# EDGAR Filing Document

**Accession Number:** 0001124140
**File Stem:** 0001124140-25-000091
**Filing Date:** 2025-11
**Character Count:** 326345
**Document Hash:** 1c1637cd5e74187c5e2dab3227e428ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001124140-25-000091.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001124140-25-000091

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 102

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXACT SCIENCES CORP
- **CENTRAL INDEX KEY:** 0001124140
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 200478229
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35092
- **FILM NUMBER:** 251445159

**BUSINESS ADDRESS:**
- **STREET 1:** 5505 ENDEAVOR LANE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53719
- **BUSINESS PHONE:** 608-284-5700

**MAIL ADDRESS:**
- **STREET 1:** 5505 ENDEAVOR LANE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXACT CORP
- **DATE OF NAME CHANGE:** 20000919

?xml version='1.0' encoding='ASCII'? exas-20250930

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number: 001-35092**

**EXACT SCIENCES CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**02-0478229** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or other jurisdiction ofincorporation or organization) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. EmployerIdentification Number) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5505 Endeavor Lane, Madison WI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53719** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(608) 284-5700** (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $0.01 par value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes **☒** No **☐**

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes **☒** No **☐**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☒** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☐** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☐** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☐** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☐** |  | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. **☐**

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes **☐** No **☒**

As of October 31, 2025, the registrant had 189,471,298 shares of common stock outstanding.

------

**EXACT SCIENCES CORPORATION**

**INDEX**

---

| | | |
|:---|:---|:---|
| | | **Page<br>Number** |
| | **[Part I - Financial Information](#ic52a46ce1ac849338c3691d5debe0977_10)** | |
| [Item 1.](#ic52a46ce1ac849338c3691d5debe0977_10) | [Financial Statements](#ic52a46ce1ac849338c3691d5debe0977_10) |  |
|  | [Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2025 and December 31, 2024](#ic52a46ce1ac849338c3691d5debe0977_13) | [3](#ic52a46ce1ac849338c3691d5debe0977_13) |
|  | [Condensed Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024](#ic52a46ce1ac849338c3691d5debe0977_16) | [4](#ic52a46ce1ac849338c3691d5debe0977_16) |
|  | [Condensed Consolidated Statements of Comprehensive Loss (unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024](#ic52a46ce1ac849338c3691d5debe0977_19) | [5](#ic52a46ce1ac849338c3691d5debe0977_19) |
|  | [Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024](#ic52a46ce1ac849338c3691d5debe0977_22) | [6](#ic52a46ce1ac849338c3691d5debe0977_22) |
|  | [Condensed Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2025 and 2024](#ic52a46ce1ac849338c3691d5debe0977_25) | [8](#ic52a46ce1ac849338c3691d5debe0977_25) |
|  | [Notes to Condensed Consolidated Financial Statements (unaudited)](#ic52a46ce1ac849338c3691d5debe0977_28) | [10](#ic52a46ce1ac849338c3691d5debe0977_28) |
| [Item 2.](#ic52a46ce1ac849338c3691d5debe0977_88) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic52a46ce1ac849338c3691d5debe0977_88) | [37](#ic52a46ce1ac849338c3691d5debe0977_88) |
| [Item 3.](#ic52a46ce1ac849338c3691d5debe0977_133) | [Quantitative and Qualitative Disclosures About Market Risk](#ic52a46ce1ac849338c3691d5debe0977_133) | [47](#ic52a46ce1ac849338c3691d5debe0977_133) |
| [Item 4.](#ic52a46ce1ac849338c3691d5debe0977_136) | [Controls and Procedures](#ic52a46ce1ac849338c3691d5debe0977_136) | [48](#ic52a46ce1ac849338c3691d5debe0977_136) |
|  | **[Part II - Other Information](#ic52a46ce1ac849338c3691d5debe0977_139)** |  |
| [Item 1.](#ic52a46ce1ac849338c3691d5debe0977_142) | [Legal Proceedings](#ic52a46ce1ac849338c3691d5debe0977_142) | [49](#ic52a46ce1ac849338c3691d5debe0977_142) |
| [Item 1A.](#ic52a46ce1ac849338c3691d5debe0977_145) | [Risk Factors](#ic52a46ce1ac849338c3691d5debe0977_145) | [49](#ic52a46ce1ac849338c3691d5debe0977_145) |
| [Item 2.](#ic52a46ce1ac849338c3691d5debe0977_148) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ic52a46ce1ac849338c3691d5debe0977_148) | [49](#ic52a46ce1ac849338c3691d5debe0977_148) |
| [Item 3.](#ic52a46ce1ac849338c3691d5debe0977_151) | [Defaults Upon Senior Securities](#ic52a46ce1ac849338c3691d5debe0977_151) | [49](#ic52a46ce1ac849338c3691d5debe0977_151) |
| [Item 4.](#ic52a46ce1ac849338c3691d5debe0977_154) | [Mine Safety Disclosures](#ic52a46ce1ac849338c3691d5debe0977_154) | [49](#ic52a46ce1ac849338c3691d5debe0977_154) |
| [Item 5.](#ic52a46ce1ac849338c3691d5debe0977_157) | [Other Information](#ic52a46ce1ac849338c3691d5debe0977_157) | [50](#ic52a46ce1ac849338c3691d5debe0977_157) |
| [Item 6.](#ic52a46ce1ac849338c3691d5debe0977_160) | [Exhibits](#ic52a46ce1ac849338c3691d5debe0977_160) | [51](#ic52a46ce1ac849338c3691d5debe0977_160) |
|  | [Signatures](#ic52a46ce1ac849338c3691d5debe0977_163) | [52](#ic52a46ce1ac849338c3691d5debe0977_163) |

---

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Balance Sheets**

**(Amounts in thousands, except share data - unaudited)**

Part I — Financial Information

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $789037 | $600889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 214058 | 437137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 306051 | 248968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 164784 | 162383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 116796 | 122046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1590726 | 1571423 |
| Long-term Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 704065 | 693673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 121114 | 116952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 2368028 | 2366676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 941200 | 1009693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets, net | 174876 | 169722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5900009 | $5928139 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $129356 | $89572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 408774 | 328292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 31851 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes, net, current portion |  | 249153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 14279 | 37765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 584260 | 732187 |
| Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes, net, less current portion | 2325637 | 2321067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 324807 | 315503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, less current portion | 163886 | 157133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3398590 | 3525890 |
| Commitments and contingencies (Note 13) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value Authorized—5,000,000; shares issued and outstanding—no shares at September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value Authorized—400,000,000; shares issued and outstanding—189,452,459 and 185,616,438 shares at September 30, 2025 and December 31, 2024 | 1896 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 7116306 | 6899368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 3243 | (944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (4620026) | (4498032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2501419 | 2402249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $5900009 | $5928139 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Statements of Operations**

**(Amounts in thousands, except per share data - unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $850739 | $708655 | $2368609 | $2045443 |
| Cost of sales | 266810 | 217170 | 721680 | 619319 |
| &nbsp;&nbsp;Gross profit | 583929 | 491485 | 1646929 | 1426124 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Research and development | 117290 | 101487 | 331501 | 333501 |
| &nbsp;&nbsp;Sales and marketing | 250228 | 220264 | 761656 | 649596 |
| &nbsp;&nbsp;General and administrative | 241413 | 193539 | 670681 | 590715 |
| &nbsp;&nbsp;Impairment of long-lived and indefinite-lived assets | 543 | 18698 | 6794 | 31296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 609474 | 533988 | 1770632 | 1605108 |
| &nbsp;&nbsp;Other operating income |  | 3100 |  | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (25545) | (39403) | (123703) | (172352) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;Investment income, net | 17577 | 11582 | 34500 | 29596 |
| &nbsp;&nbsp;Interest expense, net | (9789) | (9607) | (29602) | (17439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income | 7788 | 1975 | 4898 | 12157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss before tax | (17757) | (37428) | (118805) | (160195) |
| Income tax expense | (1837) | (808) | (3189) | (4077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(19594) | $(38236) | $(121994) | $(164272) |
| Net loss per share—basic and diluted | $(0.10) | $(0.21) | $(0.65) | $(0.89) |
| Weighted average common shares outstanding—basic and diluted | 189262 | 184795 | 188335 | 183823 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Statements of Comprehensive Loss**

**(Amounts in thousands - unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(19594) | $(38236) | $(121994) | $(164272) |
| &nbsp;&nbsp;Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;Unrealized loss on available-for-sale investments | 145 | 3700 | (14) | 2775 |
| &nbsp;&nbsp;Foreign currency adjustment | 12 | 1873 | 4201 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss) | $(19437) | $(32663) | $(117807) | $(161070) |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Statements of Stockholders' Equity**

**(Amounts in thousands, except share data - unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-In Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| | **Number of Shares** | **$0.01**<br>**Par Value** | **Additional Paid-In Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| Balance, January 1, 2025 | 185616438 | $1857 | $6899368 | $(944) | $(4498032) | $2402249 |
| Exercise of common stock options, net of shares withheld for taxes | 35349 |  | (422) |  |  | (422) |
| Issuance of common stock upon settlement of restricted stock awards, net of shares withheld for taxes | 2149825 | 22 | (4245) |  |  | (4223) |
| Issuance of common stock to fund the Company's 2024 401(k) match | 793057 | 8 | 43935 |  |  | 43943 |
| Stock-based compensation expense |  |  | 54618 |  |  | 54618 |
| Net loss |  |  |  |  | (101215) | (101215) |
| Other comprehensive income |  |  |  | 1957 |  | 1957 |
| Balance, March 31, 2025 | 188594669 | $1887 | $6993254 | $1013 | $(4599247) | $2396907 |
| Exercise of common stock options, net of shares withheld for taxes | 8223 |  | 293 |  |  | 293 |
| Issuance of common stock upon settlement of restricted stock awards, net of shares withheld for taxes | 198615 | 2 | (492) |  |  | (490) |
| Stock-based compensation expense |  |  | 55783 |  |  | 55783 |
| Purchase of employee stock purchase plan shares | 419070 | 4 | 16029 |  |  | 16033 |
| Net loss |  |  |  |  | (1185) | (1185) |
| Other comprehensive income |  |  |  | 2073 |  | 2073 |
| Balance, June 30, 2025 | 189220577 | $1893 | $7064867 | $3086 | $(4600432) | $2469414 |
| Exercise of common stock options | 7425 | 1 | 208 |  |  | 209 |
| Issuance of common stock upon settlement of restricted stock awards, net of shares withheld for taxes | 224457 | 2 | (392) |  |  | (390) |
| Stock-based compensation expense |  |  | 51623 |  |  | 51623 |
| Net loss |  |  |  |  | (19594) | (19594) |
| Other comprehensive income |  |  |  | 157 |  | 157 |
| Balance, September 30, 2025 | 189452459 | $1896 | $7116306 | $3243 | $(4620026) | $2501419 |

---

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Statements of Stockholders' Equity**

**(Amounts in thousands, except share data - unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-In Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| | **Number of Shares** | **$0.01**<br>**Par Value** | **Additional Paid-In Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Accumulated Deficit** | **Total Stockholders' Equity** |
| Balance, January 1, 2024 | 181364180 | $1815 | $6611237 | $1428 | $(3469175) | $3145305 |
| Exercise of common stock options, net of shares withheld for taxes | 71537 | 1 | (1409) |  |  | (1408) |
| Issuance of common stock upon settlement of restricted stock awards, net of shares withheld for taxes | 1792087 | 17 | (61) |  |  | (44) |
| Issuance of common stock to fund the Company's 2023 401(k) match | 617384 | 6 | 40544 |  |  | 40550 |
| Stock-based compensation expense |  |  | 60370 |  |  | 60370 |
| Net loss |  |  |  |  | (110228) | (110228) |
| Other comprehensive loss |  |  |  | (1927) |  | (1927) |
| Balance, March 31, 2024 | 183845188 | $1839 | $6710681 | $(499) | $(3579403) | $3132618 |
| Exercise of common stock options, net of shares withheld for taxes | 8184 | 1 | 42 |  |  | 43 |
| Issuance of common stock upon settlement of restricted stock awards, net of shares withheld for taxes | 210590 | 2 | (6) |  |  | (4) |
| Stock-based compensation expense |  |  | 56555 |  |  | 56555 |
| Purchase of employee stock purchase plan shares | 604226 | 6 | 19396 |  |  | 19402 |
| Net loss |  |  |  |  | (15808) | (15808) |
| Other comprehensive loss |  |  |  | (444) |  | (444) |
| Balance, June 30, 2024 | 184668188 | $1848 | $6786668 | $(943) | $(3595211) | $3192362 |
| Exercise of common stock options | 79871 | 1 | 2131 |  |  | 2132 |
| Issuance of common stock upon settlement of restricted stock awards, net of shares withheld for taxes | 306701 | 3 | (80) |  |  | (77) |
| Stock-based compensation expense |  |  | 48757 |  |  | 48757 |
| Net loss |  |  |  |  | (38236) | (38236) |
| Other comprehensive income |  |  |  | 5573 |  | 5573 |
| Balance, September 30, 2024 | 185054760 | $1852 | $6837476 | $4630 | $(3633447) | $3210511 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Statements of Cash Flows**

**(Amounts in thousands - unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(121994) | $(164272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 92765 | 90655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on non-marketable and marketable equity securities | (6817) | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense (benefit) | (512) | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 162024 | 165682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on settlements of convertible notes, net |  | (10254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 72461 | 71057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived and indefinite-lived assets | 6794 | 31296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on contingent consideration from sale of asset |  | (6632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of contingent consideration liabilities | 21901 | (2326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 20248 | 20645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 8867 | (1437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (56233) | (61410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | (2356) | (9516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (21117) | (19345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 165183 | 38258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 12194 | 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (13659) | 11115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 339749 | 163473 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (140269) | (405385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities and sales of marketable securities | 370482 | 150916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (103413) | (99673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset acquisition |  | (45000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of non-marketable investments | (51064) | (916) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from contingent consideration receivable | 27971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 297 | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 104004 | (400283) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on settlement of convertible notes | (249172) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of common stock options, net of cash paid for taxes | 80 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds in connection with the Company's employee stock purchase plan | 16033 | 19402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on accounts receivable securitization facility |  | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes |  | 266750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on settlement of contingent consideration liabilities | (19000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (10158) | (15544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (262217) | 221375 |
| Effects of exchange rate changes on cash and cash equivalents | 865 | 427 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 182401 | (15008) |
| Cash, cash equivalents and restricted cash, beginning of period | 606636 | 609675 |
| Cash, cash equivalents and restricted cash, end of period | $789037 | $594667 |

---

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Condensed Consolidated Statements of Cash Flows**

**(Amounts in thousands - unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Supplemental disclosure of non-cash investing and financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of 793,057 and 617,384 shares of common stock to fund the Company's 401(k) matching contribution for 2024 and 2023, respectively | $43943 | $40550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment acquired but not paid | $10773 | $11904 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $24281 | $21109 |
| Reconciliation of cash, cash equivalents and restricted cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $789037 | $588830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash — included in other long-term assets, net |  | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $789037 | $594667 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Business**

Exact Sciences Corporation (together with its subsidiaries, "Exact," or the "Company") was incorporated in February 1995. A leading provider of cancer screening and diagnostic tests, Exact Sciences gives patients and health care professionals the clarity needed to take life-changing action earlier. Building on the success of Cologuard<sup>®</sup> and Oncotype DX<sup>®</sup> tests, Exact Sciences is investing in its pipeline to develop innovative solutions for use before, during, and after a cancer diagnosis.

**Basis of Presentation and Principles of Consolidation**

The accompanying condensed consolidated financial statements, which include the accounts of the Company and those of its wholly owned subsidiaries and variable interest entities, are unaudited and have been prepared on a basis substantially consistent with the Company's audited financial statements and notes as of and for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K (the "2024 Form 10-K"). All intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted ("GAAP") in the United States of America ("U.S.") and follow the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair statement of its financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2024 has been derived from audited financial statements, but does not contain all of the footnote disclosures from the 2024 Form 10-K. The results of the Company's operations for any interim period are not necessarily indicative of the results of the Company's operations for any other interim period or for a full fiscal year. The statements should be read in conjunction with the audited financial statements and related notes included in the 2024 Form 10-K.

**Use of Estimates**

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting policies are those that affect the Company's financial statements materially and involve difficult, subjective or complex judgments by management, and actual results could differ from those estimates. These estimates include revenue recognition, valuation of intangible assets and goodwill, contingent consideration, and accounting for income taxes. The Company's critical accounting policies and estimates are explained further in the notes to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q and the 2024 Form 10-K.

**Significant Accounting Policies**

During the nine months ended September 30, 2025, there were no changes to the Company's significant accounting policies as described in the Company's 2024 Form 10-K, except as described in the Recently Adopted Accounting Pronouncements sections below.

**Reclassifications**

Certain prior year amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and accompanying notes to the condensed consolidated financial statements.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

Amortization of acquired intangible assets, which was previously presented as a separate line item on the Company's condensed consolidated statements of operations, is now presented within the line item each intangible asset relates to within cost of sales, research and development, sales and marketing, and general and administrative expenses. The following amounts of amortization of acquired intangible assets for the three and nine months ended September 30, 2024 have been reclassified to conform to current year presentation: $21.1 million and $63.3 million in cost of sales, respectively, $1.4 million and $1.9 million in research and development, respectively, $1.9 million and $5.8 million in sales and marketing, respectively, and an insignificant amount in general and administrative expenses. Due to the reclassification related to cost of sales, the Company is now presenting gross profit on the Company's condensed consolidated statements of operations.

Certain general and administrative expenses totaling $23.7 million and $71.5 million for the three and nine months ended September 30, 2024, respectively, have been reclassified to sales and marketing expenses to conform to current year presentation. The amounts reclassified are related to customer care and customer experience.

**Recent Accounting Pronouncements**

*Recently Adopted Accounting Pronouncements* 

The Company did not adopt any accounting standards updates ("ASU") released by the Financial Accounting Standards Board ("FASB") in the third quarter of 2025.

*Recently Issued Accounting Pronouncements Not Yet Adopted*

In October 2023, the FASB issued ASU No. 2023-06, *Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative*. This update modifies the disclosure or presentation requirements of a variety of topics in the Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, *Disclosure Update and Simplification*. The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. This update improves income tax disclosure requirements, primarily through enhanced transparency and decision usefulness of disclosures. The amendments in this update should be applied prospectively with the option to apply retrospectively and are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements and expects to adopt this guidance in the 2025 Annual Report on Form 10-K.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*. This update enhances financial statement disclosures by requiring public business entities to disclose specified information about certain costs and expenses including the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization included in each relevant expense caption. The update also requires disclosure of certain amounts that are already required to be disclosed under current GAAP, disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The amendments in this update may be applied either prospectively or retrospectively and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements.

In May 2025, the FASB issued ASU No. 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.* This guidance clarifies the framework for identifying the accounting acquirer in transactions involving variable interest entities that meet the definition of a business. The amendments should be applied prospectively and are effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Account Receivable and Contract Assets*. This update introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606. The expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of the asset. The amendments are required to be applied prospectively and are effective for annual and interim periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating adoption of the practical expedient.

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.* This update provides amendments to clarify and modernize the accounting for costs incurred to develop or acquire internal-use software. The amendments address the capitalization of implementation costs by utilizing a principles-based approach and consolidates website development guidance under Subtopic 350-40. The amendments can be applied prospectively, modified prospectively, or retrospectively and are effective for annual and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance and the timing of adoption.

In September 2025, the FASB issued ASU No. 2025-07, *Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract*. This update introduces a scope exception to derivative accounting for certain contracts with underlyings tied to operations or activities specific to one of the parties. Additionally, the update clarifies that share-based noncash consideration received from a customer should be accounted for under Topic 606 until the right to receive or retain the consideration becomes unconditional. The amendments can be applied prospectively or modified retrospectively and are effective for annual and interim periods beginning after December 15, 2026. The Company expects to early adopt the provisions related to Topic 815 on a prospective basis and does not expect a significant impact to the Company's consolidated financial statements. The provisions related to Topic 606 are not applicable.

**Net Loss Per Share**

Basic net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. Basic and diluted net loss per share is the same because all outstanding common stock equivalents have been excluded, as they are anti-dilutive as a result of the Company's losses.

The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses for each period:

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| **(In thousands)** | **2025** | **2024** |
| Shares issuable upon conversion of convertible notes | 23223 | 26526 |
| Shares issuable upon the release of restricted stock awards | 7655 | 7487 |
| Shares issuable upon the release of performance share units | 2578 | 2037 |
| Shares issuable upon exercise of stock options | 848 | 1028 |
|  | 34304 | 37078 |

---

**(2) REVENUE** 

The Company's revenue is primarily generated by its laboratory testing services utilizing its Cologuard and Oncotype<sup>®</sup> tests. The services are considered completed upon release of a patient's test result to the ordering healthcare provider.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The following table presents the Company's revenues disaggregated by revenue source:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(In thousands)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Screening |  |  |  |  |
| &nbsp;&nbsp;Medicare Parts B & C | $247353 | $201423 | $675923 | $570550 |
| &nbsp;&nbsp;Commercial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827509 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Screening | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551305 |
| Precision Oncology |  |  |  |  |
| &nbsp;&nbsp;Medicare Parts B & C | $50924 | $47080 | $144732 | $142597 |
| &nbsp;&nbsp;Commercial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143572 |
| &nbsp;&nbsp;International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140688 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Precision Oncology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494138 |
| Total | $850739 | $708655 | $2368609 | $2045443 |

---

Screening revenue primarily includes laboratory service revenue from Cologuard and PreventionGenetics, LLC tests while Precision Oncology revenue primarily includes laboratory service revenue from global Oncotype DX and therapy selection tests.

At each reporting period end, the Company conducts an analysis of the estimates used to calculate the transaction price to determine whether any new information available impacts those estimates made in prior reporting periods. Adjustments to revenue recognized during the period relating to prior period estimates were less than 1% of revenue recorded in the Company's condensed consolidated statement of operations for the three and nine months ended September 30, 2025 and 2024.

The Company's deferred revenue, which is reported in other current liabilities in the Company's condensed consolidated balance sheets, was not significant as of September 30, 2025 and December 31, 2024.

Revenue recognized for the three and nine months ended September 30, 2025 and 2024 that was included in the deferred revenue balance at the beginning of the period was not significant.

**(3) MARKETABLE SECURITIES**

The following table sets forth the Company's cash, cash equivalents, and marketable securities at September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **September 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents |  |  |
| &nbsp;&nbsp;Cash and money market | $781729 | $595548 |
| &nbsp;&nbsp;Cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600889 |
| Marketable securities |  |  |
| &nbsp;&nbsp;Available-for-sale debt securities | $202706 | $431165 |
| &nbsp;&nbsp;Equity securities | 11352 | 5972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total marketable securities | 214058 | 437137 |
| Total cash, cash equivalents and marketable securities | $1003095 | $1038026 |

---

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 30, 2025, consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Amortized Cost** | **Gains in Accumulated Other Comprehensive Income (Loss) (1)** | **Losses in Accumulated Other Comprehensive Income (Loss) (1)** | **Estimated Fair Value** |
| Cash equivalents |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government agency securities | $7308 | $— | $— | $7308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 7308 |  |  | 7308 |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds | $103623 | $652 | $(20) | $104255 |
| &nbsp;&nbsp;&nbsp;U.S. government agency securities | 68829 | 257 | (1) | 69085 |
| &nbsp;&nbsp;&nbsp;Asset backed securities | 29292 | 78 | (4) | 29366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total marketable securities | 201744 | 987 | (25) | 202706 |
| Total available-for-sale debt securities | $209052 | $987 | $(25) | $210014 |

---

______________

(1)There was no tax impact from the gains and losses in accumulated other comprehensive income (loss) ("AOCI").

