless noted otherwise, all dollar amounts are in thousands of United States dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.</span>
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<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The Company is an emerging growth company (“EGC”), as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which permits the Company to utilize an extended transition period to comply with new or revised accounting standards applicable to public companies. The Company expects to cease qualifying as an EGC beginning with its Annual Report on Form 10-K for the year ending December 31, 2026. As a result, certain EGC accommodations will no longer be available.</span>
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<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its judgments, estimates and assumptions on historical experience and on other various factors, including expectations of future events that management believes to be reasonable under the circumstances. Actual results could differ from those estimates due to risks and uncertainties.</span>
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<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those adopted and disclosed in the Group’s (defined below) financial statements for the year ended December 31, 2025, except for the adoption of certain accounting standards impacting disclosures only, as discussed below. These condensed consolidated financial statements do not include all information and footnote disclosures normally included in the annual consolidated financial statements. The financial information included herein should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2025 as included in the</span> <span style="color: rgb(0, 0, 0);">Company’s</span> <span style="color: rgb(0, 0, 0);">Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026 (the “Annual Report”).</span>
</div>
<div style="font-size: 10pt;">
</div>
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;"> <div style="float: left; width: 28.35pt; white-space: nowrap; font-size: 10pt;"> <span style="font-weight: bold;">(a)</span> </div> <div style="font-size: 10pt;"> <span style="font-weight: bold;">Principles of consolidation</span> </div> </div>
<div style="text-align: justify; margin-left: 28.35pt; clear: both; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The condensed consolidated financial statements include the accounts of ATGC, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest. ATGC and its subsidiaries together are referred to in these financial statements as the “Group”.</span>
</div>
<div style="text-align: justify; font-size: 10pt;">
</div>
<div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">Subsidiaries are all those entities over which the Group has control. Control is the power to govern the financial and operating policies of an entity. All subsidiaries of ATGC have a reporting year end of December 31. Intercompany transactions, balances and unrealized gains or losses on transactions between entities in the Group are eliminated.</span>
</div><div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;"> <div style="float: left; width: 28.35pt; white-space: nowrap;"> <span style="font-weight: bold;">(b)</span> </div> <div> <span style="font-weight: bold;">Recently Adopted Accounting Standards</span> </div> </div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-align: justify;">
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740) Improvements to Income Tax Disclosures</span>. ASU 2023-09 intends to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations and primarily requires further disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. As an EGC, the Company elected to apply the extended transition period and will adopt ASU 2023‑09 for the year ending December 31, 2026. The ASU impacts disclosure only and did not have an impact on the Company’s condensed consolidated financial statements. The Company will apply the disclosure requirements prospectively beginning with the year ending December 31, 2026; however, for comparability, the Company expects to present comparative income tax disclosures for the year ended December 31, 2025 in its annual financial statements for the year ending December 31, 2026, as applicable.
</div><div style="text-align: justify;">
</div><div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;"> <div style="float: left; width: 28.35pt; white-space: nowrap;"> <span style="font-weight: bold;">(c)</span> </div> <div> <span style="font-weight: bold;">New Accounting Standards Not Yet Adopted</span> </div> </div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-align: justify;">
The FASB has issued several new accounting pronouncements during the first six months of 2026. The Company has determined that there are no new accounting pronouncements issued but not yet adopted that would have a material impact on the Company's financial position, results of operations, or cash flows.
</div><div style="text-align: justify;">
</div><div style="text-align: justify;">
For further details on new accounting pronouncements issued in prior years but not yet adopted, refer to Note 2(y) in the consolidated financial statements for the year ended December 31, 2025 as included in the Annual Report.
</div>
<div style="text-align: justify; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These policies have been consistently applied to all the periods presented, unless otherwise stated. The accompanying condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments necessary for a fair statement of results of operations, cash flows, and financial position have been made. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of results that may be expected for the full year or any other subsequent interim period.</span> </div><div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">Unless noted otherwise, all dollar amounts are in thousands of United States dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.</span>
</div><div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The Company is an emerging growth company (“EGC”), as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which permits the Company to utilize an extended transition period to comply with new or revised accounting standards applicable to public companies. The Company expects to cease qualifying as an EGC beginning with its Annual Report on Form 10-K for the year ending December 31, 2026. As a result, certain EGC accommodations will no longer be available.</span>
</div><div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its judgments, estimates and assumptions on historical experience and on other various factors, including expectations of future events that management believes to be reasonable under the circumstances. Actual results could differ from those estimates due to risks and uncertainties.</span>
</div><div style="font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those adopted and disclosed in the Group’s (defined below) financial statements for the year ended December 31, 2025, except for the adoption of certain accounting standards impacting disclosures only, as discussed below. These condensed consolidated financial statements do not include all information and footnote disclosures normally included in the annual consolidated financial statements. The financial information included herein should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2025 as included in the</span> <span style="color: rgb(0, 0, 0);">Company’s</span> <span style="color: rgb(0, 0, 0);">Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026 (the “Annual Report”).</span>
</div>
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;"> <div style="float: left; width: 28.35pt; white-space: nowrap; font-size: 10pt;"> <span style="font-weight: bold;">(a)</span> </div> <div style="font-size: 10pt;"> <span style="font-weight: bold;">Principles of consolidation</span> </div> </div><div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">The condensed consolidated financial statements include the accounts of ATGC, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest. ATGC and its subsidiaries together are referred to in these financial statements as the “Group”.</span>
</div><div style="text-align: justify; font-size: 10pt;">
<span style="color: rgb(0, 0, 0);">Subsidiaries are all those entities over which the Group has control. Control is the power to govern the financial and operating policies of an entity. All subsidiaries of ATGC have a reporting year end of December 31. Intercompany transactions, balances and unrealized gains or losses on transactions between entities in the Group are eliminated.</span>
</div>
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;"> <div style="float: left; width: 28.35pt; white-space: nowrap;"> <span style="font-weight: bold;">(b)</span> </div> <div> <span style="font-weight: bold;">Recently Adopted Accounting Standards</span> </div> </div><div style="text-align: justify;">
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740) Improvements to Income Tax Disclosures</span>. ASU 2023-09 intends to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations and primarily requires further disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. As an EGC, the Company elected to apply the extended transition period and will adopt ASU 2023‑09 for the year ending December 31, 2026. The ASU impacts disclosure only and did not have an impact on the Company’s condensed consolidated financial statements. The Company will apply the disclosure requirements prospectively beginning with the year ending December 31, 2026; however, for comparability, the Company expects to present comparative income tax disclosures for the year ended December 31, 2025 in its annual financial statements for the year ending December 31, 2026, as applicable.
