The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in Item 1 in this Quarterly Report on Form 10-Q (this “Quarterly Report”). The following discussion should also be read in conjunction with our audited consolidated financial statements and the notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise provided in this Quarterly Report, references to the “Company,” “we,” “us,” and “our” refer to Puma Biotechnology, Inc., a Delaware corporation, together with its wholly owned subsidiary. Overview We are a biopharmaceutical company that develops and commercializes innovative products to enhance cancer care and improve treatment outcomes for patients. We are currently commercializing NERLYNX, an oral version of neratinib, for the treatment of certain HER2-positive breast cancers. Additionally, in 2022, we in-licensed and became responsible for the global development and commercialization of alisertib. Alisertib is a selective, small-molecule inhibitor of Aurora Kinase A that is designed to disrupt mitosis leading to apoptosis of rapidly proliferating tumor cells that are dependent on Aurora Kinase A. Prior to our licensing alisertib from Takeda, alisertib was tested in over 1,300 patients who were treated across 22 company-sponsored trials resulting in a large, well-characterized clinical safety database. Based on information in this database, we believe alisertib has potential application in the treatment of a range of different cancer types, including hormone receptor-positive breast cancer, triple-negative breast cancer, and small cell lung cancer. We intend to pursue development of alisertib initially in small cell lung cancer and hormone receptor-positive breast cancer. NERLYNX is currently approved in the United States for two indications: the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer following adjuvant trastuzumab-based therapy and for use in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. We currently market NERLYNX in the United States using our direct specialty sales force consisting of approximately 38 sales specialists as of June 30, 2026. Our sales specialists are supported by an experienced sales leadership team consisting of regional managers and directors, as well as a commercial team of experienced professionals in marketing, access and reimbursement, managed markets, marketing research, commercial operations and sales force planning and management. Outside the United States, we seek to enter into exclusive sub-license agreements with third parties to pursue regulatory approval, if necessary, and commercialize NERLYNX, if approved. As of June 30, 2026, NERLYNX has received approval for the treatment of certain patients with extended adjuvant or metastatic HER2-positive breast cancer in over 60 countries outside the United States. We are currently party to several sub-licenses in various regions outside the United States, including Europe (excluding Ukraine), Australia, Canada, China, Southeast Asia, Israel, South Korea, Russia and various countries and territories in Central America, South America, Africa and the Middle East. In September 2022, we entered into an exclusive license agreement with Takeda Pharmaceutical Company Limited (“Takeda”) to license the worldwide research and development and commercial rights to alisertib. Alisertib is an investigational, reversible, ATP-competitive inhibitor that is designed to be highly selective for Aurora Kinase A. Inhibition of Aurora Kinase A can lead to disruption of mitotic spindle apparatus assembly, disruption of chromosome segregation, and inhibition of cell proliferation. In clinical trials to date, alisertib has shown single agent activity and activity in combination with other cancer drugs in the treatment of many different types of cancers, including hormone receptor-positive breast cancer, triple-negative breast cancer, small cell lung cancer and head and neck cancer. We initiated the ALISertib in CAncer (ALISCA® -Lung1) Phase II trial (PUMA-ALI-4201) of alisertib monotherapy for the treatment of patients with extensive stage small cell lung cancer in February 2024, and we commenced the ALISCA™ -Breast1 Phase II trial (PUMA-ALI-1201) in November 2024. 33 Table of Contents Under the terms of the exclusive license agreement, we assumed sole responsibility for the global development and commercialization of alisertib. We paid Takeda an upfront license fee of $7.0 million in October 2022, and it is eligible to receive potential future milestone payments of up to $287.3 million upon our achievement of certain regulatory and commercial milestones over the course of the exclusive license agreement, as well as tiered royalty payments for any net sales of alisertib. We recorded in-process research and development expense of $7.0 million during the year ended December 31, 2022 in connection with the upfront payment related to the asset acquisition. As of June 30, 2026, no milestones had been accrued as the underlying contingencies were not probable. Our expenses to date have been related to hiring staff, commencing company-sponsored clinical trials, building out of our corporate infrastructure and, since 2017, the commercial launch of NERLYNX. Going forward, we anticipate significant expenses as we continue to develop alisertib in 