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at December 31, 2024, consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Amortized Cost** | **Gains in Accumulated Other Comprehensive Income (Loss) (1)**  | **Losses in Accumulated Other Comprehensive Income (Loss) (1)** | **Estimated Fair Value** |
| Cash equivalents |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government agency securities | $5341 | $— | $— | $5341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 5341 |  |  | 5341 |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds | $206063 | $932 | $(121) | $206874 |
| &nbsp;&nbsp;&nbsp;U.S. government agency securities | 140992 | 160 | (200) | 140952 |
| &nbsp;&nbsp;Asset backed securities | 83134 | 256 | (51) | 83339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total marketable securities | 430189 | 1348 | (372) | 431165 |
| Total available-for-sale debt securities | $435530 | $1348 | $(372) | $436506 |

---

______________

(1)There was no tax impact from the gains and losses in AOCI.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The following table summarizes contractual underlying maturities of the Company's available-for-sale debt securities at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Due one year or less** | **Due one year or less** | **Due after one year through five years** | **Due after one year through five years** |
| **(In thousands)** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| Cash equivalents |  |  |  |  |
| &nbsp;&nbsp;U.S. government agency securities | $7308 | $7308 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 7308 | 7308 |  |  |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds | $37654 | $37822 | $65969 | $66433 |
| &nbsp;&nbsp;U.S. government agency securities | 25777 | 25811 | 43052 | 43274 |
| &nbsp;&nbsp;&nbsp;Asset backed securities | 15 | 16 | 29277 | 29350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total marketable securities | 63446 | 63649 | 138298 | 139057 |
| Total available-for-sale securities | $70754 | $70957 | $138298 | $139057 |

---

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 30, 2025 aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less than one year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less than one year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**One year or greater** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**One year or greater** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| **(In thousands)** | **Fair Value** | **Gross Unrealized Loss** | **Fair Value** | **Gross Unrealized Loss** | **Fair Value** | **Gross Unrealized Loss** |
| Marketable securities |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $9575 | $(20) | $302 | $— | $9877 | $(20) |
| &nbsp;&nbsp;U.S. government agency securities | 8600 | (1) |  |  | 8600 | (1) |
| &nbsp;&nbsp;Asset backed securities | 2326 | (4) | 15 |  | 2341 | (4) |
| Total available-for-sale securities | $20501 | $(25) | $317 | $— | $20818 | $(25) |

---

The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of September 30, 2025 and December 31, 2024 because the change in market value for those securities in an unrealized loss position resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers.

The gains and losses recorded on available-for-sale debt securities and equity securities are included in investment income, net in the Company's condensed consolidated statements of operations. The gains and losses recorded were not significant for the three and nine months ended September 30, 2025 and 2024.

**(4) INVENTORY**

Inventory consisted of the following:

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **September 30, 2025** | **December 31, 2024** |
| Raw materials | $70645 | $69730 |
| Semi-finished and finished goods | 94139 | 92653 |
| Total inventory | $164784 | $162383 |

---

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<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**(5) PROPERTY, PLANT AND EQUIPMENT**

The carrying value and estimated useful lives of property, plant and equipment are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(In thousands)** | **Estimated Useful Life** | **September 30, 2025** | **December 31, 2024** |
| Property, plant and equipment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | n/a | $4716 | $4716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasehold and building improvements | (1) | 243879 | 227885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land improvements | 15 years | 6747 | 6747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings | 30 - 40 years | 290777 | 290777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer equipment and computer software | 3 years | 235050 | 206460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 3 - 10 years | 378706 | 339421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and fixtures | 3 - 10 years | 36381 | 37176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | n/a | 84445 | 89065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, at cost |  | 1280701 | 1202247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation |  | (576636) | (508574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net |  | $704065 | $693673 |

---

______________

(1)Lesser of remaining lease term, building life, or estimated useful life.

Depreciation expense for the three months ended September 30, 2025 and 2024 was $31.7 million and $30.3 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024 was $92.8 million and $90.7 million, respectively.

At September 30, 2025, the Company had $84.4 million of assets under construction, which consisted of $35.1 million in machinery and equipment, $26.0 million in leasehold and building improvements, and $23.3 million in capitalized costs related to software projects. Depreciation will begin on these assets once they are placed into service upon completion.

**(6) INTANGIBLE ASSETS AND GOODWILL**

**Intangible Assets**

The following table summarizes the net-book-value and estimated remaining life of the Company's intangible assets as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Weighted Average Remaining Life (Years)** | **Cost** | **Accumulated Amortization** | **Net Balance at September 30, 2025** |
| Finite-lived intangible assets |  |  |  |  |
| &nbsp;&nbsp;Acquired developed technology | 5.8 | $887498 | $(474965) | $412533 |
| &nbsp;&nbsp;Trade name | 10.1 | 104000 | (40590) | 63410 |
| &nbsp;&nbsp;Patents and licenses | 8.8 | 59492 | (16568) | 42924 |
| &nbsp;&nbsp;Customer relationships | 5.3 | 4000 | (1667) | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finite-lived intangible assets |  | 1054990 | (533790) | 521200 |
| &nbsp;&nbsp;In-process research and development | n/a | 420000 |  | 420000 |
| Total intangible assets |  | $1474990 | $(533790) | $941200 |

---

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The following table summarizes the net-book-value and estimated remaining life of the Company's intangible assets as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Weighted Average Remaining Life (Years)** | **Cost** | **Accumulated Amortization** | **Net Balance at December 31, 2024** |
| Finite-lived intangible assets |  |  |  |  |
| &nbsp;&nbsp;Acquired developed technology | 6.4 | $887104 | $(412504) | $474600 |
| &nbsp;&nbsp;Trade name | 10.8 | 104000 | (35153) | 68847 |
| &nbsp;&nbsp;Patents and licenses | 9.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43579 |
| &nbsp;&nbsp;Customer relationships | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finite-lived intangible assets |  | 1051646 | (461953) | 589693 |
| &nbsp;&nbsp;In-process research and development | n/a | 420000 |  | 420000 |
| Total intangible assets |  | $1471646 | $(461953) | $1009693 |

---

Amortization of acquired intangible assets for the three months ended September 30, 2025 and 2024 was $24.2 million and $24.4 million, respectively. Amortization of acquired intangible assets for the nine months ended September 30, 2025 and 2024 was $72.5 million and $71.1 million, respectively.

As of September 30, 2025, the estimated future amortization expense associated with the Company's finite-lived intangible assets for each of the five succeeding fiscal years is as follows:

---

| | |
|:---|:---|
| **(In thousands)** | |
| 2025 (remaining three months) | $24164 |
| 2026 | 95659 |
| 2027 | 95659 |
| 2028 | 95659 |
| 2029 | 89536 |
| Thereafter | 120523 |
|  | $521200 |

---

The Company's acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives.

There were no impairment losses recorded on finite-lived intangible assets during the three and nine months ended September 30, 2025 and 2024.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Goodwill**

The change in the carrying amount of goodwill for the periods ended September 30, 2025 and December 31, 2024 is as follows:

---

| | |
|:---|:---|
| **(In thousands)** | |
| Balance, January 1, 2024 | $2367120 |
| &nbsp;&nbsp;Resolution Bioscience acquisition adjustments | 225 |
| &nbsp;&nbsp;Effects of changes in foreign currency exchange rates | (669) |
| Balance, December 31, 2024 | 2366676 |
| &nbsp;&nbsp;Effects of changes in foreign currency exchange rates | 1352 |
| Balance, September 30, 2025 | $2368028 |

---

There were no impairment losses for the three and nine months ended September 30, 2025 and 2024.

**(7) FAIR VALUE MEASUREMENTS**

The three levels of the fair value hierarchy established are as follows:

**Level 1**&nbsp;&nbsp;&nbsp;&nbsp;Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

**Level 2**&nbsp;&nbsp;&nbsp;&nbsp;Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

**Level 3**&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs that reflect the Company's assumptions about the assumptions that market participants would use in pricing the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

The following table presents the Company's fair value measurements as of September 30, 2025 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Fair Value at September 30, 2025** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| Cash, cash equivalents, and restricted cash |  |  |  |  |
| &nbsp;&nbsp;Cash and money market | $781729 | $781729 | $— | $— |
| &nbsp;&nbsp;U.S. government agency securities | 7308 |  | 7308 |  |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $104255 | $— | $104255 | $— |
| &nbsp;&nbsp;U.S. government agency securities | 69085 |  | 69085 |  |
| &nbsp;&nbsp;Asset backed securities | 29366 |  | 29366 |  |
| &nbsp;&nbsp;Equity securities | 11352 | 11352 |  |  |
| Non-marketable securities | $53262 | $— | $— | $53262 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;Contingent consideration | $(284113) | $— | $— | $(284113) |
| Total | $772244 | $793081 | $210014 | $(230851) |

---

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<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The following table presents the Company's fair value measurements as of December 31, 2024 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In thousands)** | **Fair Value at December 31, 2024** | **Quoted Prices in Active Markets for Identical Assets (Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs (Level 3)** |
| Cash, cash equivalents and restricted cash |  |  |  |  |
| &nbsp;&nbsp;Cash and money market | $595548 | $595548 | $— | $— |
| &nbsp;&nbsp;Restricted cash (1) | 5747 | 5747 |  |  |
| &nbsp;&nbsp;U.S. government agency securities | 5341 |  | 5341 |  |
| Marketable securities |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $206874 | $— | $206874 | $— |
| &nbsp;&nbsp;U.S. government agency securities | 140952 |  | 140952 |  |
| &nbsp;&nbsp;Asset backed securities | 83339 |  | 83339 |  |
| &nbsp;&nbsp;Equity securities | 5972 | 5972 |  |  |
| Non-marketable securities | $796 | $— | $— | $796 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;Contingent consideration | $(282212) | $— | $— | $(282212) |
| Total | $762357 | $607267 | $436506 | $(281416) |

---

_________________________________

(1)Restricted cash primarily represents cash held by a third-party financial institution as part of a cash collateral agreement related to the Company's credit card program. The restrictions will lapse upon the termination of the agreements or the removal of the cash collateral requirement by the third-parties.

There have been no material changes in valuation techniques or transfers between fair value measurement levels during the three and nine months ended September 30, 2025. The fair value of Level 2 instruments classified as cash equivalents and marketable debt securities are valued using a third-party pricing agency where the valuation is based on observable inputs including pricing for similar assets and other observable market factors.

**Non-Marketable Securities**

The following table summarizes the Company's non-marketable investments, which are primarily included in other long-term assets on the condensed consolidated balance sheet as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **September 30, 2025** | **December 31, 2024** |
| Investments for which the fair value option has been elected | $53262 | $796 |
| Investments without readily determinable fair values | 50941 | 50448 |
| Equity method investments | 7383 | 7488 |
| Total | $111586 | $58732 |

---

*Fair Value Option Securities*

The Company has elected the fair value option to measure certain non-marketable securities at fair value to simplify the accounting. The fair value measurement of non-marketable securities is categorized as Level 3 as the measurement amount is primarily based on significant, unobservable inputs.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

In August 2025, the Company executed a note purchase agreement with Freenome Holdings, Inc. ("Freenome") under which the Company purchased a $50.0 million senior convertible note, which bears interest at a rate of 5.0% per year and matures on August 12, 2030. The convertible note and accrued interest will be paid back in cash upon maturity, if not previously repaid or converted into equity at the applicable conversion price pursuant to optional or automatic mechanisms per the note purchase agreement. The Company utilizes a probability-weighted scenario-based discounted cash flow model under the income approach to measure the fair value of the note. Probabilities are applied to each potential scenario and the resulting values are discounted using a present-value factor. The passage of time, in addition to changes in probabilities and the present-value factor, may result in adjustments to the fair value measurement. Interest income is accrued based on the contractual annual interest rate, which is included in interest expense, net in the condensed consolidated statement of operations. The fair value of the convertible note was $50.4 million as of September 30, 2025.

Gains and losses recorded on non-marketable securities for which the fair value option has been elected are recognized in investment income, net in the condensed consolidated statement of operations. The following table provides a reconciliation of the beginning and ending balances of non-marketable securities valued using the fair value option:

---

| | |
|:---|:---|
| **(In thousands)** | **Non-Marketable Securities** |
| Beginning balance, January 1, 2025 | $796 |
| &nbsp;&nbsp;Purchases of non-marketable securities | 50850 |
| &nbsp;&nbsp;Changes in fair value | 1616 |
| &nbsp;&nbsp;Settlement of non-marketable securities |  |
| Ending balance, September 30, 2025 | $53262 |

---

*Investments Without Readily Determinable Fair Values*

Investments without readily determinable fair values had the following cumulative upward and downward adjustments and aggregate carrying amounts:

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **September 30, 2025** | **September 30, 2024** |
| Cumulative upward adjustments (1) | $5595 | $5102 |
| Cumulative downward adjustments and impairments (2) | (16850) | (15071) |
| Aggregate carrying value | 50941 | 52227 |

---

_________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;There were no material upward adjustments recorded for the three and nine months ended September 30, 2025 and 2024.

(2)&nbsp;&nbsp;&nbsp;&nbsp;There were no material downward adjustments or impairments recorded for the three and nine months ended September 30, 2025 and 2024.

There were no material realized gains or losses recorded during the three and nine months ended September 30, 2025 and 2024.

*Equity Method Investments*

The Company has committed capital to venture capital investment funds of $18.0 million, of which $9.8 million remains callable through 2033 as of September 30, 2025. The aggregate carrying amount of these funds was $7.4 million and $7.5 million as of September 30, 2025 and December 31, 2024, respectively. Gains and losses recorded on these funds were not significant for the three and nine months ended September 30, 2025 and 2024.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Contingent Consideration Liabilities**

The fair value of the contingent consideration liabilities was $284.1 million and $282.2 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the contingent consideration liability was included in other long-term liabilities in the condensed consolidated balance sheet. As of December 31, 2024, $19.7 million was included in other current liabilities and $262.5 million was included in other long-term liabilities in the condensed consolidated balance sheet.

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(In thousands)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Beginning balance | $275408 | $277921 | $282212 | $288657 |
| &nbsp;&nbsp;Changes in fair value (1) | 8705 | 5310 | 21901 | (2326) |
| &nbsp;&nbsp;Payments (2) |  |  | (20000) | (3100) |
| Ending balance | $284113 | $283231 | $284113 | $283231 |

---

______________

(1)The change in fair value of the contingent consideration liability is included in general and administrative expenses in the condensed consolidated statement of operations for the three and nine months ended September 30, 2025 and 2024.

(2)Payments were made in the nine months ended September 30, 2025 and 2024 to settle the product development milestone contingent consideration liabilities previously recorded related to the Company's acquisitions of Ashion Analytics, LLC ("Ashion") and OmicEra Diagnostics GmbH, respectively.

This fair value measurement of contingent consideration is categorized as a Level 3 liability, as the measurement amount is based primarily on significant inputs not observable in the market.

The fair value of the contingent consideration liability recorded from the Company's acquisition of Thrive Earlier Detection Corporation ("Thrive") related to regulatory milestones was $284.1 million as of September 30, 2025. The fair value of the contingent consideration liabilities recorded from the Company's acquisitions of Thrive and Ashion related to regulatory and product development milestones was $282.2 million as of December 31, 2024. The Company estimates the fair value of the contingent consideration liabilities related to the regulatory and product development milestones using the probability-weighted scenario based discounted cash flow model, which is consistent with the initial measurement of the contingent consideration liabilities. Probabilities of success are applied to each potential scenario and the resulting values are discounted using a present-value factor. The passage of time in addition to changes in projected milestone achievement timing, present-value factor, the degree of achievement, if applicable, and probabilities of success may result in adjustments to the fair value measurement. The fair value of the contingent consideration liability recorded related to regulatory and product development milestones was determined using a weighted average probability of success of 90% as of September 30, 2025 and December 31, 2024, and a weighted average present-value factor of 5.6% and 6.2% as of September 30, 2025 and December 31, 2024, respectively. The projected fiscal year of payment range is from 2030 to 2031. Unobservable inputs were weighted by the relative fair value of the contingent consideration liabilities.

The revenue milestone associated with the Ashion acquisition is not expected to be achieved and therefore no liability has been recorded for this milestone.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Derivative Financial Instruments**

The Company enters into foreign currency forward contracts on the last day of each month to mitigate the impact of adverse movements in foreign exchange rates related to the remeasurement of monetary assets and liabilities and hedge the Company's foreign currency exchange rate exposure. As of September 30, 2025 and December 31, 2024 the Company had open foreign currency forward contracts with notional amounts of $56.4 million and $44.2 million, respectively. The Company's foreign exchange derivative instruments are classified as Level 2 within the fair value hierarchy as they are valued using inputs that are observable in the market or can be derived principally from or corroborated by observable market data. The fair value of the open foreign currency forward contracts was zero at September 30, 2025 and December 31, 2024 and there were no gains or losses recorded to adjust the fair value of the open foreign currency contract held as of September 30, 2025. The contracts are closed subsequent to each month-end, and the gains and losses recorded from the contracts were not significant for the three and nine months ended September 30, 2025 and 2024.

**(8) LONG-TERM DEBT**

**Revolving Credit Agreement**

On January 13, 2025, the Company entered into a senior secured revolving credit agreement (the "Revolving Credit Agreement") with a syndicate of lenders. The Revolving Credit Agreement replaced the Company's previous revolving loan agreement dated as of November 5, 2021.

Borrowings under the Revolving Credit Agreement are permitted up to a maximum amount of $500.0 million on a revolving basis. In addition, the Company may request, in lieu of cash advances, letters of credit with an aggregate stated amount outstanding not to exceed $20.0 million. Up to $50.0 million of borrowings may be made, at the Company's election, in additional currencies. Borrowings under the Revolving Credit Agreement will be used for working capital and other general corporate purposes. The Revolving Credit Facility matures on the earlier to occur of January 13, 2028 and the date that is 91 days prior to the maturity date of indebtedness of the Company and any restricted subsidiary in the event that the aggregate outstanding principal amount of such maturing indebtedness equals or exceeds $300.0 million. The Revolving Credit Agreement also provides for uncommitted incremental facilities in an amount up to $200.0 million plus an unlimited additional amount so long as the Company is in compliance with certain financial covenants.

Outstanding revolving loans denominated in U.S. dollars under the Revolving Credit Agreement will bear interest at a floating rate of either (A) Term SOFR plus 0.10% (subject to a 0.00% floor) plus the Applicable Rate (as defined below) or (B) a base rate (subject to a 1.00% per annum floor) plus the Applicable Rate, as elected by the Company. Revolving loans denominated in foreign currencies will bear interest at floating reference rates described in the Revolving Credit Agreement plus the Applicable Rate. The Applicable Rate means (A) in the case of U.S. dollar base rate loans, a margin ranging from 1.50% to 2.00% per annum, depending on the Company's consolidated secured gross leverage ratio, and (B) in the case of U.S. dollar Term SOFR loans and all foreign currency loans, a margin ranging from 2.50% to 3.00% per annum, depending on the Company's consolidated secured gross leverage ratio.

The Company is required to pay customary fees for a credit facility of this size and type, including a commitment fee on the unused portion of the Revolving Credit Facility.

Certain of the Company's present and future subsidiaries (the "Subsidiary Guarantors") guarantee the obligations under the Revolving Credit Agreement. The obligations under the Revolving Credit Agreement are secured by a first priority security interest in substantially all of the Company's and the Subsidiary Guarantors' assets, subject to certain exceptions and exclusions. The Revolving Credit Agreement contains customary representations and warranties, affirmative covenants and negative covenants for credit facilities of this nature, including financial covenants. The Company must maintain a consolidated secured gross leverage ratio not to exceed 2.50 to 1.00 (subject to certain exceptions) and a consolidated interest charge coverage ratio not less than 3.00 to 1.00, in each case, of as of the last day of each fiscal quarter.

The Company has agreed to various financial covenants under the Revolving Credit Agreement, and as of September 30, 2025, the Company was in compliance with all covenants.

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<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

As of September 30, 2025, the Company had $6.0 million of issued and outstanding letters of credit under the Revolving Credit Agreement, which reduced the amount available for cash advances under the facility to $494.0 million. As of September 30, 2025, the Company has not drawn funds from, nor are any amounts outstanding under, the Revolving Credit Agreement.

**(9) CONVERTIBLE NOTES**

Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Fair Value (1)** | **Fair Value (1)** |
| **(In thousands)** | **Principal Amount** | **Unamortized Debt Discount and Issuance Costs** | **Net Carrying Amount** | **Amount** | **Leveling** |
| 2031 Convertible Notes - 1.750% | $620709 | $(11905) | $608804 | $576552 | 2 |
| 2030 Convertible Notes - 2.000% | 572993 | (3115) | 569878 | 589386 | 2 |
| 2028 Convertible Notes - 0.375% | 589380 | (3783) | 585597 | 545530 | 2 |
| 2027 Convertible Notes - 0.375% | 563822 | (2464) | 561358 | 541201 | 2 |

---

Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Fair Value (1)** | **Fair Value (1)** |
| **(In thousands)** | **Principal Amount** | **Unamortized Debt Discount and Issuance Costs** | **Net Carrying Amount** | **Amount** | **Leveling** |
| 2031 Convertible Notes - 1.750% | $620709 | $(13511) | $607198 | $581648 | 2 |
| 2030 Convertible Notes - 2.000% | 572993 | (3642) | 569351 | 592756 | 2 |
| 2028 Convertible Notes - 0.375% | 589380 | (4952) | 584428 | 512761 | 2 |
| 2027 Convertible Notes - 0.375% | 563822 | (3732) | 560090 | 523932 | 2 |
| 2025 Convertible Notes - 1.000% (2) | 249172 | (19) | 249153 | 246705 | 2 |

---

______________

(1)The fair values are based on observable market prices for this debt, which is traded in less active markets and therefore is classified as a Level 2 fair value measurement.

(2)The Company's convertible notes due in 2025 (the "2025 Notes") matured on January 15, 2025 and were included in convertible notes, net, current portion on the condensed consolidated balance sheet as of December 31, 2024. As discussed in further detail below, the 2025 Notes were settled in cash upon maturity in January 2025.

**Issuances and Settlements**

Upon maturity of the 2025 Notes on January 15, 2025, the Company made a cash payment of $250.4 million in settlement of the total principal of the 2025 Notes and accrued interest that was previously outstanding as of December 31, 2024.

In April 2024, the Company entered into a privately negotiated exchange and purchase agreement with certain holders of the Company's convertible notes due in 2028 ("2028 Notes"). The Company issued $620.7 million aggregate principal amount of 1.75% convertible notes due in 2031 (the "2031 Notes" and, collectively with the 2025 Notes, 2027 Notes, 2028 Notes, and 2030 Notes, the "Notes") in exchange for $359.7 million of aggregate principal of 2028 Notes, and $266.8 million of cash after deducting underwriting discounts. The extinguishment resulted in a gain on settlement of convertible notes of $10.3 million, which was recorded in interest expense, net in the condensed consolidated statement of operations for the nine months ended September 30, 2024. The gain represents the difference between (i) the fair value of the consideration transferred and (ii) the carrying value of the debt at the time of exchange.

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<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The net proceeds from the issuance of the 2031 Notes were approximately $259.8 million, after deducting commissions and offering expenses payable by the Company.

The 2031 Notes will mature on April 15, 2031 and bear interest at a rate of 1.75% per year, payable semi-annually in arrears on October 15 and April 15 of each year, beginning on October 15, 2024. The Company has the ability to repurchase the 2031 Notes after April 17, 2029 upon the occurrence of certain events and during certain periods, as set forth in the Indenture filed at the time of the offering.

**Summary of Conversion Features**

Until the six-months immediately preceding the maturity date of the applicable series of the Company's convertible notes, each series of Notes is convertible only upon the occurrence of certain events and during certain periods, as set forth in the Indentures filed at the time of the original offerings. On or after the date that is six-months immediately preceding the maturity date of the applicable series of Notes until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may elect to convert such Notes at any time, and if elected, the conversion would occur on the maturity date. The Notes will be convertible into cash, shares of the Company's common stock (plus, if applicable, cash in lieu of any fractional share), or a combination of cash and shares of the Company's common stock, at the Company's election. If the Notes are not converted prior to the maturity date, the principal amount will be settled in cash upon maturity.