</div>
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;"> <div style="float: left; width: 28.35pt; white-space: nowrap;"> <span style="font-weight: bold;">(c)</span> </div> <div> <span style="font-weight: bold;">New Accounting Standards Not Yet Adopted</span> </div> </div><div style="text-align: justify;">
The FASB has issued several new accounting pronouncements during the first six months of 2026. The Company has determined that there are no new accounting pronouncements issued but not yet adopted that would have a material impact on the Company's financial position, results of operations, or cash flows.
</div><div style="text-align: justify;">
For further details on new accounting pronouncements issued in prior years but not yet adopted, refer to Note 2(y) in the consolidated financial statements for the year ended December 31, 2025 as included in the Annual Report.
</div>
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">3.</span>
</div>
<div>
<span style="font-weight: bold;">INCOME TAX</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-align: justify;"> The Company’s provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items arising in that period. The Company’s effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on its deferred tax assets as it is more likely than not that some, or all, of the Company’s deferred tax assets will not be realized. Income tax expense for the six months ended June 30, 2026 includes a discrete tax expense related to a Swiss withholding tax settlement arising from a prior‑period tax audit. There was no income tax expense for the six months ended June 30, 2025. </div><div style="text-align: justify;">
</div><div style="text-align: justify;">
Deferred tax assets and liabilities are determined based upon the differences between the unaudited condensed consolidated financial statements carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. The Company has provided a full valuation allowance against the net deferred tax assets as the Company has determined that it was more likely than not that the Company would not realize the benefits of net deferred tax assets.
</div>
0
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">4.</span>
</div>
<div>
<span style="font-weight: bold;">CASH, CASH EQUIVALENTS AND RESTRICTED CASH</span>
</div>
</div><div style="text-align: justify; margin-left: 36pt; clear: both;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> (in thousands) </div> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">June 30, 2026</span> <br/> <span style="font-weight: bold;">$</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">December 31, 2025<br/></span> <span style="font-weight: bold;">$</span> </td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash at bank
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">6,963</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">5,385</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash equivalents (1)
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">249,904</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">6,697</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Current restricted cash
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">518</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">494</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total current cash, cash equivalents and current restricted cash
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">257,385</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">12,576</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Non-current restricted cash (2)
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">3,509</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">260,894</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">12,576</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify; margin-left: 36pt;">
</div><div style="text-indent: -36pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 36.0pt; white-space: nowrap;"> (1) </div> <div> Consisted primarily of money market deposits, treasury bills and term deposits. The Company considers all short-term, highly liquid investments, that are readily convertible to known amounts of cash and with original maturities of three months or less to be cash equivalents. </div> </div><div style="text-align: justify; margin-left: 36pt; clear: both;">
</div><div style="text-indent: -36pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 36.0pt; white-space: nowrap;"> (2) </div> <div> Non-current restricted cash includes $3.5 million classified as a non-current asset as of June 30, 2026, relating to cash collateral held in a restricted deposit account supporting a standby letter of credit associated with a property lease. </div> </div>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> (in thousands) </div> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">June 30, 2026</span> <br/> <span style="font-weight: bold;">$</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">December 31, 2025<br/></span> <span style="font-weight: bold;">$</span> </td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash at bank
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">6,963</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">5,385</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash equivalents (1)
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">249,904</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">6,697</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Current restricted cash
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">518</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">494</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total current cash, cash equivalents and current restricted cash
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">257,385</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">12,576</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Non-current restricted cash (2)
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">3,509</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">260,894</td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: right; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="text-align: right; width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">12,576</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify; margin-left: 36pt;">
</div><div style="text-indent: -36pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 36.0pt; white-space: nowrap;"> (1) </div> <div> Consisted primarily of money market deposits, treasury bills and term deposits. The Company considers all short-term, highly liquid investments, that are readily convertible to known amounts of cash and with original maturities of three months or less to be cash equivalents. </div> </div><div style="text-align: justify; margin-left: 36pt; clear: both;">
</div><div style="text-indent: -36pt; text-align: justify; padding-left: 36pt;"> <div style="float: left; width: 36.0pt; white-space: nowrap;"> (2) </div> <div> Non-current restricted cash includes $3.5 million classified as a non-current asset as of June 30, 2026, relating to cash collateral held in a restricted deposit account supporting a standby letter of credit associated with a property lease. </div> </div>
6963000
5385000
249904000
6697000
518000
494000
257385000
12576000
3509000
0
260894000
12576000
3500000
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">5.</span>
</div>
<div>
<span style="font-weight: bold;">ACCRUED AND OTHER LIABILITIES </span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="vertical-align: bottom; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
(in thousands)
</div>
</td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; vertical-align: bottom;">
<span style="font-weight: bold;">June 30, 2026
<br/>
$</span>
</td><td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; vertical-align: bottom;">
<span style="font-weight: bold;">December 31, 2025<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Current</span>
</div>
</td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Accrued liabilities
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">5,612</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,425</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Employee compensation and withholdings
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,850</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">5,487</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Lease asset retirement obligation
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">538</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">506</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash-settled stock-based payment provision
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,233</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">279</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">12,233</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">9,697</td><td style="text-align: left; width: 1%;"> </td>
</tr>
</table>
<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="vertical-align: bottom; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
(in thousands)
</div>
</td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; vertical-align: bottom;">
<span style="font-weight: bold;">June 30, 2026
<br/>
$</span>
</td><td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; vertical-align: bottom;">