2026. Accordingly, our success depends not only on the safety and efficacy of our drug candidates, but also on our ability to finance product development. To date, our major sources of working capital have been proceeds from product and license revenue, public and private offerings of our common stock, and proceeds from debt financings. We intend to satisfy our near-term liquidity requirements through a combination of our existing cash and cash equivalents and marketable securities as of June 30, 2026, and proceeds that we expect to become available to us through product sales, royalties, and sub-license milestone payments. However, this intention is based on assumptions that may prove to be wrong. Changes may occur that would consume our available capital faster than anticipated, including changes in and progress of our development activities, the impact of commercialization efforts, acquisition of additional drug candidates and changes in regulation. Some of these developments have had and may continue to have an adverse effect on our revenue. Critical Accounting Policies As of the date of the filing of this Quarterly Report, we believe there have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026 from our accounting policies at December 31, 2025, as reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Summary of Income and Expenses Product revenue, net: Product revenue, net consists of revenue from sales of NERLYNX. We sell NERLYNX to a limited number of specialty pharmacies and specialty distributors in the United States. We record revenue at the net sales price, which includes an estimate for variable consideration for which reserves are established. Variable consideration consists of trade discounts and allowances, product returns, provider chargebacks and discounts, government rebates, and other incentives. Product revenue also consists of product sales under sub-license agreements to our sub-licensees, who then sell into their respective international territories. License revenue: License revenue consists of consideration earned for performance obligations satisfied pursuant to our sub-license agreements. Royalty revenue: Royalty revenue consists of consideration earned related to product sales made by our sub-licensees in their respective territories pursuant to our sub-license agreements. Under our sub-license agreement covering China, the royalty rate payable to us is subject to reduction when the market share of generic versions of NERLYNX in China reaches a specified threshold. We are unable to predict with certainty when this threshold will be reached. However, we believe it is possible that the threshold could be reached, triggering the royalty rate reduction, in late 2026 or in 2027. 34 Table of Contents Cost of sales: Cost of sales consists of third-party manufacturing costs, freight, and indirect overhead costs associated with sales of NERLYNX. Cost of product sales also includes period costs related to royalty charges payable to Pfizer, the amortization of milestone payments made under our license agreement with Pfizer, certain inventory manufacturing services, inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances. Cost of sales includes applicable license termination fees. Selling, general and administrative expenses: Selling, general and administrative expenses (“SG&A expenses”) consist primarily of salaries and payroll-related costs, stock-based compensation expense, professional fees, business insurance, rent, general legal activities, credit loss expense, and other corporate expenses. We expense SG&A expenses as they are incurred. Research and development expenses: Research and development expenses (“R&D expenses”) include costs associated with services provided by consultants who conduct and perform clinical services on our behalf and contract organizations for the manufacturing of clinical materials. During the three and six months ended June 30, 2026 and 2025, our R&D expenses consisted primarily of clinical research organization (“CRO fees”); fees paid to consultants; salaries and related personnel costs; and stock-based compensation. We expense our R&D expenses as they are incurred. Internal R&D expenses primarily consist of payroll-related costs and also include equipment costs, travel expenses, and supplies. Tariffs We do not believe that tariffs imposed or proposed to be imposed by the United States, particularly with the EU and China, will have a material impact on our product costs or results of operations. However, shifts in trade policies in the United States and other countries have been rapidly evolving and are difficult to predict. The ultimate impact of any announced or future tariffs will depend on various factors, including what tariffs are ultimately implemented, the timing of implementation and the amount, scope and nature of such tariffs and potential exclusions from the application of those tariffs. On April 2, 2026, the U.S. government issued a proclamation under Section 232 of the Trade Expansion Act of 1962, imposing a 100% ad valorem duty, subject to specified exclusions, on the import of patented pharmaceutical products listed in the FDA’s Orange Book or Purple Book, as well as their associated APIs. A reduced 20% rate is available to companies with onshoring plans approved by the U.S. Secretary of Commerce, although this reduced rate is scheduled to increase to 100% over a four-year period. These tariffs become effective on July 31, 2026 for certain large companies and will become effective on September 29, 2026 for all other companies. The potential impact of the proclamation on the Company, including any indirect effect, remains uncertain and under review. Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Total revenue: Total revenue for the three months ended June 30, 2026 was approximately $56.5 million, compared to $52.4 million for the three months ended June 30, 2025. This increase in total revenue was due to an increase in product revenue, net of approximately $4.4 million, partially offset by a decrease in royalty revenue. Product revenue, net: Product revenue, net was approximately $53.6 million for the three months ended June 30, 2026, compared to $49.2 million for the three months ended June 30, 2025. This increase in product revenue, net, compared to the three months ended June 30, 2025, was primarily attributable to a 12.3% increase in domestic bottles sold and an increase in selling price, partially offset by a greater deduction to gross revenue for variable consideration, primarily related to higher Medicaid related deductions. 35 Table of Contents Royalty revenue: Royalty revenue was approximately $2.9 million and $3.2 million for the three months ended June 30, 2026 and 2025. The decrease in royalty revenue was due to lower sales by our international partners. Cost of sales: Cost of sales was approximately $12.5 million for the three months ended June 30, 2026, compared to approximately $12.3 million for the three months ended June 30, 2025. Cost of sales was slightly higher year-over-year as sales of our product bottles were higher. Selling, general and administrative expenses: SG&A expenses were approximately $17.5 million for the three months ended June 30, 2026, compared to approximately $18.0 million for the three months ended June 30, 2025. SG&A expenses for the three months ended June 30, 2026 and 2025 were as follows: Selling, general, and administrative expenses For the Three Months Ended Change (in thousands) June 30, $ % 2026 2025 2026/2025 2026/2025 Payroll and related costs $ 8,859 $ 9,064 $ (205) -2.3 % Provision for credit loss recovery — (362) 362 -100.0 % Professional fees and expenses 4,864 4,974 (110) -2.2 % Travel and meetings 1,522 1,357 165 12.2 % Facilities and equipment costs 310 1,132 (822 ) -72.6 % Stock-based compensation 1,179 992 187 18.9 % Other 813 890 (77 ) -8.7 % $ 17,547 $ 18,047 $ (500) -2.8 % SG&A expenses decreased approximately $0.5 million for the three months ended June 30, 2026, compared to the same period in 2025, primarily attributable to the following: ● a decrease in payroll and related costs of approximately $0.2 million, primarily due to the departure of an executive (and related severance costs), partially offset by higher employee payroll costs and higher sales commissions. ● a decrease in professional fees and expenses of approximately $0.1 million, primarily related to a $0.9 million reversal of a previously recorded legal accrual related to the AstraZeneca litigation, partially offset by an increase of $0.6 million in marketing and market access costs; and ● a decrease in facilities and equipment costs of approximately $0.8 million, related to reduced rent as we amended our Los Angeles office lease with less space and terminated our San Francisco office lease as of March 31, 2026. Partially offset by: ● a credit loss recovery related to the collection of accounts receivable in 2025 and no such credit loss recovery took place in 2026; ● an increase in travel and meetings of $0.2 million due to relatively insignificant fluctuations across multiple expense categories; and ● an increase in stock-based compensation of approximately $0.2 million, primarily related to our annual employee stock grants, and a higher stock price. 36 Table of Contents Research and development expenses: R&D expenses were approximately $18.9 million for the three months ended June 30, 2026, compared to approximately $15.5 million for the three months ended June 30, 2025. R&D expenses for the three months ended June 30, 2026 and 2025 were as follows: Research and development expenses For the Three Months Ended Change (in thousands) June 30, $ % 2026 2025 2026/2025 2026/2025 Clinical trial expense $ 7,837 $ 5,647 $ 2,190 38.8 % Internal R&D 9,318 8,076 1,242 15.4 % Consultant and contractors 966 1,093 (127) -11.6 % Stock-based compensation 774 636 138 21.7 % $ 18,895 $ 15,452 $ 3,443 22.3 % R&D expenses increased by approximately $3.4 million for the three months ended June 30, 2026, compared to the same period in 2025, primarily attributable to the following: ● an increase in clinical trial expense of approximately $2.2 million, primarily due to increased alisertib study activity; and ● an increase in internal R&D expense of approximately $1.2 million, primarily due to increased employee compensation, including the hiring of a new executive. Other income (expenses): Other income (expenses) For the Three Months Ended Change (in thousands) June 30, $ % 2026 2025 2026/2025 2026/2025 Interest income $ 831 $ 956 $ (125 ) -13.1 % Interest expense (180 ) (1,837 ) 1,657 -90.2 % Other income (expense) 9 410 (401 ) -97.8 % $ 660 $ (471 ) $ 1,131 -240.1 % Interest income: For the three months ended June 30, 2026, we recognized approximately $0.8 million in interest income, compared to approximately $1.0 million of interest income for the three months ended June 30, 2025. The decrease in interest income was primarily related to a lower cash balance and lower interest rates. Interest expense: For the three months ended June 30, 2026, we recognized approximately $0.2 million in interest expense, compared to approximately $1.8 million of interest expense for the three months ended June 30, 2025. The decrease in interest expense was primarily related to a lower debt balance as we paid down our debt principal in the three months ended June 30, 2026. Other income: For the three months ended June 30, 2026, we recognized approximately $0.0 million in other income, compared to approximately $0.4 million of other income for the three months ended June 30, 2025. The decrease in other income was primarily due to the termination of subleases as of March 31, 2026 and unfavorable exchange rates in Euro-denominated transactions. 37 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Total revenue: Total revenue for the six months ended June 30, 2026 was approximately $101.3 million, compared to $98.4 million for the six months ended June 30, 2025. This increase in total revenue was due to an increase in product revenue, net of approximately $3.2 million, partially offset by a $0.4 million decrease in royalty revenue. Product revenue, net: Product revenue, net was approximately $95.5 million for the six months ended June 30, 2026, compared to $92.3 million for the six months ended June 30, 2025. This increase in product revenue, net, compared to the six months ended June 30, 2025, was primarily attributable to a 6.3% increase in bottles sold and an increase in selling price, partially offset by a greater deduction to gross revenue for variable consideration, primarily related to higher Medicaid related deductions. Royalty revenue: Royalty revenue was approximately $5.8 million and $6.2 million for the six months ended June 30, 2026 and 2025, respectively. The decrease of $0.4 million was due to lower sales by our international partners. Cost of sales: . Cost of sales was approximately $22.9 million for each of the six months ended June 30, 2026 and 2025. Cost of sales was relatively consistent with slightly higher year-over-year domestic sales, partially offset by lower sales to our international partners. Selling, general and administrative expenses: SG&A expenses were approximately $36.0 million for the six months ended June 30, 2026, compared to approximately $35.7 million for the six months ended June 30, 2025. SG&A expenses for the six months ended June 30, 2026 and 2025 were as follows: Selling, general, and administrative expenses For the Six Months Ended Change (in thousands) June 30, $ % 2026 2025 2026/2025 2026/2025 Payroll and related costs $ 17,971 $ 17,304 $ 667 3.9 % Provision for credit loss recovery — (149) 149 -100.0 % Professional fees and expenses 9,907 9,584 323 3.4 % Travel and meetings 2,888 2,748 140 5.1 % Facilities and equipment costs 1,405 2,341 (936 ) -40.0 % Stock-based compensation 2,318 2,227 91 4.1 % Other 1,481 1,596 (115 ) -7.2 % $ 35,970 $ 35,651 $ 319 0.9 % SG&A expenses increased by approximately $0.3 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily attributable to the following: ● an increase in payroll and related costs of $0.7 million due primarily to increases in employee compensation; and ● an increase in professional fees and expenses of approximately $0.3 million, primarily related to an increase of $1.3 million to marketing and market access costs, partially offset by a $0.9 million reversal of a previously recorded legal accrual related to the AstraZeneca litigation. Partially offset by: ● a decrease in facilities and equipment costs of approximately $0.9 million, related to reduced rent as we amended our Los Angeles office lease with less space and terminated our San Francisco office lease as of March 31, 2026. 38 Table of Contents Research and development expenses: R&D expenses were approximately $38.7 million for the six months ended June 30, 2026, compared to approximately $29.3 million for the six months ended June 30, 2025. R&D expenses for the six months ended June 30, 2026 and 2025 were as follows: Research and development expenses For the Six Months Ended Change (in thousands) June 30, $ % 2026 2025 2026/2025 2026/2025 Clinical trial expense $ 16,666 $ 9,279 $ 7,387 79.6 % Internal R&D 18,601 16,636 1,965 11.8 % Consultant and contractors 1,892 1,973 (81) -4.1 % Stock-based compensation 1,531 1,427 104 7.3 % $ 38,690 $ 29,315 $ 9,375 32.0 % R&D expenses increased by approximately $9.4 million for the six months ended June 30, 2026, compared to the same period in 2025, primarily attributable to the following: ● an increase in clinical trial expense of approximately $7.4 million, primarily due to increased alisertib study activity; ● an increase in internal R&D expense of approximately $2.0 million, primarily due to increased employee compensation including the hiring of a new executive; and ● an