It is the Company's intent to settle all conversions through combination settlement. The initial conversion rate is 8.96, 8.21, 12.37, and 10.06 shares of common stock per $1,000 principal amount for the 2027 Notes, 2028 Notes, 2030 Notes, and 2031 Notes, respectively, which is equivalent to an initial conversion price of approximately $111.66, $121.84, $80.83, and $99.36 per share of the Company's common stock for the 2027 Notes, 2028 Notes, 2030 Notes, and 2031 Notes, respectively. The 2027 Notes, 2028 Notes, 2030 Notes, and 2031 Notes are potentially convertible into up to 5.0 million, 4.8 million, 7.1 million, and 6.2 million shares, respectively. The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the Indentures filed at the time of the original offerings but will not be adjusted for accrued and unpaid interest. In addition, holders of the Notes who convert their Notes in connection with a "make-whole fundamental change" (as defined in the Indentures), will, under certain circumstances, be entitled to an increase in the conversion rate.

If the Company undergoes a "fundamental change" (as defined in the Indentures), holders of the Notes may require the Company to repurchase for cash all or part of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest.

Based on the closing price of the Company's common stock of $54.71 on September 30, 2025, the if-converted values on the Notes do not exceed the principal amount.

The Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness, or the issuance or repurchase of securities by the Company.

**Ranking of Convertible Notes**

The Notes are the Company's senior unsecured obligations and (i) rank senior in right of payment to all of its future indebtedness that is expressly subordinated in right of payment to the Notes; (ii) rank equal in right of payment to each outstanding series thereof and to all of the Company's future liabilities that are not so subordinated, unsecured indebtedness; (iii) are effectively junior to all of the Company's existing and future secured indebtedness and other secured obligations, to the extent of the value of the assets securing that indebtedness and other secured obligations; and (iv) are structurally subordinated to all indebtedness and other liabilities of the Company's subsidiaries.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Issuance Costs**

Issuance costs are amortized to interest expense, net over the term of the Notes. The following table summarizes the original issuance costs at the time of issuance for each set of Notes:

---

| | |
|:---|:---|
| **(In thousands)** | |
| 2031 Convertible Notes | $6780 |
| 2030 Convertible Notes | 4938 |
| 2028 Convertible Notes | 24453 |
| 2027 Convertible Notes | 14285 |
| 2025 Convertible Notes | 17646 |

---

**Interest Expense**

Interest expense on the Notes includes the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(In thousands)** | **2025** | **2024** | **2025** | **2024** |
| Debt issuance costs amortization | $1154 | $1334 | $3455 | $3965 |
| Debt discount amortization | 386 | 322 | 1134 | 611 |
| Gain on settlement of convertible notes |  |  |  | (10254) |
| Coupon interest expense | 6662 | 7285 | 20075 | 19054 |
| Total interest expense on convertible notes | $8202 | $8941 | $24664 | $13376 |

---

The following table summarizes the effective interest rates of the Notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| 2031 Convertible Notes | 2.10% | 2.10% | 2.10% | 2.06% |
| 2030 Convertible Notes | 2.12% | 2.12% | 2.12% | 2.09% |
| 2028 Convertible Notes | 0.64% | 0.64% | 0.64% | 0.63% |
| 2027 Convertible Notes | 0.68% | 0.68% | 0.67% | 0.67% |
| 2025 Convertible Notes | n/a | 1.18% | 1.05% | 1.17% |

---

The remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 1.46, 2.42, 4.42, and 5.54 years for the 2027 Notes, 2028 Notes, 2030 Notes, and 2031 Notes, respectively.

**(10) LICENSE AND COLLABORATION AGREEMENTS**

The Company licenses certain technologies that are, or may be, incorporated into its technology under several license agreements, as well as the rights to commercialize certain diagnostic tests through collaboration agreements. Generally, the license agreements require the Company to pay single-digit royalties based on net revenues received using the technologies and may require minimum royalty amounts, milestone payments, or maintenance fees.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Mayo Foundation for Medical Education and Research**

In June 2009, the Company entered into an exclusive, worldwide license agreement with the Mayo Foundation for Medical Education and Research ("Mayo"), under which Mayo granted the Company an exclusive, worldwide license to certain Mayo patents and patent applications, as well as a non-exclusive, worldwide license with regard to certain Mayo know-how. The scope of the license covers any screening, surveillance or diagnostic test or tool for use in connection with any type of cancer, pre-cancer, disease or condition. The Company's license agreement with Mayo was most recently amended and restated in September 2020.

The licensed Mayo patents and patent applications contain both method and composition claims that relate to sample processing, analytical testing and data analysis associated with nucleic acid screening for cancers and other diseases. The jurisdictions covered by these patents and patent applications include the U.S., Australia, Canada, the European Union, China, Japan and Korea. Under the license agreement, the Company assumed the obligation and expense of prosecuting and maintaining the licensed Mayo patents and is obligated to make commercially reasonable efforts to bring to market products using the licensed Mayo intellectual property.

Pursuant to the Company's agreement with Mayo, the Company is required to pay Mayo a low-single-digit royalty on the Company's net sales of current and future products using the licensed Mayo intellectual property each year during the term of the Mayo agreement.

The Company is also required to pay Mayo up to $3.0 million in sales-based milestone payments upon cumulative net sales of each product using the licensed Mayo intellectual property reaching specified levels.

The license agreement will remain in effect, unless earlier terminated by the parties in accordance with the agreement, until the last of the licensed patents expires in 2039 (or later, if certain licensed patent applications are issued). However, if the Company is still using the licensed Mayo know-how or certain Mayo-provided biological specimens or their derivatives on such expiration date, the term shall continue until the earlier of the date the Company stops using such know-how and materials and the date that is five years after the last licensed patent expires. The license agreement contains customary termination provisions and permits Mayo to terminate the license agreement if the Company sues Mayo or its affiliates, other than any such suit claiming an uncured material breach by Mayo of the license agreement.

In addition to granting the Company a license to the covered Mayo intellectual property, Mayo provides the Company with product development and research and development assistance pursuant to the license agreement and other collaborative arrangements. In connection with this collaboration, the Company has incurred insignificant charges for the three months ended September 30, 2025 and 2024, respectively. The charges incurred in connection with this collaboration are recorded in research and development expenses in the Company's condensed consolidated statements of operations.

**Johns Hopkins University** 

Through the acquisition of Thrive, the Company acquired a worldwide exclusive license agreement with Johns Hopkins University ("JHU") for use of several JHU patents and licensed know-how. The license is designed to enable the Company to leverage JHU intellectual property in the development and commercialization of certain of its products. The agreement terms would require the Company to pay single-digit sales-based royalties and up to a total of $45.0 million in sales-based milestone payments on JHU licensed products that reach specified net sales levels. The Company will record the sales-based royalties once sales of licensed products have occurred and sales-based milestones once achievement is deemed probable. The Company recorded insignificant charges related to sales-based royalties during the three months ended September 30, 2025, and the Company has not incurred charges related to the achievement of any sales-based milestones as of September 30, 2025.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Targeted Digital Sequencing ("TARDIS") License Agreement**

In January 2021, the Company entered into an exclusive, worldwide license to the proprietary TARDIS technology from The Translational Genomics Research Institute ("TGen"). Under the agreement, the Company acquired a royalty-free, worldwide exclusive license to proprietary TARDIS patents and know-how. Under the agreement, the Company was obligated to make milestone payments to TGen of up to $45.0 million in sales-based milestone payments upon cumulative net sales related to molecular residual disease ("MRD") detection and/or treatment reaching specified levels. These payments were contingent upon achievement of these cumulative revenues on or before December 31, 2030, which was not achieved prior to the termination.

Effective May 1, 2024, the Company entered into termination agreements (the "Termination Agreements") with TGen for the purpose of terminating the license and sponsored research agreement relating to the TARDIS technology and an additional sponsored research agreement with a broader scope (collectively, the "Original Agreements"). As part of the Termination Agreements, the Company will pay TGen $27.6 million in compensation for the termination of the Original Agreements, which will be allocated into three annual installments of $9.2 million per year beginning in the second quarter of 2024. The fair value of the termination payments as of the date of the Termination Agreements was $25.8 million, which was recorded as research and development expense in the condensed consolidated statement of operations in the second quarter of 2024. The remaining $1.8 million in expense is being recognized ratably through the date of the final payment in the second quarter of 2026. The Company has recorded a liability of $8.8 million representing the fair value of the remaining payments, which is included in accrued liabilities on the condensed consolidated balance sheet as of September 30, 2025. The termination payments eliminate the Company's obligation to pay TGen any further payments, equities, fees, costs, or other amounts that would have been due under the Original Agreements, including the milestone payments. The Company's ongoing development efforts for its pipeline tests are not impacted by the Termination Agreements.

**Broad Institute, Inc.**

In June 2023, the Company entered into an exclusive license agreement with Broad Institute, Inc. ("Broad Institute") to utilize the Minor Allele Enriched Sequencing Through Recognition Oligonucleotides ("MAESTRO") technology in the Company's MRD testing. Under the license agreement, the Company is obligated to make development milestone payments to Broad Institute of up to $6.5 million upon achievement of certain development milestones related to prospective MRD tests that use the MAESTRO technology. In addition, the Company is obligated to make sales-based milestone payments to Broad Institute that equate up to a mid-single-digit royalty upon the achievement of certain cumulative net sales targets of licensed products using the MAESTRO technology beginning at $500.0 million. The Company will record the development milestones once achieved and the sales milestones once achievement is deemed probable. The Company has not incurred charges related to the achievement of development milestones or sales milestones as of September 30, 2025.

**Watchmaker Genomics, Inc.**

In July 2023, the Company entered into a co-exclusive development and license agreement with Watchmaker Genomics, Inc. ("Watchmaker") under which the Company granted Watchmaker a co-exclusive license to the non-bisulfite technology for the detection of methylated DNA and other epigenetic modifications ("TAPS"). TAPS is based on patents obtained by the Company through an exclusive license agreement with the Ludwig Institute for Cancer Research. Under the agreement, both parties have the right to use and develop TAPS for commercial purposes. The Company has the potential to receive up to $82.0 million in sales-based milestone payments and mid-single-digit royalties based on future Watchmaker net sales of licensed products including TAPS. Additionally, Watchmaker has the right to sublicense TAPS, and the Company has the potential to receive royalties based on future Watchmaker sublicense receipts. The Company has not received any sales-based milestone payments or royalties on Watchmaker net sales of licensed products, or royalties on Watchmaker sublicense receipts as of September 30, 2025.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**TwinStrand Biosciences, Inc.**

In July 2024, the Company entered into an agreement with TwinStrand Biosciences, Inc. ("TwinStrand"), under which TwinStrand licensed to the Company intellectual property related to the error correction technology in next-generation sequencing. The Company's rights are broadly exclusive with respect to cell-free nucleic acid sequencing, subject to certain non-exclusive relationships in the field. The Company also holds exclusive rights to sublicense the licensed intellectual property. Under the license agreement, the Company made upfront payments to TwinStrand totaling $45.0 million in July 2024. The upfront payments were capitalized as a patent and license intangible asset in the condensed consolidated balance sheet, which is amortized over its estimated useful life of 10 years. In addition, the Company agreed to pay TwinStrand a low-single-digit royalty on the Company's and any sublicensee's net sales of certain licensed products and services. The Company will record the sales-based royalties once sales using relevant licensed products and services have occurred. The Company has not incurred charges related to the sales-based royalties as of September 30, 2025. Sublicense revenue was not significant for the three and nine months ended September 30, 2025.

**Freenome Holdings, Inc.**

In August 2025, the Company entered into a Collaboration and License Agreement (the "Agreement") with Freenome Holdings, Inc., under which the Company and Freenome will collaborate to develop and commercialize certain blood-based screening and diagnostic products ("Collaboration Products") for colorectal cancer ("CRC"). Upon execution of the Agreement, the Company has co-exclusive rights to commercialize Freenome's existing CRC screening test as a laboratory developed test in the United States. Upon the later of (1) certain requirements related to antitrust clearance being satisfied (the "Antitrust Clearance Date") and (2) receipt of first-line U.S. Food and Drug Administration ("FDA") approval for a Collaboration Product, the Company will obtain exclusive rights to commercialize such Collaboration Products in the United States.

Under the terms of the Agreement, the Company made a payment to Freenome of $75.0 million in cash in November 2025. Following the completion of the antitrust clearance process, the upfront payment will represent a right to either the exclusive license or Freenome securities, and therefore the Company will recognize the upfront consideration within prepaid expenses and other current assets on the condensed consolidated balance sheet upon payment in November 2025. Upon receipt of antitrust clearance, the current asset is expected to be derecognized and expensed as a research and development expense, unless FDA approval is obtained prior to such clearance.

Up to an additional $700.0 million would be payable based upon the achievement of certain development and regulatory milestones, which include a $100.0 million payment upon first-line FDA approval of a Collaboration Product, $100.0 million upon first-line FDA approval for the next-generation test contingent on meeting pre-defined performance benchmarks, and $500.0 million upon a Collaboration Product being rated as a first-line A or B test in the United States Preventive Services Taskforce ("USPSTF") guidelines or meeting certain payer contracted coverage requirements. If the pre-defined performance benchmarks are not achieved, or if the Collaboration Product is rated as a second-line A or B test in the USPSTF guidelines, then each respective milestone payment may be reduced as provided in the Agreement. The Company will record the development milestones once achieved.

The Company will pay Freenome a laboratory service fee for each CRC blood test processed by Freenome on behalf of the Company prior to laboratory testing being transferred to the Company's facilities, which will be recognized as cost of sales as incurred. In addition, the Company will pay sales royalties on all net sales of Collaboration Products ranging from 0% to 10% depending on the test's profitability and subject to customary royalty stacking provisions.

The Company also committed to $20.0 million in joint development costs annually over three years, beginning on the Antitrust Clearance Date, which will be recognized as research and development expenses as incurred.

Additionally, the Company purchased a $50.0 million senior convertible note as discussed in further detail in Note 7.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**(11) STOCKHOLDERS' EQUITY**

**Changes in Accumulated Other Comprehensive Income (Loss)**

The amounts recognized in AOCI for the nine months ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(In thousands)** | **Cumulative Translation Adjustment** | **Unrealized Gain (Loss) on Securities (1)** | **AOCI** |
| Balance at December 31, 2024 | $(1920) | $976 | $(944) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications | 4201 | 309 | 4510 |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss) |  | (323) | (323) |
| Net current period change in accumulated other comprehensive income (loss) | 4201 | (14) | 4187 |
| Balance at September 30, 2025 | $2281 | $962 | $3243 |

---

The amounts recognized in AOCI for the nine months ended September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(In thousands)** | **Cumulative Translation Adjustment** | **Unrealized Gain (Loss) on Securities (1)** | **AOCI** |
| Balance at December 31, 2023 | $1374 | $54 | $1428 |
| &nbsp;&nbsp;Other comprehensive income before reclassifications | 427 | 2723 | 3150 |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss) |  | 52 | 52 |
| Net current period change in accumulated other comprehensive income (loss) | 427 | 2775 | 3202 |
| Balance at September 30, 2024 | $1801 | $2829 | $4630 |

---

______________

(1)There was no tax impact from the amounts recognized in AOCI for the nine months ended September 30, 2025 and 2024. The unrealized gain (loss) recorded on available-for-sale securities is a non-cash investing activity.

Amounts reclassified from AOCI for the nine months ended September 30, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Affected Line Item in the<br>Statements of Operations** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Details about AOCI Components (In thousands)** | **Affected Line Item in the<br>Statements of Operations** | **2025** | **2024** |
| Change in value of available-for-sale investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and maturities of available-for-sale investments | Investment income, net | $(323) | $52 |
| Total reclassifications |  | $(323) | $52 |

---

**(12) STOCK-BASED COMPENSATION**

**Stock-Based Compensation Plans**

The Company maintains the following plans for which awards were granted from or had awards outstanding in 2025: the 2010 Omnibus Long-Term Incentive Plan (As Amended and Restated Effective July 27, 2017), the 2019 Omnibus Long-Term Incentive Plan, the 2025 Omnibus Long-Term Incentive Plan, and the 2010 Employee Stock Purchase Plan. These plans are collectively referred to as the "Stock Plans."

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Stock-Based Compensation Expense**

The Company records stock-based compensation expense in connection with the amortization of restricted stock and restricted stock unit awards ("RSUs"), performance share units ("PSUs"), stock purchase rights granted under the Company's employee stock purchase plan ("ESPP") and stock options granted to employees, non-employee consultants and non-employee directors. The Company recorded $51.6 million and $48.8 million in stock-based compensation expense during the three months ended September 30, 2025 and 2024, respectively. The Company recorded $162.0 million and $165.7 million in stock-based compensation expense during the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, there was approximately $348.8 million of expected total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under all equity compensation plans. The Company expects to recognize that cost over a weighted average period of 2.51 years.

**Stock Options**

A summary of stock option activity under the Stock Plans is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual Term (Years)** | **Aggregate Intrinsic Value (1)** |
| *(Aggregate intrinsic value in thousands)* |  |  |  |  |
| Outstanding, January 1, 2025 | 982742 | $53.60 | 3.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (99926) | 23.83 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (34528) | 84.02 |  |  |
| Outstanding, September 30, 2025 | 848288 | $55.86 | 2.7 | $13570 |
| Vested and expected to vest, September 30, 2025 | 848288 | $55.86 | 2.7 | $13570 |
| Exercisable, September 30, 2025 | 848288 | $55.86 | 2.7 | $13570 |

---

______________

(1)The total intrinsic value of options exercised, net of shares withheld for taxes, during the nine months ended September 30, 2025 and 2024 was $2.5 million and $6.2 million, respectively, determined as of the date of exercise.

**Restricted Stock and Restricted Stock Units**

The fair value of restricted stock and RSUs is determined on the date of grant using the closing stock price on that day.

A summary of restricted stock and RSU activity is as follows:

---

| | | |
|:---|:---|:---|
| | **Restricted Shares** | **Weighted Average Grant Date Fair Value (1)** |
| Outstanding, January 1, 2025 | 7244796 | $63.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 3655785 | 51.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Released (2) | (2505103) | 68.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (740378) | 55.97 |
| Outstanding, September 30, 2025 | 7655100 | $55.96 |

---

______________

(1)The weighted average grant date fair value of the RSUs granted during the nine months ended September 30, 2024 was $56.67.

(2)The fair value of RSUs vested and converted to shares of the Company's common stock was $171.1 million and $173.3 million during the nine months ended September 30, 2025 and 2024, respectively.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**Performance Share Units**

The Company has issued performance-based equity awards to certain employees which vest upon the achievement of certain performance goals, including financial performance targets and operational milestones.

A summary of PSU activity is as follows:

---

| | | |
|:---|:---|:---|
| | **Performance Share Units (1)** | **Weighted Average Grant Date Fair Value (2)** |
| Outstanding, January 1, 2025 | 2021208 | $75.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 1283717 | 59.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Released (3) | (152565) | 88.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (573904) | 81.85 |
| Outstanding, September 30, 2025 | 2578456 | $65.15 |

---

______________

(1)The PSUs listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding PSUs as of September 30, 2025 was 1,109,465.

(2)The weighted average grant date fair value of the PSUs granted during the nine months ended September 30, 2024 was $63.68.

(3)The fair value of PSUs vested and converted to shares of the Company's common stock was $13.5 million and $9.9 million for the nine months ended September 30, 2025 and 2024, respectively.

**Employee Stock Purchase Plan**

The fair value of shares purchased during the three and nine months ended September 30, 2025 and 2024 under the ESPP is based on the assumptions in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(In thousands)** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Risk-free interest rates | (1) | (1) | 4.42% - 5.15% | 4.71% - 5.30% |
| &nbsp;&nbsp;Expected term (in years) | (1) | (1) | 0.5 - 1.25 | 1.17 |
| &nbsp;&nbsp;Expected volatility | (1) | (1) | 44.40% - 57.15% | 55.67% - 63.13% |
| &nbsp;&nbsp;Dividend yield | (1) | (1) | —% | —% |

---

______________

(1)The Company did not issue stock purchase rights under its 2010 Employee Stock Purchase Plan during the period indicated.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**(13) COMMITMENTS AND CONTINGENCIES**

**Leases**

Supplemental disclosure of cash flow information related to the Company's cash and non-cash activities with its leases are as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(In thousands)** | **2025** | **2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $30668 | $28658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from finance leases | 864 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance cash flows from finance leases | 4963 | 4890 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for new operating lease liabilities | 21646 | 17860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for new finance lease liabilities |  | 15995 |
| Weighted-average remaining lease term - operating leases (in years) | 7.11 | 7.58 |
| Weighted-average remaining lease term - finance leases (in years) | 2.43 | 3.08 |
| Weighted-average discount rate - operating leases | 6.53% | 6.55% |
| Weighted-average discount rate - finance leases | 6.68% | 6.71% |

---

As of September 30, 2025 and December 31, 2024, the Company's right-of-use assets from operating leases are $121.1 million and $117.0 million, respectively, which are reported in operating lease right-of-use assets in the Company's condensed consolidated balance sheets. As of September 30, 2025, the Company has outstanding operating lease obligations of $195.7 million, of which $31.9 million is reported in operating lease liabilities, current portion and $163.9 million is reported in operating lease liabilities, less current portion in the Company's condensed consolidated balance sheets. As of December 31, 2024, the Company had outstanding operating lease obligations of $184.5 million, of which $27.4 million is reported in operating lease liabilities, current portion and $157.1 million is reported in operating lease liabilities, less current portion in the Company's condensed consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, the Company's right-of-use assets from finance leases are $12.8 million and $19.8 million, respectively, which are reported in other long-term assets, net in the Company's condensed consolidated balance sheets. As of September 30, 2025, the Company has outstanding finance lease obligations of $13.8 million, of which $5.9 million is reported in other current liabilities and $7.8 million is reported in other long-term liabilities in the Company's condensed consolidated balance sheets. As of December 31, 2024, the Company had outstanding finance lease obligations of $21.0 million, of which $7.8 million is reported in other current liabilities and $13.2 million is reported in other long-term liabilities in the Company's condensed consolidated balance sheets.

**Legal Matters**

In addition to commitments and obligations incurred in the ordinary course of business, from time to time the Company may be subject to a variety of claims and legal proceedings, including legal actions for damages, governmental investigations and other matters. The Company has also instituted, and may in the future institute, additional legal proceedings to enforce its rights and seek remedies, such as monetary damages, injunctive relief and declaratory relief.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The Company accrues costs for certain legal proceedings and regulatory matters to the extent that it determines an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. While such accrued costs reflect the Company's best estimate of the probable loss for such matters, the recorded amounts may differ materially from the actual amount of any such losses. In some cases, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made because of the inherently unpredictable nature of legal and regulatory proceedings, which may be exacerbated by various factors, including but not limited to, that they may involve indeterminate claims for monetary damages or may involve fines, penalties or punitive damages; present novel legal theories or legal uncertainties; involve disputed facts; represent a shift in regulatory policy; involve a large number of parties, claimants or regulatory bodies; are in the early stages of the proceedings; involve a number of separate proceedings and/or a wide range of potential outcomes; or result in a change of business practices.

As of the date of this Quarterly Report on Form 10-Q, amounts accrued for legal proceedings and regulatory matters were not significant. However, it is possible that in a particular quarter or annual period the Company's financial condition, results of operations, cash flow and/or liquidity could be materially adversely affected by an ultimate unfavorable resolution of, or development in, legal and/or regulatory proceedings, including as described below. Except for the proceedings discussed below, the Company believes that the ultimate outcome of any of the regulatory and legal proceedings that are currently pending against it should not have a material adverse effect on financial condition, results of operations, cash flow, or liquidity.