<span style="font-weight: bold;">December 31, 2025<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-weight: bold;">Current</span>
</div>
</td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Accrued liabilities
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">5,612</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,425</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Employee compensation and withholdings
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,850</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">5,487</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Lease asset retirement obligation
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">538</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">506</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash-settled stock-based payment provision
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,233</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">279</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">12,233</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">9,697</td><td style="text-align: left; width: 1%;"> </td>
</tr>
</table>
5612000
3425000
3850000
5487000
538000
506000
2233000
279000
12233000
9697000
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">6.</span>
</div>
<div>
<span style="font-weight: bold;">EQUITY</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;">
<span style="font-weight: bold;">Share Capital</span>
</div><div style="text-align: justify; margin-left: 27pt;">
</div><div style="text-align: justify;">
For information on the pertinent rights and privileges of the Company’s outstanding shares, refer to Note 13 <span style="font-style: italic;">Equity</span> in the audited consolidated financial statements for the year ended December 31, 2025 as included in the Annual Report.
</div><div style="text-align: justify;">
</div><div style="text-align: justify;">
The following issuances of Common Stock occurred during the six months ended June 30, 2026:
</div><div style="text-align: justify;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> On January 22, 2026, the Company completed an underwritten public offering (the “2026 Public Offering”) of 40,000,000 shares of its Common Stock, which included the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $5.75 per share. The 2026 Public Offering generated gross proceeds of approximately $230.0 million, prior to deducting underwriting discounts and commissions and offering expenses. The 2026 Public Offering was made pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-292565), which was previously filed with the SEC and declared effective on January 8, 2026, and a prospectus supplement dated January 20, 2026. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> On January 20, 2026, the Company entered into a stock purchase agreement with Covidien Group S.à r.l. (“Medtronic”), a wholly owned subsidiary of Medtronic plc, pursuant to which the Company issued and sold to Medtronic 15,652,173 shares of Common Stock at a purchase price of $5.75 per share (the “Medtronic Private Placement”). The Medtronic Private Placement closed on January 22, 2026, immediately after the completion of the 2026 Public Offering, and generated gross proceeds of approximately $90.0 million, before deducting placement agent fees and estimated offering expenses. The issuance and sale of the shares of Common Stock to Medtronic in the Medtronic Private Placement was not registered under the Securities Act and were issued and sold in reliance on the exemption provided by Section 4(a)(2) of the Securities Act. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> During the three months ended June 30, 2026, a total of 146,851 RSUs vested. Upon settlement, 25,565 shares of Common Stock were withheld to satisfy employee payroll tax‑withholding obligations and were accounted for as share repurchases. As a result, the Company issued 121,286 shares of Common Stock upon settlement. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> In June 2026, Mr. McDonnell (named executive officer) exercised 62,001 stock options with a weighted-average exercise price of $6.28 per share of Common Stock. Upon exercise, 39,595 shares of Common Stock were withheld under a net settlement arrangement to satisfy the exercise price and were accounted for as share repurchases. As a result, the Company issued 22,406 shares of Common Stock to Mr. McDonnell upon exercise. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> In June 2026, 35,160 RSUs held by directors vested. Upon settlement, the Company issued 35,160 shares of Common Stock. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-align: justify;">
For the comparable six-month period ended June 30, 2025, the Company issued:
</div><div style="text-align: justify;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> In January 2025, following the Company’s IPO, the underwriters partially exercised the over-allotment option, resulting in the issuance of 78,481 shares of Common Stock at $6.00 per share, for gross proceeds of $0.5 million. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> In March 2025, certain directors exercised 289,500 stock options, resulting in the issuance of 32,959 shares of Common Stock, including both net-settled and cash-settled exercises, with cash proceeds of $0.1 million. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -17.85pt; text-align: justify; padding-left: 17.85pt;"> <div style="float: left; width: 17.85pt; white-space: nowrap;"> ● </div> <div> In March 2025, investors exercised 10,000 stock options for $6.22 per share, for gross proceeds of $0.1 million. </div> </div><div style="text-align: justify; margin-left: 17.85pt; clear: both;">
</div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="float: left; width: 18.0pt; white-space: nowrap;"> ● </div> <div> During the three months ended March 31, 2025, 831 unlisted stock options were exercised by employees (excluding directors and named executive officers). These options had a weighted average exercise price of $3.99 per share. </div> </div><div style="text-align: justify; margin-left: 18pt; clear: both;">
</div><div style="text-indent: -17.85pt; text-align: justify; padding-left: 17.85pt;"> <div style="float: left; width: 17.85pt; white-space: nowrap;"> ● </div> <div> During the three months ended June 30, 2025, 283 unlisted stock options were exercised by employees (excluding directors and named executive officers). These options had a weighted average exercise price of $2.39 per share. </div> </div>
40000000
5.75
230000000
15652173
5.75
90000000
146851
25565
121286
62001
6.28
39595
22406
35160
35160
78481
6
500000
289500
32959
100000
10000
6.22
100000
831
3.99
283
2.39
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">7.</span>
</div>
<div>
<span style="font-weight: bold;">LOSS PER SHARE</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div> The below table presents the computation of basic and diluted loss per share:</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 43%;"> </td>
<td style="width: 9%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td colspan="8" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Three months ended June 30,</span>
</td>
<td colspan="8" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Six months ended June 30,</span>
</td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Loss for the period, attributable to the owners of the Company
</div>
</td>
<td style="text-align: center;">
$’000
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(29,094</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(20,834</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(52,118</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(42,698</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Weighted average number of shares outstanding: used in the denominator in calculating basic and diluted loss per share
</div>
</td>
<td style="text-align: center;">
Number
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">97,340,200</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">36,062,364</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">90,214,603</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">36,037,465</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Basic and diluted loss per share
</div>
</td>
<td style="text-align: center;">
$
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.30</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.58</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.58</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(1.18</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Securities excluded as their inclusion would be anti-dilutive
</div>
</td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
Number
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">10,565,701</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,953,608</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">10,565,701</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,953,608</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
</table>
<div> The below table presents the computation of basic and diluted loss per share:</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 43%;"> </td>
<td style="width: 9%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"> </td>
<td colspan="8" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Three months ended June 30,</span>
</td>
