​ The interim financial statements included in this Quarterly Report on Form 10-Q and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2025, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the 2025 Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements are subject to risks and uncertainties, including those discussed in the section titled “Risk Factors,” set forth in Part II – Other Information, Item 1A below and elsewhere in this report, that could cause actual results to differ materially from historical results or anticipated results. Overview We are a fully integrated commercial-stage innovative oncology company with an approved next-generation PD-1 inhibitor, LOQTORZI, and a pipeline that includes two mid-stage clinical candidates targeting liver, prostate, head & neck, colorectal and other cancers. Our strategy is to grow sales of LOQTORZI in NPC while advancing the development of our two pipeline candidates in combination with LOQTORZI and/or with other novel agents, and through strategic partnerships. We have global rights to both clinical-stage candidates and plan to execute ex-U.S. licensing deals as the clinical data supports such transactions. We primarily operate in the United States and partner with companies that operate in other countries. Product and Product Candidates Our portfolio includes the following product and product candidates: Oncology ● LOQTORZI was developed for its ability to block PD-1 interactions with its ligands, PD-L1 and PD-L2, by binding to the FG loop on the PD-1 receptor. We believe blocking PD-1 interactions with PD-L1 and PD-L2 can help to promote the immune system’s ability to attack and kill tumor cells. On October 27, 2023, we announced that LOQTORZI was approved by the FDA in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and as monotherapy for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. LOQTORZI is an anti-PD-1 antibody that we developed in collaboration with Junshi Biosciences. We announced the launch of LOQTORZI in the U.S. on January 2, 2024. On December 11, 2023 we announced that National Comprehensive Cancer Network (“NCCN”) updated the clinical practice guidelines for NPC to include LOQTORZI as a preferred, category 1 first-line treatment option for adults with metastatic or recurrent locally advanced NPC when used in combination with cisplatin and gemcitabine. On November 26, 2024, NCCN made a further update to the clinical practice guidelines for NPC to specify that LOQTORZI is the only preferred category 1 first-line treatment option for adults with metastatic or recurrent locally advanced NPC when used in combination with cisplatin and gemcitabine. The guidelines also recommend LOQTORZI monotherapy as the only preferred treatment in subsequent lines of therapy with disease progression on or after a platinum-containing therapy. Further evaluation of LOQTORZI is expected through multiple current and planned clinical studies by us and our partners. We have a post marketing commitment study active and enrolling patients in locations in the U.S. and Canada in order to further evaluate the efficacy of toripalimab in combination with chemotherapy (cisplatin and gemcitabine) in patients with advanced NPC (clinicaltrials.gov identifier# NCT06457503). Junshi Biosciences is currently enrolling in a multiregional Phase 3 clinical study evaluating the treatment of 28 Table of Contents LOQTORZI with its investigational anti-BTLA antibody in Limited-Stage Small Cell Lung Cancer (“LS-SCLC”) (clinicaltrials.gov identifier# NCT06095583). INOVIO Pharmaceuticals, Inc. plans a randomized Phase 3 study of INO-3112 and toripalimab in locally advanced, high risk HPV16/18+ oropharyngeal squamous cell carcinoma. Cancer Research Institute is evaluating toripalimab in combination with ENB Therapeutics’ investigational agent ENB-003 in its Phase 2 trial titled, “Immunotherapy Platform Study in Platinum Resistant High Grade Serous Ovarian Cancer (IPROC)” (clinicaltrials.gov identifier# NCT04918186) that is being performed in collaboration with Canadian Cancer Trials Group. Zumutor Biologics is evaluating ZM008, a novel NK checkpoint anti-LLT1 monoclonal antibody in combination with toripalimab (clinicaltrials.gov identifier# NCT06451497). The study will enroll patients with advanced solid tumors including colorectal, head and neck, non-small cell lung cancer, clear cell renal cell carcinoma and urothelial cancers. On June 27, 2024, we entered into the Canada License Agreement with Apotex. ● Casdozokitug (CHS-388, formerly SRF388), is an investigational recombinant human IgG1 monoclonal antibody targeting IL-27, an immune regulatory cytokine, or protein that is