On November 12, 2024, the Company announced the discontinuation of the global clinical development program for SerpinPC, a novel inhibitor of activated protein C (APC) that was being progressed for the treatment of hemophilia B. The strategic decision was made to prioritize capital towards the development of our growing OX2R agonist franchise based on the strength of the interim Phase 1 data for cleminorexton, coupled with the outcome of a planned interim analysis of Part 1 of the PRESent-2 study of SerpinPC, which was evaluated in the context of the evolving treatment and market landscape for hemophilia B, including the recent FDA approval of a competing product.

As a result of the discontinuation of the program, we incurred a one-time charge of $31.5 million, consisting of contract termination costs of $30.3 million and employee severance-related costs of $1.2 million, which was recorded within Research and development expenses. The contract termination costs related to firm commitments for the manufacture of registrational materials and other costs. The contract termination and employee severance costs associated with this program discontinuation were predominately accrued as of December 31, 2024. The Company fully paid the remaining balance associated with employee severance-related costs as of December 31, 2025.


	Contract Termination		Severance-Related		Total
Balance as of January 1, 2025	$	30,283	$	1,199	$	31,482
Cash payments	(27,186)		(1,199)		(28,385)
Reversal of charge	(3,395)		—		(3,395)
Foreign currency translation changes	298		—		298
Balance as of December 31, 2025	$	—	$	—	$	—