*Intellectual Property Litigation Matters*

In November 2023, the Company filed suit against Geneoscopy, Inc. ("Geneoscopy") in the United States District Court for the District of Delaware, alleging that certain of Geneoscopy's products infringe the '781 Patent and seeking unspecified monetary damages and injunctive relief (the "'781 Action") and in January 2024, the Company amended the complaint, alleging that Geneoscopy has made false and misleading statements in the marketing and promotion of its product, in violation of the Lanham Act. In May 2024, the Company filed a second complaint against Geneoscopy alleging infringement of the Company's U.S. Patent No. 11,970,746 (the "'746 Patent"), which has been consolidated with the '781 Action. Geneoscopy filed counterclaims against the Company challenging the validity of the patents at issue and alleging breach of contract, misappropriation of trade secrets, unfair competition, and other violations of state and federal law seeking unspecified monetary damages and injunctive relief. On July 16, 2024, the Company filed a motion for preliminary injunction seeking an order prohibiting Geneoscopy from selling its infringing Colosense test in the United States. On May 27, 2025, Geneoscopy filed amended counterclaims against the Company, alleging false advertising under the Lanham Act, as well as other related violations under state law. On August 21, 2025, the Company voluntarily withdrew its motion for preliminary injunction, without prejudice, to preserve the ability to refile after the U.S. Patent and Trademark Office concludes its review of additional asserted patents.

Geneoscopy petitioned the United States Patent and Trademark Office to institute an inter partes review ("IPR") challenging the validity of the '781 Patent and the '746 Patent before the Patent Trial and Appeals Board ("PTAB") and the PTAB instituted review for both patents. On July 9, 2025, the PTAB issued its decision finding all claims of the '781 Patent unpatentable. The Company filed a notice of appeal with the United States Court of Appeals for the Federal Circuit on September 10, 2025. A final decision of the review of the '746 Patent will be made on or before February 14, 2026. On February 20, 2025, Geneoscopy filed a motion to stay the district court litigation pending IPR of the '781 and '746 Patents, which the Court denied on August 21, 2025.

**(14) RESTRUCTURING AND BUSINESS TRANSFORMATION**

In August 2025, the Company announced a multi-year productivity plan (the "Plan"). The Plan includes several initiatives that are intended to drive sustainable growth, improve operating leverage, and amplify the Company's ability to invest in innovation and serve more patients. These savings are expected to primarily come from general and administrative efficiencies, that in addition to restructuring certain support functions globally, include external spend optimization, and building more automation in core operations. The Company began incurring insignificant charges related to the business transformation efforts in 2024, primarily related to consulting services. The Company currently expects to incur additional business transformation costs of approximately $20 million through the completion of certain initiatives already underway, which are expected to be completed by the fourth quarter of 2026. The Company continues to pursue cost savings initiatives, and to the extent further cost saving initiatives are identified, the Company could incur additional charges to implement those business transformation initiatives in future periods.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The Company recorded the following charges related to the Plan for the three and nine months ended September 30, 2025.

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| | | |
|:---|:---|:---|
| **(In thousands)** | **Three Months Ended** | **Nine Months Ended** |
| Restructuring charges | $15289 | $26388 |
| Business transformation costs (1) | 17291 | 46220 |
| Total restructuring and business transformation | $32580 | $72608 |

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______________

(1)Business transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. For the three and nine months ended September 30, 2025, these costs primarily include consulting services, and employee termination benefits.

The restructuring charges were recorded as follows within the condensed consolidated statement of operations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Cost of sales** | **Research and development** | **Sales and marketing** | **General and administrative** | **Total** |
| Employee termination costs | $— | $74 | $483 | $13139 | $13696 |
| Other costs |  |  |  | 1593 | 1593 |
| Total restructuring charges | $— | $74 | $483 | $14732 | $15289 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Cost of sales** | **Research and development** | **Sales and marketing** | **General and administrative** | **Total** |
| Employee termination costs | $85 | $554 | $3154 | $15139 | $18932 |
| Other costs |  |  |  | 7456 | 7456 |
| Total restructuring charges | $85 | $554 | $3154 | $22595 | $26388 |

---

The following table summarizes activity in the liability related to the Company's restructuring initiatives:

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| | | | |
|:---|:---|:---|:---|
| **(In thousands)** | **Employee Termination Costs** | **Other Costs** | **Total** |
| Balance, December 31, 2024 | $— | $— | $— |
| &nbsp;&nbsp;Charges | 18932 | 7456 | 26388 |
| &nbsp;&nbsp;Payments | (3176) | (6590) | (9766) |
| &nbsp;&nbsp;Adjustments (1) | 533 |  | 533 |
| Balance, September 30, 2025 | $16289 | $866 | $17155 |

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______________

(1)Adjustments relate to the effects of foreign currency exchange rates.

The Company does not expect to incur additional significant costs related to this restructuring. Substantially all of the cash payments for the liability are expected to be disbursed by mid 2026.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**(15) ACQUISITIONS AND DIVESTITURES** 

**Divestitures**

*Oncotype DX Genomic Prostate Score Test*

On August 2, 2022, pursuant to an asset purchase agreement (the "Asset Purchase Agreement") with MDxHealth SA ("MDxHealth"), the Company completed the sale of the intellectual property and know-how related to the Company's Oncotype DX Genomic Prostate Score test ("GPS test"). On August 23, 2023, the Company and MDxHealth executed the Second Amendment to the Asset Purchase Agreement (the "Second Amendment"). Under the Second Amendment, the Company agreed to allow MDxHealth to defer the 2023 contingent consideration payment by three years in exchange for additional consideration and more favorable contingent consideration terms, including elimination of the minimum revenue thresholds previously required to be met under the Asset Purchase Agreement. Refer to the Company's 2024 Form 10-K for additional details on the agreements.

As of September 30, 2025 and December 31, 2024, a portion of the contingent consideration is classified as a contract asset. As of September 30, 2025, the contract asset was $31.8 million, which is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. As of December 31, 2024, the contract asset was $25.9 million, which is included in other long-term assets, net on the condensed consolidated balance sheet. The contract asset was estimated using historical GPS test revenues by MDxHealth under the most likely amount method. As of September 30, 2025, the remaining consideration balance of $22.7 million, which includes the amount earned during the 2023 earnout year classified as a receivable, is included in other long-term assets, net on the condensed consolidated balance sheet. As of December 31, 2024, the remaining consideration balance classified as a receivable was $56.6 million, of which $27.9 million is included in prepaid expenses and other current assets and $28.7 million is included in other long-term assets, net on the condensed consolidated balance sheet. As of December 31, 2024, the maximum contingent consideration of $82.5 million under the Second Amendment had been recognized, including an insignificant contingent consideration gain for the three and nine months ended September 30, 2024, which is included in other operating income in the condensed consolidated statement of operations. In April 2025, the Company received the cash payment of $28.0 million related to the 2024 earnout year, which was included in prepaid expenses and other current assets on the condensed consolidated balance sheet as of December 31, 2024. This cash receipt is presented as a cash inflow from investing activities for the nine months ended September 30, 2025 on the condensed consolidated statement of cash flows.

**(16) SEGMENT INFORMATION**

The Company is managed as one operating segment, and thus reports as a single reportable segment. This operating segment is focused on the development and global commercialization of clinical laboratory services allowing healthcare providers and patients to make individualized treatment decisions. The accounting policies of the segment are the same as those described in Note 1 - *Summary of Significant Accounting Policies*. The Company's Chief Operating Decision Maker ("CODM"), its President and Chief Executive Officer, monitors the Company's operating performance and makes decisions regarding allocation of resources to its operations at the consolidated level. The measure of segment profit or loss used by the CODM in assessing performance and deciding how to allocate resources is based on net loss. The CODM is regularly provided consolidated net loss to monitor budget versus actual results on a monthly basis to timely identify deviations from expected results, which is used in assessing performance and deciding where to reinvest profits and allocate resources predominantly in the annual budget and forecasting process. Significant segment expenses regularly provided to the CODM are those presented on the condensed consolidated statement of operations. These significant segment expenses include cost of sales, research and development, sales and marketing, and general and administrative. Additional significant segment expenses that are not separately presented in the condensed consolidated statement of operations include stock-based compensation, depreciation expense, and amortization of acquired intangible assets, which are presented in the condensed consolidated statement of cash flows, and restructuring and business transformation costs, which are presented in Note 14. Other segment items that are presented on the condensed consolidated statements of operations include investment income, net, interest expense, net, income tax expense, and non-recurring items such as impairment of long-lived and indefinite-lived assets, and other operating income.

The measure of segment assets provided to and reviewed by the CODM is reported on the consolidated balance sheet as total assets. Long-lived assets located in countries outside the U.S. are not significant.

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**EXACT SCIENCES CORPORATION**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

The following table summarizes total revenue from customers by geographic region. Product revenues are attributed to countries based on ship-to location.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(In thousands)** | **2025** | **2024** | **2025** | **2024** |
| United States | $791955 | $659222 | $2202981 | $1904755 |
| Outside of United States | 58784 | 49433 | 165628 | 140688 |
| Total revenues | $850739 | $708655 | $2368609 | $2045443 |

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**(17) INCOME TAXES**

The Company recorded income tax expense of $1.8 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively. The Company recorded income tax expense of $3.2 million and $4.1 million for the nine months ended September 30, 2025 and 2024, respectively. The Company's income tax expense recorded during the three and nine months ended September 30, 2025 is primarily related to current foreign and state tax expense. A deferred tax liability of $6.8 million and $7.2 million was recorded as of September 30, 2025 and December 31, 2024, respectively, which is included in other long-term liabilities on the Company's condensed consolidated balance sheet. The Company continues to maintain a full valuation allowance against its deferred tax assets based on management's determination that it is more likely than not the benefit will not be realized.

The Company had $46.5 million and $43.3 million of unrecognized tax benefits at September 30, 2025 and December 31, 2024, respectively. These amounts have been recorded as a reduction to the Company's deferred tax asset, if recognized they would not have an impact on the effective tax rate due to the existing valuation allowance. Certain of the Company's unrecognized tax benefits could change due to activities of various tax authorities, including possible settlement of audits, or through normal expiration of various statutes of limitations. The Company does not expect a material change in unrecognized tax benefits in the next twelve months.

As of September 30, 2025, due to the carryforward of unutilized net operating losses and research and development credits, the Company is subject to U.S. federal income tax examinations for the tax years 2005 through 2025, and to state income tax examinations for the tax years 2005 through 2025. No interest or penalties related to income taxes have been accrued or recognized as of September 30, 2025.

The Organization for Economic Co-operation and Development has endorsed a framework ("Pillar Two") with model rules introducing a global minimum corporate tax rate via a system where multinational groups with consolidated revenue over €750.0 million are subject to a minimum effective tax rate of 15% on income arising in low-tax jurisdictions on a country-by-country basis. Many countries have implemented laws based on these model rules, with effective dates beginning January 1, 2024. These rules do not have a material impact on the Company for the current period and, as currently designed, are not expected to materially increase the Company's global tax costs. The Company will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA makes permanent several provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation, immediate expensing of domestic research and development costs, and the limitation on business interest expense. The legislation also introduces modifications to the international tax framework. The provisions of the OBBBA have varying effective dates, with certain provisions effective beginning in 2025 and others phased in through 2027. The Company has evaluated the impact of OBBBA on its consolidated financials statements, including its deferred tax assets and liabilities and overall effective tax rate and has concluded the impact is immaterial due to the Company's existing valuation allowance recorded against its deferred tax assets.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

***Objective***

The purpose of this Management's Discussion and Analysis is to better allow our investors to understand and view our Company from management's perspective. We are providing an overview of our business and strategy including a discussion of our financial condition and results of operations. The following discussion of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited financial statements and 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, 2024 (the "2024 Form 10-K"), which has been filed with the U.S. Securities and Exchange Commission ("SEC").

**Forward-Looking Statements**

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***Overview***

A leading provider of cancer screening and diagnostic tests, Exact Sciences Corporation (together with its subsidiaries, "Exact," "we," "us," "our" or the "Company") gives patients and health care professionals the clarity needed to take life-changing action earlier. Building on the success of the Cologuard<sup>®</sup> and Oncotype DX<sup>®</sup> tests, we are investing in our pipeline to develop innovative solutions for use before, during, and after a cancer diagnosis.

During the third quarter of 2025, we achieved many critical milestones, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growing total revenue 20% year-over-year while decreasing operating expenses as a percentage of revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivering a record number of orders and shipments in our gap closure program that helps payers close gaps in guideline recommended preventive cancer screening,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generating cash provided by operating activities of $339.7 million for the nine months ended September 30, 2025, an improvement of $176.3 million in comparison to the nine months ended September 30, 2024,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• launching Cancerguard<sup>®</sup> , the first commercially available multi-cancer early detection ("MCED") blood test analyzing multiple biomarker classes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding the impact of our ExactNexus<sup>TM</sup> technology platform by reaching a new milestone of 500 unique healthcare organization interface connections.

***Our Screening Tests*** 

*Cologuard Test*

Colorectal cancer is the second leading cause of cancer deaths in the United States ("U.S.") and the leading cause of cancer deaths in the U.S. among non-smokers. Each year in the U.S., there are approximately 154,000 new cases of colorectal cancer and approximately 53,000 deaths. It is widely accepted that colorectal cancer is among the most preventable, yet least prevented cancers.

Our flagship screening product, the Cologuard test, is a patient-friendly, non-invasive stool-based DNA ("sDNA") screening test that utilizes a multi-target approach to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. Upon approval by the U.S. Food and Drug Administration ("FDA") in August 2014, our Cologuard test became the first and only FDA-approved sDNA non-invasive colorectal cancer ("CRC") screening test. Our Cologuard test is now indicated for average risk adults 45 years of age and older. The FDA approved our Cologuard Plus<sup>TM</sup> test for adults ages 45 and older of average risk for colorectal cancer in October 2024, and we launched this test in late March 2025.

*Genetic Testing*

We have an extensive menu of predefined genetic tests for nearly all clinically relevant genes, additional custom panels, and comprehensive germline, whole exome ("PGxome<sup>®</sup>"), and whole genome ("PGnome<sup>®</sup>") sequencing tests.

***Our Precision Oncology Tests***

Our precision oncology portfolio delivers actionable genomic insights to inform prognosis and cancer treatment after a diagnosis. In breast cancer, the Oncotype DX Breast Recurrence Score<sup>®</sup> test is the only test shown to predict the likelihood of chemotherapy benefit as well as the chance of cancer recurrence in the most common sub-type of early-stage breast cancer. As the only test proven to predict both the likelihood of chemotherapy benefit and cancer recurrence, the Oncotype DX test is recognized globally as standard of care and is included in all major breast cancer treatment guidelines. The OncoExTra<sup>®</sup> test applies comprehensive tumor profiling, utilizing whole exome and whole transcriptome sequencing, to aid in therapy selection for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer. With an extensive panel of approximately 20,000 genes and 169 introns, the OncoExTra test is one of the most comprehensive genomic (DNA) and transcriptomic (RNA) panels available today. We enable patients to take a more active role in their cancer care and make it easy for providers to order tests, interpret results, and personalize medicine by applying real-world evidence and guideline recommendations.

Riskguard<sup>®</sup>, our hereditary cancer test, helps people understand their inherited risk of cancer, arming them with critical information to make more informed treatment decisions.

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***International Business Background and Products***

We commercialize or plan to commercialize our Oncotype<sup>®</sup> tests internationally through employees in Canada, Japan and a number of European countries, as well as through exclusive distribution agreements. We have provided our Oncotype tests in approximately 120 countries outside of the U.S. We do not offer our Cologuard, Oncodetect<sup>®</sup>, or Cancerguard tests outside of the U.S. We are exploring opportunities to make these tests and other future products available outside the U.S.

***Recent Test Launches***

We have launched new screening and diagnostic tests in 2025 to address unmet patient needs and enhance our existing products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cologuard Plus* - Our Cologuard Plus test, which was developed in collaboration with Mayo Foundation for Medical Education and Research ("Mayo"), was launched in late March 2025. The Cologuard Plus test, which was approved by the FDA in October 2024 for adults ages 45 and older at average risk for colorectal cancer, is covered by Medicare and included in the U.S. Preventive Services Taskforce ("USPSTF") guidelines as a recommended stool-based screening option. The test features novel biomarkers, improved laboratory processes, and enhanced sample stability, and detects colorectal cancers and precancerous polyps with even greater sensitivity than our Cologuard test while reducing false positives by nearly 40%. Results from the pivotal BLUE-C study published in the New England Journal of Medicine in March 2024 showed 95% overall cancer sensitivity and 43% sensitivity for advanced precancerous lesions at 94% specificity when age-weighted to the U.S. population with no findings on colonoscopy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Oncodetect* - Our tumor-informed Oncodetect MRD test is designed to detect small amounts of tumor DNA that may remain in patients' blood after they have undergone initial treatment. This test is expected to help patients and oncologists understand the success of initial treatment, guide further treatment, and monitor for cancer recurrence. Results from the Alpha-CORRECT study, which primarily included patients with stage III colorectal cancer, showed our Oncodetect test achieved 78% sensitivity at the post-surgical timepoint and 91% sensitivity during the surveillance monitoring period, with specificities of 80% and 94%, respectively. In January 2025, complete findings from Alpha-CORRECT were published in the Journal of Surgical Oncology. Results from our Beta-CORRECT study, which we presented at the 2025 American Society of Clinical Oncology Annual Meeting, confirm a significant association between MRD positivity and recurrence in patients with stages II through IV colorectal cancer. Our Oncodetect test was launched as a laboratory developed test ("LDT") in April 2025, and based on results from the aforementioned studies, obtained Medicare reimbursement through the MolDX program effective April 2025 for serial use in patients with stage II, III, and resectable stage IV colorectal cancer in the adjuvant and recurrence monitoring settings over a five-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cancerguard* - Our Cancerguard test is designed to detect multiple cancers in their earliest stages from a single blood draw. Building on decades of research with Mayo and The Johns Hopkins University, the Cancerguard test combines multiple biomarker classes for earlier cancer detection, provides high specificity to help minimize false positives, and utilizes a streamlined imaging-based diagnostic pathway to reduce follow-up procedures. In September 2025, results from a multi-center, prospective, case-control ASCEND-2 study showed 68% sensitivity across six of the deadliest cancers and 64% overall sensitivity across a broad range of cancers, excluding breast and prostate. Additionally, the test achieved high specificity of 97.4%, helping to minimize false positives and avoid unnecessary procedures. Our Cancerguard test was launched as a self-pay LDT in September 2025, and to support patient access, we entered into an agreement with Quest Diagnostics to enable blood collection at their approximately 7,000 patient access sites across the U.S. We are actively enrolling patients for a real-world evidence study conducted under a U.S. FDA-reviewed Investigational Device Exemption, which is designed to inform future regulatory submissions, support payer discussions on coverage and reimbursement, and guide efforts to include our Cancerguard test in clinical guidelines.

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***Pipeline Research and Development***

We are continuing to advance our pipeline of future screening and diagnostic products, including risk assessment, screening and prevention, early disease diagnosis, adjuvant and/or neoadjuvant disease treatment, metastatic disease treatment selection, and recurrence monitoring.

We are focusing our research and development efforts on three main areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Colorectal Cancer Screening*. In August 2025, we announced initial results for an internal version of our CRC blood test, showing sensitivities of 73% for CRC and 14% for advanced precancerous lesions at 90% specificity. This test included three methylation markers and a protein marker. It did not include the additional marker class presented at the European Society for Medical Oncology 2024 Congress. Internal testing and evaluation are ongoing for future versions of our blood-based colorectal cancer screening test. In August 2025, we acquired exclusive rights to the current and future versions of Freenome Holdings, Inc.'s ("Freenome") blood-based colorectal cancer screening tests as well as the underlying technology, subject to regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MRD Test Development.* In addition to the evidence supporting Oncodetect in colorectal cancer, we plan to validate our Oncodetect test in breast cancer, and subsequently, in multiple other solid tumor types. We also expect to enhance our MRD test by leveraging the Broad Institute's Minor Allele Enriched Sequencing Through Recognition Oligonucleotides ("MAESTRO") diagnostic testing technology, which we secured exclusive rights to in June 2023 through a sponsored research and license agreement. In 2026, we expect to introduce a next-generation version of this test leveraging the MAESTRO technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MCED Test Development.* In July 2024, our Cancerguard test was approved as an Investigational Device Exemption by the FDA to be used within a real-world evidence study, providing an opportunity to test 25,000 people over the next three years. The first patient was enrolled within this study at Baylor Scott & White, the primary study site, in August 2024. In the future, we plan to begin recruiting patients for the FDA registrational Study of All comeRs ("SOAR") trial, which we expect to be the largest prospective, interventional multi-cancer screening trial ever conducted in the U.S.

Research and development, which includes our clinical study programs, accounts for a material portion of our operating expenses. As we seek to enhance our product portfolio and advance our pipeline, we expect that our research and development expenditures will continue to be a significant portion of our operating expenditures.

***2025 Priorities***

Our top priorities for 2025 are to (1) champion our customers and team, (2) elevate our product portfolio, and (3) amplify our impact.

*<u>Champion our Customers and Team</u>*

We will enhance our world-class customer experience, expand screening access to underserved populations, and ensure Exact Sciences remains a great place to work.

*<u>Elevate our Product Portfolio</u>*

We will increase adoption of current tests, launch our Cologuard Plus, Oncodetect, and Cancerguard tests, and invest in clinical trials to enhance existing products and bring new diagnostics to patients and providers. We will also focus on improving patient adherence to screen more people.

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*<u>Amplify our Impact</u>*

By reaching more patients through an expanded portfolio and growing customer base, we will increase revenue and profitability. Sustained profits will enable continued investment in life-changing cancer diagnostics to help achieve our mission.

***Key Trends and Uncertainties***

*<u>Multi-year Productivity Plan</u>*

In August 2025, we announced our multi-year productivity plan. The plan is central to achieving our long-term financial goals. These initiatives are intended to drive sustainable growth, improve operating leverage, and amplify our ability to invest in innovation and serve more patients by delivering more than $150.0 million in expected annual savings by 2026. These savings are expected to primarily come from general and administrative efficiencies through external spend optimization, restructuring certain support functions globally, and building more automation in core operations.

*<u>Product Opportunities</u>*

We estimate there are up to 55 million Americans that are not up to date with their colon cancer screenings. The capacity for screening colonoscopies in the U.S. is relatively fixed because it is dependent on the number of gastroenterologists available to perform the procedures. Health systems, payers, and health care providers are motivated to increase screening rates because they are measured as part of the Healthcare Effectiveness Data and Information Set ("HEDIS") and Medicare Stars quality measure systems. More health systems and payers are recognizing the opportunity to partner with Exact Sciences to address their screening rates and related quality measures through large, organized screening programs including our care gap programs. We aim to partner with them to implement our Cologuard and Cologuard Plus tests within these programs as a solution for patients who infrequently visit their health care provider. Cologuard test utilization is increasing in this setting, helping us screen more Americans.

In June 2025, the U.S. Supreme Court affirmed Section 2713 of the Patient Protection and Affordable Care Act ("ACA") mandate that certain health insurers cover, without imposing any patient cost-sharing, evidence-based items or services that have in effect a rating of "A" or "B" in the current recommendations of the USPSTF, which includes our Cologuard and Cologuard Plus tests, in its decision in the Kennedy v. Braidwood Management case. This ruling confirms that there will be no disruption in coverage of our Cologuard and Cologuard Plus tests, reinforces the value of evidence-based preventive care, and solidifies our Cologuard and Cologuard Plus tests as valuable assets for payers in improving health outcomes.

We have an opportunity to impact even more lives by increasing adoption of Oncotype DX tests internationally, primarily through continued adoption in Japan. Breast cancer is the most common cancer among Japanese women, with about 45,000 new diagnoses of early-stage HR+, HER2- breast cancer each year. With reimbursement in place, we estimate our Oncotype DX test could help more than 100 women per day understand if their cancer is likely to recur and whether chemotherapy should be used in their treatment plan.

*<u>Macroeconomic Conditions</u>*

While factors such as increasing financial market volatility and uncertainty, inflation, exchange rate fluctuations, higher interest rates, government shutdowns, and recently imposed tariffs have not materially impacted our results of operations as of September 30, 2025, we are uncertain how these factors may impact our future operating results, including through the impact of consumer or medical provider behavior or by adversely impacting the operations of our suppliers.

***Results of Operations***

We have incurred losses since our inception and, as of September 30, 2025, we had an accumulated deficit of approximately $4.62 billion. While our operating results have continued to improve, it is possible we may never become profitable or sustain profitability.