<td colspan="8" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Six months ended June 30,</span>
</td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025</span>
</td><td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Loss for the period, attributable to the owners of the Company
</div>
</td>
<td style="text-align: center;">
$’000
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(29,094</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(20,834</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(52,118</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(42,698</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Weighted average number of shares outstanding: used in the denominator in calculating basic and diluted loss per share
</div>
</td>
<td style="text-align: center;">
Number
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">97,340,200</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">36,062,364</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">90,214,603</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">36,037,465</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Basic and diluted loss per share
</div>
</td>
<td style="text-align: center;">
$
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.30</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.58</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(0.58</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(1.18</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Securities excluded as their inclusion would be anti-dilutive
</div>
</td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
Number
</td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">10,565,701</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,953,608</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">10,565,701</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4,953,608</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
</table>
-29094000
-20834000
-52118000
-42698000
97340200
97340200
36062364
36062364
90214603
90214603
36037465
36037465
-0.3
-0.3
-0.58
-0.58
-0.58
-0.58
-1.18
-1.18
10565701
4953608
10565701
4953608
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">8.</span>
</div>
<div>
<span style="font-weight: bold;">STOCK-BASED COMPENSATION</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;">(a)</span>
</div>
<div>
<span style="font-weight: bold;">Stock-based compensation expense</span>
</div>
</div><div style="text-align: justify; margin-left: 27pt; clear: both;">
</div><div style="text-align: justify;"> The following table presents the components and classification of stock-based compensation expense recognized for stock options, share price performance (“SPP”) rights, cash incentive units (“CIUs”), restricted stock units (“RSUs”) and shares of Common Stock issued to employees and directors: </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
(in thousands)
</div>
</td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2026
<br/>
$</span>
</td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Equity-settled stock-based payments (including stock options and RSUs)
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,116</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,541</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,932</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,244</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash-settled stock-based payments (including SPP rights and CIUs)
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,861</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">44</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,966</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(98</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total stock-based compensation expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">3,977</td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">1,585</td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">5,898</td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">3,146</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-style: italic;">Classification of stock-based compensation expense</span>
</div>
</td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Cost of products sold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">12</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">13</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="padding-left: 10px;">
<div>
Research and development expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,370</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">928</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,988</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,543</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Selling, general and administrative expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,605</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">645</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,907</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,590</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total stock-based compensation expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">3,977</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,585</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">5,898</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">3,146</td><td style="text-align: left; width: 1%;"> </td>
</tr>
</table><div style="text-align: justify;"> </div><div style="text-align: justify;"> As of June 30, 2026, there was $9.6 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted. That cost is expected to be recognized over a weighted-average period of 1.3 years. </div><div style="text-align: justify;"> </div><div style="text-indent: -27pt; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;">(b)</span>
</div>
<div>
<span style="font-weight: bold;">Stock-based awards activity</span>
</div>
</div><div>
</div><div style="text-align: justify;"><span style="font-style: italic;">Director options and RSUs</span>
</div><div style="text-align: justify;">
</div><div> No options were granted to directors during the three or six months ended June 30, 2026 and 2025. </div><div>
</div><div> In June 2026, 35,160 RSUs held by directors vested and were settled, resulting in the issuance of 35,160 shares of Common Stock. </div><div>
</div><div> In March 2025, 289,500 stock options held by directors were exercised, resulting in the issuance of 32,959 shares of Common Stock. </div><div>
</div><div style="text-align: justify;">
<span style="font-style: italic;">Employee stock options</span>
</div><div style="text-align: justify;">
</div><div style="text-align: justify;"> During the three and six months ended June 30, 2026, the Company granted 503,150 employee stock options. No employee options were granted during the three or six months ended June 30, 2025. </div><div style="text-align: justify;">
</div><div style="text-align: justify;"> During the three and six months ended June 30, 2026, employees exercised 62,001 stock options. During the three and six months ended June 30, 2025, employees exercised 283 and 1,114 stock options, respectively. </div><div style="text-align: justify;">
</div><div style="text-align: justify;"> During the three and six months ended June 30, 2026, 16,667 and 30,084 employee stock options, respectively, were forfeited or expired. </div><div style="text-align: justify;">
</div><div style="text-align: justify;">
<span style="font-style: italic;">Employee RSUs</span>
</div><div style="text-align: justify;">
</div><div> During the three and six months ended June 30, 2026, the Company granted 369,161 and 447,901 RSUs, respectively, to employees under the Anteris Technologies Global Corp. Equity Incentive Plan (the “Equity Incentive Plan”). These RSUs generally vest in three tranches, with each tranche typically vesting on the first, second and third anniversaries of the grant date, subject to continued employment, and are settled in shares of Common Stock upon vesting. </div><div>
</div><div> During the three and six months ended June 30, 2026, 35,102 and 53,652 RSUs, respectively, were forfeited upon cessation of employment. During the three and six months ended June 30, 2026, 146,851 RSUs vested and were settled in shares of Common Stock. </div><div> During the three and six months ended June 30, 2025, the Company granted 527,050 RSUs to employees under its Equity Incentive Plan. During the three and six months ended June 30, 2025, 39,300 RSUs were forfeited upon cessation of employment. </div><div>
</div><div style="text-align: justify;">
<span style="font-style: italic;">SPP rights</span>
</div><div style="text-align: justify;">
</div><div> No SPP rights were granted during the three or six months ended June 30, 2026 or 2025. The carrying amount of the SPP liabilities was $2.1 million and $0.3 million as of June 30, 2026 and December 31, 2025, respectively. </div><div>
</div><div style="text-align: justify;">
<span style="font-style: italic;">CIUs</span>
</div><div style="text-align: justify;">
</div><div> CIUs entitle the holders to receive cash payments based on the value of a specified number of notional shares of the Company's Common Stock. The value of the awards is linked to the Company's share price and is remeasured at each reporting date until settlement. The CIUs vest in tranches subject to continued employment or service. During the three and six months ended June 30, 2026, the Company granted 55,804 CIUs. The carrying amount of the CIU liabilities was $93 thousand as of June 30, 2026. No CIUs were granted during the three or six months ended June 30, 2025. </div><div> </div><div style="text-indent: -27pt; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;">(c)</span>
