Sight Sciences(SGHT) - 2025 Q2 - Quarterly Report

Special Note Regarding Forward-Looking Statements This section cautions that forward-looking statements in the report are subject to risks and uncertainties, advising against undue reliance - The report contains forward-looking statements covered by safe harbor provisions, identifiable by words like 'anticipate,' 'expect,' 'will,' etc[9] - Actual events or results may differ from forward-looking statements due to risks, uncertainties, and assumptions detailed in the 'Risk Factors' section of the Annual Report and this Quarterly Report[10][11] - Key factors that could impact future results include the ability to obtain and maintain sufficient reimbursement for products (Surgical Glaucoma and Dry Eye), manage and grow the business, compete effectively, maintain compliance with credit facilities, scale infrastructure, and protect intellectual property[10] PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets (Unaudited) Unaudited balance sheets show decreases in total assets, liabilities, and stockholders' equity from December 2024 to June 2025 | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | % Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Cash and cash equivalents | $101,500 | $120,357 | $(18,857) | -15.67% | | Total current assets | $119,431 | $139,774 | $(20,343) | -14.55% | | Total assets | $121,971 | $142,839 | $(20,868) | -14.61% | | Total current liabilities | $11,936 | $15,468 | $(3,532) | -22.83% | | Total liabilities | $51,959 | $55,316 | $(3,357) | -6.07% | | Total stockholders' equity | $70,012 | $87,523 | $(17,511) | -20.01% | Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Revenue and gross profit decreased, but net loss improved for Q2 and H1 2025 compared to prior year periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Revenue | $19,564 | $21,370 | $(1,806) | -8.5% | | Gross profit | $16,587 | $18,345 | $(1,758) | -9.6% | | Operating expenses | $28,254 | $30,996 | $(2,742) | -8.8% | | Net loss | $(11,941) | $(12,329) | $388 | 3.1% | | Net loss per share | $(0.23) | $(0.25) | $0.02 | 8.0% | | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Revenue | $37,072 | $40,635 | $(3,563) | -8.8% | | Gross profit | $31,681 | $34,816 | $(3,135) | -9.0% | | Operating expenses | $57,207 | $62,191 | $(4,984) | -8.0% | | Net loss | $(26,095) | $(28,595) | $2,500 | 8.7% | | Net loss per share | $(0.51) | $(0.58) | $0.07 | 12.1% | Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Statements detail changes in stockholders' equity, including common stock issuances, stock-based compensation, and net loss | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change ($) | | :-------------------- | :------------ | :---------------- | :--------- | | Common Stock Amount | $52 | $51 | $1 | | Additional Paid-In Capital | $442,352 | $433,769 | $8,583 | | Accumulated Deficit | $(372,392) | $(346,297) | $(26,095) | | Total Stockholders' Equity | $70,012 | $87,523 | $(17,511) | - For the six months ended June 30, 2025, stock-based compensation expense was $8.085 million, and the net loss was $26.095 million[22] Condensed Consolidated Statements of Cash Flows (Unaudited) Cash and cash equivalents decreased by $18.857 million due to operating activities, partially offset by financing | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | | :-------------------------------- | :----------------------------- | :----------------------------- | :--------- | | Net cash used in operating activities | $(19,148) | $(19,254) | $106 | | Net cash used in investing activities | $(210) | $(197) | $(13) | | Net cash provided by (used in) financing activities | $501 | $(501) | $1,002 | | Net change in cash and cash equivalents | $(18,857) | $(19,952) | $1,095 | | Cash and cash equivalents at end of period | $101,500 | $118,177 | $(16,677) | - Net cash used in operating activities for the six months ended June 30, 2025, was $19.1 million, primarily driven by a net loss of $26.1 million, partially offset by non-cash charges of $9.1 million[156] Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1. Company and Nature of Business Sight Sciences develops ophthalmic devices in Surgical Glaucoma and Dry Eye, facing accumulated deficits and expected future losses - Sight Sciences, Inc. develops and commercializes surgical and nonsurgical technologies for prevalent eye diseases, with products categorized into Surgical Glaucoma (OMNI® Surgical System, SION® Surgical Instrument) and Dry Eye (TearCare® System)[30][31] - As of June 30, 2025, the Company had an accumulated deficit of $372.4 million and a net loss of $26.1 million for the six months then ended, expecting future losses[32] - The Company believes its current liquidity will cover requirements for at least 12 months but may need additional capital if revenue growth, gross profit improvement, or cost control are not achieved[33] Note 2. Summary of Significant Accounting Policies This note details the basis of financial statement presentation, key accounting estimates, and recent