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***Revenue.*** Our Screening revenue primarily includes laboratory service revenue from our Cologuard and PreventionGenetics, LLC tests while our Precision Oncology revenue primarily includes laboratory service revenue from global Oncotype DX and therapy selection tests.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **Amounts in thousands** | **2025** | **2024** | **Change** | **% Change** |
| Screening | $666240 | $544901 | $121339 | 22.3% |
| Precision Oncology | 184499 | 163754 | 20745 | 12.7% |
| Total | $850739 | $708655 | $142084 | 20.0% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Amounts in thousands** | **2025** | **2024** | **Change** | **% Change** |
| Screening | $1834728 | $1551305 | $283423 | 18.3% |
| Precision Oncology | 533881 | 494138 | 39743 | 8.0% |
| Total | $2368609 | $2045443 | $323166 | 15.8% |

---

The increase in Screening revenue for the three and nine months ended September 30, 2025 was primarily driven by a higher volume of completed Cologuard tests, which resulted from increases in rescreen rates, care gap programs, and growth in new ordering providers.

The increase in Precision Oncology revenue was primarily due to an increase in the number of completed Oncotype DX breast cancer tests, both domestically and internationally. The increase in completed Oncotype DX breast cancer tests was led by an increased number of ordering providers outside the U.S., particularly in Japan. In addition, we recognized sublicense revenue of $7.5 million for the nine months ended September 30, 2025 under a sublicense agreement executed in the second quarter of 2025 related to technology originally licensed from TwinStrand in the third quarter of 2024.

Adjustments to revenue recognized during the period relating to prior period estimates were less than 1% of revenue recorded in our condensed consolidated statement of operations for the three and nine months ended September 30, 2025 and 2024. The impacts to revenue related to change in transaction price are a function of differences in realized collections compared to original estimates, which includes upward adjustments stemming from optimizations in our reimbursement operations and downward adjustments from things such as payer denials.

We expect continuing revenue growth for our Cologuard and Oncotype tests subject to seasonal variability, timing of care gap programs, and additional growth from our recent and upcoming product launches. Our revenues are affected by the test volume of our products, patient adherence rates, payer mix, the levels of reimbursement, our order to cash operations, and payment patterns of payers and patients.

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***Costs and expenses***

***Cost of sales.*** Cost of sales includes the costs incurred to deliver our products and services including material and service costs, personnel costs including stock-based compensation, infrastructure expenses associated with laboratory testing services, shipping charges, depreciation, amortization of acquired intangible assets or license intangible assets related to products we have commercialized, and allocated facility and overhead costs. Cost of sales and gross margin consisted of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **Amounts in thousands** | **2025** | **% of Revenue** | **2024** | **% of Revenue** | **$ Change** | **% Change** |
| Cost of sales | $266810 | 31.4% | $217170 | 30.6% | $49640 | 22.9% |
| Gross profit and gross margin | 583929 | 68.6% | 491485 | 69.4% | 92444 | 18.8% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Amounts in thousands** | **2025** | **% of Revenue** | **2024** | **% of Revenue** | **$ Change** | **% Change** |
| Cost of sales | $721680 | 30.5% | $619319 | 30.3% | $102361 | 16.5% |
| Gross profit and gross margin | 1646929 | 69.5% | 1426124 | 69.7% | 220805 | 15.5% |

---

The increase in cost of sales for the three and nine months ended September 30, 2025 was primarily due to an increase in production costs, which was a result of an increase in completed Cologuard and Oncotype tests. Gross margin decreased for the three and nine months ended September 30, 2025 primarily due to an increase in volume from certain of our care gap programs, which was partially offset by efficiencies gained in our personnel and lab automation from increased Cologuard test volume. We expect that cost of sales will generally continue to increase in future periods as a result of an increase in our existing laboratory testing services and as we launch our pipeline products. We also expect to see a corresponding increase in personnel and support services associated with this growth.

Research and development, sales and marketing, and general and administrative expenses, including each item as a percentage of revenue, consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **Amounts in thousands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **% of Revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | **% of Revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$ Change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% Change** |
| Research and development | $117290 | 13.8% | $101487 | 14.3% | $15803 | 15.6% |
| Sales and marketing | 250228 | 29.4% | 220264 | 31.1% | 29964 | 13.6% |
| General and administrative | 241413 | 28.4% | 193539 | 27.3% | 47874 | 24.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Amounts in thousands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **% of Revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | **% of Revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$ Change** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% Change** |
| Research and development | $331501 | 14.0% | $333501 | 16.3% | $(2000) | (0.6)% |
| Sales and marketing | 761656 | 32.2% | 649596 | 31.8% | 112060 | 17.3% |
| General and administrative | 670681 | 28.3% | 590715 | 28.9% | 79966 | 13.5% |

---

***Research and development expenses.*** Research and development expenses consist of costs incurred to develop new or enhance existing products and services, which primarily includes personnel costs including stock-based compensation, clinical study programs, materials and infrastructure costs, depreciation and amortization, and allocated facility and overhead costs. For the three and nine months ended September 30, 2025 and 2024, research and development costs incurred primarily related to the development of our colorectal cancer, MRD, and MCED tests. Research and development expenses incurred to support our ongoing clinical studies increased for the three and nine months ended September 30, 2025 primarily due to increased resources needed to support our pipeline tests as they approached and reached commercialization as discussed in the *Recent Test* 

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*Launches* section above. The increase in costs incurred to support our ongoing clinical studies for the nine months ended September 30, 2025 was offset by the termination of a license agreement with The Translational Genomics Research Institute, which resulted in the recognition of an expense of $25.8 million in the second quarter of 2024. We expect that research and development expenses will generally increase in future periods as we continue to enhance our current products and invest in our pipeline.

***Sales and marketing expenses.*** Sales and marketing expenses primarily include personnel costs including stock-based compensation and commissions for our sales force, marketing costs, customer-oriented support activities, depreciation and amortization expense, and allocated facility and overhead costs. Sales and marketing expenses increased for the three and nine months ended September 30, 2025 due to continued investment in high impact sales and marketing opportunities. We anticipate sales and marketing expenses will generally increase in future periods as we reinvest in efforts to increase adoption of current products and support the launches of new products. We expect these expenses will decrease as a percentage of revenue over time, driven by the growth of Cologuard and Oncotype testing services. Refer to Note 1 of our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q ("Notes to Condensed Consolidated Financial Statements") for discussion of the reclassification of customer care and customer experience related costs from general and administrative expenses to sales and marketing expenses.

***General and administrative expenses.*** General and administrative expenses include costs associated with our corporate support functions, which primarily includes personnel costs including stock-based compensation, legal and professional service fees, depreciation and amortization, and allocated facility and overhead costs. General and administrative expenses increased for the three and nine months ended September 30, 2025 primarily due to restructuring and business transformation related costs incurred as discussed in Note 14 of our Notes to Condensed Consolidated Financial Statements and an increase in certain incentive-based compensation arrangements, which were reduced in the third quarter of 2024. The increase in expenses was also attributed to the change in fair value of our outstanding contingent consideration liabilities. Refer to Note 7 of our Notes to Condensed Consolidated Financial Statements for further discussion of our outstanding contingent consideration liabilities. The increase in general and administrative expenses as a percentage of revenue for the three months ended September 30, 2025 is primarily due to restructuring and business transformation related costs, which we expect to continue to impact our general and administrative expenses into 2026 as discussed in further detail above. We expect general and administrative expenses will stabilize and decrease over time as we continue to leverage efficiencies in our personnel, information technology systems, and the expected benefits from our multi-year productivity plan. Refer to Note 1 of our Notes to Condensed Consolidated Financial Statements for discussion of the reclassification of customer care and customer experience related costs from general and administrative expenses to sales and marketing expenses.

Other operating and non-operating expense (income) items consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **Amounts in thousands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** |
| Impairment of long-lived and indefinite-lived assets | $543 | $18698 | $(18155) |
| Other operating income |  | (3100) | 3100 |
| Investment income, net | (17577) | (11582) | (5995) |
| Interest expense, net | 9789 | 9607 | 182 |
| Income tax expense | 1837 | 808 | 1029 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Amounts in thousands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Change** |
| Impairment of long-lived and indefinite-lived assets | $6794 | $31296 | $(24502) |
| Other operating income |  | (6632) | 6632 |
| Investment income, net | (34500) | (29596) | (4904) |
| Interest expense, net | 29602 | 17439 | 12163 |
| Income tax expense | 3189 | 4077 | (888) |

---

***Impairment of long-lived and indefinite-lived assets.*** The impairment charges recorded during the three and nine months ended September 30, 2025 and September 30, 2024 related to certain of our domestic facilities and corresponding leasehold improvements.

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***Other operating income.*** The income recorded for the three and nine months ended September 30, 2024 represents the remeasurement of the contingent consideration asset from the sale of the Oncotype DX Genomic Prostate Score test ("GPS test") to MDxHealth SA ("MDxHealth").

***Investment income, net***. The investment income recorded for the three and nine months ended September 30, 2025 and 2024 was primarily due to gains recorded on our marketable securities.

***Interest expense, net.*** Interest expense recorded from our outstanding convertible notes totaled $8.2 million and $8.9 million for the three months ended September 30, 2025 and 2024, respectively and $24.7 million and $23.6 million for the nine months ended September 30, 2025 and 2024, respectively. Interest expense for the nine months ended September 30, 2024 included a net gain on settlement of convertible notes of $10.3 million. The convertible notes are further described in Note 9 of our Notes to Condensed Consolidated Financial Statements.

***Income tax expense.*** Income tax expense for the three and nine months ended September 30, 2025 and 2024 was primarily related to current foreign and state tax expense.

***Liquidity and Capital Resources***

***Overview***

We have incurred losses since our inception, and have historically financed our operations primarily through public and private offerings of our common stock and convertible debt and through revenue generated by the sale of our laboratory testing services. We expect our operating expenditures to continue to increase to support future growth of our laboratory testing services, as well as an increase in research and development and clinical trial costs to support the advancement of our pipeline products and bringing new tests to market. We expect that cash, cash equivalents and marketable securities on hand at September 30, 2025, along with cash flows generated through our operations, will be sufficient to fund our current operations for at least the next twelve months based on current operating plans.

In January 2025, we entered into a senior secured revolving credit agreement (the "Revolving Credit Agreement"), which provides us with access to $500.0 million on a revolving basis, including a letter of credit sublimit. The Revolving Credit Agreement also provides for uncommitted incremental facilities in an amount up to $200.0 million plus an unlimited additional amount so long as we are in pro forma compliance with certain financial covenants. The Revolving Credit Agreement expires in January 2028. As of September 30, 2025, we have not drawn any funds under the Revolving Credit Agreement. The Revolving Credit Agreement is further described in Note 8 of our Notes to Condensed Consolidated Financial Statements.

We may raise additional capital to expand our business, to pursue strategic investments, to take advantage of financing opportunities or for other reasons. If we are unable to obtain sufficient additional funds to enable us to fund our business plans and strategic investments, our results of operations and financial condition could be materially adversely affected, and we may be required to delay the implementation of our plans or otherwise scale back our operations. There can be no certainty that we will ever be successful in generating sufficient cash flow from operations to achieve and maintain profitability and meet all of our obligations as they come due.

***Cash, Cash Equivalents and Marketable Securities***

As of September 30, 2025, we had approximately $789.0 million in unrestricted cash and cash equivalents and approximately $214.1 million in marketable securities.

The majority of our investments in marketable securities consist of fixed income investments, and all are deemed available-for-sale. The objectives of this portfolio are to provide liquidity and safety of principal while striving to achieve the highest rate of return. Our investment policy limits investments to certain types of instruments issued by institutions with investment grade credit ratings and places restrictions on maturities and concentration by type and issuer.

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***Cash Flows***

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Amounts In millions** | **2025** | **2024** |
| Net cash provided by operating activities | $339.7 | $163.5 |
| Net cash provided by (used in) investing activities | 104.0 | (400.3) |
| Net cash provided by (used in) financing activities | (262.2) | 221.4 |

---

*<u>Operating activities</u>*

The increase in cash provided by operating activities for the nine months ended September 30, 2025 was primarily due to an increase in revenue, a decrease in our operating expenses as a percentage of revenue, and timing and magnitude of our cash outflows on our accounts payable and accrued liabilities including lower disbursements related to incentive-based compensation arrangements that were accrued as of December 31, 2024. This was partially offset by an increase in cost of sales to support the increase in revenue as discussed in the *Results of Operations* section above.

*<u>Investing activities</u>* 

The increase in cash provided by investing activities was due to allocating more funds to money market accounts and reducing our investments in fixed income securities, allowing us to meet our liquidity needs for financing activities for the nine months ended September 30, 2025 as further discussed below. In addition, we received a payment of $28.0 million in the second quarter of 2025 in settlement of a portion of our contingent consideration receivable related to the sale of the intellectual property and know-how related to our GPS test to MDxHealth. These inflows were partially offset by a payment of $50.0 million as part of the note purchase agreement that we executed with Freenome in the third quarter of 2025. We also made a payment of $45.0 million during the third quarter of 2024 for our license of intellectual property from TwinStrand.

*<u>Financing activities</u>*

The increase in cash used in financing activities was primarily due to payments of $249.2 million on settlement of our previously outstanding convertible notes due in 2025 ("2025 Notes") upon maturity in January 2025 and a cash payment of $19.0 million in settlement of the contingent consideration liability related to our acquisition of Ashion Analytics, LLC. In comparison, we received proceeds of $266.8 million from the issuance of convertible notes in the second quarter of 2024. The increase in cash used in financing activities was partially offset by a payment of $50.0 million in settlement of our previously outstanding accounts receivable securitization facility upon maturity in June 2024.

***Material Cash Requirements***

A discussion of our material cash requirements as of December 31, 2024 was provided in the Management's Discussion and Analysis of Financial Condition and Results of Operation of our 2024 Form 10-K. Other than the matters described below, there were no material changes outside the ordinary course of our business in our specified material cash requirements during the nine months ended September 30, 2025.

Upon maturity of our previously outstanding 2025 Notes, we made a cash payment of $250.4 million in settlement of the total principal of the 2025 Notes and accrued interest that was previously outstanding as of December 31, 2024. Refer to Note 9 of the Notes to Condensed Consolidated Financial Statements for further discussion of the 2025 Notes.

In January 2025, we entered into the Revolving Credit Agreement, which is discussed in further detail above. The Revolving Credit Agreement replaced our previous revolving line-of-credit (the "Revolver") dated as of November 5, 2021. Refer to Note 8 of the Notes to Condensed Consolidated Financial Statements for further discussion of the Revolving Credit Agreement and Revolver.

In August 2025, we entered into a Collaboration and License Agreement with Freenome. Under the terms of the agreement, we made a payment to Freenome of $75.0 million in cash in November 2025. Additional amounts would be payable to Freenome upon the achievement of certain development and regulatory milestones. Refer to Note 10 of the Notes to Condensed Consolidated Financial Statements for further discussion of this agreement.

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As of September 30, 2025, we had no off-balance sheet arrangements.

***Critical Accounting Policies and Estimates***

Management's discussion and analysis of our financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience and on various other factors that are believed to be appropriate under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a discussion of our critical accounting policies and estimates, refer to our Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K. There have been no material changes to our critical accounting policies and estimates since our 2024 Form 10-K.

***Recent Accounting Pronouncements***

See Note 1 of our Notes to Condensed Consolidated Financial Statements for the discussion of Recent Accounting Pronouncements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

*Interest Rate Risk*

Our exposure to market risk is principally confined to our cash, cash equivalents and marketable securities and our outstanding variable-rate debt. We invest our cash, cash equivalents, and marketable securities in securities of the U.S. governments and its agencies and in investment-grade, highly liquid investments consisting of commercial paper, bank certificates of deposit, and corporate bonds, which as of September 30, 2025 and December 31, 2024 were classified as available-for-sale. We place our cash, cash equivalents, restricted cash, and marketable securities with high-quality financial institutions, limit the amount of credit exposure to any one institution, and have established investment guidelines relative to diversification and maturities designed to maintain safety and liquidity.

Based on a hypothetical 100 basis point decrease in market interest rates, the potential losses in future earnings, fair value of risk-sensitive financial instruments, and cash flows are immaterial, although the actual effects may differ materially from the hypothetical analysis. While we believe our cash, cash equivalents, restricted cash, and marketable securities do not contain excessive risk, we cannot provide absolute assurance that, in the future, our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash, cash equivalents, restricted cash, and marketable securities at one or more financial institutions that are in excess of federally insured limits. Given the potential instability of financial institutions, we cannot provide assurance that we will not experience losses on these deposits. We do not utilize interest rate hedging agreements or other interest rate derivative instruments.

As of September 30, 2025, we had no outstanding variable rate debt. If we were to draw down amounts under our Revolving Credit Agreement, we would be impacted by increases in prevailing market interest rates. All of our other significant interest-bearing liabilities bear interest at fixed rates and therefore are not subject to fluctuations in market interest rates; however, because these interest rates are fixed, we may be paying a higher interest rate, relative to market, in the future if circumstances change.

*Foreign Currency Risk*

The functional currency for most of our international subsidiaries is the U.S. dollar, and as a result we are not subject to material gains and losses from foreign currency translation of the subsidiary financial statements. Substantially all of our revenues are recognized in U.S. dollars, although a small portion is denominated in foreign currency as we continue to expand into markets outside of the U.S. Certain expenses related to our international activities are payable in foreign currencies. As a result, factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets will affect our financial results.

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We enter into forward contracts to mitigate the impact of adverse movements in foreign exchange rates related to the re-measurement of monetary assets and liabilities and hedge our foreign currency exchange rate exposure. As of September 30, 2025, we had open foreign currency forward contracts with notional amounts of $56.4 million. Although the impact of currency fluctuations on our financial results has been insignificant in the past, there can be no guarantee that the impact of currency fluctuations related to our international activities will not be material in the future.

**Item 4. Controls and Procedures**

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based upon that evaluation, our principal executive officer and our principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures were effective. Disclosure controls and procedures enable us to record, process, summarize and report information required to be included in our Exchange Act filings within the required time period. Our disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by us in the periodic reports filed with the SEC is accumulated and communicated to our management, including our principal executive, financial and accounting officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

There have been no significant changes in internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**Part II - Other Information**

**Item 1. Legal Proceedings**

From time to time we are a party to various legal proceedings arising in the ordinary course of our business. Legal proceedings, including litigation, government investigations and enforcement actions could result in material costs, occupy significant management resources and entail civil and criminal penalties. The information called for by this item is incorporated by reference to the information in Note 13 of our Notes to Condensed Consolidated Financial Statements.

**Item 1A. Risk Factors**

We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. In addition to the other information set forth in this report, the risks and uncertainties that we believe are most important for you to consider are discussed in Part I, "Item 1A. Risk Factors" in the 2024 Form 10-K and in Part II, "Item 1A. Risk Factors" in our subsequently filed Quarterly Reports on Form 10-Q. Other than the factor set forth below and in Item 1A. Risk Factors section of our Quarterly Reports on Form 10-Q for the quarters ended <u>[June 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001124140/000112414025000083/exas-20250630.htm#i4c0dac11c0b04825baa06850c457bb74_139)</u> and <u>[March 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001124140/000112414025000043/exas-20250331.htm#ic825c02dec554b2cbb0783ddd19ed15a_142)</u>, there have been no material changes to the risk factors described in the 2024 Form 10-K.

***Disruptions at the FDA and other government agencies and regulatory authorities caused by government shutdowns, policy changes, funding shortages, or key personnel disruptions could prevent new products and services from being reviewed or approved in a timely manner or at all, or otherwise prevent those agencies from performing normal governmental functions on which the operation of our business may rely, which could negatively impact our business, financial condition and results of operations.***

Disruptions and leadership changes at the FDA, and resulting staff and policy changes may slow review or prevent approval of new products in the U.S., which may adversely affect our business, financial condition and results of operations.The ability and willingness of the FDA and other comparable foreign regulatory authorities to review and approve new products and services can be affected by a variety of factors, including government shutdowns, leadership, statutory, regulatory, and policy changes, government budget and funding levels, and key personnel disruptions. Average review times at regulatory authorities and government agencies have fluctuated in recent years as a result. Government funding of the FDA and other government agencies on which our operations may rely is subject to the political process, which is inherently fluid and unpredictable.

The U.S. federal government shut down on October 1, 2025, and in recent years has shut down several times. As a result, certain regulatory agencies, such as the FDA, have had to furlough critical employees and stop critical activities. If the current government shutdown continues or a prolonged government shutdown occurs in the future, it could significantly impact the ability of government agencies, including the FDA, to review and process our regulatory submissions, which could have a material adverse effect on our business.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

Not applicable.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Item 5. Other Information**

*Rule 10b5-1 Trading Plans*

During the three months ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K).

*Eighth Amended and Restated Bylaws*

On October 29, 2025, the Board of Directors of the Company approved the Company's Eighth Amended and Restated Bylaws (the "Eighth Amended and Restated Bylaws"), effective as of October 29, 2025. The Eighth Amended and Restated Bylaws amend and restate in their entirety the Company's bylaws to (1) implement a cure process for certain deficiencies in director nomination notices submitted by shareholders and (2) provide that the federal district courts of the United States of America shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, unless the Company consents in writing to the selection of an alternative forum. The Eighth Amended and Restated Bylaws also contain conforming, clarifying and updating changes to the Company's shareholder nomination bylaw, as well as certain other non-substantive updates and revisions.

The foregoing summary is subject to, and qualified in its entirety by, the full text of the Eighth Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.4 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

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**Item 6. Exhibits**

The following documents are filed as part of this Form 10-Q.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit Number** | **Exhibit Description** | **Filed with This Report** | **Incorporated by Reference herein from Form or Schedule** | **Filing Date** | **SEC File / Registration Number** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1124140/000091205700046284/a2027577zex-3_3.txt)</u> | Sixth Amended and Restated Certificate of Incorporation of the Registrant |  | S-1 (Exhibit 3.3) | 12/4/2000 | 333-48812 |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1124140/000112414020000044/exhibit31.htm)</u> | Certificate of Amendment, dated July 23, 2020, to the Sixth Amended and Restated Certificate of Incorporation of the Registrant |  | 8-K (Exhibit 3.1) | 7/24/2020 | 001-35092 |
| <u>[3.3](https://www.sec.gov/Archives/edgar/data/1124140/000112414023000054/exas-20230612xexx31.htm)</u> | Certificate of Amendment, dated June 9, 2023, to the Sixth Amended and Restated Certificate of Incorporation of the Registrant |  | 8-K (Exhibit 3.1) | 6/12/2023 | 001-35092 |
| <u>[3.4](exas-20250930xexx34.htm)</u> | Eighth Amended and Restated Bylaws of the Registrant | X |  |  |  |
| <u>[31.1](exas-20250930xexx311.htm)</u> | Certification Pursuant to Rule 13(a)-14(a) or Rule 15d-14(a) of Securities Exchange Act of 1934 | X |  |  |  |
| <u>[31.2](exas-20250930xexx312.htm)</u> | Certification Pursuant to Rule 13(a)-14(a) or Rule 15d-14(a) of Securities Exchange Act of 1934 | X |  |  |  |
| <u>[32.1](exas-20250930xexx321.htm)</u> | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X |  |  |  |
| 101 | The following materials from the Quarterly Report on Form 10-Q of Exact Sciences Corporation for the quarter ended September 30, 2025 filed on November 3, 2025, formatted in Inline eXtensible Business Reporting Language ("iXBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statement of Changes in Stockholders' Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) related notes to these financial statements | X |  |  |  |
| 104 | The cover page from our Quarterly Report for the period ended September 30, 2025, filed with the Securities and Exchange Commission on November 3, 2025, is formatted in Inline Extensible Business Reporting Language ("iXBRL") | X |  |  |  |

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(\*) Indicates a management contract or any compensatory plan, contract or arrangement.