</div>
<div>
<span style="font-weight: bold;">Fair Value Disclosures</span></div>
<div> </div></div><div style="text-align: justify;">
<span style="font-style: italic;">RSUs</span>
</div><div style="text-align: justify;">
</div><div> The weighted-average grant date fair value of RSUs granted during the three and six months ended June 30, 2026 was $8.77 and $8.34 per RSU, respectively. The weighted-average grant date fair value of RSUs granted during the three and six months ended June 30, 2025 was $3.45 per RSU. The fair value of the RSUs was determined based on the market value of the Company’s Common Stock on the grant date, which represents the fair value of the underlying shares. </div><div>
</div><div style="text-align: justify;">
<span style="font-style: italic;">Employee stock options</span>
</div><div style="text-align: justify;">
</div><div> The following table provides the weighted average fair value of options granted to employees during the periods indicated and the related weighted average inputs (based on number of options granted) used in the Black-Scholes model. No stock options were granted during the three and six months ended June 30, 2025. </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Three months ended<br/></span>
<span style="font-weight: bold;">June 30, 2026</span>
</td><td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Six months ended<br/></span>
<span style="font-weight: bold;">June 30, 2026</span>
</td><td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Quantity granted during the period
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">503,150</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">503,150</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Weighted average fair value per option at grant date
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">5.76</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">5.76</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-style: italic;">Assumptions used:</span>
</div>
</td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: left; padding-left: 10px;">Share price at grant date </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: left;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: left; padding-left: 10px;">Exercise price </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: left;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: left; padding-left: 10px;">Expected volatility </td>
<td style="text-align: left;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">70</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">70</td><td style="text-align: left; width: 1%;">%</td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Expected life range
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> 5.5 – 6.5 years </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> 5.5 – 6.5 years </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="padding-left: 10px;">
<div>
Expected dividends
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> Nil </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> Nil </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div>
Risk-free interest rate range
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> 4.19% – 4.26% </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> 4.19% – 4.26% </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify;">
</div><div style="text-align: justify;">
<span style="font-style: italic;">SPP rights</span>
</div><div style="text-align: justify;">
</div><div style="text-align: justify;"> The inputs used in the measurement of the fair values at reporting date of the SPP rights were as follows: </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; "> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> <span style="font-weight: bold;">Service-based SPP</span> </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">June 30, 2026</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right-width: medium; border-right-style: none; border-right-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Weighted average fair value per SPP </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">0.25</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">0.10</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Share price at measurement date </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">9.85</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">4.99</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Base price </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Expected volatility (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">80.0</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">77.5</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Expected life (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 0.2 years </td><td style="text-align: right; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 0.7 years </td><td style="text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> Risk-free interest rate (based on government bonds) </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.87</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">%</td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.54</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;">%</td> </tr> </table><div style="text-align: justify; margin-left: 28.35pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; "> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> <span style="font-weight: bold;">Service- and performance-based SPP</span> </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">June 30, 2026</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right-width: medium; border-right-style: none; border-right-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Weighted average fair value per SPP </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">3.20</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">0.49</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Share price at measurement date </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">9.85</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">4.99</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Base price </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Expected volatility (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">75.0</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">72.3</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Expected life (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 2.2 years </td><td style="text-align: right; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 1.7 years </td><td style="text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> Risk-free interest rate (based on government bonds) </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4.14</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">%</td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.47</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;">%</td> </tr> </table>
<div style="text-align: justify;"> The following table presents the components and classification of stock-based compensation expense recognized for stock options, share price performance (“SPP”) rights, cash incentive units (“CIUs”), restricted stock units (“RSUs”) and shares of Common Stock issued to employees and directors: </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="vertical-align: bottom; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
(in thousands)
</div>
</td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2026
<br/>
$</span>
</td><td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td>
<td style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Equity-settled stock-based payments (including stock options and RSUs)
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,116</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,541</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,932</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3,244</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Cash-settled stock-based payments (including SPP rights and CIUs)
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,861</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">44</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,966</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(98</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total stock-based compensation expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">3,977</td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">1,585</td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">5,898</td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;">3,146</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-style: italic;">Classification of stock-based compensation expense</span>
</div>
</td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Cost of products sold
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">12</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">3</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">13</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="padding-left: 10px;">
<div>