accounting pronouncements - The financial statements are unaudited and prepared in accordance with US GAAP, consistent with audited statements, and include normal recurring adjustments[34][35] - Significant estimates include allowance for credit losses, inventory obsolescence, useful lives of property and equipment, fair value of stock options, and income tax provisions[37] - The Company adopted ASU No. 2023-09 (Income Taxes) on January 1, 2025, which will require enhanced disclosures but had no impact on operating results, financial condition, or cash flows. ASU No. 2024-03 (Expense Disaggregation Disclosures) is effective after December 15, 2026, and its impact is being evaluated[38][39] Note 3. Fair Value Measurements Financial assets and liabilities are classified into a three-level fair value hierarchy, including cash, debt, and warrants - The fair value hierarchy prioritizes inputs: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs)[41][42][43][44] Investment Type | Investment Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------- | :----------------------------- | :------------------------------- | | Money market funds | $21,300 | $6,400 | | U.S. treasury securities | $75,800 | $106,500 | - Outstanding debt of $39.8 million (June 30, 2025) and $39.4 million (December 31, 2024) is classified as Level 2, with amortized cost approximating fair value. Unissued common stock warrants are classified as Level 3 liabilities, with a fair value of less than $0.1 million at both dates[46][47] Note 4. Balance Sheet Components This note details the breakdown of property and equipment, accrued liabilities, and other noncurrent liabilities Property and Equipment | Property and Equipment (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Tools and equipment | $2,015 | $1,991 | | Computer equipment and software | $37 | $37 | | Furniture and fixtures | $402 | $402 | | Leasehold improvements | $38 | $38 | | Construction in process | $1,249 | $1,218 | | Less: Accumulated depreciation | $(2,281) | $(2,106) | | Property and equipment, net | $1,460 | $1,580 | Accrued and Other Current Liabilities | Accrued and Other Current Liabilities (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------------------------- | :------------ | :---------------- | | Accrued expenses | $3,064 | $2,113 | | Current portion of lease liabilities | $566 | $533 | | Short-term interest payable | $345 | $344 | | Other accrued liabilities | $658 | $1,107 | | Total accrued and other current liabilities | $4,633 | $4,097 | Other Noncurrent Liabilities | Other Noncurrent Liabilities (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Noncurrent portion of lease liabilities | $183 | $473 | | Other noncurrent liabilities | $19 | $19 | | Total other noncurrent liabilities | $202 | $492 | Note 5. Debt Details the $65.0 million Hercules Loan Agreement, including funded amounts, unmet milestones, maturity, and interest rate - The Hercules Loan Agreement provides a maximum $65.0 million credit facility, with $40.0 million funded by December 2024 (Initial Loan of $35.0M and Tranche I(b) Loan of $5.0M)[53] - Tranche 2 ($10.0 million) and a six-month extension of the interest-only period were not available as performance milestones were not met by June 30, 2025. Tranche 3 ($15.0 million) is subject to Hercules' approval[55][56] - The loan matures July 1, 2028, with an interest-only period for the first 30 months. The interest rate is a floating annual rate, equal to 10.35% at June 30, 2025. Warrants for 161,781 shares of common stock were issued to lenders[56][57] Maturity Year | Maturity Year | Amount (in thousands) | | :-------------- | :-------------------- | | 2025 (remainder) | $0 | | 2026 | $7,634 | | 2027 | $19,765 | | 2028 | $12,601 | | Total principal payments | $40,000 | | Final fee due at maturity | $2,380 | | Total repayments | $42,380 | Note 6. Commitments and Contingencies Details operating lease obligations and ongoing patent infringement litigation, including a $34 million verdict under reexamination - The company leases its corporate headquarters in Menlo Park, California, with a weighted-average remaining lease term of 1.3 years as of June 30, 2025[63][64] Lease Expense | Lease 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 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease expense | $146 | $195 | $293 | $390 | | Cash paid for operating leases | $154 | $210 | $307 | $420 | - In April 2024, the company was awarded a $34 million jury verdict in a patent infringement lawsuit against Ivantis and Alcon. However, Alcon filed for ex parte reexaminations in June 2025, challenging the validity of the asserted patents, which could materially and adversely impact the verdict[67][68] Note 7. Stockholders' Equity Details authorized and outstanding common stock, shares reserved for equity plans, and common stock warrants issued to lenders - As of June 30, 2025, the company had 52,033,403 shares of common stock outstanding and 18,491,241 shares reserved for future issuances under equity incentive plans