Penumbra(PEN) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This section presents Penumbra, Inc.'s unaudited interim financial statements and management's discussion Item 1. Condensed Consolidated Financial Statements (Unaudited) This section presents Penumbra, Inc.'s unaudited interim financial statements and comprehensive notes Condensed Consolidated Balance Sheets This section provides a snapshot of the company's financial position at specific interim dates | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total Assets | $1,674,809 | $1,533,181 | | Total Liabilities | $380,858 | $382,250 | | Total Stockholders' Equity | $1,293,951 | $1,150,931 | - Cash and cash equivalents increased by $97.36 million from $324.40 million at December 31, 2024, to $421.77 million at June 30, 2025[11] - Retained earnings significantly increased from $60.00 million at December 31, 2024, to $144.50 million at June 30, 2025[11] Condensed Consolidated Statements of Operations This section details the company's revenues, expenses, and net income or loss over interim periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $339,455 | $299,403 | $663,595 | $578,058 | | Gross profit | $224,010 | $162,829 | $439,893 | $343,968 | | Income (loss) from operations | $40,828 | $(80,961) | $81,178 | $(68,860) | | Net income (loss) | $45,270 | $(60,200) | $84,493 | $(49,198) | | Basic EPS | $1.17 | $(1.55) | $2.18 | $(1.27) | | Diluted EPS | $1.15 | $(1.55) | $2.15 | $(1.27) | - Revenue increased by 13.4% for the three months ended June 30, 2025, compared to the same period in 2024, and by 14.8% for the six months ended June 30, 2025, compared to the same period in 2024[13] - The company reported a significant turnaround from a net loss of $(60.2) million in Q2 2024 to a net income of $45.27 million in Q2 2025, and from a net loss of $(49.2) million in YTD 2024 to a net income of $84.49 million in YTD 2025[13] Condensed Consolidated Statements of Comprehensive Income (Loss) This section presents net income or loss alongside other comprehensive income or loss components | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $45,270 | $(60,200) | $84,493 | $(49,198) | | Foreign currency translation adjustments, net of tax | $6,284 | $(451) | $9,019 | $(2,304) | | Net change in unrealized gains (losses) on available-for-sale securities, net of tax | $1 | $241 | $(21) | $407 | | Total other comprehensive income (loss), net of tax | $6,285 | $(210) | $8,998 | $(1,897) | | Comprehensive income (loss) | $51,555 | $(60,410) | $93,491 | $(51,095) | - Comprehensive income significantly improved from a loss of $(60.41) million in Q2 2024 to an income of $51.56 million in Q2 2025, primarily driven by the shift from net loss to net income and positive foreign currency translation adjustments[15] Condensed Consolidated Statements of Stockholders' Equity This section outlines changes in stockholders' equity, including common stock and retained earnings | Metric (in thousands) | Balance at Dec 31, 2024 | Balance at June 30, 2025 | | :-------------------- | :---------------------- | :----------------------- | | Common Stock (Shares) | 38,490,836 | 38,971,153 | | Common Stock (Amount) | $38 | $39 | | Additional Paid-in Capital | $1,096,732 | $1,146,260 | | Accumulated Other Comprehensive Income (Loss) | $(5,843) | $3,155 | | Retained Earnings | $60,004 | $144,497 | | Total Stockholders' Equity | $1,150,931 | $1,293,951 | - Total stockholders' equity increased by $143.02 million from December 31, 2024, to June 30, 2025, primarily due to net income and increases in additional paid-in capital and accumulated other comprehensive income[18] - Issuance of common stock and stock-based compensation contributed to the increase in additional paid-in capital[18] Condensed Consolidated Statements of Cash Flows This section reports cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $93,916 | $60,906 | | Net cash (used in) provided by investing activities | $(16,082) | $52,858 | | Net cash provided by financing activities | $17,525 | $7,480 | | Net increase in cash and cash equivalents | $97,364 | $120,846 | | Cash and cash equivalents—End of period | $421,768 | $288,332 | - Net cash provided by operating activities increased by $33.01 million, from $60.91 million in YTD 2024 to $93.92 million in YTD 2025, driven by a shift from net loss to net income[21] - Investing activities shifted from providing $52.86 million in YTD 2024 to using $16.08 million in YTD 2025, primarily due to increased purchases of property and equipment and lower proceeds from marketable investments[21] Note 1. Organization and Description of Business This note describes Penumbra, Inc.'s business, focus, and innovative medical technologies - Penumbra, Inc. is a leading thrombectomy company focused on developing innovative technologies for medical conditions like ischemic stroke, venous thromboembolism, and acute limb ischemia[22] - The company's portfolio includes computer assisted vacuum thrombectomy (CAVT) for removing blood clots[22] Note 2. Summary of Significant Accounting Policies This note outlines the significant accounting policies used in preparing the financial statements - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and SEC regulations for interim financial information[23] - No changes to significant accounting policies occurred during the six months ended June 30, 2025, compared to the fiscal year ended December 31, 2024[25] - The company operates as one operating segment, focusing on the design, development, manufacturing, and marketing of innovative medical products[30] - The company is evaluating the impact of new FASB ASUs 2023-09 (Income Tax Disclosures) and 2024-03 (Expense Disaggregation Disclosures) but has not early adopted them as of June 30, 2025[31][32] Note 3. Investments and Fair Value of Financial Instruments This note details the company's investments and the fair value measurement of financial instruments | Investment Type | June 30, 2025 Fair Value (in thousands) | December 31, 2024 Fair Value (in thousands) | | :---------------- | :------------------------------------ | :---------------------------------------- | | Marketable investments (U.S. treasury) | $2,795 | $15,727 | | Non-marketable investments (debt securities) | $12,850 | $12,850 | | Total | $15,645 | $28,577 | - Marketable investments, primarily U.S. treasury securities, decreased significantly from $15.73 million to $2.80 million[33][35] - Non-marketable investments in preferred stock of privately held companies are classified as Level 3 in the fair value hierarchy and their fair value remained unchanged at $12.85 million[33][35][45] Note 4. Impairment of Immersive Healthcare Asset Group This note discusses impairment charges related to the immersive healthcare asset group - No impairment charge was recorded during the three and six months ended June 30, 2025[49] - During Q2 2024, the company recorded a pre-tax impairment charge of $76.9 million, primarily for finite-lived intangible assets ($58.9 million) and property and equipment ($18.0 million), related to its immersive healthcare asset group[50][54] - Additionally, a $33.4 million charge for the write-down of immersive healthcare inventory was recorded to cost of revenue in Q2 2024[52] Note 5. Balance Sheet Components This note provides detailed breakdowns of key balance sheet components like inventory and liabilities | Inventory Component (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | Raw materials | $122,591 | $133,967 | | Work in process | $45,661 | $35,713 | | Finished goods | $259,376 | $237,057 | | Total Inventories | $427,628 | $406,737 | | Accrued Liabilities Component (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------- | :------------ | :---------------- | | Payroll and employee-related expenses | $74,075 | $74,201 | | Accrued expenses | $11,676 | $13,982 | | Other accrued liabilities | $28,638 | $24,246 | | Total Accrued Liabilities | $114,389 | $112,429 | - The company is acquiring property in Costa Rica and constructing a 330,000 sq ft manufacturing facility and warehouse, with $16.4 million paid during the six months ended June 30, 2025[57][59] Note 6. Intangible Assets This note details the company's intangible assets, including customer relationships and technology | Intangible Asset (in thousands) | June 30, 2025 Net | December 31, 2024 Net | | :------------------------------ | :---------------- | :-------------------- | | Customer relationships | $3,267 | $3,097 | | Trade secrets and processes | $3,285 | $3,416 | | Developed technology | $— | $— | | Total Intangible Assets | $6,552 | $6,513 | - During the six months ended June 30, 2025, the company disposed of previously impaired intangible assets related to its immersive healthcare business, resulting in a write-off of $83.3 million in developed technology and accumulated amortization[60] | Amortization Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of revenue | $66 | $66 | $131 | $131 | | Sales, general and administrative | $112 | $2,486 | $218 | $4,974 | | Total | $178 | $2,552 | $349 | $5,105 | Note 7. Goodwill This note provides information on the company's goodwill and any impairment assessments | Goodwill (in thousands) | Total Company | | :---------------------- | :------------ | | Balance as of December 31, 2024 | $165,826 | | Foreign currency translation | $926 | | Balance as of June 30, 2025 | $166,752 | - Goodwill increased by $0.93 million due to foreign currency translation during the six months ended June 30, 2025[64] - The company determined there were no impairment indicators for goodwill as of or during the six months ended June 30, 2025[65] Note 8. Commitments and Contingencies This note outlines the company's contractual commitments and potential contingent liabilities - The company enters into standard indemnification arrangements in the ordinary course of business, but no costs have been incurred to defend lawsuits or settle claims related to these agreements to date[67][69] - A class action and PAGA lawsuit filed in April 2023 by a former contractor and current employee was settled for an aggregate amount of $4.6 million, with final court approval on March 12, 2025, and payments completed in Q2 2025[71][73] Note 9. Stockholders' Equity This note details changes in stockholders' equity, including stock-based compensation