In February 2024, the Company and its board of directors decided to discontinue the Synpheny-3 trial and as a result are currently evaluating strategic options for the Company with a goal to enhance stockholder value, including the possibility of a merger or sale of the Company.

The Company also announced a corporate restructuring that included a reduction in its workforce, leaving one remaining full-time employee. In addition, the Company has engaged consultants, to, among other things, support the strategic review process and current business operations. In connection with the corporate restructuring, the Company recorded restructuring charges for severance and related costs of $0.24 million and $6.2 million during the years ended December 31, 2025 and December 31, 2024, respectively. The Company also executed consulting agreements during the year ended December 31, 2024, with a select number of former employees in which their equity continues to vest under the terms of the original award. The consulting services were determined to be non-substantive and as a result, the Company has accelerated the related stock compensation expense. There was no acceleration of stock compensation expense for the year ended December 31, 2025 and there was $2.4 million of stock compensation included in restructuring charges for the year ended December 31, 2024.

Restructuring and other charges also included gains on equipment sales of $0.08 million and $1.2 million during the years ended December 31, 2025 and December 31, 2024, respectively. For the year ended December 31, 2024, restructuring and other charges also

included impairment of the right-of-use assets associated with the Company's leased spaces of $9.6 million and impairment of property and equipment of $5.0 million.

In connection with the corporate restructuring, on June 26, 2024 (the “Termination Date”), the Company entered into a Lease Termination Agreement (the “Termination Agreement”) for its corporate headquarters in Cambridge, Massachusetts, with the landlord which, effective immediately, terminated the lease. In exchange for the early termination of the lease pursuant to the Termination Agreement, the Company made a total termination payment of $10.6 million, of which $1.0 million was from a letter of credit associated with the lease. The Company also recorded a gain on lease termination, associated with its former headquarters, of $3.2 million, for the year ended December 31, 2024.

Other charges relating to the restructuring include a $5.2 million charge to impairment for prepaid research and development in relation to the Ginkgo collaboration (See Note 11, Collaboration Agreements, in the audited financial statements included in the 2024 Annual Report) for the year ended December 31, 2024. Additionally, there were charges of $0.32 million and $1.2 million recorded during the years ended December 31, 2025 and December 31, 2024, respectively, related to the restructuring including legal fees, banking fees and lab decommissioning fees.

As of December 31, 2025, approximately $0.75 million of the total restructuring charges remain unpaid and were included in accrued restructuring charges. These charges primarily consist of personnel costs related to severance expense and retention bonuses.