overexpressed in certain cancers, including hepatocellular, lung and renal cell carcinoma. IL-27 is a cytokine secreted by macrophages and antigen presenting cells that plays an important physiological role in suppressing the immune system, as evidenced by its ability to resolve tissue inflammation. In addition, IL-27 is highly expressed during pregnancy and its expression is correlated with maternal-fetal tolerance. Due to its immune regulatory nature, there is a rationale for inhibiting IL-27 to treat cancer, as this approach will influence the activity of multiple types of immune cells that are necessary to recognize and attack a tumor. Casdozokitug received orphan drug designation from the FDA for the treatment of hepatocellular carcinoma (“HCC”) in October 2020. Casdozokitug is currently being evaluated in an ongoing randomized Phase 2 clinical study in HCC evaluating casdozokitug in combination with toripalimab and bevacizumab (clinicaltrials.gov identifier# NCT06679985). ● Tagmokitug (CHS-114, formerly SRF114), is an investigational human afucosylated IgG1 monoclonal antibody selectively targeting CCR8, a chemokine receptor highly expressed on regulatory T cells (“Treg cells”) in the tumor microenvironment. Tagmokitug is designed as a cytolytic antibody to cause depletion of CCR8+ Treg cells, important regulators of immune suppression and tolerance, through Antibody-Dependent Cell-mediated Cytotoxicity (“ADCC”), Antibody-Dependent Cellular Phagocytosis or (“ADCP”) or both. Tagmokitug has shown anti-tumor activity as monotherapy and in combination with anti-PD-1 antibodies in preclinical models. We are currently evaluating tagmokitug in combination with toripalimab in a Phase 1b clinical study in second-line head and neck squamous cell carcinoma (“HNSCC”) (clinicaltrials.gov identifier# NCT05635643). We also have an ongoing Phase 1b/2a clinical study of tagmokitug in combination with toripalimab and/or other treatments in participants with advanced solid tumors with the first cohorts evaluating upper GI adenocarcinomas, esophageal squamous cell cancer and microsatellite stable colorectal cancer (clinicaltrials.gov identifier# NCT06657144). On February 4, 2026, we announced a clinical supply agreement with Janssen Research & Development, LLC, to evaluate tagmokitug in combination with pasritamig, a T-cell engaging bispecific antibody, in a Phase 1b clinical study in patients with metastatic castration-resistant prostate cancer. Under the terms of the clinical supply agreement, Janssen will provide pasritamig to us, and we will be the sponsor of the Phase 1b clinical trial. Janssen and us each retain all commercial rights to our respective compounds, including as monotherapy or as combination treatments. The pasritamig combination study is expected to initiate in the fall of 2026. License Agreement with Junshi Biosciences On February 1, 2021, we entered into the Collaboration Agreement with Junshi Biosciences for the co-development and commercialization of LOQTORZI, Junshi Biosciences’ anti-PD-1 antibody in the United States and Canada. 29 Table of Contents Under the terms of the Collaboration Agreement, we paid $150.0 million upfront for exclusive rights to LOQTORZI in the United States and Canada. We obtained the right to conduct all commercial activities of LOQTORZI in the United States and Canada. We paid $25.0 million for the achievement of certain milestones, and we pay a royalty in the low twenty percent range on net sales of LOQTORZI. On June 27, 2024, we entered into the Canada License Agreement. In October 2025, Apotex received Health Canada approval for LOQTORZI for the treatment of recurrent unresectable or metastatic nasopharyngeal cancer. ​ Results of Operations Comparison of Three and Six Months Ended June 30, 2026 and 2025 Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change LOQTORZI ​ $ 13,613 ​ $ 9,959 ​ $ 3,654 ​ $ 25,416 ​ $ 17,307 ​ $ 8,109 Other revenue ​ ​ 694 ​ ​ 295 ​ ​ 399 ​ ​ 1,201 ​ ​ 546 ​ ​ 655 Total net revenue ​ $ 14,307 ​ $ 10,254 ​ $ 4,053 ​ $ 26,617 ​ $ 17,853 ​ $ 8,764 ​ The increases in LOQTORZI net revenue for the three and six months ended June 30, 2026, compared to the same periods in the prior year, were driven primarily by volume growth of LOQTORZI. We expect net revenue from continuing operations in 2026 to be higher than in 2025 because of continued growth of LOQTORZI. ​ Cost of Goods Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ Cost of goods sold ​ $ 4,242 ​ $ 3,395 ​ $ 847 ​ $ 8,056 ​ $ 6,048 ​ $ 2,008 ​ ​ Gross margin ​ 70 % 67 % ​ ​ ​ 70 % 66 % ​ ​ ​ ​ The increases in cost of goods sold from continuing operations for the three and six months ended June 30, 