Financial Analysis

Commitments and Contingencies Service Agreements The Company pays a third party a facility fee for the use of clean-rooms, manufacturing, storage, and office space and for services in support of its tissue processing including for routine sterilization of daily supplies, providing disposable supplies and microbial services, and office support pursuant to a License and Services Agreement, as amended (the License and Services Agreement). Pursuant to the License and Services Agreement, the Company recorded expenses of $915, $910 and $2,327 for the years ended December 31, 2025, 2024 and 2023, respectively, in Cost of goods sold. The License and Services Agreement was amended on December 21, 2023, extending the term through December 31, 2026. The License and Services Agreement may be terminated by either party by providing an 18 month written notice. While the Company ended its utilization of the same third party for Avance Nerve Graft in the fourth quarter of 2023, the Company continues to utilize the same third party for processing and packaging of Avive+ Soft Tissue Matrix. In December 2011, the Company entered into a Master Services Agreement for Clinical Research and Related Services. The Company was required to pay $151 upon execution of this agreement and the remainder monthly based on activities associated with the execution of the Companys Phase III pivotal clinical trial to support the BLA for Avance. The Master Services Agreement for Clinical Research and Related Servi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Long-Term Debt, Net of Debt Discount and Financing Fees Long-term debt, net of debt discount and financing fees consists of the following: (in thousands) December 31, 2025 December 31, 2024 Credit Facility - first tranche $ 35,000 $ 35,000 Credit Facility - second tranche 15,000 15,000 Less: Unamortized debt discount and deferred financing fees (1,613) (2,504) Long-term debt, net of debt discount and financing fees $ 48,387 $ 47,496 Credit Facility On June 29, 2023, the Company amended its Credit Facility with Oberland Capital and its affiliates, TPC Investments II LP and Argo LLC (collectively, the Lender), to transition the base interest rate from three-month LIBOR to the forward looking term rate based on the secured overnight financing rate as set by the Federal Reserve Bank of New York plus 0.10% (Adjusted SOFR). The Company obtained the first tranche of $35,000 at closing on June 30, 2020. On June 30, 2021, the second tranche of $15,000 was drawn down by the Company. Each tranche under the Credit Facility requires quarterly interest payments for seven years. Interest is calculated as 7.5% plus the greater of Adjusted SOFR or 2.0% (11.59% as of December 31, 2025); provided that the interest rate shall never be less than 9.5%. Each tranche of the Credit Facility has a term of seven years from the date of issuance (with the first tranche issued on June 30, 2020, maturing on June 30, 2027, and the second tranche issued on June 30, 2021, maturing on June 30, 2028). In connec …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company maintains two stock-based incentive plans: (i) The Axogen, Inc. Fourth Amended and Restated 2019 Long-Term Incentive Plan (2019 Plan) which provides incentives through the grants of stock options, non-qualified stock options, PSUs and RSUs to employees, directors and consultants which replaced the Companys 2010 Stock Incentive Plan and (ii) The Axogen 2017 Employee Stock Purchase Plan (2017 ESPP). At the June 19, 2025 Annual Shareholder Meeting, approval was received to increase the number of shares available under the 2019 Plan from 10,500,000 to 13,400,000. During the year ended December 31, 2025, the Company issued 148,000 RSUs and 58,000 PSUs as inducement grants to certain employees in accordance with Nasdaq Listing Rule 5635(c)(4). As of December 31, 2025, there were 4,833,771 shares of common stock available for future grant under the 2019 Plan. Stock-based compensation expense is included in the following line items on the accompanying Consolidated Statements of Operations for the periods presented: Years Ended December 31, (in thousands) 2025 2024 2023 Costs of goods sold $ 3,680 $ 1,752 $ 796 Sales and marketing 6,361 3,175 2,982 Research and development 8,848 3,417 3,875 General and administrative 11,223 7,562 6,764 Total non-cash stock-based compensation $ 30,112 $ 15,906 $ 14,418 Stock Options Stock options granted to employees typically vest 50% two years after the grant date and 12.5% every six months thereafter for the rema …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurement The following tables represent the Companys fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of the periods presented: December 31, 2025 (in thousands) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 28,255 $ $ $ 28,255 U.S. Treasuries 5,980 5,980 Total assets $ 34,235 $ $ $ 34,235 Liabilities: Debt derivative liabilities $ $ $ 3,886 $ 3,886 December 31, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets: Money market funds $ 19,399 $ $ $ 19,399 U.S. Treasuries 5,928 5,928 Total assets $ 25,327 $ $ $ 25,327 Liabilities: Debt derivative liability $ $ $ 2,400 $ 2,400 The changes in Level 3 liabilities measured at fair value on a recurring basis are as follows for the periods presented: (in thousands) Debt