increase in stock-based compensation of approximately $0.1 million, primarily due to the hiring of a new executive, our annual employee stock grants and a higher stock price. Other income (expenses): Other income (expenses) For the Six Months Ended Change (in thousands) June 30, $ % 2026 2025 2026/2025 2026/2025 Interest income $ 1,833 $ 2,057 $ (224 ) -10.9 % Interest expense (911 ) (4,014 ) 3,103 -77.3 % Other income (expense) 139 769 (630 ) -81.9 % $ 1,061 $ (1,188 ) $ 2,249 -189.3 % Interest income: For the six months ended June 30, 2026, we recognized approximately $1.8 million in interest income, compared to approximately $2.1 million of interest income for the six months ended June 30, 2025. The decrease in interest income was primarily related to lower cash balances and lower interest rates. Interest expense: For the six months ended June 30, 2026, we recognized approximately $0.9 million in interest expense, compared to approximately $4.0 million of interest expense for the six months ended June 30, 2025. The decrease in interest expense was primarily related to a lower debt balance as we paid down our debt principal in the three months ended June 30, 2026. Other income: For the six months ended June 30, 2026, we recognized approximately $0.1 million in other income, compared to approximately $0.8 million of other income for the six months ended June 30, 2025. The decrease in other income was primarily due to the termination of subleases as of March 31, 2026 and unfavorable exchange rates in Euro-denominated transactions. 39 Table of Contents Liquidity and Capital Resources The following table, which summarizes our liquidity and capital resources as of June 30, 2026 and December 31, 2025 and for the six months ended June 30, 2026 and 2025, is intended to supplement the more detailed discussion that follows: As of As of Liquidity and capital resources (in thousands) June 30, 2026 December 31, 2025 Cash and cash equivalents $ 36,537 $ 29,635 Marketable securities $ 57,366 $ 67,893 Working capital $ 95,247 $ 81,433 Current portion of long-term debt $ - $ 22,523 Stockholders’ equity $ 138,544 $ 130,340 Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 Cash provided by (used in): Operating activities $ 17,040 $ 17,694 Investing activities 10,446 (9,717) Financing activities (22,675 ) (22,534 ) Net increase (decrease) in cash, cash equivalents, and restricted cash $ 4,811 $ (14,557 ) Operating Activities: Cash provided by operating activities for the six months ended June 30, 2026 was $17.0 million and consisted of net income of approximately $4.4 million, adjusted for non-cash items of approximately $8.9 million, which included stock-based compensation of $3.8 million and depreciation and amortization of $5.1 million. Total changes in cash flows from operations were due to an increase in working capital, primarily related to a decrease in accounts receivable of $19.6 million, primarily due to royalty receipts related to China sales, partially offset by an increase in inventory of $7.8 million related to the purchase of raw material inventory, a decrease in accrued expenses and other of approximately $5.0 million related primarily to the payment of royalties and a $0.9 million reversal of a previously recorded legal accrual, a decrease in accounts payable of $2.0 million and a decrease of post-marketing commitment liability of $1.0 million. Cash provided by operating activities for the six months ended June 30, 2025 was $17.7 million and consisted of net income of approximately $8.8 million, adjusted for non-cash items of approximately $9.1 million, which included stock-based compensation of $3.7 million, depreciation and amortization of $5.6 million and provision for credit loss recovery of $0.1 million. Total changes in cash flows from operations were due to a slight decrease in working capital, primarily related to a decrease in accrued expenses and other of approximately $5.0 million, a decrease in operating lease assets and liabilities, net, of $0.9 million and a decrease of post-marketing commitment liability of $1.1 million, partially offset by a decrease in prepaid and other expenses of $0.5 million, a decrease in accounts receivable of approximately $6.3 million and a decrease in inventory of $0.1 million. Investing Activities: Cash provided by investing activities for the six months ended June 30, 2026 was approximately $10.4 million, compared to net cash used in investing activities of approximately $9.7 million for the same period in 2025. Cash provided by investing activities for the six months ended June 30, 2026 was primarily due to the maturity of available-for-sale securities of approximately $56.9 million, partially offset by the purchase of available-for-sale securities of approximately $46.4 million. 