expenses | Stock-based Compensation Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of revenue | $887 | $981 | $1,664 | $2,175 | | Research and development | $2,375 | $1,746 | $4,541 | $3,914 | | Sales, general and administrative | $10,972 | $6,833 | $21,814 | $17,040 | | Total | $14,234 | $9,560 | $28,019 | $23,129 | - Total stock-based compensation expense increased by 48.9% for the three months ended June 30, 2025, and by 21.1% for the six months ended June 30, 2025, compared to the respective prior periods[76] - Unrecognized compensation cost for unvested share-based arrangements (excluding PSUs) was $62.6 million, with a weighted average recognition period of 2.9 years as of June 30, 2025[76] - Unrecognized compensation cost for unvested PSU share-based arrangements was $30.6 million, with a weighted average recognition period of 3.2 years as of June 30, 2025[77] Note 10. Accumulated Other Comprehensive Income (Loss) This note breaks down components of accumulated other comprehensive income or loss | Component (in thousands) | Balance, Dec 31, 2024 | Balance, June 30, 2025 | | :----------------------- | :-------------------- | :--------------------- | | Marketable Investments | $(701) | $(722) | | Non-Marketable Investments | $2,850 | $2,850 | | Currency Translation Adjustments | $(7,992) | $1,027 | | Total | $(5,843) | $3,155 | - Accumulated other comprehensive income (loss) shifted from a loss of $(5.84) million at December 31, 2024, to an income of $3.16 million at June 30, 2025, primarily due to positive foreign currency translation adjustments[81] Note 11. Income Taxes This note provides details on income tax expense, effective tax rates, and related adjustments | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income tax expense (benefit) | $40 | $(17,674) | $4,675 | $(14,050) | | Effective tax rate | 0.1% | 22.7% | 5.2% | 22.2% | - The effective tax rate changed significantly from 22.7% (benefit) in Q2 2024 to 0.1% (expense) in Q2 2025, and from 22.2% (benefit) in YTD 2024 to 5.2% (expense) in YTD 2025, primarily due to increased excess tax benefits from stock-based compensation in the U.S. jurisdiction[87] - The $26.5 million income tax benefit from the immersive healthcare impairment charge in Q2 2024 was excluded from the estimated annual effective tax rate calculation[84] - The company does not expect any material impact to its consolidated income statement for 2025 from the recently signed One Big Beautiful Bill Act (OBBBA), which extends and modifies business tax frameworks[90] Note 12. Net Income (Loss) per Share This note presents basic and diluted net income or loss per share calculations | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic Net Income (Loss) per Share | $1.17 | $(1.55) | $2.18 | $(1.27) | | Diluted Net Income (Loss) per Share | $1.15 | $(1.55) | $2.15 | $(1.27) | | Basic Weighted Average Shares Outstanding | 38,834,917 | 38,793,341 | 38,699,307 | 38,755,337 | | Diluted Weighted Average Shares Outstanding | 39,245,953 | 38,793,341 | 39,214,027 | 38,755,337 | - The company reported positive basic and diluted EPS in Q2 and YTD 2025, a significant improvement from losses in the comparable periods of 2024[93] - Potentially dilutive stock-based awards were excluded from diluted EPS calculation in periods of net loss (Q2 and YTD 2024) because their effect would have been anti-dilutive[93] Note 13. Interest and other income (expense), net This note details interest income, interest expense, and other non-operating income or expense | Component (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | $3,989 | $3,657 | $7,374 | $6,950 | | Interest expense | $(319) | $(344) | $(640) | $(746) | | Other income (expense), net | $812 | $(226) | $1,256 | $(592) | | Total Interest and other income, net | $4,482 | $3,087 | $7,990 | $5,612 | - Interest and other income, net, increased by $1.39 million (45.1%) in Q2 2025 and $2.38 million (42.4%) in YTD 2025, primarily driven by a shift from net expense to net income in 'Other income (expense), net' (mainly foreign currency gains/losses)[94] Note 14. Segment Reporting This note explains the company's operating segments and how performance is evaluated - The company operates as one operating and reportable segment, focusing on the design, development, manufacturing, and marketing of innovative medical products[95] - The Chief Operating Decision-Maker (CODM) reviews consolidated operating results and functional expenses (cost of revenue, R&D, SG&A) to allocate resources and evaluate performance[96] Note 15. Revenues This note provides a detailed breakdown of revenue by geographic area and product category | Geographic Area (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | United States | $260,818 | $218,180 | $517,678 | $427,824 | | International | $78,637 | $81,223 | $145,917 | $150,234 | | Total | $339,455 | $299,403 | $663,595 | $578,058 | | Product Category (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Thrombectomy | $230,256 | $203,502 | $456,800 | $391,205 | | Embolization and Access | $109,199 | $95,901 | $206,795 | $186,853 | | Total | $339,455 | $299,403 | $663,595 | $578,058 | - U.S. revenue increased