------

<u>[**Table of Contents**](#ic52a46ce1ac849338c3691d5debe0977_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | EXACT SCIENCES CORPORATION |
| Date: November 3, 2025 | By: | /s/ Kevin T. Conroy |
|  |  | Kevin T. Conroy |
|  |  | President and Chief Executive Officer<br>(*Principal Executive Officer*) |
| Date: November 3, 2025 | By: | /s/ Aaron Bloomer |
|  |  | Aaron Bloomer |
|  |  | Executive Vice President and Chief Financial Officer<br>(*Principal Financial and Accounting Officer*) |

---

## Exhibit 3.4

**EXHIBIT 3.4**

**EIGHTH AMENDED AND RESTATED**

**BYLAWS**

**OF**

**EXACT SCIENCES CORPORATION**

**(As of October 29, 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;

------

**BYLAWS**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | Page |
| Article 1 STOCKHOLDERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;PLACE OF MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL MEETING | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;SPECIAL MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;NOTICE OF MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;VOTING LIST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;QUORUM | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7&nbsp;&nbsp;&nbsp;&nbsp;ADJOURNMENTS, ETC | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8&nbsp;&nbsp;&nbsp;&nbsp;VOTING AND PROXIES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9&nbsp;&nbsp;&nbsp;&nbsp;ACTION AT MEETING | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10&nbsp;&nbsp;&nbsp;&nbsp;INTRODUCTION OF BUSINESS AT MEETINGS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11&nbsp;&nbsp;&nbsp;&nbsp;ACTION WITHOUT MEETING | 14 |
| Article 2 DIRECTORS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;GENERAL POWERS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;NUMBER; ELECTION AND QUALIFICATION | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;CLASSES OF DIRECTORS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;TENURE | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;VACANCIES | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;RESIGNATION | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;REGULAR MEETINGS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;SPECIAL MEETINGS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;NOTICE OF SPECIAL MEETINGS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;MEETINGS BY TELEPHONE CONFERENCE CALLS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;QUORUM | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;ACTION AT MEETING | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;ACTION BY WRITTEN CONSENT | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;REMOVAL | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;COMMITTEES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION OF DIRECTORS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17&nbsp;&nbsp;&nbsp;&nbsp;CHAIRMAN OF THE BOARD AND VICE-CHAIRMAN OF THE BOARD | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18&nbsp;&nbsp;&nbsp;&nbsp;WHOLE BOARD OF DIRECTORS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19&nbsp;&nbsp;&nbsp;&nbsp;QUALIFICATION | 17 |
| Article 3 OFFICERS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;ENUMERATION | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;ELECTION | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;QUALIFICATION | 18 |

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&nbsp;&nbsp;&nbsp;&nbsp;i

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;TENURE | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;RESIGNATION AND REMOVAL | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;VACANCIES | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;PRESIDENT | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;VICE PRESIDENTS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;SECRETARY AND ASSISTANT SECRETARIES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;TREASURER AND ASSISTANT TREASURERS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11&nbsp;&nbsp;&nbsp;&nbsp;SALARIES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12&nbsp;&nbsp;&nbsp;&nbsp;ACTION WITH RESPECT TO SECURITIES OF OTHER ENTITIES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13&nbsp;&nbsp;&nbsp;&nbsp;EXECUTION OF CONTRACTS AND INSTRUMENTS | 19 |
| Article 4 CAPITAL STOCK | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;ISSUANCE OF STOCK | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;CERTIFICATES OF STOCK | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;TRANSFERS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;LOST, STOLEN OR DESTROYED CERTIFICATES | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;RECORD DATE | 20 |
| Article 5 GENERAL PROVISIONS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;FISCAL YEAR | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE SEAL | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;NOTICES | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;WAIVER OF NOTICE | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;EVIDENCE OF AUTHORITY | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;ELECTRONIC TRANSMISSION | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;RELIANCE UPON BOOKS, REPORTS AND RECORDS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;TIME PERIODS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9&nbsp;&nbsp;&nbsp;&nbsp;CERTIFICATE OF INCORPORATION | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11&nbsp;&nbsp;&nbsp;&nbsp;PRONOUNS | 22 |
| Article 6 AMENDMENTS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;BY THE BOARD OF DIRECTORS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;BY THE STOCKHOLDERS | 22 |
| Article 7 FORUM FOR ADJUDICATION OF CERTAIN DISPUTES | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;DELAWARE COURTS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;FEDERAL COURTS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;APPLICATION | 23 |

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&nbsp;&nbsp;&nbsp;&nbsp;ii

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**EIGHTH AMENDED AND RESTATED**

**BYLAWS**

**OF**

**EXACT SCIENCES CORPORATION<br>(the "Corporation")**

**ARTICLE 1**

**<u>STOCKHOLDERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>PLACE OF MEETINGS</u>. All meetings of stockholders shall be held at such place, if any, within or without the State of Delaware as may be designated from time to time by the Chairman of the Board (if any), the board of directors of the Corporation (the "Board of Directors") or the President. The Board of Directors may, in its sole discretion, determine that a meeting of the stockholders shall not be held in any place, but may instead be held solely by means of remote communication in the manner authorized by the General Corporation Law of the State of Delaware. If the Board of Directors does not designate a place for a meeting of stockholders or determine that such meeting shall be held solely by means of remote communication, such meeting shall be held at the registered office of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>ANNUAL MEETING</u>. The annual meeting of stockholders for the election of directors and for the transaction of such other business as may properly be brought before the meeting shall be held on a date and at the time to be fixed by the Chairman of the Board (if any), the Board of Directors or the President (which date shall not be a legal holiday in the place, if any, where the meeting is to be held) and stated in the notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>SPECIAL MEETINGS</u>. Special meetings of stockholders may be called at any time only by the Chairman of the Board (if any), a majority of the Board of Directors or the President. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>NOTICE OF MEETINGS</u>. Except as otherwise provided by law, notice of each meeting of stockholders, whether annual or special, shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting. The notices of all meetings shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to notice of the meeting). The notice of a special meeting shall state, in addition, the purpose or purposes for which the meeting is called. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his or her address as it appears on the records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5<u>VOTING LIST</u>. The Corporation shall prepare, no later than the tenth (10<sup>th</sup>) day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, if the record date for determining the stockholders entitled to vote is less than ten (10) days before the meeting date, the list shall reflect the stockholders entitled to vote as of the tenth (10<sup>th</sup>) day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of (10) days ending on the day before the meeting date: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of meeting, or (ii) during ordinary business hours at the principal place of business of the Corporation. Except as otherwise provided by applicable law, the stock ledger shall be the only evidence as to who are the stockholders entitled to

------

examine the list of stockholders required by this Section 1.5 or to vote in person or by proxy at any meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6<u>QUORUM</u>. Except as otherwise provided by law, the certificate of incorporation, as amended and restated from time to time (the "Certificate of Incorporation"), or these Bylaws, the holders of a majority of the shares of the capital stock of the Corporation issued and outstanding and entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. Shares held by brokers that are prohibited from voting such shares (pursuant to their discretionary authority on behalf of beneficial owners of such shares who have not submitted voting instructions with respect to such shares) on some, but not all, of the matters before the stockholders, which shares represent broker non-votes with respect to one or more of the matters before the stockholders ("Broker Non-Votes"), shall be counted, for the purpose of determining the presence or absence of a quorum, as being represented by proxy and entitled to vote at the meeting. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7<u>ADJOURNMENTS, ETC</u>. The chairman of the meeting shall have the right and authority to convene, adjourn and/or recess any meeting of stockholders. In addition, any meeting of stockholders may be adjourned by the holders of a majority of the voting power of the shares of stock entitled to vote who are present, in person or by proxy, at such meeting, even if less than a quorum (if a quorum shall fail to attend such meeting). Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, if any, and notice need not be given of any such adjourned meeting if the time and place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are (a) announced at the meeting at which the adjournment is taken, (b) displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication or (c) set forth in the notice of meeting given in accordance with Section 1.4. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix a new record date for notice of such adjourned meeting in accordance with Section 4.5, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. The Board of Directors may postpone, reschedule or cancel any previously-scheduled meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8<u>VOTING AND PROXIES</u>. At any meeting of the stockholders, each stockholder shall have one (1) vote for each share of stock entitled to vote at such meeting held of record by such stockholder, unless otherwise provided in the Certificate of Incorporation. Each stockholder entitled to vote at a meeting of stockholders may vote in person or may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. Any copy, facsimile telecommunication or other reliable reproduction of the document (including any electronic transmission) created pursuant to this Section 1.8 may be substituted or used in lieu of the original document for any and all purposes for which the original document could be used, provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9<u>ACTION AT MEETING</u>. When a quorum is present at any meeting of stockholders, the affirmative vote of the holders of a majority of the voting power present or represented by proxy and voting on a matter (or if there are two (2) or more classes of stock entitled to vote as separate classes, then in the case of each such class, the affirmative vote of the holders of a majority of the stock of that class present or represented and voting on such matter) shall decide such matter (other than the election of directors), except when a different vote is required by law, the Certificate of Incorporation, these Bylaws, or the rules of any stock exchange on which the Corporation's shares are listed and traded, in which case such express provision shall govern and control the decision of such question. Notwithstanding the foregoing sentence, at each meeting of stockholders for the election of directors at which a quorum is present, each director shall be elected by the vote of the majority of the votes cast; provided, however, that directors shall be elected by a plurality of the votes cast at any meeting of stockholders for

&nbsp;&nbsp;&nbsp;&nbsp;2

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which (i) the Secretary receives a notice that a stockholder (or group of stockholders) has nominated a person for election to the Board of Directors in compliance with the advance notice requirements for stockholder nominees for director set for in Section 1.10 and (ii) such nomination has not been withdrawn by such stockholder (or group of stockholders) on or prior to the fourteenth day preceding the date the Corporation first mails its notice of meeting for such meeting to the stockholders. For purposes of this paragraph, a majority of the votes cast means that the number of shares voted 'for' a director must exceed the number of shares voted 'against' that director. For the purposes of this paragraph, Broker Non-Votes represented at the meeting but not permitted to vote on a particular matter shall not be counted, with respect to the vote on such matter, in the number of (a) votes cast, (b) votes cast affirmatively, or (c) votes cast negatively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10<u>INTRODUCTION OF BUSINESS AT MEETINGS</u>.

A.ANNUAL MEETINGS OF STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Nominations of persons for election to the Board of Directors and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders (a) by or at the direction of the Board of Directors or any committee thereof, (b) by any stockholder of the Corporation who (x) is a stockholder of record on the date of the giving of the notice provided for in this Section 1.10A and on the record date for the determination of stockholders entitled to vote at the meeting and (y) who complies with the notice and other procedures set forth in this Section 1.10A and Section 1.10D, or (c) by an Eligible Stockholder (as defined in Section 1.10B(4)) who complies with the procedures set forth in Section 1.10B and Section 1.10D. For the avoidance of doubt, the foregoing clauses (b) and (c) shall be the exclusive means for a stockholder to bring nominations or business properly before an annual meeting of stockholders (other than matters properly brought under Rule 14a-8 (or any successor rule) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), and such stockholder must comply with the applicable notice and other procedures set forth in this Section 1.10 to bring such nominations or business properly before an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (b) of paragraph (1) of this Section 1.10A, (i) the stockholder must have given timely notice thereof in writing to the Secretary, (ii) the stockholder must have provided any updates or supplements to such notice at the times and in the forms required by this Section 1.10A, and (iii) the business proposed by the stockholder must otherwise be a proper matter for stockholder action. To be timely, a stockholder's written notice with respect to nominations or other business to be properly brought before an annual meeting pursuant to clause (b) of paragraph (1) of this Section 1.10A shall be received by the Secretary at the principal executive offices of the Corporation not later than the close of business on the ninetieth (90th) day nor earlier than the close of business on the one hundred twentieth (120th) day prior to the first (1st) anniversary of the date of the preceding year's annual meeting, provided, however, that if either (i) the date of the annual meeting is not within twenty-five (25) days before or after the first anniversary date of the preceding year's annual meeting, or (ii) no annual meeting of stockholders were held in the preceding year, notice by the stockholder to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the Corporation. Such stockholder's written notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)as to each person whom the stockholder proposes to nominate for election or reelection as a director: (i) the name, age, business address and residence address of such person; (ii) the principal occupation or employment of such person; (iii) all completed and signed questionnaires required of directors and any additional information as may be requested by the Corporation, in each case, pursuant Section 2.19; (iv) a description of (A) the class or series and number of all shares of capital stock of the Corporation which are, directly or indirectly, owned beneficially or of record by such person or any of its affiliates or associates (as such terms are defined in Rule 12b-2 promulgated under the Exchange Act), including any shares of any class or series of capital stock of the Corporation as to which such person or any of its affiliates or associates has a right to acquire beneficial ownership at any time in the future, or, if there are no such shares of capital stock, a statement that there are none, (B) all Synthetic Equity Interests (as defined below) in which such person or any of its affiliates or associates, directly or indirectly, holds an interest, including a description of the material terms of each such Synthetic Equity Interest, including, without limitation, identification of the counterparty to each such Synthetic Equity Interest and

&nbsp;&nbsp;&nbsp;&nbsp;3

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disclosure, for each such Synthetic Equity Interest, as to (x) whether and the extent to which such Synthetic Equity Interest conveys to such person or any of its affiliates or associates any voting rights, directly or indirectly, in any shares of any class or series of capital stock of the Corporation, (y) whether and the extent to which such Synthetic Equity Interest is required to be, or is capable of being, settled through delivery of any shares of any class or series of capital stock of the Corporation, and (z) whether and the extent to which such person or any of its affiliates or associates and/or, to the extent known, the counterparty to such Synthetic Equity Interest has entered into other transactions that hedge or mitigate the economic effect of such Synthetic Equity Interest, or, if there are no such Synthetic Equity Interests, a statement that there are none, (C) any proxy (other than a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with, the Exchange Act), agreement, arrangement, understanding or relationship pursuant to which such person or any of its affiliates or associates has or shares a right to, directly or indirectly, vote any shares of any class or series of capital stock of the Corporation, or, if there are no such proxies, agreements, arrangements, understandings or relationships, a statement that there are none, (D) any rights to dividends or other distributions on the shares of any class or series of capital stock of the Corporation, directly or indirectly, owned beneficially by such person or any of its affiliates or associates that are separated or separable from the underlying shares of the Corporation, or, if there are no such rights, a statement that there are none, and (E) any performance-related fees (other than an asset based fee) that such person or any of its affiliates or associates, directly or indirectly, is entitled to be based on any increase or decrease in the value of shares of any class or series of capital stock of the Corporation or any Synthetic Equity Interests or, if there are no such performance-related fees, a statement that there are none (the disclosures to be made pursuant to the foregoing subclauses (iv)(A) through (iv)(E) are referred to, collectively, as "Nominee Material Ownership Interest Disclosures"); (v) such person's written representation and agreement that such person (A) is not and will not become a party to any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement, indemnification or advancements in connection with service or action as a director of the Corporation that has not been disclosed to the Corporation in such representation and agreement, (C) in such person's individual capacity, if elected as a director of the Corporation, would be in compliance with, and will comply with, all applicable publicly disclosed confidentiality, corporate governance, conflict of interest, Regulation FD, code of conduct and ethics, and stock ownership and trading policies and guidelines of the Corporation, and (D) if elected as a director of the Corporation, does not intend to resign as a director prior to the end of the full term for which he or she is standing for election; and (vi) any other information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person's written consent to being named in any proxy statement as a nominee and to serving as a director if elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the bylaws of the corporation, the language of the proposed amendment), the reasons for conducting such business at the meeting and any material interest in such business of each Proposing Person (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) the name and address of the stockholder giving the notice, as they appear on the Corporation's books, and the names and addresses of the other Proposing Persons (if any); and (ii) as to each Proposing Person the following information: (A) a description of the class or series and number of all shares of capital stock of the Corporation which are, directly or indirectly, owned beneficially or of record by such Proposing Person or any of its affiliates or associates (as such terms are defined in Rule 12b-2 promulgated under the Exchange Act), including any shares of any class or series of capital stock of the Corporation as to which such Proposing Person or any of its affiliates or associates has a right to acquire beneficial ownership at any time in the future, or, if there are no such shares of capital stock, a statement that there are none, (B) a description of all Synthetic Equity Interests (as defined below) in which such Proposing Person or any of its affiliates or associates, directly or indirectly, holds an interest including a description of the material terms of each such Synthetic Equity Interest, including without limitation, identification of the counterparty to each such Synthetic Equity Interest and disclosure,

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for each such Synthetic Equity Interest, as to (x) whether and the extent to which such Synthetic Equity Interest conveys to such Proposing Person or any of its affiliates or associates any voting rights, directly or indirectly, in any shares of any class or series of capital stock of the Corporation, (y) whether and the extent to which such Synthetic Equity Interest is required to be, or is capable of being, settled through delivery of any shares of any class or series of capital stock of the Corporation, and (z) whether and the extent to which such Proposing Person or any of its affiliates or associates and/or, to the extent known, the counterparty to such Synthetic Equity Interest has entered into other transactions that hedge or mitigate the economic effect of such Synthetic Equity Interest, or, if there are no such Synthetic Equity Interests, a statement that there are none, (C) a description of any proxy (other than a revocable proxy given in response to a public proxy solicitation made pursuant to, and in accordance with, the Exchange Act), agreement, arrangement, understanding or relationship pursuant to which such Proposing Person or any of its affiliates or associates has or shares a right to, directly or indirectly, vote any shares of any class or series of capital stock of the Corporation, or, if there are no such proxies, agreements, arrangements, understandings or relationships, a statement that there are none, (D) a description of any rights to dividends or other distributions on the shares of any class or series of capital stock of the Corporation, directly or indirectly, owned beneficially by such Proposing Person or any of its affiliates or associates that are separated or separable from the underlying shares of the Corporation, or, if there are no such rights, a statement that there are none, and (E) a description of any performance-related fees (other than an asset based fee) that such Proposing Person or any of its affiliates or associates, directly or indirectly, is entitled to be based on any increase or decrease in the value of shares of any class or series of capital stock of the Corporation or any Synthetic Equity Interests or, if there are no such performance-related fees, a statement that there are none (the disclosures to be made pursuant to the foregoing subclauses (ii)(A) through (ii)(E) are referred to, collectively, as "Proposing Person Material Ownership Interest Disclosures"), (iii) a description of the material terms of all agreements, arrangements or understandings (whether or not in writing) entered into by any Proposing Person or any of its affiliates or associates with any other person for the purpose of acquiring, holding, disposing or voting of any shares of any class or series of capital stock of the Corporation or, if there are no such agreements, arrangements or understandings, a statement that there are none, and (iv) as to each Proposing Person, any other information relating to such person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such person with respect to such nominations or other business to be brought before such meeting pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(i) a description of all agreements, arrangements or understandings (whether written or oral) by and among any of the Proposing Persons or any of their affiliates or associates, or by and among any Proposing Persons or any of their affiliates or associates and any other person (including with any proposed nominees), pertaining to the nomination(s) or other business proposed to be brought before the meeting of stockholders (which description shall identify by name and relationship to the Proposing Persons each person who is party to such an agreement, arrangement or understanding) and of any material interest of the Proposing Persons or any of their affiliates or associates in, or anticipated benefit to the Proposing Persons or any of their affiliates or associates from, the nomination(s) or other business proposed, or, if there are no such agreements, arrangements, understandings or material interests, a statement that there are none, and (ii) the names and addresses of other stockholders (including beneficial owners) known by any of the Proposing Persons to support such nominations or other business proposal(s) and, to the extent known, the class and number of all shares of the Corporation's capital stock owned beneficially or of record by such other stockholder(s) or other beneficial owner(s) or, if there are no such known supporting stockholders, a statement that there are none; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)a representation that the stockholder giving the notice (i) will continue to be a stockholder of record through the date of the applicable meeting of stockholders, and (ii) intends to appear in person or by proxy at the applicable meeting of stockholders to nominate the persons named in such stockholder's notice pursuant to paragraph (2)(a) of this Section 1.10A or Section 1.10C (as applicable) and/or to bring before such meeting such other business specified in such stockholder's notice in accordance with paragraph (2)(b) of this Section 1.10A.

For purposes of this Section 1.10A, the term "Proposing Person" shall mean the following persons: (i) the stockholder of record providing the notice of nominations or business proposed to be brought before a stockholders' meeting, and (ii) the beneficial owner(s), if different, on whose behalf the nominations or business proposed to be

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brought before a stockholders' meeting is made. For purposes of this Section 1.10A, the term "Synthetic Equity Interest" shall mean any transaction, agreement or arrangement (or series of transactions, agreements or arrangements), including, without limitation, any derivative, swap, hedge, repurchase or so-called "stock borrowing" agreement or arrangement, the purpose or effect of which is to, directly or indirectly: (a) give a person or entity economic benefit and/or risk similar to ownership of shares of any class or series of capital stock of the Corporation, in whole or in part, including due to the fact that such transaction, agreement or arrangement provides, directly or indirectly, the opportunity to profit or avoid a loss from any increase or decrease in the value of any shares of any class or series of capital stock of the Corporation, (b) mitigate loss to, reduce the economic risk of or manage the risk of share price changes for, any person or entity with respect to any shares of any class or series of capital stock of the Corporation, (c) in any manner otherwise provide the opportunity to profit or avoid a loss from any decrease in the value of any shares of any class or series of capital stock of the Corporation, or (d) increase or decrease the voting power of any person or entity with respect to any shares of any class or series of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)A stockholder providing timely notice of nominations or business proposed to be brought before a meeting of stockholders pursuant to clause (b) of paragraph (1) of this Section 1.10A or Section 1.10C shall update and supplement such notice, if necessary, so that the information (including, without limitation, the Proposing Person Material Ownership Interest Disclosures information and the Nominee Material Ownership Interest Disclosures information) provided or required to be provided in such notice pursuant to pursuant to clause (b) of paragraph (1) of this Section 1.10A or Section 1.10C shall be true and correct as of the record date for the determination of stockholders entitled to notice of the meeting and as of the date that is ten (10) business days prior to the date of such meeting of stockholders, and such update and supplement shall be received by the Secretary at the principal executive offices of the Corporation not later than the close of business on the fifth (5th) business day after the record date for the determination of stockholders entitled to notice of the meeting (in the case of the update and supplement required to be made as of the record date for the determination of stockholders entitled to notice of the meeting), and not later than the close of business on the eighth (8th) business day prior to the date of the meeting (in the case of the update and supplement required to be made as of ten (10) business days prior to the date of the meeting). With respect to the aforesaid obligation of a stockholder providing timely notice of nominations or business proposed to be brought before a meeting of stockholders pursuant to clause (b) of paragraph (1) of this Section 1.10A or Section 1.10C to update and supplement such notice, in no event shall such obligation (w) commence a new time period (or extend any time period) for the giving of a stockholder's notice under this Section 1.10A or Section 1.10C, as applicable, (x) relieve or excuse a stockholder's compliance with the notice and other procedures set forth in this Section 1.10A, Section 1.10 C (as applicable) and Section 1.10D, or (y) relieve or excuse a nominee's compliance with the requirements of Section 2.19.