Research and development expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,370</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">928</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,988</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,543</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Selling, general and administrative expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,605</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">645</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,907</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,590</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Total stock-based compensation expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">3,977</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,585</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">5,898</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">3,146</td><td style="text-align: left; width: 1%;"> </td>
</tr>
</table>
2116000
1541000
3932000
3244000
1861000
44000
1966000
-98000
3977000
1585000
5898000
3146000
2000
12000
3000
13000
2370000
928000
2988000
1543000
1605000
645000
2907000
1590000
3977000
1585000
5898000
3146000
9600000
P1Y3M18D
0
0
0
0
35160
35160
289500
32959
503150
503150
0
0
62001
62001
283
1114
16667
30084
369161
447901
3
35102
53652
146851
146851
527050
527050
39300
39300
0
0
0
0
2100000
300000
55804
55804
93000
0
0
8.77
8.34
3.45
3.45
<div> The following table provides the weighted average fair value of options granted to employees during the periods indicated and the related weighted average inputs (based on number of options granted) used in the Black-Scholes model. No stock options were granted during the three and six months ended June 30, 2025. </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; ">
<td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Three months ended<br/></span>
<span style="font-weight: bold;">June 30, 2026</span>
</td><td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td>
<td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<span style="font-weight: bold;">Six months ended<br/></span>
<span style="font-weight: bold;">June 30, 2026</span>
</td><td colspan="1" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Quantity granted during the period
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">503,150</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">503,150</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Weighted average fair value per option at grant date
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">5.76</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">5.76</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
<span style="font-style: italic;">Assumptions used:</span>
</div>
</td>
<td> </td><td> </td><td> </td><td> </td>
<td> </td><td> </td><td> </td><td> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: left; padding-left: 10px;">Share price at grant date </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: left;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: left; padding-left: 10px;">Exercise price </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: left;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">8.77</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: left; padding-left: 10px;">Expected volatility </td>
<td style="text-align: left;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">70</td><td style="text-align: left; width: 1%;">%</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">70</td><td style="text-align: left; width: 1%;">%</td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px;">
<div>
Expected life range
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> 5.5 – 6.5 years </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> 5.5 – 6.5 years </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="padding-left: 10px;">
<div>
Expected dividends
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> Nil </td><td style="text-align: right;"> </td>
<td style="text-align: right;"> </td><td style="text-align: right;"> </td><td style="text-align: right;"> Nil </td><td style="text-align: right;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 10px; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div>
Risk-free interest rate range
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> 4.19% – 4.26% </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> 4.19% – 4.26% </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;"> </td>
</tr>
</table>
503150
503150
5.76
5.76
8.77
8.77
8.77
8.77
0.70
0.70
P5Y6M
P6Y6M
P5Y6M
P6Y6M
0
0
0.0419
0.0426
0.0419
0.0426
<div style="text-align: justify;"> The inputs used in the measurement of the fair values at reporting date of the SPP rights were as follows: </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; "> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> <span style="font-weight: bold;">Service-based SPP</span> </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">June 30, 2026</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right-width: medium; border-right-style: none; border-right-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Weighted average fair value per SPP </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">0.25</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">0.10</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Share price at measurement date </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">9.85</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">4.99</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Base price </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Expected volatility (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">80.0</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">77.5</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Expected life (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 0.2 years </td><td style="text-align: right; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 0.7 years </td><td style="text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> Risk-free interest rate (based on government bonds) </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.87</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">%</td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.54</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;">%</td> </tr> </table><div style="text-align: justify; margin-left: 28.35pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; height : 1pt; white-space : nowrap; "> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> <span style="font-weight: bold;">Service- and performance-based SPP</span> </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">June 30, 2026</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);"> <span style="font-weight: bold;">December 31, 2025</span> </td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right-width: medium; border-right-style: none; border-right-color: currentcolor; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Weighted average fair value per SPP </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">3.20</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">0.49</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Share price at measurement date </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">9.85</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">4.99</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Base price </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%;">15.28</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Expected volatility (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">75.0</td><td style="text-align: left; width: 1%;">%</td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">72.3</td><td style="text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Expected life (weighted average) </div> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 2.2 years </td><td style="text-align: right; width: 1%;"> </td> <td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 1%;"> </td><td style="text-align: right; width: 9%;"> 1.7 years </td><td style="text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor; padding-left: 10px;"> <div> Risk-free interest rate (based on government bonds) </div> </td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">4.14</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">%</td> <td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">3.47</td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-right-width: medium; border-right-style: none; border-right-color: currentcolor;">%</td> </tr> </table>
0.25
0.1
9.85
4.99
15.28
15.28
0.80
0.775
P0Y2M12D
P0Y8M12D
0.0387
0.0354
3.2
0.49
9.85
4.99
15.28
15.28
0.75
0.723
P2Y2M12D
P1Y8M12D
0.0414
0.0347
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">9.</span>
</div>
<div>
<span style="font-weight: bold;">INVESTMENT IN V2VMEDTECH</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-align: justify;">
The Company provided funding and certain development services to v2vmedtech, inc. (“v2vmedtech”) in exchange for equity in v2vmedtech. The services included engineering, clinical, regulatory, and executive management resources, excluding medical and chief medical officer services, in connection with v2vmedtech’s development of an innovative heart valve repair device utilizing a transcatheter edge-to-edge repair method for a minimally invasive treatment of mitral and tricuspid valve regurgitation.
