Reported results
- Revenue recognized for the three months ended September 30, 2026, was $11.3 million, compared to $10.6 million for the same period in 2025.
- Net loss for the three months ended September 30, 2026, was $73.6 million (including non-cash stock-based compensation expense of $11.0 million), or $1.08 per share, compared to a net loss of $38.3 million, or $0.65 per share, for the same period in 2025.
- Research and development expenses for the three months ended September 30, 2026, were $59.8 million, compared to $37.7 million for the same period in 2025.
- Sales, general and administrative expenses for the three months ended September 30, 2026, were $28.7 million, compared to $16.0 million for the same period in 2025.
- Cash, cash equivalents and marketable securities totaled $358.8 million as of September 30, 2026.
Guidance
- Cash, cash equivalents and marketable securities of $358.8 million as of September 30, 2026, are expected to fund operations into early 2028.
Price and volatility reaction
The stock moved -0.2% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -50.6 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 26.35 | 2026-10-29 |
| Close after release | 26.29 | 2026-10-30 |
| Realised move | -0.2% | close to close |
| 30d ATM IV change | -50.6 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-29 (8-K, Item 2.02). Read the original filing on sec.gov.