B.PROXY ACCESS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Whenever the Board of Directors solicits proxies with respect to the election of directors at an annual meeting of stockholders, subject to the provisions of this Section 1.10B, the Corporation shall include in its proxy statement for such annual meeting, in addition to any persons nominated for election by or at the direction of the Board of Directors (or any duly authorized committee thereof), the name, together with the Required

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Information (as defined below), of any person nominated for election to the Board of Directors (the "Stockholder Nominee") by an Eligible Stockholder (as defined in Section 1.10B(4)) that expressly elects at the time of providing the notice required by this Section 1.10B to have such nominee included in the Corporation's proxy materials pursuant to this Section 1.10B and that has satisfied all applicable conditions and complied with all applicable procedures set forth in this Section 1.10B. For purposes of this Section 1.10B, the "Required Information" that the Corporation will include in its proxy statement is (i) the information provided to the Secretary concerning the Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the Corporation's proxy statement pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder and, (ii) if the Eligible Stockholder so elects, a Supporting Statement (as defined in Section 1.10B(8)). For the avoidance of doubt, nothing in this Section 1.10B shall limit the Corporation's ability to solicit against any Stockholder Nominee or include in its proxy materials the Corporation's own statements or other information relating to any Eligible Stockholder or Stockholder Nominee, including any information provided to the Corporation pursuant to this Section 1.10B. Subject to the provisions of this Section 1.10B, the name of any Stockholder Nominee included in the Corporation's proxy statement for an annual meeting of stockholders shall also be set forth on the form of proxy distributed by the Corporation in connection with such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)In addition to any other applicable requirements, for a nomination to be made by an Eligible Stockholder pursuant to this Section 1.10B, the Eligible Stockholder must have given timely notice of such nomination in writing (the "Notice of Proxy Access Nomination") to the Secretary. To be timely, the Notice of Proxy Access Nomination shall be received by the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the one-hundred fiftieth (150th) day and not later than the close of business on the one-hundred twentieth (120th) day prior to the first anniversary of the preceding year's annual meeting; provided, however, that in the event the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, the Notice of Proxy Access Nomination to be timely must be so received not earlier than the close of business on the one-hundred fiftieth (150th) day prior to the date of such annual meeting and not later than the close of business on the later of the one-hundred twentieth (120th) day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than one hundred thirty (130) days prior to the date of such annual meeting, the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting or the public announcement thereof commence a new time period (or extend any time period) for the giving of a Notice of Proxy Access Nomination pursuant to this Section 1.10B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The maximum number of Stockholder Nominees nominated by all Eligible Stockholders that will be included in the Corporation's proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of two (2) directors or 20% of the number of directors (rounded down to the nearest whole number) in office as of the last day on which a Notice of Proxy Access Nomination may be delivered pursuant to and in accordance with this Section 1.10B (such date, the "Final Proxy Access Nomination Date" and such maximum number, the "Permitted Number"). In the event that one or more vacancies for any reason occurs on the Board of Directors after the Final Proxy Access Nomination Date but before the date of the annual meeting and the Board of Directors resolves to reduce the size of the Board of Directors in connection therewith, the Permitted Number shall be calculated based on the number of directors in office as so reduced. For purposes of determining when the Permitted Number has been reached, each of the following persons shall be counted as one of the Stockholder Nominees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any person nominated by an Eligible Stockholder for inclusion in the Corporation's proxy materials pursuant to this Section 1.10B whose nomination is subsequently withdrawn; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(A) any person nominated by an Eligible Stockholder for inclusion in the Corporation's proxy materials pursuant to this Section 1.10B who ceases to satisfy the eligibility requirements to be a Stockholder Nominee or (B) any person nominated by a stockholder that ceases to satisfy the eligibility requirements to be an Eligible Stockholder, (C) any person nominated by an Eligible Stockholder for inclusion in the Corporation's proxy materials pursuant to this Section 1.10B whom the Board of Directors decides to nominate for election to the Board of Directors and (D) any director in office as of the Final Proxy Access Nomination Date who was included in the Corporation's proxy materials as a Stockholder Nominee for any of the two preceding annual

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meetings of stockholders (including any person counted as a Stockholder Nominee pursuant to the immediately preceding clause (D)).

Any Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the Corporation's proxy materials pursuant to this Section 1.10B shall rank such Stockholder Nominees based on the order in which the Eligible Stockholder desires such Stockholder Nominees to be selected for inclusion in the Corporation's proxy materials in the event that the total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 1.10B exceeds the Permitted Number. In the event that the number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 1.10B exceeds the Permitted Number, the highest ranking Stockholder Nominee who meets the requirements of this Section 1.10B from each Eligible Stockholder will be selected for inclusion in the Corporation's proxy materials until the Permitted Number is reached, going in order of the number (largest to smallest) of outstanding shares of common stock of the Corporation each Eligible Stockholder disclosed as Owned (as defined in Section 1.10B(5)) in its Notice of Proxy Access Nomination. If the Permitted Number is not reached after the highest ranking Stockholder Nominee who meets the requirements of this Section 1.10B from each Eligible Stockholder has been selected, then the next highest ranking Stockholder Nominee who meets the requirements of this Section 1.10B from each Eligible Stockholder will be selected for inclusion in the Corporation's proxy materials, and this process will continue as many times as necessary, following the same order each time, until the Permitted Number is reached. Notwithstanding anything to the contrary contained in this Section 1.10B, the Corporation shall not be required to include any Stockholder Nominees in its proxy materials pursuant to this Section 1.10B for any meeting of stockholders for which the Secretary receives notice (whether or not subsequently withdrawn or made the subject of a settlement with the Corporation) that a stockholder intends to nominate one or more persons for election to the Board of Directors pursuant to the advance notice requirements for stockholder nominees set forth in Section 1.10A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)An "Eligible Stockholder" is a holder of record or group of no more than twenty (20) holders of record and, to the extent that a holder of record is acting on behalf of one or more beneficial owners, such beneficial owners (counting as one holder of record or beneficial owner, as applicable, for this purpose, any two or more funds that are part of the same Qualifying Fund Group (as defined below)) that (i) has Owned continuously for at least three years preceding and including the date of submission of the Notice of Proxy Access Nomination (the "Minimum Holding Period") at least 3% of the number of outstanding shares of common stock of the Corporation as of the most recent date for which such number of outstanding shares is given in any filing by the Corporation with the Securities and Exchange Commission prior to the submission of the Notice of Proxy Access Nomination (as adjusted for any stock splits, reverse stock splits, stock dividends or similar events) (the "Required Shares"), (ii) continues to Own the Required Shares through the date of the annual meeting and (iii) satisfies all other requirements of, and complies with all applicable procedures set forth in, this Section 1.10B. A "Qualifying Fund Group" is a group of two or more funds that are (A) under common management and investment control, (B) under common management and funded primarily by the same employer or (C) a "family of investment companies" or a "group of investment companies" as each such term is defined in the Investment Company Act of 1940 and the rules, regulations and forms adopted thereunder, all as amended. Whenever an Eligible Stockholder consists of a group (including a group of funds that are part of the same Qualifying Fund Group), each provision in this Section 1.10B that requires that Eligible Stockholder to provide any written statements, representations, undertakings, agreements or other instruments or to meet any other conditions shall be deemed to require each holder of record or beneficial owner, as applicable (including each individual fund within any Qualifying Fund Group), that is a member of such group to provide such statements, representations, undertakings, agreements or other instruments and to meet such other conditions (except that the members of such group may aggregate the number of outstanding shares of common stock of the Corporation that each member has Owned continuously for the Minimum Holding Period in order to meet the 3% ownership requirement of the "Required Shares" definition). Whenever an Eligible Stockholder consists of a group, should any holder of record or beneficial owner, as applicable (including each individual fund within any Qualifying Fund Group) that is a member of such group cease to satisfy the eligibility requirements in this Section 1.10B or withdraw from such group at any time prior to the annual meeting, that Eligible Stockholder shall be deemed to Own only the number of outstanding shares of common stock of the Corporation held by the remaining members of such group. No person may be a member of more than one group constituting an Eligible Stockholder with respect to any annual meeting, and if any person appears as a member of

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more than one such group, it shall be deemed to be a member only of the group that Owns the largest number of outstanding shares of common stock of the Corporation as reflected in the Notice of Proxy Access Nomination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)A person shall be deemed to "Own" only those outstanding shares of common stock of the Corporation as to which such person possesses both (i) the full voting and investment rights pertaining to the shares and (ii) the full economic interest in (including the opportunity for profit from and risk of loss on) such shares; provided that the number of shares calculated in accordance with clauses (i) and (ii) shall not include any shares (A) sold by such person or any of its affiliates in any transaction that has not been settled or closed, (B) borrowed by such person or any of its affiliates for any purpose or purchased by such person or any of its affiliates pursuant to an agreement to resell or subject to any other obligation to resell to another person or (C) subject to any option, warrant, forward contract, swap, contract of sale or other derivative or similar instrument or agreement entered into by such person or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of shares of outstanding common stock of the Corporation, in any such case which instrument or agreement has, or is intended to have, or, if exercised by either party would have, the purpose or effect of (1) reducing in any manner, to any extent or at any time in the future, such person's or its affiliates' full right to vote or direct the voting of any such shares and/or (2) hedging, offsetting or altering to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares by such person or affiliate. A person shall "Own" shares held in the name of a nominee or other intermediary so long as such person retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares. A person's ownership of shares shall be deemed to continue during any period in which (i) such person has loaned such shares; provided that such person has the power to recall such loaned shares on five (5) business days' notice or (ii) such person has delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any time by such person. The terms "Owned," "Owning" and other variations of the word "Own" shall have correlative meanings. Whether outstanding shares of common stock of the Corporation are "Owned" for these purposes shall be decided by the Board of Directors or any committee thereof, in each case, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)To be in proper written form for purposes of this Section 1.10B, the Notice of Proxy Access Nomination must include or be accompanied by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a written statement by the Eligible Stockholder certifying as to the number of outstanding shares of common stock of the Corporation that the Eligible Stockholder Owns and has Owned continuously during the Minimum Holding Period, and the Eligible Stockholder's agreement to provide (A) not later than ten (10) days after the record date for the determination of the stockholders entitled to notice of the annual meeting, a written statement by the Eligible Stockholder certifying as to the number of outstanding shares of common stock of the Corporation that the Eligible Stockholder Owns and has Owned continuously through such record date and (B) immediate notice if the Eligible Stockholder ceases to Own any of the Required Shares prior to the date of the annual meeting; provided, however, that if such Eligible Stockholder, or any member of the group that together constitutes such Eligible Stockholder, is not the beneficial owner of the shares representing the Required Shares, then to be valid, the Notice of Proxy Access Nomination must also include documentary evidence (or, if not simultaneously provided with the Notice of Proxy Access Nomination, such documentary evidence must be received by the Secretary at the principal executive offices of the Corporation within ten (10) business days after the date on which such Notice of Proxy Access Nomination is received by the Secretary) that the beneficial owners on whose behalf the Notice of Proxy Access Nomination is made Own the Required Shares as of the date on which the Notice of Proxy Access Nomination is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a copy of the Schedule 14N (or any successor form) that has been or is concurrently being filed with the Securities and Exchange Commission as required by Rule 14a-18 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the details of any relationship that existed within the past three years and that would have been described pursuant to Item 6(e) of Schedule 14N (or any successor form) if it existed on the date of submission of the Schedule 14N, or, if there are no such relationships, a statement that there are none;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the information that would be required to be set forth in a stockholder's notice of a nomination pursuant to Section 1.10A(2)(a), (c), (d) and (e), as such information relates to the Eligible Stockholder and the Stockholder Nominee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)a representation that the Eligible Stockholder (A) satisfies the eligibility requirements set forth in Section 1.10B(4), (B) will continue to hold the Required Shares through the date of the annual meeting, (C) acquired the Required Shares in the ordinary course of business and not with the intent to change or influence control at the Corporation, and does not have such intent, (D) has not nominated and will not nominate for election to the Board of Directors at the annual meeting any person other than the Stockholder Nominee(s) the Eligible Stockholder is nominating pursuant to this Section 1.10B, (E) has not engaged and will not engage in, and has not and will not be a "participant" in another person's, "solicitation" within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any person as a director at the annual meeting other than the Eligible Stockholder's Stockholder Nominee(s) or a nominee of the Board of Directors, (F) has not distributed and will not distribute to any stockholder of the Corporation any form of proxy for the annual meeting other than the form distributed by the Corporation, (G) has complied and will comply with all laws and regulations applicable to solicitations and the use, if any, of soliciting material in connection with the annual meeting and (H) has provided and will provide facts, statements and other information in all communications with the Corporation and its stockholders that are or will be true and correct in all material respects and do not and will not omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)a representation from the Eligible Stockholder that the Stockholder Nominee does not fall into any of the categories and has not taken any of the actions described in clauses (i) through (viii) of Section 1.10B(10);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)an undertaking that the Eligible Stockholder agrees to (A) assume all liability stemming from any actual or alleged legal or regulatory violation arising out of the Eligible Stockholder's communications with the stockholders of the Corporation or any other person in connection with the nomination or election of the Eligible Stockholder's Stockholder Nominee or out of the information that the Eligible Stockholder provided to the Corporation, (B) indemnify and hold harmless the Corporation and each of its directors, officers and employees individually against any liability, loss, damages, expenses or other costs (including attorneys' fees) in connection with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative, against the Corporation or any of its directors, officers or employees arising out of any nomination submitted by the Eligible Stockholder pursuant to this Section 1.10B or any solicitation or other activity in connection therewith and (C) file with the Securities and Exchange Commission any solicitation or other communication with the stockholders of the Corporation relating to the annual meeting at which the Eligible Stockholder's Stockholder Nominee(s) will be nominated, regardless of whether any such filing is required under Regulation 14A of the Exchange Act or whether any exemption from filing is available for such solicitation or other communication under Regulation 14A of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a completed and signed questionnaire required of directors and any additional information as may be requested by the Corporation, in each case, pursuant to Section 2.19;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of a nomination by a group constituting an Eligible Stockholder, the designation by all group members of one member of the group that is authorized to receive communications, notices and inquiries from the Corporation and to act on behalf of all members of the group with respect to all matters relating to the nomination under this Section 1.10B (including withdrawal of the nomination); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)in the case of a nomination by a group constituting an Eligible Stockholder in which two or more funds that are part of the same Qualifying Fund Group are counted as one holder of record or beneficial owner, as applicable, for purposes of qualifying as an Eligible Stockholder, documentation reasonably satisfactory to the Corporation that demonstrates that such funds are part of the same Qualifying Fund Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)In addition to the information required pursuant to Section 1.10B(6) or any other provision of these Bylaws, (i) the Corporation may require any proposed Stockholder Nominee to furnish any other information (A) that may reasonably be requested by the Corporation to determine whether the Stockholder Nominee would belong to any of the categories described in clauses (i) through (viii) of Section 1.10B(10), (B) that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such Stockholder Nominee or (C) that may reasonably be requested by the Corporation to determine the eligibility of such Stockholder Nominee to be included in the Corporation's proxy materials pursuant to this Section 1.10B or to serve as a director of the Corporation, and (ii) the Corporation may require the Eligible Stockholder to furnish any other information that may reasonably be requested by the Corporation to verify the Eligible Stockholder's continuous ownership of the Required Shares for the Minimum Holding Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)The Eligible Stockholder may, at the Eligible Stockholder's option, provide to the Secretary, at the time the Notice of Proxy Access Nomination is provided, a written statement, not to exceed five hundred (500) words, in support of the Stockholder Nominee(s)' candidacy (a "Supporting Statement"). Only one Supporting Statement may be submitted by an Eligible Stockholder (including any group constituting an Eligible Stockholder) in support of its Stockholder Nominee(s). Notwithstanding anything to the contrary contained in this Section 1.10B, the Corporation may omit from its proxy materials any information or Supporting Statement (or portion thereof) that it, in good faith, believes would violate any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)In the event that any information or communication provided by an Eligible Stockholder or a Stockholder Nominee to the Corporation or its stockholders ceases to be true and correct in all material respects or omits to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading, such Eligible Stockholder or Stockholder Nominee, as the case may be, shall promptly notify the Corporation and any other recipient of such communication of any such defect in such previously provided information and of the information that is required to correct any such defect; it being understood that providing such notification shall not be deemed to cure any such defect or limit the remedies available to the Corporation relating to any such defect (including the right to omit a Stockholder Nominee from its proxy materials pursuant to this Section 1.10B). In addition, any person providing any information to the Corporation pursuant to this Section 1.10B shall further update and supplement such information, if necessary, so that all such information shall be true and correct as of the record date for the determination of stockholders entitled to vote at the annual meeting, and such update and supplement shall be received by the Secretary at the principal executive offices of the Corporation not later than the fifth (5th) business day after the record date for the determination of stockholders entitled to vote at the annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Notwithstanding anything to the contrary contained in this Section 1.10B, the Corporation shall not be required to include in its proxy materials, pursuant to this Section 1.10B, any Stockholder Nominee (i) who would not be an independent director under the rules and listing standards of the principal securities exchange upon which the common stock of the Corporation is listed or traded, any applicable rules of the Securities and Exchange Commission or any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of the Corporation's directors, (ii) whose election as a member of the Board of Directors would cause the Corporation to be in violation of these Bylaws, the Certificate of Incorporation, the rules and listing standards of the principal securities exchanges upon which the common stock of the Corporation is listed or traded or any applicable law, rule or regulation, (iii) who would not meet the audit committee and compensation committee independence requirements under the rules and listing standards of the principal securities exchange upon which the common stock of the Corporation is listed or traded, any applicable rules of the Securities and Exchange Commission or any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of such committee members, (iv) who would not be, if elected to the Board of Directors, a "non-employee director" for the purposes of Rule 16b-3 under the Exchange Act, (v) who is or has been, within the past three years, an officer or director of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, as amended, (vi) who is a named as a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a criminal proceeding within the past 10 years, (vii) who is or has been subject to any event of the type specified in Rule 506(d)(1) of Regulation D promulgated under the Securities Act of 1933, as amended (the "Securities Act"), or (vii) who shall have provided any information to the Corporation or its stockholders that was untrue in any material respect or that omitted to state

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a material fact necessary to make the statements made, in light of the circumstances in which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Notwithstanding anything to the contrary set forth herein, if (i) a Stockholder Nominee and/or the applicable Eligible Stockholder breaches any of its agreements or representations or fails to comply with any of its obligations under this Section 1.10B or (ii) a Stockholder Nominee otherwise becomes ineligible for inclusion in the Corporation's proxy materials pursuant to this Section 1.10B or dies, becomes disabled or otherwise becomes ineligible or unavailable for election at the annual meeting, (A) the Corporation may omit or, to the extent feasible, remove the information concerning such Stockholder Nominee and the related Supporting Statement from its proxy materials and/or otherwise communicate to its stockholders that such Stockholder Nominee will not be eligible for election at the annual meeting and (B) the Board of Directors, any committee of the Board of Directors or the chairman of the annual meeting shall declare such nomination to be invalid and such nomination shall be disregarded notwithstanding that proxies in respect of such nomination may have been received by the Corporation. In addition, if the Eligible Stockholder (or a qualified representative thereof) does not appear at the annual meeting to present any nomination pursuant to this Section 1.10B, such nomination shall be disregarded and such nomination shall be declared invalid and disregarded as provided in clause (B) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Any Stockholder Nominee who is included in the Corporation's proxy materials for a particular annual meeting of stockholders but either (i) withdraws from or becomes ineligible or unavailable for election at the annual meeting or (ii) receives a vote of less than 25% of the shares of common stock of the Corporation entitled to vote for such Stockholder Nominee's election, will be ineligible to be a Stockholder Nominee pursuant to this Section 1.10B for the next two annual meetings of stockholders. For the avoidance of doubt, the immediately preceding sentence shall not prevent any stockholder from nominating any person to the Board of Directors pursuant to and in accordance with Section 1.10A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)This Section 1.10B provides the exclusive method for a stockholder to include nominees for election to the Board of Directors in the Corporation's proxy materials.

C.SPECIAL MEETINGS OF STOCKHOLDERS.

Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation's notice of meeting (a) by or at the direction of the Board of Directors or (b) provided that the Board of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who is a stockholder of record on the date of the giving of the notice provided for in this Section 1.10C and on the record date for the determination of stockholders entitled to vote at the meeting and who complies with the notice and other procedures set forth in this Section 1.10 (including the procedures to update and supplement the notice). If the Corporation calls a special meeting of stockholders for the purpose of electing one (1) or more directors to the Board of Directors, any such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as specified in the Corporation's notice of meeting, if (i) such stockholder delivers written notice thereof to the Secretary at the principal executive offices of the Corporation not earlier than the ninetieth (90th) day prior to such special meeting nor later than the later of (x) the close of business on the sixtieth (60th) day prior to such special meeting or (y) the close of business on the tenth (10th) day following the day on which public announcement is first made of the date of such special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting, (ii) such stockholder's written notice includes the information required to be provided in paragraphs (2)(a), (c), (d) and (e) of Section 1.10A, and (iii) such stockholder has provided updates or supplements (if any) to such notice at the times and in the forms required by paragraph (3) of this Section 1.10A. For the avoidance of doubt, for a stockholder to bring nominations before a special meeting of stockholders, such stockholder must comply with the notice and other procedures set forth in this Section 1.10A, Section 1.10C and Section 1.10D and this shall be the exclusive means for a stockholder to bring such nominations properly before a special meeting.

D.GENERAL.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Only such persons who are nominated in accordance with the procedures set forth in this Section 1.10 shall be eligible for election as directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 1.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, if the Secretary receives at the principal executive offices of the Corporation more than twenty (20) days before the end of the period established for a stockholder's written notice of nomination to be timely under paragraph (2) of Section 1.10A or under Section 1.10C, respectively, a written notice of nomination of a director proposed to be brought before a meeting of stockholders pursuant to clause (b) of paragraph (1) of Section 1.10A or pursuant to paragraph (b) of Section 1.10C, then, in each case, the Board of Directors or any committee of the Board of Directors shall have the power and duty, (x) to determine whether there is any Readily Apparent Failure (as defined below) and (y) if it is determined that there is a Readily Apparent Failure, to cause the Corporation to provide to such stockholder no later than ten (10) days after the Secretary's receipt of such stockholder's written notice of nomination, written notice of such Readily Apparent Failure. For the avoidance of doubt, if the period established by paragraph (2) of Section 1.10A or under Section 1.10C is less than thirty (30) days, this previous sentence shall have no application. With respect to this Section 1.10D(2), (A) "Readily Apparent Failure" shall mean a facially obvious and conspicuous failure of the stockholder's notice of nomination to set forth the information required by Section 1.10A and Section 1.10C (as applicable), which failure does not require investigation or inquiry (whether factual, legal or otherwise), and (B) in no event shall the Corporation's provision of, or failure to provide, in either case, written notice to a stockholder under the foregoing sentence (x) commence a new time period (or extend any time period) for the giving of a stockholder's notice under Section 1.10A or Section 1.10C, as applicable, or (y) relieve or excuse a stockholder's compliance with the notice and other procedures set forth in Section 1.10A, Section 1.10C (as applicable) and this Section 1.10D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the Board of Directors, any committee of the Board of Directors or the chairman of the meeting shall have the power to: (i) determine whether a nomination or any business proposed to be brought before a meeting of stockholders was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 1.10; (ii) determine whether a nomination or any business proposed to be brought before a meeting of stockholders shall be disregarded and/or not considered or transacted; and (iii) declare or announce (at the meeting or otherwise) that a nomination or proposed business proposed to be brought before the meeting of the stockholders shall be disregarded and/or not considered or transacted, notwithstanding that proxies in respect of such nomination or proposed business may have been received by the Corporation, if it is determined that such nomination or business was not made or proposed, as the case may be, in accordance with the procedures set forth in this Section 1.10. Notwithstanding the foregoing provisions of this Section 1.10, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or proposed business, such nomination or proposed business shall be disregarded and such nomination or proposed business shall not be considered or transacted, notwithstanding that proxies in respect of such nomination or proposed business may have been received by the Corporation. For purposes of this Section 1.10, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing, or a reliable reproduction of the writing, at the meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)In no event shall the adjournment, postponement or rescheduling of any previously scheduled meeting of stockholders commence a new time period (or extend any time period) for the giving of a stockholder's notice under this Section 1.10. For purposes of this Section 1.10, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press, PR Newswire, Reuters or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Notwithstanding the foregoing provisions of this Section 1.10, (i) a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder, including,

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but not limited to, Rule 14a-19 (or any successor rule) under the Exchange Act, with respect to the matters set forth herein and (ii) if a stockholder fails to comply with the applicable requirements of the Exchange Act, including, without limitation, Rule 14a-19 (or any successor rule) under the Exchange Act, such stockholder's nomination shall be deemed not to have been made in compliance with the procedures set forth in this Section 1.10 and shall be disregarded and/or not considered or transacted. Nothing in this Section 1.10 shall be deemed to affect any rights of (i) stockholders to request the inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 (or any successor rule) under the Exchange Act and, to the extent required by such Rule, have such proposals considered and voted on at an annual meeting of stockholders or (ii) the holders of any series of Preferred Stock to elect directors under specified circumstances.

E.ORGANIZATION AND CONDUCT OF MEETINGS.