</div><div style="text-align: justify;">
</div><div> On April 28, 2026, the Company, through a wholly owned subsidiary, notified v2vmedtech that it had elected to discontinue further development contributions under the Contribution and Stock Purchase Agreement dated April 18, 2023. As a result of this election, the Company paid v2vmedtech a contractual break fee of $0.4 million and subsequently had no further obligation to fund development activities. Following payment of the break fee, the related development agreement (the “Development Agreement”) terminated. </div><div>
</div><div style="text-align: justify;">
Following termination of the Development Agreement, the Company reassessed its consolidation conclusions relating to v2vmedtech under ASC 810. As part of this reassessment, the Company considered the termination of its funding obligations, the cessation of executive management involvement, and changes in the operational activities of v2vmedtech. Individuals appointed by the Company no longer occupy the Chief Executive Officer or Chief Financial Officer positions of v2vmedtech, and the Company is no longer responsible for the day-to-day management of its operations.
</div><div style="text-align: justify;">
</div><div style="text-align: justify;"> Based on this reassessment, the Company concluded that v2vmedtech no longer meets the definition of a variable interest entity. The Company subsequently assessed whether it maintained a controlling financial interest in v2vmedtech under the voting interest entity model of ASC 810. Although the Company owns approximately 30% of the outstanding voting interests of v2vmedtech, as of June 30, 2026 it retained the right to appoint two of the three members of the v2vmedtech board of directors. The v2vmedtech board of directors is responsible for directing the business and affairs of v2vmedtech. The Company concluded that it continues to have a controlling financial interest in v2vmedtech at balance date and therefore continues to consolidate v2vmedtech in its consolidated financial statements. The Company reassesses its consolidation conclusion whenever facts and circumstances indicate that a change in control may have occurred. </div>
400000
0.30
2
3
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">10.</span>
</div>
<div>
<span style="font-weight: bold;">COMMITMENTS AND CONTINGENCIES</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-align: justify;"> As of June 30, 2026, the Group had commitments to purchase $0.3 million of plant and equipment, compared to $0.1 million at December 31, 2025. </div><div style="text-align: justify;">
</div><div style="text-align: justify;">
The Company is involved in various ongoing proceedings arising in the normal course of business, including proceedings related to product, labor, intellectual property and other matters. Management does not believe that the ultimate resolution of these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows.
</div><div style="text-align: justify;">
</div><div style="text-align: justify;"> The Company is required to maintain a $3.5 million irrevocable standby letter of credit securing its obligations under the lease of its Brooklyn Park, Minnesota facility. The amount of the letter of credit may be reduced upon satisfaction of certain contractual milestones. The letter of credit is collateralized by $3.5 million of restricted cash, which is classified as a non-current asset in the condensed consolidated balance sheet and is set to expire on April 21, 2027, subject to automatic annual renewal unless notice of non-extension is provided by the issuing bank. </div>
300000
100000
3500000
3500000
2027-04-21
<div style="text-indent: -28.35pt; text-align: justify; padding-left: 28.35pt;">
<div style="float: left; width: 28.35pt; white-space: nowrap;">
<span style="font-weight: bold;">11.</span>
</div>
<div>
<span style="font-weight: bold;">SEGMENT REPORTING</span>
</div>
</div><div style="text-align: justify; margin-left: 28.35pt; clear: both;">
</div><div style="text-indent: -27pt; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;">(a)</span>
</div>
<div>
<span style="font-weight: bold;">Description of segments</span>
</div>
</div><div style="clear: both;"> </div><div style="text-align: justify;"> Segment information is presented using a management approach, meaning that segment information is provided on the same basis as information is used for internal reporting purposes by the chief operating decision maker (the “CODM”) which is the Company’s Vice Chairman and Chief Executive Officer, who makes key strategic decisions. The CODM is responsible for the allocation of resources and assessing the performance of the Group. Management has determined that the activities of the business as reviewed by the CODM are one segment, being the development and commercialization of the DurAVR<sup style="font-size: 7pt;">®</sup> THV System which includes the ADAPT<sup style="font-size: 7pt;">®</sup> anti-calcification tissue. </div><div style="text-align: justify;"> </div><div style="text-indent: -27pt; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;">(b)</span>
</div>
<div>
<span style="font-weight: bold;">Segment information</span>
</div>
</div><div style="clear: both;">
</div><div>
The revenue and cost information relating to all of the ADAPT<sup style="font-size: 7pt;">®</sup> products including both the DurAVR<sup style="font-size: 7pt;">®</sup> THV System and regenerative tissue products are regularly reviewed by the CODM on an aggregate basis.
</div><div>
</div><div> The CODM assesses performance and allocates resources based on the Company’s Condensed Consolidated Statements of Operations and key components and processes of the Company’s operations are managed centrally. Segment asset information is not used by the CODM to allocate resources. As a single reportable segment entity, the Company’s segment performance measure is net income or loss.<span style="font-weight: bold;"> </span> </div><div>
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
<div><br/></div>
</td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<div><br/></div>
</td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
(in thousands)
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net sales from external customers
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,009</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">618</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,503</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,174</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Depreciation & amortization
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(469</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(418</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(898</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(821</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Interest income
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,320</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">391</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,042</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">482</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Interest expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(131</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(22</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(158</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(48</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Other segment items
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(31,506</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(21,631</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(56,164</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(43,780</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Segment net loss
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(28,777</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">) </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(21,062</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">) </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(51,675</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">) </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(42,993</td><td style="text-align: left; width: 1%;">) </td>
</tr>
</table><div style="text-align: justify;">
No detailed asset information by reportable segment has been reported given that the single segment’s information is already presented in the Condensed Consolidated Balance Sheets. Refer to the Condensed Consolidated Statements of Cash Flows for significant non-cash items and total expenditure for additions of long-lived assets.