Derivative Liabilities Balance, December 31, 2023 $ 2,987 Change in fair value included in net loss (587) Balance, December 31, 2024 2,400 Change in fair value included in net loss 1,486 Balance, December 31, 2025 $ 3,886 There were no changes in the levels or methodology of the measurement of financial assets or liabilities during the years ended December 31, 2025 and 2024. The debt derivative liabilities are measured using a with and without valuation model to compare the fair value of each tranche of the credit facility the Company has with Oberland Capital and its affiliates, TPC Investments II LP and Argo LLC (Credit Facility) including the identified embedded derivative fe …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as measured by enacted state and federal tax rates. Deferred tax assets and deferred tax liabilities are as follows: (in thousands) December 31, 2025 December 31, 2024 Deferred tax assets: Net operating loss carryforwards $ 46,519 $ 37,323 Inventory write down 570 423 Interest limitation 1,208 Allowance for doubtful accounts 245 204 Lease obligations 4,977 5,489 Stock-based compensation 4,435 7,371 Capitalized research and development costs 7,370 14,785 Debt derivative liabilities 1,005 622 Charitable contributions 17 31 Accrued compensation 21 49 Total deferred tax assets 66,367 66,297 Deferred tax liabilities: Depreciation (1,423) (949) Amortization (741) (99) Right-of-use asset (3,305) (3,708) Contract liabilities (86) Total deferred tax liabilities (5,469) (4,842) Net deferred tax assets 60,898 61,455 Valuation allowance $ (60,898) $ (61,455) A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that a portion or none of the deferred tax assets will be realized. As of December 31, 2025 and 2024, management assessed the realizability of deferred tax assets. After consideration of all the evi …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments including rent and non-lease components such as common-area or other maintenance costs. The components of total operating lease expense and sublease income are as follows for the periods presented: Years Ended December 31, (in thousands) 2025 2024 2023 Operating lease costs $ 3,709 $ 3,664 $ 3,316 Short term lease costs 62 576 520 Variable lease costs 1,419 610 1,438 Total operating lease expense $ 5,190 $ 4,850 $ 5,274 Sublease income $ 1,081 $ 225 $ Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods presented: (dollars in thousands) December 31, 2025 December 31, 2024 Operating Leases Right-of-use operating lease assets $ 12,732 $ 14,265 Current maturities of long-term lease obligations $ 2,354 $ 1,960 Long-term lease obligations $ 16,838 $ 19,191 Financing Leases Right-of-use finance lease assets, net of accumulated amortization (1) $ 44 $ 37 Current maturities of long-term lease obligations $ 18 $ 9 Long-term lease obligations $ 32 $ 30 Weighted average remaining lease term - operating leases 8.1 years 8.8 years Weighted average remaining lease term - finance leases 1.8 years 3.6 years Weighted average discount rate - operating leases 10.87 % 10.95 % Weighted average discount rate - finance leases 8.01 % 14.06 % __________ (1) Financing leases are inc …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards (ASU) Update 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses (ASU 2024-03), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Company expects to enhance annual expense disclosures based on the new requirements. In September 2025, the FASB issued ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). ASU 2025-06 was issued to modernize the accounting for software costs that are accounted for under Subtopic 350-40, including removing reference to project stages and adding the probable-to-complete recognition thresh …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plan The Company sponsors the Axogen 401(k) plan (the 401(k) Plan), a defined contribution plan covering substantially all employees of the Company. All full-time employees who have attained the age of 18 are eligible to participate in the 401(k) Plan. Eligibility is immediate upon employment and enrollment is available any time during employment. Participating employees may make annual pretax contributions to their accounts up to a maximum amount as limited by law. The 401(k) Plan requires the Company to make 100% matching contributions on up to 3% of the employees annual salary and 50% matching contributions on up to the next 2% of the employees annual salary as long as the employee participates in the 401(k) Plan. Employee contributions and Company contributions made prior to January 1, 2025 vest immediately. Company contributions made subsequent to January 1, 2025 vest after two years of service, as defined by the 401(k) Plan. Employer contributions to the 401(k) Plan were $1,967, $1,669 and $1,612 for the years ended December 31, 2025, 2024 and 2023, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segments The Company determines its operating segments in accordance with FASB ASC 280, Segment Reporting (ASC 280). ASC 280 defines operating segments as components where discrete financial information is regularly reviewed by the chief operating decision maker (CODM), which for the Company is the Chief Executive Officer (CEO), to determine resource allocation and assess performance. As such, based on the way the CODM monitors