Interest Rate Sensitivity and Effects of Inflation The market risk inherent in our financial instruments and in our financial position represents the potential loss arising from adverse changes in interest rates. As of June 30, 2026, we had cash, cash equivalents and marketable securities of $430.6 million, consisting of bank deposits, interest-bearing money market funds, and marketable securities, for which the fair value would be affected by changes in the general level of U.S. interest rates. However, due to the short to medium-term maturities of our cash equivalents and marketable securities, an immediate 10% change in interest rates would not have a material effect on the fair value of our cash equivalents or marketable securities. As of June 30, 2026, we had $20.0 million outstanding under our Loan and Security Agreement, which bears interest at a floating rate. A hypothetical 75 basis point increase in interest rates would increase our annual interest expense by approximately $0.2 million, assuming the outstanding principal balance remained constant for the full year. We currently believe this impact would not be material to our financial condition or results of operations. We do not believe that inflation or interest rate changes have had a significant impact on our results of operations for any periods presented herein. 45