2026, compared to the same periods in the prior year, were primarily due to volume growth of LOQTORZI. We expect cost of goods sold from continuing operations for 2026 to be higher than 2025 because of continued growth of LOQTORZI. Research and Development Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Clinical Stage as of ​ Three Months Ended June 30, ​ Six Months Ended June 30, (in thousands) ​ ​ ​ June 30, 2026 ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change External costs incurred by product candidate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Casdozokitug ​ Clinical trials ​ $ 6,405 ​ $ 8,240 ​ $ (1,835) ​ $ 12,403 ​ $ 12,775 ​ $ (372) Tagmokitug ​ Clinical trials ​ ​ 6,209 ​ ​ 5,523 ​ ​ 686 ​ ​ 12,307 ​ ​ 12,457 ​ ​ (150) LOQTORZI ​ Approved(1) ​ ​ 542 ​ ​ 1,888 ​ ​ (1,346) ​ ​ 1,783 ​ ​ 3,566 ​ ​ (1,783) Other discontinued projects ​ Discontinued ​ ​ 6 ​ ​ 9 ​ ​ (3) ​ ​ 12 ​ ​ (81) ​ ​ 93 Other research and development expenses ​ ​ ​ ​ 211 ​ ​ 406 ​ ​ (195) ​ ​ 457 ​ ​ 660 ​ ​ (203) Internal costs ​ ​ ​ ​ 8,069 ​ ​ 10,240 ​ ​ (2,171) ​ ​ 16,023 ​ ​ 21,285 ​ ​ (5,262) Total research and development expenses from continuing operations ​ ​ ​ $ 21,442 ​ $ 26,306 ​ $ (4,864) ​ $ 42,985 ​ $ 50,662 ​ $ (7,677) ​ (1) In October 2023, LOQTORZI was approved by the FDA in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and for LOQTORZI as monotherapy for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. 30 Table of Contents The reduction in internal costs for the three months ended June 30, 2026 includes a $2.3 million decrease in employee-related costs including stock-based compensation. The reduction in internal costs for the six months ended June 30, 2026 includes a $3.5 million decrease in employee-related costs, including stock-based compensation, and a $1.8 million decrease in facilities, supplies, material and other infrastructure costs. We expect our fixed research and development expenses in 2026 to be lower than in 2025 primarily due to lower expenditures on manufacturing-related development activities and reduced headcount. Selling, General and Administrative Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change Selling, general and administrative ​ $ 20,954 ​ $ 26,039 ​ $ (5,085) ​ $ 44,058 ​ $ 52,064 ​ $ (8,006) ​ The decrease in selling, general and administrative expenses from continuing operations in the three and six months ended June 30, 2026 was primarily driven by a lower average headcount and reduced operating costs following our 2025 exit from the biosimilar business. As a result, employee-related costs, including stock-based compensation, decreased $2.3 million and $4.5 million for the three- and six-month periods, respectively, while professional fees decreased by $2.3 million and $2.8 million, respectively. We expect our selling, general and administrative expense from continuing operations for the full year 2026 to be lower than the full year 2025 primarily as a result of decreased operating costs and headcount. Interest Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change Interest expense ​ $ 2,323 ​ $ 2,277 ​ $ 46 ​ $ 4,509 ​ $ 4,427 ​ $ 82 ​ Interest expense from continuing operations for the three and six months ended June 30, 2026 and 2025, respectively, was comparable and consisted of interest expense on the $38.7 million 2029 Term Loan and the LOQTORZI portion of the Revenue Purchase and Sale Agreement. We expect interest expense from continuing operations to be comparable in 2026 to 2025. Other Income (Expense), Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change Other income (expense), net ​ $ 1,307 ​ $ 2,901 ​ $ (1,594) ​ $ 2,709 ​ $ 3,088 ​ $ (379) ​ Other income (expense), net from continuing operations for the three and six months ended June 30, 2026 changed unfavorably compared to the same periods in the prior year by $1.6 million and $0.4 million, respectively, primarily due to lower total interest and investment income. The unfavorable change for the six-month period was partially offset by a $0.8 million charge for the LOQTORZI Royalty Fee Derivative Liability adjustment in the first quarter of 2025. 