In addition to the significant expense categories included within consolidated net loss presented on the Company's Consolidated Statements of Operations, see below for disaggregated amounts that comprise research and development expenses which are presented to the Company's CODM for review:


	Year Ended December 31,
	2025		2024
External clinical development expenses (1)
SBI-100	$	10,511	$	2,216,209
nimacimab	32,305,827		10,801,849
Total external clinical development expenses	32,316,338		13,018,058
Personnel related and stock-based compensation	5,928,398		3,995,558
Other research and development expenses (2)	4,117,143		1,688,078
Total research and development expenses	$	42,361,879	$	18,701,694

(1) External clinical development expenses include expenses for clinical trial costs and clinical manufacturing, as well as costs for discovery in research and development studies.

(2) Other research and development expenses include expenses for travel and entertainment, consulting and advisory and general business expenses.