and warrants[17][75] - Common stock warrants were issued to Hercules Loan Agreement lenders, totaling 161,781 shares at exercise prices of $5.159 and $3.83 per share, exercisable for seven years[76] - Unissued warrants related to potential future loan tranches are recorded as Level 3 liabilities and remeasured at each reporting date, with a fair value of less than $0.1 million[79] Note 8. Equity Incentive Plans Details equity incentive plans, including stock options, RSUs, ESPP, and stock-based compensation expense for the period - The 2021 Incentive Award Plan allows for various equity grants, including stock options and RSUs, with typical four-year vesting schedules. The share reserve increased by 2,546,899 shares on January 1, 2025[81][82][83][84] - As of June 30, 2025, 4,135,802 stock options and 5,935,081 RSUs were outstanding. Unrecognized stock-based compensation expense for options was $2.6 million (1.1 years weighted-average period) and for RSUs was $21.0 million (2.6 years weighted-average period)[87][88][90] Stock-Based Compensation Expense | 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 goods sold | $106 | $94 | $222 | $200 | | Research and development | $702 | $594 | $1,487 | $1,199 | | Selling, general and administrative | $3,033 | $3,629 | $6,376 | $7,424 | | Total stock-based compensation expense | $3,841 | $4,317 | $8,085 | $8,823 | Note 9. Net Loss per Share Attributable to Common Stockholders Reports basic and diluted net loss per share for Q2 and H1 2025, with dilutive securities excluded due to net loss | 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 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss attributable to common stockholders (in thousands) | $(11,941) | $(12,329) | $(26,095) | $(28,595) | | Weighted-average shares of common stock outstanding (basic & diluted) | 51,821,773 | 49,903,386 | 51,557,686 | 49,694,825 | | Net loss per share (basic & diluted) | $(0.23) | $(0.25) | $(0.51) | $(0.58) | - Potentially dilutive securities, including stock option awards (4,135,802), restricted stock units (5,935,081), and common stock warrants (161,783), were excluded from diluted EPS calculation for the six months ended June 30, 2025, as their inclusion would be antidilutive[98] Note 10. Segment Information Details revenue and gross profit for Surgical Glaucoma and Dry Eye segments, both showing revenue declines - The company's two reportable operating segments are Surgical Glaucoma and Dry Eye, with segment gross profit used to assess performance and allocate resources[99][100] Segment Revenue | Segment Revenue (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Surgical Glaucoma | $19,231 | $20,244 | $(1,013) | -5.0% | | Dry Eye | $333 | $1,126 | $(793) | -70.4% | | Total revenue | $19,564 | $21,370 | $(1,806) | -8.5% | Segment Revenue | Segment Revenue (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Surgical Glaucoma | $36,345 | $38,501 | $(2,156) | -5.6% | | Dry Eye | $727 | $2,134 | $(1,407) | -65.9% | | Total revenue | $37,072 | $40,635 | $(3,563) | -8.8% | Segment Gross Profit | Segment Gross Profit (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :---------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Surgical Glaucoma | $31,275 | $33,869 | $(2,594) | -7.7% | | Dry Eye | $406 | $947 | $(541) | -57.1% | | Total gross profit | $31,681 | $34,816 | $(3,135) | -9.0% | Note 11. Subsequent Events Discusses the H.R.1 - One Big Beautiful Bill Act (OBBBA) enactment and its potential impact on financial statements - The OBBBA, enacted July 4, 2025, makes permanent 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation[104] - The legislation has multiple effective dates, with some provisions effective in 2025 and others through 2027. The company is assessing its impact on consolidated financial statements[104] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Overview of Sight Sciences' mission, product segments, challenges with reimbursement and competition, and manufacturing reliance on China - Sight Sciences' mission is to develop transformative, interventional technologies for eye care, focusing on glaucoma (OMNI®, SION®) and dry eye disease (TearCare® System)[107][108] - Surgical Glaucoma revenue decreased due to reimbursement coverage changes and increased competition, while Dry Eye revenue declined significantly due to a price increase for TearCare products, impacting demand[116][117] - The company relies on a limited number of third-party manufacturers, primarily in China, leading to adverse impacts on gross margins from U.S. tariffs. Efforts are underway to expand manufacturing capacity outside of China[114][116][117] Factors Affecting Our Business and Results of Operations Refers to the Annual Report's 'Risk Factors' for business impacts, noting no material changes in the current quarter - No material changes to the factors affecting the business and results of operations from those described in the Annual Report on Form 10-K[121] Components of Our Results of Operations Defines key components of