22. Government Grant

During August 2025, the Company announced that it has been awarded a multi-year, milestone-driven grant worth up to $11.4 million by the National Institute on Drug Abuse (“NIDA”), part of the National Institutes of Health (“NIH”). The grant funds will be utilized for the optimization and early-stage development of the Company’s novel 5-HT2A/2C receptor agonists with non-hallucinogenic potential for opioid use disorder. The funding is intended to support lead optimization, translational proof-of-concept studies, and the toxicology and manufacturing work needed to file an Investigational New Drug application.

The Company determined that, under Accounting Standards Update 2025-10 Government Grants, the NIDA grant received is a grant related to income. The Company recognizes the grant systematically through earnings as the Company determined that it is probable the Company will comply with the conditions of the grant and that the government grant will be received. Accordingly, the Company recognizes qualifying research and development expenditures under the NIDA grant as a reduction in Research and development expense in the statement of operations. For the years ended December 31, 2025, the Company recognized $0.3 million in qualifying Research and development expenditures, which has been recorded as a reduction in Research and development expense in the statement of operations. From the inception of the grant award to December 31, 2025, the Company has not received reimbursements from the NIDA and recognized a grant receivable of $0.3 in Prepaid expenses and other current assets in its consolidated balance sheets.