by 19.5% in Q2 2025 and 21.0% in YTD 2025, while international revenue decreased by 3.2% in Q2 2025 and 2.9% in YTD 2025, primarily due to a decline in China revenue[100][134][146] - Thrombectomy product revenue increased by 13.1% in Q2 2025 and 16.8% in YTD 2025, and Embolization and Access product revenue increased by 13.9% in Q2 2025 and 10.7% in YTD 2025[100] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial condition, operational results, liquidity, and accounting policies Overview This section provides a high-level overview of Penumbra's business and product portfolio - Penumbra is a leading thrombectomy company developing innovative technologies for ischemic stroke, venous thromboembolism, and acute limb ischemia, with a broad portfolio including computer assisted vacuum thrombectomy (CAVT)[114] - The company's product families include Peripheral thrombectomy (INDIGO System), Neuro thrombectomy (Penumbra System), Peripheral embolization (RUBY Embolization Platform), Neuro embolization (Penumbra SMART COIL), Access (delivery catheters), and Neurosurgical (Artemis Neuro Evacuation Device)[117][121] - Revenue for Q2 2025 was $339.5 million (up $40.1 million YoY) and for YTD 2025 was $663.6 million (up $85.5 million YoY)[119] - The company recorded an impairment charge of $110.3 million related to its immersive healthcare asset group in Q2 2024 due to a strategic decision to explore alternative avenues for the business[120] Factors Affecting Our Performance This section discusses key internal and external factors influencing the company's financial performance - Salesforce growth and effectiveness impact revenue and costs - Intense competition from large, well-capitalized companies - Successful introduction and transition of new products, ensuring adequate supply - Impact of clinical results on product adoption - Seasonality of physician procedures (medical conferences, holidays) - Fluctuations in foreign currency exchange rates for international sales - Availability and levels of reimbursement for procedures using company products - Quarterly revenue, gross profit, and gross margin percentage are subject to variability due to factors like selling days, product mix, geographic mix, demand, regulatory approvals, competition, customer orders, inventory write-offs, new product introductions, and raw material costs[123] Components of Results of Operations This section defines how revenue, cost of revenue, and operating expenses are recognized and reported - Revenue is recognized upon shipment, customer receipt, or utilization for consigned products, including shipping and handling costs[124] - Cost of revenue includes raw materials, personnel, freight, warehousing, royalties, and manufacturing overhead, with most products manufactured in California facilities[125] - R&D expenses are expensed as incurred and include product development, clinical, regulatory, materials, and personnel costs[126] - SG&A expenses cover salaries, benefits, stock-based compensation for sales, marketing, and administrative personnel, as well as marketing trials, medical education, commissions, and amortization of acquired intangible assets[127] - Income taxes are determined by applicable rates in each jurisdiction, with deferred tax assets and liabilities subject to judgment and valuation allowances[128] Results of Operations This section provides a detailed analysis of the company's financial performance for interim periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $339,455 | $299,403 | $663,595 | $578,058 | | Cost of revenue | $115,445 | $136,574 | $223,702 | $234,090 | | Gross profit | $224,010 | $162,829 | $439,893 | $343,968 | | R&D expenses | $23,218 | $24,942 | $45,295 | $49,568 | | SG&A expenses | $159,964 | $141,903 | $313,420 | $286,315 | | Impairment charge | $— | $76,945 | $— | $76,945 | | Income (loss) from operations | $40,828 | $(80,961) | $81,178 | $(68,860) | | Net income (loss) | $45,270 | $(60,200) | $84,493 | $(49,198) | - Revenue growth was primarily driven by increased sales of existing thrombectomy products and new embolization and access products, particularly in the United States[130][131][132][143][144][145] - Gross margin significantly increased to 66.0% in Q2 2025 (from 54.4% in Q2 2024) and 66.3% in YTD 2025 (from 59.5% in YTD 2024), primarily due to the absence of the $33.4 million inventory impairment charge from Q2 2024, favorable product mix, and productivity improvements[135][147] - R&D expenses decreased due to lower personnel-related expenses following the exit from the immersive healthcare business, partially offset by investments in growth[136][148] - SG&A expenses increased due to higher personnel-related expenses from headcount growth and increased travel, partially offset by decreased amortization expense of intangible assets and lower litigation-related expenses (YTD)[138][150] - The effective tax rate shifted from a benefit in 2024 to an expense in 2025, mainly due to an increase in excess tax benefits from stock-based compensation in the U.S. jurisdiction[141][154] Liquidity and Capital Resources This section assesses the company's ability to meet short-term and long-term