40 Table of Contents Financing Activities: Cash used in financing activities for the six months ended June 30, 2026 was approximately $22.6 million, including $22.2 million related to the payment of principal and $0.4 million related to exit fees, on our debt with Athyrium. Our Athyrium Note was paid in full as of June 30, 2026. Cash used in financing activities for the six months ended June 30, 2025 was approximately $22.5 million, including $22.2 million related to the payment of principal and $0.4 million related to exit fees, on our debt with Athyrium, partially offset by $0.1 million in proceeds from shares issued under employee stock plans. Current and Future Financing Needs: We have spent, and expect to continue to spend, substantial amounts in connection with implementing our business strategy, including our planned product development efforts, our clinical trials, our R&D efforts, and our commercialization efforts. We may choose to begin new R&D efforts, or we may choose to launch additional marketing efforts. For example, we in-licensed alisertib from Takeda in 2022 and assumed sole responsibility for its global development and commercialization. These efforts will require funding in addition to the cash and cash equivalents totaling approximately $36.5 million and approximately $57.4 million in marketable securities available at June 30, 2026. While our condensed consolidated financial statements have been prepared on a going concern basis, we may incur significant losses in the future and will need to generate significant revenue to sustain operations and successfully commercialize neratinib and develop alisertib. While we have been successful in raising financing in the past, there can be no assurance that we will be able to do so in the future. Our ability to obtain funding may be adversely impacted by uncertain market conditions, our success in commercializing neratinib, our success in developing alisertib, unfavorable decisions of regulatory authorities or adverse clinical trial results. The outcome of these matters cannot be predicted at this time. We believe that our existing cash and cash equivalents and marketable securities as of June 30, 2026, and proceeds that will become available to us through product sales and sub-license payments are sufficient to satisfy our operating cash and capital needs for at least one year after the filing of this Quarterly Report. Non-GAAP Financial Measures In addition to our operating results, as calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) we use certain non-GAAP financial measures when planning, monitoring, and evaluating our operational performance. The following table presents our net income and net income per share, as calculated in accordance with GAAP, as adjusted to remove the impact of stock-based compensation. For the three months ended June 30, 2026, stock-based compensation represented approximately 5.4% of our operating expenses, compared to approximately 4.9% for the same period in 2025, in each case excluding cost of sales. For the six months ended June 30, 2026, stock-based compensation represented approximately 5.2% of our operating expenses, compared to approximately 5.6% for the same period in 2025, in each case excluding cost of sales. Our management believes that these non-GAAP financial measures are useful to enhance understanding of our financial performance, are more indicative of our operational performance and facilitate a better comparison among fiscal periods. These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP reporting measures. 41 Table of Contents Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and GAAP Net Income Per Share to Non-GAAP Adjusted Net Income Per Share (in thousands except share and per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 GAAP net income $ 8,189 $ 5,855 $ 4,436 $ 8,829 Adjustments: ​ ​ ​ ​ Stock-based compensation - ​ ​ ​ ​ Selling, general and administrative (1) 1,179 992 2,318 2,227 Research and development (2) 774 636 1,531 1,427 Non-GAAP adjusted net income $ 10,142 $ 7,483 $ 8,285 $ 12,483 ​ ​ ​ ​ GAAP net income per share—basic $ 0.16 $ 0.12 $ 0.09 $ 0.18 Adjustment to net income (as detailed above) 0.04 0.03 0.07 0.07 Non-GAAP adjusted basic net income per share $ 0.20 (3) $ 0.15 (4) $ 0.16 (3) $ 0.25 (4) ​ ​ ​ ​ GAAP net income per share—diluted $ 0.16 $ 0.12 $ 0.08 $ 0.18 Adjustment to net income (as detailed above) 0.03 0.03 0.08 0.07 Non-GAAP adjusted diluted net income per share $ 0.19 (5) $ 0.15 (6) $ 0.16 (5) $ 0.25 (6) (1) To reflect a non-cash charge to operating expense for selling, general, and administrative stock-based compensation. (2) To reflect a non-cash charge to operating expense for research and development stock-based compensation. (3) Non-GAAP adjusted basic net income per share was calculated based on 50,939,946 and 50,892,800 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2026, respectively. (4) Non-GAAP adjusted basic net income per share was calculated based on 49,700,217 and 49,648,246 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2025, respectively. (5) Non-GAAP adjusted diluted net income per share was calculated based on 52,596,589 and 52,278,925 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2026, respectively. (6) Non-GAAP adjusted diluted net income per share was calculated based on 50,144,704 and 50,003,709 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2025, respectively. Off-Balance Sheet Arrangements We do not have any “off-balance sheet arrangements,” as defined by SEC regulations. Contractual Obligations There have been no material changes outside the ordinary course of business to our contractual obligations and commitments as described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.