and makes decisions affecting operations, the Company has concluded that it has one operating and reportable segment. The CODM is regularly provided with only the consolidated expenses as noted on the face of the Consolidated Statements of Operations. As the Company has only one operating segment and is managed on a consolidated basis, the measure of profit or loss is consolidated net income or loss. The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances. See the Consolidated Statements of Operations. Geographic Areas International revenues are defined as revenues generated from sales to customers outside of the U.S. The following table details total revenues by major geographic area for the periods indicated: Years Ended December 31, (in thousands) 2025 2024 2023 U.S. $ 222,435 $ 184,249 $ 156,214 International 2,773 3,089 2,798 Total revenues $ 225,208 $ 187,338 $ 159,012 As of December 31, 2025 and 2024, all of the Companys long-lived assets were held within the U. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimates affecting the amounts reported or disclosed in the consolidated financial statements include the realizable value of inventories, the valuation of stock-based compensation, the valuation of derivative instruments, and the fair value of debt instruments. Other estimates that affect the amounts reported or disclosed in the consolidated financial statements include the allowance for doubtful accounts, the useful life and recoverability of long-lived assets, incremental borrowing rates for operating leases, and accounting for income taxes, including the realizability of deferred tax assets and the related valuation allowance. The Company bases its estimates on historical and anticipated results, trends, and various other assumptions that managemen …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Events On January 21, 2026, the Company entered into an underwriting agreement (the Underwriting Agreement) with Wells Fargo Securities, LLC and Mizuho Securities USA LLC, as representatives of the underwriters (the Underwriters). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 4,000,000 shares of its common stock, $0.01 par value per share, at a public offering price of $31.00 per share, plus an additional 600,000 shares sold pursuant to the Underwriters option to purchase additional shares. The Offering closed on January 23, 2026 with a sale of 4,600,000 shares. The Company received net proceeds from the Offering of $133,338, after deducting the underwriting discounts and commissions, and expenses in connection with the Offering. Net proceeds from the Offering were used for the early payoff and termination of the Credit Facility for a final repayment amount of $69,707. The remaining net proceeds will be used for working capital, capital expenditures and other general corporate purposes. See Note 9 - Long-Term Debt, Net of Debt Discount and Financing Fees for details regarding the termination of the Credit Facility. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Service Agreements The Company pays a third party a facility fee for the use of cleanrooms, manufacturing, storage, and office space and for services in support of its tissue processing including for routine sterilization of daily supplies, providing disposable supplies and microbial services, and office support pursuant to a License and Services Agreement, as amended (the License and Services Agreement). Pursuant to the License and Services Agreement, the Company recorded expenses of $215 and $213 for the three months ended June 30, 2026 and 2025, respectively, and $397 and $453 for the six months ended June 30, 2026 and 2025, respectively, within Cost of goods sold in the Companys Condensed Consolidated Statements of Operations. The License and Services Agreement was amended on December 31, 2023 extending the term through December 31, 2026. The License and Services Agreement may be terminated by either party by providing an eighteen-month written notice. The Company utilizes the same third-party vendor for processing and packaging of Avive+ Soft Tissue Matrix . Distribution and Supply Agreements In August 2008, the Company entered into an exclusive distribution agreement with a third party (the Distributor) to distribute the Axoguard Nerve Connector and Axoguard Nerve Protector products worldwide and the parties subsequently amended the agreement on August 4, 2023. The distribution agreement expires on December 31, 2030. The distribution agreem …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Long-Term Debt, Net of Debt Discount and Financing Fees Credit Facility In June 2020, the Company entered into a credit facility (the Credit Facility) with Oberland Capital and its affiliates, TPC Investments II LP and Argo LLC (collectively, the Lender). The Company obtained the first tranche of the Credit Facility of $35,000 at closing on June 30, 2020. On June 30, 2021, the second tranche of the Credit Facility of $15,000 was drawn down by the Company. Each tranche of the Credit Facility had a term of seven years from the date of issuance. The Company paid Credit Facility debt interest of $1,504 during the three months ended June 30, 2025, and $438 and $2,993 during the six months ended June 30, 2026 and 2025, respectively, to the Lender. In connection with the Credit Facility, the Company entered into