operations, including revenue, cost of goods sold, gross profit, and various operating expenses - Revenue is primarily derived from Surgical Glaucoma products (OMNI, SION) and Dry Eye products (TearCare), with Surgical Glaucoma accounting for over 90% of total revenue[122] - Cost of goods sold includes third-party manufacturing costs, overhead, personnel expenses, and tariffs on imported products, with gross margins expected to be adversely impacted by U.S. tariffs on China-produced goods[124][127] - R&D and SG&A expenses are expected to increase as the company invests in product development, clinical trials, commercial teams, and market access initiatives[130][132] Results of Operations Comparison of the Three Months Ended June 30, 2025 and 2024 Q2 2025 saw an 8.5% revenue decrease and 9.6% gross profit decline, but net loss improved by 3.1% to $(11.9) million | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Total revenue | $19,564 | $21,370 | $(1,806) | -8.5% | | Surgical Glaucoma revenue | $19,231 | $20,244 | $(1,013) | -5.0% | | Dry Eye revenue | $333 | $1,126 | $(793) | -70.4% | | Total gross profit | $16,587 | $18,345 | $(1,758) | -9.6% | | Total operating expenses | $28,254 | $30,996 | $(2,742) | -8.8% | | Net loss | $(11,941) | $(12,329) | $388 | 3.1% | - The decrease in Surgical Glaucoma revenue was primarily due to reduced OMNI unit sales, driven by restrictions on multiple MIGS procedures with cataract surgery for Medicare patients[138] - Dry Eye revenue decline was due to decreased SmartLids volumes and fewer new customers, reflecting a strategic shift towards reimbursed market access over a cash-pay model[139] - SG&A expenses decreased by $2.8 million, mainly due to lower legal expenses, stock-based compensation, and commissions/bonuses, partially offset by increased payroll-related expenses[143] Comparison of the Six Months Ended June 30, 2025 and 2024 H1 2025 revenue decreased by 8.8%, gross profit by 9.0%, but net loss improved by 8.7% to $(26.1) million | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Total revenue | $37,072 | $40,635 | $(3,563) | -8.8% | | Surgical Glaucoma revenue | $36,345 | $38,501 | $(2,156) | -5.6% | | Dry Eye revenue | $727 | $2,134 | $(1,407) | -65.9% | | Total gross profit | $31,681 | $34,816 | $(3,135) | -9.0% | | Total operating expenses | $57,207 | $62,191 | $(4,984) | -8.0% | | Net loss | $(26,095) | $(28,595) | $2,500 | 8.7% | - Dry Eye gross margin increased from 44.4% to 55.8% due to the price increase for TearCare SmartLids, despite lower sales volumes[150] - SG&A expenses decreased by $4.8 million, primarily from a $5.3 million decrease in legal expenses and a $1.0 million decrease in stock-based compensation[152] - The company recognized no loss on debt extinguishment in 2025, compared to a $2.0 million loss in 2024 related to refinancing the prior secured credit facility[154] Cash Flows Operating cash outflow stable at $19.1 million; financing cash flow shifted to $0.5 million inflow from prior year outflow | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | | :-------------------------------- | :----------------------------- | :----------------------------- | :--------- | | Net cash used in operating activities | $(19,148) | $(19,254) | $106 | | Net cash used in investing activities | $(210) | $(197) | $(13) | | Net cash provided by (used in) financing activities | $501 | $(501) | $1,002 | | Net change in cash and cash equivalents | $(18,857) | $(19,952) | $1,095 | - Net cash used in operating activities for the six months ended June 30, 2025, was $19.1 million, driven by a net loss of $26.1 million, partially offset by $9.1 million in non-cash charges[156] - Net cash provided by financing activities in 2025 was $0.5 million, primarily from stock option exercises and ESPP purchases, contrasting with $0.5 million used in 2024 due to loan refinancing costs[160] Liquidity and Capital Resources Details cash position, accumulated deficit, Hercules Loan status, and factors influencing future liquidity and capital needs - As of June 30, 2025, the company had $101.5 million in cash and cash equivalents and an accumulated deficit of $372.4 million[162] - The company expects its current liquidity to fund operations for at least the next 12 months, but future cash requirements are subject to factors like sales growth, reimbursement, R&D, and litigation outcomes[162][163] - The Hercules Loan Agreement provides a $65.0 million credit facility, with $40.0 million drawn. Tranche 2 ($10.0 million) was not available due to unmet performance milestones by June 30, 2025[165][166] - U.S. tariffs on products imported from China are expected to increase costs and negatively impact gross margins and liquidity[163][164] Leases The company leases its corporate headquarters in Menlo Park, California, with a lease term until October 2026 - The company leases its corporate headquarters in Menlo Park, California, with the lease term from August 1, 2021, to October 31, 2026[171] Off-Balance Sheet Arrangements The company has no off-balance sheet