Each meeting of stockholders shall be presided over by the chairman of such meeting, who shall be the Chief Executive Officer or in his or her absence, any other person thereunto designated by the Chief Executive Officer or the Board of Directors. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at such meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules or regulations for the conduct of meetings of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of the chairman of such meeting, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting, to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall permit; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. Unless otherwise determined by the Board of Directors or the chairman of the applicable meeting, meetings of stockholders shall not be required to be held in accordance with rules of parliamentary procedure. The Secretary, or in his or her absence or at the request of the chairman of the meeting, an Assistant Secretary or other person designated by the chairman of the meeting, shall act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11<u>ACTION WITHOUT MEETING</u>. Stockholders of the Corporation may not take any action by written consent in lieu of a meeting.

**ARTICLE 2**

**<u>DIRECTORS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>GENERAL POWERS</u>. The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors, who may exercise all such powers of the Corporation and do all such lawful acts and things as are not by law or by the Certificate of Incorporation required to be exercised or done by the stockholders. Without limiting the foregoing, the Board of Directors may:

Article 1declare dividends from time to time in accordance with law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)purchase or otherwise acquire any property, rights or privileges on such terms as it shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)authorize the creation, making and issuance, in such form as it may determine, of written obligations of every kind, negotiable or non-negotiable, secured or unsecured, to borrow funds and guarantee obligations, and to do all things necessary in connection therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)remove any officer of the Corporation with or without cause, and from time to time to devolve the powers and duties of any officer upon any other person for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)confer upon any officer of the Corporation the power to appoint, remove and suspend subordinate officers, employees and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)adopt from time to time such stock option, stock purchase, bonus or other compensation plans for directors, officers, employees, consultants and agents of the Corporation and its subsidiaries as it may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)adopt from time to time such insurance, retirement, and other benefit plans for directors, officers, employees, consultants and agents of the Corporation and its subsidiaries as it may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)adopt from time to time regulations, not inconsistent herewith, for the management of the Corporation's business and affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>NUMBER; ELECTION AND QUALIFICATION</u>. The number of directors which shall constitute the whole Board of Directors shall be determined by resolution of a majority of the Board of Directors, but in no event shall the number of directors be less than three (3). The number of directors may be decreased at any time and from time to time by a majority of the directors then in office, but only to eliminate vacancies existing by reason of the death, resignation, removal of one (1) or more directors. The directors shall be elected at the annual meeting of stockholders (or, if so determined by the Board of Directors pursuant to Section 1.10, at a special meeting of stockholders), by such stockholders as have the right to vote on such election. Directors need not be stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>CLASSES OF DIRECTORS</u>. Until the conclusion of the Corporation's 2026 annual meeting of stockholders (the "2026 Annual Meeting"), the directors shall be divided into three (3) classes, designated Class I, Class II and Class III. Each person elected as a director of the Corporation at or after the annual meeting of stockholders that is held in calendar year 2024 (the "2024 Annual Meeting"), whether to succeed a person whose term of office as a director has expired or to fill any vacancy, shall be elected for a term expiring at the next annual meeting of stockholders. Each director elected prior to the 2024 Annual Meeting shall continue to serve as a director for the term for which he or she was elected. In each case, each director shall hold office until such director's successor is duly elected and qualified, or until such director's earlier death, resignation, retirement, disqualification or removal from office. Commencing with the election of directors at the 2026 Annual Meeting, the Board shall no longer be classified, and all of the directors shall be elected annually and shall hold office until the next annual meeting of stockholders, and until his or her successor is duly elected and qualified or until his or her earlier death, resignation, retirement, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>TENURE</u>. Notwithstanding any provisions to the contrary contained herein, each director shall hold office until his or her successor is elected and qualified, or until his or her earlier death, resignation, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5<u>VACANCIES</u>. Unless and until filled by the stockholders, any vacancy in the Board of Directors, however occurring, including any vacancy resulting from an enlargement of the Board of Directors, may be filled only by vote of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director. Any director appointed to fill a vacancy shall hold office for a term expiring at the next annual meeting of stockholders; provided, however, any director appointed to fill a vacancy of any director elected prior to the 2026 Annual Meeting shall have the same remaining term as that of his or her predecessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6<u>RESIGNATION</u>. Any director may resign at any time upon notice given in writing to the Corporation. Such resignation shall be effective upon delivery unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7<u>REGULAR MEETINGS</u>. Regular meetings of the Board of Directors may be held without notice at such time and place, either within or without the State of Delaware, as shall be determined from time to time by

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the Board of Directors. Regular meetings of the Board of Directors shall be held at such place or places, on such date or dates, and at such time or times as shall have been established by the Board of Directors and publicized among all directors. A notice of each regular meeting shall not be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8<u>SPECIAL MEETINGS</u>. Special meetings of the Board of Directors may be held at any time and place, within or without the State of Delaware, designated in a call by the Chairman of the Board (if any), the President, two (2) or more directors, or by one (1) director in the event that there is only a single director in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9<u>NOTICE OF SPECIAL MEETINGS</u>. Notice of any special meeting of directors stating the place, date and hour of the meeting shall be given to each director by the Secretary or by or at the direction the officer or one of the directors calling the meeting. Notice shall be duly given to each director either (i) by mail not less than forty-eight (48) hours before the date of the meeting or (ii) in person or by telephone or Electronic Transmission on twenty-four (24) hours' notice (or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances). A notice or waiver of notice of a meeting of the Board of Directors need not specify the purposes of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10<u>MEETINGS BY TELEPHONE CONFERENCE CALLS</u>. Directors or any members of any committee designated by the Board of Directors may participate in a meeting of the Board of Directors or such committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation by such means shall be deemed to constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11<u>QUORUM</u>. A majority of the total number of the whole Board of Directors shall constitute a quorum at all meetings of the Board of Directors. In the event one (1) or more of the directors shall be disqualified to vote at any meeting, then the required quorum shall be reduced by one (1) for each such director so disqualified; provided, however, that in no case shall less than one-third (1/3) of the total number of the whole Board of Directors constitute a quorum. In the absence of a quorum at any such meeting, a majority of the directors present may adjourn the meeting from time to time without further notice other than announcement at the meeting, until a quorum shall be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12<u>ACTION AT MEETING</u>. At any meeting of the Board of Directors at which a quorum is present, the vote of a majority of those present shall be sufficient to take any action, unless a different vote is specified by law, the Certificate of Incorporation or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13<u>ACTION BY WRITTEN CONSENT</u>. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting, if all members of the Board of Directors consent to such action in writing. After the action is taken, the consents or consents shall be filed with the minutes of proceedings of the Board of Directors in the same paper or electronic form as the minutes are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14<u>REMOVAL</u>. Unless otherwise provided in the Certificate of Incorporation, any one (1) or more or all of the directors may be removed, without cause only by the affirmative vote of the holders of at least seventy-five percent (75%) of the shares then entitled to vote at an election of directors. Any one (1) or more or all of the directors may be removed with cause only by the holders of at least a majority of the shares then entitled to vote at an election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15<u>COMMITTEES</u>. The Board of Directors may designate one (1) or more committees, each committee to consist of one (1) or more of the directors of the Corporation. The Board of Directors may designate one (1) or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee. In the absence or disqualification of a member of a committee, the member or members of such committee present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at such meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors and subject to the provisions of the General Corporation Law of the State of Delaware, shall have and may exercise all the powers and authority of the Board of Directors in the

&nbsp;&nbsp;&nbsp;&nbsp;16

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management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers which may require it. Each such committee shall keep minutes and make such reports as the Board of Directors may from time to time request. Except as the Board of Directors may otherwise determine or as provided herein, any committee may make rules for the conduct of its business, but unless otherwise provided by the directors or in such rules, its business shall be conducted as nearly as possible in the same manner as is provided in these Bylaws for the Board of Directors. Adequate provisions shall be made for notice to members of all meeting of committees. One-third (1/3) of the members of any committee shall constitute a quorum unless the committee shall consist of one (1) or two (2) members, in which event one (1) member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Any action required or permitted to be taken at any meeting of a committee may be taken without a meeting, if all members of the committee consent to such action in writing. After the action is taken, the consents or consents shall be filed with the minutes of proceedings of the Board of Directors in the same paper or electronic form as the minutes are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16<u>COMPENSATION OF DIRECTORS</u>. Directors may be paid such compensation for their services and such reimbursement for expenses of attendance at meetings as the Board of Directors may from time to time determine. No such payment shall preclude any director from serving the Corporation or any of its parent or subsidiary corporations in any other capacity and receiving compensation for such service. Members of special or standing committees of the Board of Directors may be allowed like compensation for service as committee members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17<u>CHAIRMAN OF THE BOARD AND VICE-CHAIRMAN OF THE BOARD</u>. The Board of Directors may elect one or more of its members to serve as Chairman of the Board or Vice-Chairman of the Board and may fill any vacancy in such position at such time and in such manner as the Board of Directors shall determine. The Chairman of the Board, if any, shall preside at all meetings of the Board of Directors at which he or she is present and shall perform such duties and possess such powers as are designated by the Board of Directors. If the Board of Directors elects a Vice-Chairman of the Board, he or she shall, in the absence or disability of the Chairman of the Board, perform the duties and exercise the powers of the Chairman of the Board and shall perform such other duties and possess such other powers as may from time to time be designated by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18<u>WHOLE BOARD OF DIRECTORS</u>. References in these Bylaws to the term "whole Board of Directors" are to the number of directors that the Corporation would have if there were no vacancies on the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19<u>QUALIFICATION</u>. Each nominee for election as a director of the Corporation must submit to the Secretary all completed and signed questionnaires required of directors. The Corporation may request that each nominee (a) make themselves available to be interviewed by the Board of Directors or any committee of the Board of Directors and (b) provide such additional information as necessary to permit the Board of Directors to determine if each nominee is independent under the rules and listing standards of each principal United States securities exchange upon which the common stock of the Corporation is listed or traded, any applicable rules of the Securities and Exchange Commission and any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of the Corporation's directors. In the event that any information or communications provided by a nominee to the Corporation or its stockholders ceases to be true and correct in all material respects or omits a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading, such nominee shall promptly notify the Secretary of any defect in such previously provided information and of the information that is required to correct any such defect. Upon written request therefor delivered to the Secretary at the principal executive offices of the Corporation, the Secretary shall promptly provide any stockholder that intends to nominate a director for election in accordance with clause (b) of paragraph (1) of Section 1.10A or clause (b) of Section 1.10C a form of the questionnaire required by this Section 2.19.

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**ARTICLE 3**

**<u>OFFICERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>ENUMERATION</u>. The officers of the Corporation shall consist of a President, a Secretary, a Treasurer and such other officers, if any, with such other titles as the Board of Directors shall determine, including, but not limited to, a Chairman of the Board, a Vice-Chairman of the Board, and one or more Vice Presidents, Assistant Treasurers and Assistant Secretaries. The Board of Directors may appoint such other officers as it may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>ELECTION</u>. Each of the Corporation's officers shall be appointed by the Board of Directors or, as provided in Section 2.1(e), by an officer of the Corporation who has been delegated the authority to appoint subordinate officers, each to have such authority, functions or duties as set forth in these Bylaws or as determined by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>QUALIFICATION</u>. No officer need be a stockholder. Any two (2) or more offices may be held by the same person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>TENURE</u>. Except as otherwise provided by law, by the Certificate of Incorporation or by these Bylaws, each officer shall hold office for such terms as are determined from time to time by the Board of Directors and shall hold office until his or her successor is elected and qualified, or until his or her earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5<u>RESIGNATION AND REMOVAL</u>. Any officer may resign at any time upon written notice to the Corporation. Such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event.

Any officer may be removed at any time, with or without cause, by the Board of Directors.Except as the Board of Directors may otherwise determine, no officer who resigns or is removed shall have any right to any compensation as an officer for any period following his or her resignation or removal, or any right to damages on account of such removal, whether his or her compensation be by the month or by the year or otherwise, unless such compensation is expressly provided in a duly authorized written agreement with the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6<u>VACANCIES</u>. The Board of Directors may fill any vacancy occurring in any office for any reason and may, in its discretion, leave unfilled for such period as it may determine any offices other than those of President, Treasurer and Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7<u>PRESIDENT</u>. The President shall, subject to the direction of the Board of Directors, have general charge and supervision of the business of the Corporation. Unless the Board of Directors has designated another officer as the Chief Executive Officer, the President shall be the Chief Executive Officer of the Corporation. The President shall perform such other duties and shall have such other powers as the Board of Directors may from time to time prescribe. The President shall have the power to enter into contracts and otherwise bind the Corporation in matters arising in the ordinary course of the Corporation's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8<u>VICE PRESIDENTS</u>. Any Vice President shall perform such duties and possess such powers as the Board of Directors or the President may from time to time prescribe. In the event of the absence, inability or refusal to act of the President, the Vice President (or if there shall be more than one (1), the Vice Presidents in the order determined by the Board of Directors) shall perform the duties of the President and, when so performing, shall have all the powers of and be subject to all the restrictions upon the President. The Board of Directors may assign to any Vice President the title of Executive Vice President, Senior Vice President or any other title selected by the Board of Directors. Unless otherwise determined by the Board of Directors, any Vice President shall have the power to enter into contracts and otherwise bind the Corporation in matters arising in the ordinary course of the Corporation's business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9<u>SECRETARY AND ASSISTANT SECRETARIES</u>. The Secretary shall perform such duties and shall have such powers as the Board of Directors or the President may from time to time prescribe. In addition, the Secretary shall perform such duties and have such powers as are incident to the office of secretary, including without limitation the duty and power to give notices, or cause notices to be given, of all meetings of stockholders and special meetings of the Board of Directors, to maintain a stock ledger and prepare lists of stockholders and their addresses as required, to be custodian of corporate records and the corporate seal and to affix and attest to the same on documents.

Any Assistant Secretary shall perform such duties and possess such powers as the Board of Directors, the President or the Secretary may from time to time prescribe. In the event of the absence, inability or refusal to act of the Secretary, the Assistant Secretary (or if there shall be more than one (1), the Assistant Secretaries in the order determined by the Board of Directors) shall perform the duties and exercise the powers of the Secretary.

In the absence of the Secretary or any Assistant Secretary at any meeting of stockholders or directors, the person presiding at the meeting shall designate a temporary secretary to keep a record of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10<u>TREASURER AND ASSISTANT TREASURERS</u>. The Treasurer shall perform such duties and shall have such powers as the Board of Directors or the President may from time to time prescribe. In addition, the Treasurer shall perform such duties and have such powers as are incident to the office of treasurer, including without limitation the duty and power to keep and be responsible for all funds and securities of the Corporation, to deposit funds of the Corporation in depositories selected in accordance with these Bylaws, to disburse such funds as ordered by the Board of Directors, to make proper accounts for such funds, and to render as required by the Board of Directors statements of all such transactions and of the financial condition of the Corporation.

The Assistant Treasurers shall perform such duties and possess such powers as the Board of Directors, the President or the Treasurer may from time to time prescribe. In the event of the absence, inability or refusal to act of the Treasurer, the Assistant Treasurer (or if there shall be more than one (1), the Assistant Treasurers in the order determined by the Board of Directors) shall perform the duties and exercise the powers of the Treasurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11<u>SALARIES</u>. Officers of the Corporation shall be entitled to such salaries, compensation or reimbursement as shall be fixed or allowed from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12<u>ACTION WITH RESPECT TO SECURITIES OF OTHER ENTITIES</u>. Unless otherwise directed by the Board of Directors, the President or any officer of the Corporation authorized by the President shall have power to vote and otherwise act on behalf of the Corporation, in person or by proxy, at any meeting of equityholders of or with respect to any action of equityholders of any other entity in which the Corporation may hold securities and otherwise to exercise any and all rights and powers which this Corporation may possess by reason of its ownership of securities in such other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13<u>EXECUTION OF CONTRACTS AND INSTRUMENTS</u>. All contracts, deeds, mortgages, bonds, certificates, checks, drafts, bills of exchange, notes and other instruments or documents to be executed by or in the name of the Corporation shall be signed on the Corporation's behalf by such officer or officers, or other person or persons, as the Board of Directors may so authorize, and such authority (i) may, if the Board of Directors so authorizes, be delegated by the authorized officers to other persons, and (ii) may be general or confined to specific instances. Unless otherwise provided in such resolution, any resolution of the Board of Directors or a committee thereof authorizing the Corporation to enter into any such instruments or documents or authorizing their execution by or on behalf of the Corporation shall be deemed to authorize the execution thereof on its behalf by the Chief Executive Officer, the President, any Vice President, or any other officer if the execution thereof is within the scope of the general duties and authority of such other officer.

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**ARTICLE 4**

**<u>CAPITAL STOCK</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>ISSUANCE OF STOCK</u>. Subject to the provisions of the Certificate of Incorporation and the General Corporation Law of the State of Delaware, the whole or any part of any unissued balance of the authorized capital stock of the Corporation or the whole or any part of any issued, authorized capital stock of the Corporation held in its treasury may be issued, sold, transferred or otherwise disposed of by vote of the Board of Directors in such manner, for such consideration and on such terms as the Board of Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>CERTIFICATES OF STOCK</u>. Shares of the Corporation's stock may be certificated or uncertificated, as provided under Delaware law, and shall be entered in the books of the Corporation and registered as they are issued. Any certificates representing shares of the Corporation's stock shall be in such form as may be prescribed by law and by the Board of Directors, certifying the number and class of shares owned by such stockholder in the Corporation. To the extent shares of the Corporation's stock are represented by certificates, each such stock certificate shall be signed by, or in the name of the Corporation by, any two duly authorized officers of the Corporation. Any or all of the signatures on such certificate may be a facsimile. Each certificate for shares of stock which are subject to any restriction on transfer pursuant to the Certificate of Incorporation, these Bylaws, applicable securities laws or any agreement among any number of shareholders or among such holders and the Corporation shall have conspicuously noted on the face or back of such certificate either the full text of such restriction or a statement of the existence of such restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>TRANSFERS</u>. Except as otherwise established by rules and regulations adopted by the Board of Directors, and subject to applicable law, shares of stock may be transferred on the books of the Corporation by the surrender to the Corporation or its transfer agent of the certificate representing such shares, properly endorsed or accompanied by a written assignment or power of attorney properly executed, and with such proof of authority or the authenticity of signature as the Corporation or its transfer agent may reasonably require. Upon the receipt of proper transfer instructions from the registered owner of uncertificated shares, the transaction shall be recorded upon the books of the Corporation. Except as may be otherwise required by law, by the Certificate of Incorporation or by these Bylaws, the Corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to vote with respect to such stock, regardless of any transfer, pledge or other disposition of such stock, until the shares have been transferred on the books of the Corporation in accordance with the requirements of these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>LOST, STOLEN OR DESTROYED CERTIFICATES</u>. The Corporation may issue a new certificate of stock or uncertificated shares in place of any certificate theretofore issued by it, alleged to have been lost, stolen, or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>RECORD DATE</u>. In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for determining the stockholders entitled to vote at such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.

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In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the provisions of the first paragraph of this Section 4.5 at the adjourned meeting.

**ARTICLE 5**

**<u>GENERAL PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>FISCAL YEAR</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>CORPORATE SEAL</u>. The corporate seal shall be in such form as shall be approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>NOTICES</u>. Except as otherwise specifically provided in these Bylaws or required by law or the Certificate of Incorporation any notice to stockholders given by the Corporation under any provision of the General Corporation Law of the State of Delaware, the Certificate of Incorporation, or these Bylaws may be given in writing directed to the stockholder's mailing address (or by electronic transmission directed to the stockholder's electronic mail address, as applicable) as it appears on the records of the corporation and shall be given in accordance with the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>WAIVER OF NOTICE</u>. Any written waiver, signed by the person entitled to notice, or a waiver by Electronic Transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>EVIDENCE OF AUTHORITY</u>. A certificate by the Secretary or an Assistant Secretary or a temporary Secretary as to any action taken by the stockholders, directors, a committee or any officer or representative of the Corporation shall, as to all persons who rely on the certificate in good faith, be conclusive evidence of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6<u>ELECTRONIC TRANSMISSION</u>. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these Bylaws, facsimile signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board of Directors or a committee thereof. The terms "writing" or "written" as used in these Bylaws shall include Electronic Transmissions. "Electronic Transmission" shall mean any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7<u>RELIANCE UPON BOOKS, REPORTS AND RECORDS</u>. Each director, each member of any committee designated by the Board of Directors shall, in the performance of his or her duties, be fully protected in relying in good faith upon the records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees or committees of the Board of Directors so designated, or by any other person as to matters which such director or committee member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8<u>TIME PERIODS</u>. In applying any provision of these Bylaws that requires that an act be done or not be done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be used, the day of the doing of the act shall be excluded, and the day of the event shall be included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9<u>CERTIFICATE OF INCORPORATION</u>. All references in these Bylaws to the Certificate of Incorporation shall be deemed to refer to the Certificate of Incorporation of the Corporation, as amended and in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10<u>SEVERABILITY</u>. Any determination that any provision of these Bylaws is for any reason inapplicable, illegal or ineffective shall not affect or invalidate any other provision of these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11<u>PRONOUNS</u>. All pronouns used in these Bylaws shall be deemed to refer to the masculine, feminine or neuter, singular or plural, as the identity of the persons or persons so designated may require.

**ARTICLE 6**

**<u>AMENDMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>BY THE BOARD OF DIRECTORS</u>. The Board of Directors is authorized to adopt, amend or repeal these Bylaws, subject to any limitation thereof contained in these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>BY THE STOCKHOLDERS</u>. The stockholders shall have the power to amend or repeal these Bylaws or adopt new bylaws of the Corporation; provided, however, that, in addition to any vote of the holders of any class or series of stock of the Corporation required by law or the Certificate of Incorporation, the affirmative vote of the holders of eighty percent (80%) of the voting power of all of the then outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required to adopt, amend or repeal any provision of these Bylaws.

**ARTICLE 7**

**<u>FORUM FOR ADJUDICATION OF CERTAIN DISPUTES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1<u>DELAWARE COURTS</u>. Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or employee of the Corporation to the Corporation or the Corporation's stockholders, (c) any civil action to interpret, apply or enforce any provision of the DGCL, (d) any civil action to interpret, apply, enforce or determine the validity of the provisions of the Certificate of Incorporation or these Bylaws, or (e) any action asserting a claim governed by the internal affairs doctrine; provided, however, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over such action, the sole and exclusive forum for such action shall be another state or federal court located in the State of Delaware, in all cases, subject to such court having personal jurisdiction over the indispensable parties named as defendants. For the avoidance of doubt, this Section 7.1 shall not apply to the resolution of any complaint asserting a cause of action arising under the Securities Act. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>FEDERAL COURTS</u>. Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>APPLICATION</u>. Failure to enforce the provisions of this Article 7 would cause the Corporation irreparable harm and the Corporation shall, to the fullest extent permitted by applicable law, be entitled to equitable relief, including injunctive relief and specific performance, to enforce the provisions of this Article 7. Any person purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article 7. For the avoidance of doubt, this Article 7 shall not apply to any action asserting claims arising under the Exchange Act.

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## Exhibit 31.1

**EXHIBIT 31.1**

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Kevin T. Conroy, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Exact Sciences Corporation (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 3, 2025 | By: | /s/ Kevin T. Conroy |
|  |  | Kevin T. Conroy<br>President and Chief Executive Officer<br>*(Principal Executive Officer)* |

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## Exhibit 31.2

**EXHIBIT 31.2**

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Aaron Bloomer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Exact Sciences Corporation (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 3, 2025 | By: | /s/ Aaron Bloomer |
|  |  | Aaron Bloomer<br>Executive Vice President and Chief Financial Officer<br>*(Principal Financial and Accounting Officer)* |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Exact Sciences Corporation (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Kevin T. Conroy, President and Chief Executive Officer of the Company and Aaron Bloomer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to our knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Dated: November 3, 2025 | /s/ Kevin T. Conroy | /s/ Kevin T. Conroy |
|  | Name: | Kevin T. Conroy |
|  | Title: | President and Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |
| Dated: November 3, 2025 | /s/ Aaron Bloomer | /s/ Aaron Bloomer |
|  | Name: | Aaron Bloomer |
|  | Title: | Executive Vice President and Chief Financial Officer |
|  |  | *(Principal Financial Officer and Principal Accounting Officer)* |

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