a revenue participation agreement (the Revenue Participation Agreement) with the Lender, which provided a quarterly royalty payment as a percentage of the Companys net revenues, up to $70,000 in any given year. The Company recorded $232 for the three months ended June 30, 2025 and, $186 and $756 during the six months ended June 30, 2026 and 2025, respectively, as interest expense for this Revenue Participation Agreement. Upon repayment of the Credit Facility, the Company was required to repay the principal balance and provide a make-whole payment calculated to generate an internal rate of return to the Lender equal to 11.5%, less the total of all quarterly interest and royal …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Companys stock-based compensation plans are described in Note 11 - Stock-Based Compensation to its consolidated financial statements included in the 2025 Annual Report on Form 10-K. During the six months ended June 30, 2026, the following stock-based awards were granted to directors, executive officers and other employees. All awards were granted under the 2019 Amended and Restated Long-Term Incentive Plan. Type of Award Quarter Awarded Target Shares or Units Weighted Average Grant Date Fair Value Restricted Stock Units (1) 1st Quarter 522,980 $ 31.64 2nd Quarter 41,708 $ 41.49 Performance Stock Units (2) 1st Quarter 525,474 $ 31.65 2nd Quarter 3,498 $ 33.58 __________ (1) Restricted Stock Units (RSUs) awarded to certain officers and employees during the first and second quarters o f 2026 vest 50% after 24 months and an additional 25% on the third and fourth anniversaries of the grant date. Included in the second quarter RSUs are 31,931 units awarded to the Board of Directors for their annual fee, vesting one year from the date of the award. Upon vesting, the outstanding number of RSUs vested are converted into common stock. (2) Performance Stock Units (PSUs) were awarded to certain executive officers and other employees during the first quarter o f 2026 with a target of 381,000 shares and performance metrics tied to the Companys revenue compounded annual growth rate (CAGR) from 2026 through 2028 and total shareholder return (TSR) relative to its …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The following tables present the Companys fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of the periods presented: Balance Sheet Classification June 30, 2026 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market funds Cash and cash equivalents $ 79,694 $ $ $ 79,694 U.S. Treasuries Investments 8,843 8,843 Corporate bonds Investments 7,997 7,997 Total assets $ 88,537 $ 7,997 $ $ 96,534 Balance Sheet Classification December 31, 2025 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market funds Cash and cash equivalents $ 28,255 $ $ $ 28,255 U.S. Treasuries Investments 5,980 5,980 Total assets $ 34,235 $ $ $ 34,235 Liabilities Debt derivative liabilities $ $ $ 3,886 $ 3,886 The changes in Level 3 liabilities measured at fair value on a recurring basis for the periods presented were as follows: (in thousands) Three Months Ended June 30, 2025 Balance at March 31, 2025 $ 2,558 Change in fair value included in net loss (480) Balance at June 30, 2025 $ 2,078 Six Months Ended (in thousands) June 30, 2026 June 30, 2025 Balance at December 31, 2025 and 2024 $ 3,886 $ 2,400 Change in fair value included in net loss (322) Extinguishment of debt derivative (3,886) Balance at June 30, 2026 and 2025 $ $ 2,078 There were no changes in the levels or methodology of the measurement of financial assets or liabilities during the six months ended June 30, 2026 and 2025. The fair values of cash, …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Company has not recorded material income tax expense or income tax benefit for the three and six months ended June 30, 2026 and 2025 due to the generation of fiscal year net operating losses, the benefits of which have been fully reserved. Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities as measured by enacted state and federal tax rates. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that a portion or none of the deferred tax assets will be realized. As of June 30, 2026 and December 31, 2025, management assessed the realizability of deferred tax assets. After consideration of all the evidence, including reversal of deferred tax liabilities, future taxable income and other factors, management determined that a full valuation allowance was necessary as of June 30, 2026 and December 31, 2025. A portion of the net operating loss carryforwards may expire due to limitations imposed by Section 382 of the Internal Revenue Code (IRC). In addition, future utilization of the available net operating loss carryforwards may be limited under IRC Section 382 as a result of changes in ownership. In the normal course of business, the Company is subj …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs. The components of total operating lease expense and sublease income are as follows for the periods presented: Three Months Ended Six Months Ended (in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Operating lease costs $ 949 $ 919 $ 1,891 $ 1,830 Short-term lease costs 29 133 60 262 Variable lease costs 364 (11) 709 48 Total operating lease expense $ 1,342 $ 1,041 $ 2,660 $ 2,140 Sublease income $ 271 $ 272 $ 541 $ 541 Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods presented: (in thousands, except lease term and discount rate) June 30, 2026 December 31, 2025 Operating Leases Right-of-use operating assets $ 13,845 $ 12,732 Current maturities of long-term lease obligations $ 1,956 $ 2,354 Long-term lease obligations $ 18,070 $ 16,838 Financing Leases Right-of-use financing assets, net of accumulated amortization (1) $ 35 $ 44 Current maturities of long-term lease obligations $ 19 $ 18 Long-term lease obligations $ 21 $ 32 Weighted average operating lease term 7.7 years 8.1 years Weighted average financing lease term 2.2 years 1.8 years Weighted average discount rate - operating leases 10.27% 10.87% Weighted average discount rate - financing lease …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses (ASU 2024-03), and in January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 requires additional disclosure of the nature of expenses included in the statement of operations as well as disclosures about specific types of expenses included in the expense captions presented in the statement of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. Upon adoption, the Company expects to enhance expense disclosures based on the new requirements. In September 2025, the FASB issued ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). ASU 2025-06 was issued to modernize the accounting for software costs that are accounted for under Subtopic 350-40, including removing reference to project stages and adding the probable-to-complete recognitio …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segments The Company determines its operating segments in accordance with FASB ASC 280, Segment Reporting (ASC 280). ASC 280 defines operating segments as components where discrete financial information is regularly reviewed by the chief operating decision maker (CODM), which for the Company is the Chief Executive Officer, to determine resource allocation and assess performance. As such, based on the way the CODM monitors and makes decisions affecting operations, the Company has concluded that it has one operating and reportable segment. The CODM is regularly provided with only the consolidated expenses as noted on the face of the Condensed Consolidated Statements of Operations. As the Company has only one operating segment and is managed on a consolidated basis, the measure of profit or loss is consolidated net income or loss. The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances. Geographic Areas International revenues are defined as revenues generated from sales to customers outside of the U.S. The following table details total revenues by major geographic area for the periods presented: Three Months Ended Six Months Ended (in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 U.S. $ 69,005 $ 55,847 $ 129,136 $ 103,689 International 726 815 2,052 1,533 Total revenues $ 69,731 $ 56,662 $ 131,188 $ 105,222 As of June 30, 2026 and December 31, 2025, all of the Companys long- …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Please see Note 2 - Summary of Significant Accounting Policies to the Companys consolidated financial statements included in the Companys Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report on Form 10-K), filed with the SEC on February 24, 2026, for a description of all significant accounting policies. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025. The Companys condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and therefore do not include all information and footnotes necessary for a fair presentation of consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2025, which are included in the 2025 Annual Report on Form 10-K. The interim condensed consolidated financial statements are unaudited, and in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of results for the periods presented. The results of operations for the three and s …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders Equity On January 21, 2026, the Company entered into an underwriting agreement (the Underwriting Agreement) with Wells Fargo Securities, LLC and Mizuho Securities USA LLC, as representatives of the underwriters (the Underwriters). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 4,000,000 shares of its common stock, $0.01 par value per share, at a public offering price of $31.00 per share, plus an additional 600,000 shares pursuant to the Underwriters option to purchase additional shares. The Offering closed on January 23, 2026 with a sale of 4,600,000 shares. The Company received net proceeds from the Offering of $133,252, after deducting the underwriting discounts and commissions, and expenses in connection with the Offering. Net proceeds from the Offering were used for the early payoff and termination of the Credit Facility for a final repayment amount of $69,707. The remaining net proceeds will be used for working capital, capital expenditures and other general corporate purposes. See Note 8 - Long-Term Debt, Net of Debt Discount and Financing Fees for details regarding the termination of the Credit Facility. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On July 28, 2026, the Company invested $7,000 in Trace Biosciences, a privately held biotechnology company. The Company funded this investment with cash on hand.

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