</div><div style="text-align: justify;">
</div><div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;">(c)</span>
</div>
<div>
<span style="font-weight: bold;">Geographic information</span>
</div>
</div><div style="text-align: justify; margin-left: 27pt; clear: both;">
</div><div style="text-align: justify;"> Segment revenues (net sales) have been based on the geographic location of the customers taking possession of the products. </div><div style="text-align: justify; margin-left: 27pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
(in thousands)
</td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025
<br/>
$</span>
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025
<br/>
$</span>
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
United States
</td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">995</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">610</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,479</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">886</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Australia
</td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">14</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">8</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">24</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">16</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Germany
</td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">272</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,009</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">618</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,503</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,174</td><td style="text-align: left; width: 1%;"> </td>
</tr>
</table><div style="text-align: justify; margin-left: 27pt;">
</div><div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;">
<div style="float: left; width: 27.0pt; white-space: nowrap;">
<span style="font-weight: bold;"> (d)</span>
</div>
<div>
<span style="font-weight: bold;">Major customers</span>
</div>
</div><div style="text-align: justify; margin-left: 27pt; clear: both;">
</div><div style="text-align: justify;"> The following table summarizes revenues from major customers that individually accounted for 10% or more of the Company's total revenues. </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
(in thousands)
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026
<br/>
$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Customer A
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">995</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">610</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,479</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">886</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
Customer B
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> - </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> - </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> - </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">272</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table><div style="text-align: justify;">
</div><div> The total amounts outstanding from these customers was $0.5 million and $28 thousand as of June 30, 2026 and December 31, 2025, respectively. </div>
1
As a single reportable segment entity, the Company’s segment performance measure is net income or loss.<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);">
<div><br/></div>
</td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">
<div><br/></div>
</td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
(in thousands)
</div>
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/></span>
<span style="font-weight: bold;">$</span>
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Net sales from external customers
</div>
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,009</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">618</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,503</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,174</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Depreciation & amortization
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(469</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(418</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(898</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(821</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Interest income
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">2,320</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">391</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">4,042</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">482</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Interest expense
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(131</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(22</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(158</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(48</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Other segment items
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(31,506</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(21,631</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(56,164</td><td style="text-align: left; width: 1%;">) </td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">(43,780</td><td style="text-align: left; width: 1%;">) </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td>
<div style="text-indent: -7.2pt; padding-left: 7.2pt;">
Segment net loss
</div>
</td>
<td style="text-align: right;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(28,777</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">) </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(21,062</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">) </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(51,675</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">) </td>
<td style="text-align: right; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">(42,993</td><td style="text-align: left; width: 1%;">) </td>
</tr>
</table>
1009000
618000
1503000
1174000
469000
418000
898000
821000
2320000
391000
4042000
482000
131000
22000
158000
48000
31506000
21631000
56164000
43780000
-28777000
-21062000
-51675000
-42993000
<div style="text-align: justify;"> Segment revenues (net sales) have been based on the geographic location of the customers taking possession of the products. </div><div style="text-align: justify; margin-left: 27pt;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0); border-left-width: medium; border-left-style: none; border-left-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; border-top: 2px solid rgb(0, 0, 0);"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
(in thousands)
</td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025
<br/>
$</span>
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025
<br/>
$</span>
</td><td style="text-align: center; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
United States
</td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">995</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">610</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,479</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">886</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;">
Australia
</td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">14</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">8</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">24</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">16</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Germany
</td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">272</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify;"> </td>
<td style="text-align: center;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,009</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">618</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,503</td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: left; width: 1%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td><td style="text-align: right; width: 9%; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;">1,174</td><td style="text-align: left; width: 1%;"> </td>
</tr>
</table>
995000
610000
1479000
886000
14000
8000
24000
16000
0
0
0
272000
1009000
618000
1503000
1174000
<div style="text-align: justify;"> The following table summarizes revenues from major customers that individually accounted for 10% or more of the Company's total revenues. </div><div style="text-align: justify;">
</div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;">
<tr style="height: 0px; font-size: 0px;">
<td style="width: 52%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
<td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium medium; border-style: solid none none; border-color: rgb(0, 0, 0) currentcolor currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three months ended June 30,</span> </td><td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> </td>
<td style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"><br/></td><td colspan="6" style="text-align: center; border-width: 2px medium; border-style: solid none; border-color: rgb(0, 0, 0) currentcolor;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Six months ended June 30,</span> </td><td style="text-align: center;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
(in thousands)
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026<br/>
$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2026
<br/>
$</span>
</td><td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">
<span style="font-weight: bold;">2025<br/>
$</span>
</td><td style="text-align: right; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
<tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);">
<td style="text-align: justify;">
Customer A
</td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">995</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">610</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">1,479</td><td style="text-align: left; width: 1%;"> </td>
<td style="text-align: right; width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%;">886</td><td style="text-align: left; width: 1%;"> </td>
</tr>
<tr style="vertical-align: top; height: 1.0pt;">
<td style="text-align: justify; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor; border-left-width: medium; border-left-style: none; border-left-color: currentcolor;">
Customer B
</td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> - </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> - </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> - </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td>
<td style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top-width: medium; border-top-style: none; border-top-color: currentcolor;">272</td><td style="text-align: left; width: 1%; border-width: medium; border-style: none; border-color: currentcolor;"> </td>
</tr>
</table>
995000
610000
1479000
886000
0
0
0
272000
500000
28000
false
false
false
false
Yes
Yes
0002011514
false
Q2
--12-31