31 Table of Contents Net Income from Discontinued Operations, net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ Change Net income from discontinued operations, net of tax ​ $ 12,716 ​ $ 342,629 ​ $ (329,913) ​ $ 11,324 ​ $ 333,458 ​ $ (322,134) ​ The reductions in net income from discontinued operations, net of tax compared to the prior year periods were primarily due to the $339.1 million net gain and lower net revenue in 2026 driven by the UDENYCA Sale, partially offset by the $10.3 million charge in 2025 for loss on debt extinguishment related to the 2026 Convertible Notes and the UDENYCA Buy-out, lower cost of goods sold and selling, general and administrative expense, and no discontinued operations interest expense in 2026. Total net revenues attributable to our divested products, UDENYCA, CIMERLI and YUSIMRY, which are reflected in discontinued operations, were $12.8 million and $23.1 million for the three months ended June 30, 2026 and 2025, respectively, and $11.9 million and $55.2 million during the six months ended June 30, 2026 and 2025, respectively. For the three and six months ended June 30, 2026, net revenue was primarily driven by favorable adjustments to prior period estimates. In addition, the decrease in the six-month period was partially offset by an $11.8 million charge in the first quarter of 2025 for the change in fair value of the Royalty Fee Derivative Liability related to UDENYCA. Liquidity and Capital Resources Certain relevant measures of our liquidity and capital resources are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 Financial assets ​ ​ ​ ​ ​ ​ Total Cash, cash equivalents and marketable securities ​ $ 105,306 ​ $ 172,125 ​ ​ ​ ​ ​ ​ ​ Financial liabilities(1): ​ ​ ​ ​ 2029 Term Loan ​ $ 37,247 ​ $ 37,051 Revenue Purchase and Sale Agreement ​ ​ 14,770 ​ ​ 14,028 2026 Convertible Notes ​ — ​ 121 Total Financial liabilities ​ $ 52,017 ​ $ 51,200 (1) See “Note 8. Financial Liabilities” in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q. ​ As of June 30, 2026, we had cash, cash equivalents and marketable securities of $105.3 million and an accumulated deficit of $1.4 billion. We currently have one commercial product, LOQTORZI, which generated $13.6 million in net revenues during the three months ended June 30, 2026. Cash in excess of immediate requirements is invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. As of June 30, 2026, our cash, cash equivalents and marketable securities are primarily held in money market accounts, commercial paper and corporate notes, and U.S. Treasury securities. We have funded our operations primarily through the sale of our common stock, issuance and incurrence of debt, the Revenue Purchase and Sale Agreement, the Sale Transactions and sales of our products. During the three months ended March 31, 2026, we completed the sale and issuance of 32,890,000 Offering Shares, which included all the Optional Shares. We received net proceeds of $53.6 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by us. 32 Table of Contents We are party to a sales agreement with TD Cowen, pursuant to which (and subject to applicable law) we may sell shares of our common stock in an at-the-market offering. As of June 30, 2026, we had approximately $64.9 million of our common stock remaining available for sales under the Sales Agreement. We believe that our available cash, cash equivalents and marketable securities, and product sales will be sufficient to fund our planned expenditures and meet our obligations for at least the twelve months following our financial statement issuance date. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. Further, our operating plan may change, and we may need additional funds to meet operational needs and capital requirements for product development and commercialization sooner than planned. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates and the extent to which we may enter into additional agreements with third parties to participate in their development and commercialization, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated research and development activities, and on-going and future licensing and collaboration obligations. We may need to raise additional funds in the future; however, there can be no assurance that such efforts will be successful or that, if they are successful, the terms and conditions of such financing will be favorable. Our future funding requirements will depend on many factors, including the following: ● cash proceeds from product sales; ● the payment of interest, principal and royalties related to our financial liabilities; ● the costs of manufacturing, distributing and marketing our product; ● the cost of manufacturing clinical drug supplies and establishing commercial supplies of our product candidates and product; ● the percentage of customers that purchase our product and that do not choose or switch to products made by our competitors; ● the terms and timing of any other collaborative, licensing and other arrangements that we have established or may establish; ● the timing, receipt and amount of sales, profit sharing or royalties, if any, from any product candidates that are approved in the future; ● the