financial obligations | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $421,768 | $324,404 | | Marketable investments | $2,795 | $15,727 | | Working capital | $907,723 | $792,780 | - The company had $907.7 million in working capital as of June 30, 2025, and believes its current liquidity sources are sufficient for at least the next 12 months[156][159] - Principal liquidity requirements include funding operations, expanding manufacturing (e.g., Costa Rica facility), R&D, and capital expenditures[157] - The Board of Directors extended the $100.0 million remaining share repurchase authorization to December 31, 2025[158] Contractual Obligations and Commitments This section outlines the company's significant contractual obligations and future commitments - The company entered into agreements to acquire property in Costa Rica and construct a manufacturing facility and warehouse during the six months ended June 30, 2025[170] - No other material changes to contractual obligations and commitments were reported as of June 30, 2025, compared to the Annual Report on Form 10-K for 2024[171] Critical Accounting Policies and Estimates This section highlights accounting policies requiring significant judgment and estimation - No material changes to critical accounting policies were reported from those described in the Annual Report on Form 10-K for the year ended December 31, 2024[173] Recently Issued Accounting Standards This section discusses the impact of new accounting standards on the company's financial reporting - Information on recently issued accounting standards and their impact is referenced to Note 2 of the condensed consolidated financial statements[174] Item 3. Quantitative and Qualitative Disclosure about Market Risk This section details the company's exposure to interest rate and foreign currency market risks - The company is exposed to interest rate risk from its cash, cash equivalents ($421.8 million), and marketable investments ($2.8 million), but a hypothetical 100 basis point change in interest rates would not have a material impact[176] - The company is exposed to foreign currency risk as most international sales are denominated in local currencies (primarily euros), but does not currently hedge this exposure and does not believe a 10% adverse change in exchange rates would materially impact net income[177] - Changes in product prices did not have a significant impact on the company's results of operations for the six months ended June 30, 2025[178] Item 4. Controls and Procedures This section confirms the effectiveness of disclosure controls and internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[181] - No material changes in internal control over financial reporting occurred during the quarterly period ended June 30, 2025[182] - Control systems provide reasonable, not absolute, assurance that objectives are met due to inherent limitations[183] PART II. OTHER INFORMATION This section provides other required information, including legal proceedings, risk factors, and equity sales Item 1. Legal Proceedings This section refers to detailed information regarding the company's legal proceedings - Legal proceedings information is detailed in Note 8. Commitments and Contingencies[186] Item 1A. Risk Factors This section addresses potential risks and uncertainties that could impact the company's business - No material changes to risk factors or new risk factors identified since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024[188] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section reports on any unregistered sales of equity securities and the application of proceeds - No unregistered sales of equity securities and use of proceeds to report[189] Item 3. Defaults Upon Senior Securities This section confirms whether there have been any defaults on senior securities - No defaults upon senior securities to report[191] Item 4. Mine Safety Disclosure This section indicates if any mine safety disclosures are required for the reporting period - No mine safety disclosure to report[193] Item 5. Other Information This section provides additional information, including Rule 10b5-1 trading plans by insiders | Name and Title of Officer or Director | Plan Action | Plan Action Date | Plan Duration | Total Securities to be Sold | | :------------------------------------ | :---------- | :--------------- | :-------------------- | :-------------------------- | | Arani Bose, Director | Adoption | 5/23/2025 | 9/2/2025 - 2/27/2026 | 30,000 | | Harpreet Grewal, Director | Adoption | 5/28/2025 | 9/2/2025 - 4/15/2026 | 944 | | Thomas Wilder, Director | Adoption | 5/13/2025 | 8/12/2025 - 5/15/2026 | 744 | - Several directors and officers adopted Rule 10b5-1 Trading Arrangements during the quarter ended June 30, 2025, for future sales of common stock[195] Item 6. Exhibits This section lists all exhibits filed as part of the Form 10-Q, including certifications and data files - Exhibits include Amended and Restated Certificate of Incorporation and Bylaws, certifications of principal executive and financial officers, and Inline Extensible Business Reporting Language (iXBRL) formatted financial statements[197]