We are exposed to certain market risks in the ordinary course of our business. Our market risk exposure is primarily a result of exposure resulting from interest rates, currency exchange rates, and effects of inflation. Interest Rate Risk We are exposed to interest rate risks related to our cash, cash equivalents and borrowings. We had cash and cash equivalents of $55.8 million as of June 30, 2026, which consist of cash and money market funds. We held cash in foreign banks of approximately $10.4 million as of June 30, 2026 that was not federally insured. Interest-earning money market funds carry a degree of interest rate risk; however, historical fluctuations in interest income have not been significant. We had outstanding debt of $37.4 million under the Perceptive Agreement with an annual effective interest rate of 13.9% as of June 30, 2026. In the ordinary course of business, we may enter into contractual arrangements to reduce our exposure to interest rate risks. We believe that a 10% change in interest rates would not have a significant impact on our consolidated financial statements. Foreign Currency Exchange Risk We operate in countries other than the United States and are exposed to foreign currency risks. Revenue from sales outside of the United States represented 36.7% and 37.6% of our total revenue for the six months ended June 30, 2026 and June 30, 2025, respectively. We bill most direct sales outside of the United States in local currencies, which are mostly comprised of the Swiss franc, the Euro, the British pound, and the Australian dollar. Operating expenses related to these sales are largely denominated in the same respective currency, thereby limiting our transaction risk exposure. We therefore believe that the risk of a significant impact on our operating income from foreign currency fluctuations is not significant. The risk of a significant impact on our operating income from foreign currency fluctuations will further diminish as revenue from sales to customers in the United States increases and represents a greater proportion of total revenues. A 10% change in weighted average foreign currency exchange rates would have changed our revenues and operating expenses for the six months ended June 30, 2026 by approximately $1.6 million and $1.0 million, respectively, with a net impact of $0.6 million on our net loss. A 10% change in weighted average foreign currency exchange rates would have changed our revenues and operating expenses for the three months ended June 30, 2025 by approximately $1.7 million and $1.0 million, respectively, with a net impact of $0.7 million on our net loss. We do not currently hedge our exposure to foreign currency exchange rate fluctuations; however, we may choose to hedge our exposure in the future. Inflation Risk High inflation rates in the U.S. and overseas have resulted in increased transportation, wages, and other costs. Inflation may generally affect us by increasing our cost of labor, commercial support, manufacturing and clinical trial expenditures. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, if our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs with increased revenues. Our inability or failure to do so could harm our business, financial condition, and results of operations. 46