number and characteristics of product candidates that we pursue; ● the scope, rate of progress, results and cost of our clinical trials, preclinical testing and other related activities; ● the costs of manufacturing preclinical study and clinical trial supplies and other materials from CMOs and related costs associated with release and stability testing; ● whether we receive either of the Earnout Payments from the sale of the UDENYCA Business; ● the cost, timing and outcomes of regulatory approvals; and ● the extent to which we divest, acquire or invest in businesses, products or technologies. For further discussion of risks related to our financial condition and capital requirements, see “Risk Factors— Risks Related to Our Financial Condition and Capital Requirements.” 33 Table of Contents Contingent Milestones We have obligations to make future payments to third parties that become due and payable upon the achievement of certain development, regulatory and commercial milestones (such as clinical trial achievements, the filing of a Biologics License Application (“BLA”), approval by the FDA or product launch). These milestone payments and other similar fees are contingent upon future events and therefore are only recorded when it becomes probable that a milestone will be achieved or other applicable criteria will be met. Because the achievement of these milestones had not reached the threshold for recognition as of June 30, 2026, such contingencies were not recorded in our financial statements. The following presents a summary of our active partnerships and collaborations that have material contingent regulatory and sales milestones as of June 30, 2026: ​ ​ ​ ​ ​ ​ Counterparty ​ Description ​ Remaining Potential Aggregate Milestone Amount Junshi Biosciences ​ LOQTORZI ​ $355.0 million (1) Adimab LLC ​ Casdozokitug ​ $10.5 million Vaccinex, Inc. ​ Tagmokitug ​ $13.5 million Memorial Sloan Kettering Cancer Center ​ Tagmokitug ​ $7.2 million (1) $65.0 million relates to regulatory milestones and $290.0 million relates to sales milestones. Contingent Value Rights ​ As of June 30, 2026, the remaining CVRs in connection with the Surface Acquisition consisted of the CVRs associated with the receipt by us of any upfront payments pursuant to ex-U.S. licensing agreements related to casdozokitug or tagmokitug. The potential payments are only due if we first receive upfront payments pursuant to ex-U.S. licensing agreements, less any permitted deductions in accordance with the CVR Agreement. Payments to CVR holders can be in the form of cash, stock or a combination of cash and stock. Other Commitments ​ Transition service agreements Since certain contracts with third parties related to the divested biosimilar businesses could not immediately be transitioned to the buyers in the Sale Transactions at the respective divestiture dates, generally because the contracts did not allow for assignment, we remained a legal party to transactions occurring after the closings, often functioning as an agent on behalf of the buyer. These transactions are presented within TSA receivables, net and TSA payables and accrued liabilities in the condensed consolidated balance sheets, and they generally do not have a net effect on the condensed consolidated statements of operations. The use of cash to settle TSA payables and accrued liabilities is expected to occur in a front-loaded fashion over the remainder of 2026. The CIMERLI and YUSIMRY TSAs were substantially completed as of December 31, 2025. In addition, in connection with the divestiture of the UDENYCA Business, we have certain contractual obligations related to inventory replacement under a legacy customer agreement. Pursuant to the terms of that agreement, we may be required to pay Accord for replacing certain inventory in specified circumstances. Our maximum potential exposure under this obligation is approximately $5.9 million. As of June 30, 2026, no amounts have been recorded in the condensed consolidated financial statements related to this matter. We will continue to assess this matter each reporting period and recognize a liability at such time as reimbursement is required. 34 Table of Contents Non-cancelable purchase commitments We enter into contracts in the normal course of business with third-party contract research organizations (“CROs”) for preclinical research studies and clinical trials, research supplies and other services and products for operating purposes. We have also entered into agreements with several CMOs for the manufacture of our commercial product and clinical drug supply. Our non-cancelable purchase commitments as of June 30, 2026 were $3.3 million, as outlined in Note 9. Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q. Leases There have been no significant changes to our leases during the six months ended June 30, 2026, as compared to the disclosure in our 2025 Form 10-K. Summary Statement of Cash Flows The following table summarizes our cash flows for discontinued and continuing operations on a combined basis as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, (in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 Net cash used in operating activities ​ $ (119,976) ​ $ (72,458) Net cash provided by investing activities ​ 60,286 ​ 445,152 Net cash provided by (used in) financing activities ​ ​ 53,734 ​ ​ (281,788) Net increase (decrease) in cash, cash equivalents and restricted cash ​ $ (5,956) ​ $ 90,906 ​ Net cash used in operating activities Net cash used in operating activities of $120.0 million and $72.5 million for the six months ended June 30, 2026 and 2025, respectively, was primarily due to commercial activity, research and development activities and selling, general and administrative expenses to support those activities. Net income (loss) for the six months ended June 30, 2026 and 2025, included, among other items, adjustments to arrive at operating cash flows. Adjustments for the six months ended June 30, 2026 included the non-cash release of biosimilar revenue related reserves of $13.1 million, non-cash stock-based compensation expense of $5.0 million, and non-cash depreciation and amortization of $1.7 million. Adjustments for the six months ended June 30, 2025 included the gain on Sale Transactions of $339.1 million, non-cash change in fair value of derivatives of $12.6 million, non-cash stock-based compensation expense of $10.8 million, loss on debt extinguishment of $10.3 million, and non-cash depreciation and amortization of $2.1 million. Net cash provided by investing activities Cash provided by investing activities of $60.3 million for the six months ended June 30, 2026 was primarily due to $81.7 million cash received from maturities of investments, offset by $20.3 million purchases of investments in marketable securities. Cash provided by investing activities of $445.2 million for the six months ended June 30, 2025 was primarily due to $483.4 million cash received for the UDENYCA Sale, partially offset by $20.7 million in purchases of investments in marketable securities, the second out of two $12.5 million milestone payments to Junshi Biosciences and $4.7 million in retention bonus payments in connection with the CIMERLI Sale. 35 Table of Contents Net cash provided by (used in) financing activities Cash provided by financing activities of $53.7 million for the six months ended June 30, 2026 was mainly due to proceeds from issuance of common stock in connection with our Public Offering, net of issuance costs in the first quarter of 2026. Cash used in financing activities of $281.8 million for the six months ended June 30, 2025 was due to $233.2 million for repayment of substantially all the 2026 Convertible Notes and $47.7 million for the UDENYCA Buy-out. Discontinued operations Cash flows from continuing operations and discontinued operations have been presented together in the condensed consolidated statement of cash flows. During the six months ended June 30, 2026, operating cash flows from discontinued operations primarily reflected $42.2 million of payments for TSA related operating assets and liabilities, net. During the six months ended June 30, 2025, operating cash flows of discontinued operations were primarily related to the following adjustments to arrive at operating cash flows: the net gain on UDENYCA Sale of $339.1 million, partially offset by the $11.8 million change in fair value for the UDENYCA portion of the Royalty Fee Derivative Liability and a loss on debt extinguishment of $10.3 million. Critical Accounting Policies and Significant Judgments and Estimates The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported revenue generated and expense incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. There have been no significant changes to our critical accounting estimates during the six months ended June 30, 2026, as compared to the critical accounting estimates described in our 2025 Form 10-K. We believe that the critical accounting estimates discussed in the 2025 Form 10-K are meaningful to understanding our historical and future performance, as these estimates relate to the more significant areas involving management’s judgments and assumptions. Recent Accounting Pronouncements For a description of the impact of recent accounting pronouncements, see Note 1. Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q. ​