arrangements - The company does not have any off-balance sheet arrangements[172] Critical Accounting Estimates No material changes to critical accounting estimates compared to the Annual Report on Form 10-K - No material changes to critical accounting estimates compared to the Annual Report on Form 10-K[174] JOBS Act Accounting Election As an 'emerging growth company,' the company uses the JOBS Act extended transition period for accounting standards - The company, as an 'emerging growth company,' has elected the extended transition period under the JOBS Act for new or revised accounting standards[174] - This election may make the company's financial statements not comparable to those of other public companies that comply with earlier effective dates[174] Recently Issued Accounting Pronouncements Refer to Note 2 for details on recently issued accounting pronouncements not yet adopted - Refer to Note 2, 'Summary of Significant Accounting Policies,' for details on recently issued accounting pronouncements not yet adopted[175] Item 3. Quantitative and Qualitative Disclosures About Market Risk Primary market risk is interest rate risk, affecting cash and the Hercules Loan, with no material impact from a 1.0% rate change - The company's primary market risk is interest rate risk, affecting cash and cash equivalents and the Hercules Loan Agreement[176] - No material exposure to changes in the fair value of cash and cash equivalents ($101.5 million at June 30, 2025) due to their short-term nature[177] - A hypothetical 1.0% change in interest rates would not materially impact financial statements, given the Hercules Loan Agreement's floating rate of 10.35% at June 30, 2025[178] Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025 - As of June 30, 2025, the company's disclosure controls and procedures were evaluated and deemed effective at the reasonable assurance level[181] Changes in Internal Control Over Financial Reporting No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025 - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[182] PART II. OTHER INFORMATION Item 1. Legal Proceedings Refers to Note 6 for legal proceedings, including patent infringement litigation, and discusses general risks of legal claims - The company is not currently a party to any legal proceedings that would have a material adverse effect on its business, except as detailed in Note 6[184] - General legal claims could lead to costly litigation, damage to reputation, and potential financial impact if insurance coverage is insufficient or denied[184] Item 1A. Risk Factors Updates risk factors, focusing on manufacturing reliance, tariff impacts, and ongoing patent infringement litigation with a $34 million verdict under reexamination - The company relies on a limited number of third-party manufacturers, many single-source, with most products and components produced in China, posing risks to supply and quality[186][187] - U.S. tariffs on products imported from China have increased costs and will negatively impact gross margins, with the company evaluating additional manufacturing locations outside of China to mitigate this risk[189][190][191] - The $34 million jury verdict in the patent infringement lawsuit against Alcon is now subject to ex parte reexaminations by the USPTO, challenging the validity of the asserted patents, which could materially and adversely impact the verdict[200][201] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Use of Proceeds Net proceeds from the July 2021 IPO have been exhausted, with no material changes to their planned use - Net proceeds from the IPO, which closed on July 15, 2021, have been exhausted[203][204] Recent Sales of Unregistered Securities No recent sales of unregistered securities occurred - No recent sales of unregistered securities[205] Issuer Repurchases of Equity Securities No issuer repurchases of equity securities occurred - No issuer repurchases of equity securities[206] Item 3. Defaults Upon Senior Securities No defaults upon senior securities occurred - No defaults upon senior securities[207] Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable[208] Item 5. Other Information Trading Plans Chief Legal Officer modified his Rule 10b5-1 trading plan; no other directors or officers made changes - Jeremy B. Hayden, Chief Legal Officer, modified his Rule 10b5-1 trading plan on June 13, 2025, extending the expiration date to June 12, 2026, for 48,000 securities[210] - No other directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[211] Item 6. Exhibits Lists exhibits filed with the Quarterly Report, including organizational documents, certifications, and XBRL documents - The report includes exhibits such as the Restated Certificate of Incorporation, Amended and Restated Bylaws, CEO and CFO certifications (Sarbanes-Oxley Act), and Inline XBRL documents[214] Signatures Signatures The report is signed by Alison Bauerlein, Chief Financial Officer, on August 7, 2025 - The report was signed by Alison Bauerlein, Chief Financial Officer, on August 7, 2025[220]