QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We are exposed to a variety of risks, including changes in interest rates and foreign currency exchange risk and inflation. Interest Rate Risk As of December 31, 2025, we had approximately $145.6 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities. We mostly invest our cash surplus in bank deposits and U.S. government securities. Since these investments typically carry fixed interest rates or yields, financial income over the holding period is not sensitive to changes in interest rates. For more information, see Note 2 to our 2025 consolidated financial statements. Foreign Currency Exchange Risk and Inflation The cost of our Israel operations, as expressed in dollars, is influenced by the extent to which any increase in the rate of inflation in Israel is not offset (or is offset on a lagging basis) by a devaluation of the NIS in relation to the dollar. The inflation rate in Israel was 2.6%, 3.2% and 3.0% in 2025, 2024, and 2023, respectively. The depreciation of the dollar against the NIS was 12.5% in 2025 and the appreciation of the dollar against the NIS was 0.6% and 3.1% in 2024 and 2023, respectively. For 2025, assuming a 10% devaluation of the dollar against the NIS, we would experience an increase in our net loss of approximately $1.8 million, while assuming a 10% appreciation of the dollar against the NIS, we would experience a decrease in our net loss of approximately $1.5 million. A significant portion of our expenditures is employee compensation related. Salaries for Israel-based employees are paid in NIS and may be adjusted for changes in the Israeli consumer price index, or CPI, through salary increases or adjustments. These upward adjustments increase salary expenses in dollar terms. The depreciation/appreciation of the NIS against the dollar decreases/increases employee compensation expenditures as expressed in dollars proportionally. Some of our other NIS based expenses are either currently adjusted to dollars or are adjusted to the CPI. Should Moody’s, S&P Global Ratings, Fitch Ratings or other financial rating firms change the Government of Israel’s foreign-currency and local-currency issuer ratings, this could have an impact on the value of our NIS denominated holdings. We currently have no foreign currency derivative contracts to hedge against currency exchange risk fluctuation but may consider entering into such contracts in the future.