11. Restructuring

On May 6, 2025, the Company commenced a RIF. This initiative affected several employees, including the Former CFO and the Former CSO. The RIF was designed to streamline operations while ensuring continuity during the transition period.

In connection with the RIF, the Company entered into separation agreements with impacted employees that provided the impacted employees to termination benefits, with benefit terms expiring at various dates through May 30, 2026. These benefits included the continuation of base salary, then in effect, and the payment of monthly premiums for Company-sponsored healthcare coverage. The Former CFO and Former CSO also received accelerated vesting on outstanding stock option awards. See Note 10 Stock-Based Compensation for additional information on the stock option modifications.

The Company expects to incur total restructuring charges of approximately $0.7 million, primarily related to termination benefits, partially offset by a reduction in stock-based compensation expenses.

During the year ended December 31, 2025, the Company recognized $0.4 million in general and administrative expense and $0.5 million in research and development expense, in the statement of operations related to termination benefits under the various separation agreements. The modification of the Former CFO’s and Former CSO’s stock options resulted in a reduction of $0.2 million in stock-based compensation expense included in general and administrative expense and an increase of less than $0.1 million included in research and development expense in the statement of operations during the year ended December 31, 2025.

All restructuring costs associated with the RIF were recognized in the second quarter of 2025, when the plan was communicated to affected employees and obligations were incurred. The remaining severance payments, which were accrued as of December 31, 2025, are expected to be paid through May 2026.

On November 26, 2024, the Company’s former chief executive officer (the “Former CEO”) entered into a separation and consulting agreement (“Separation Agreement”), pursuant to which the Former CEO resigned from his role as CEO. Under the Separation Agreement, the Former CEO is entitled to termination benefits until June 30, 2026, in the form of continuation of base salary in the same amount in effect as of December 31, 2024 and the payment of monthly premiums

for healthcare coverage. As of December 31, 2024, the Company recorded $0.8 million of accrued termination benefits in the balance sheet.