Funding Arrangements	3 Months Ended
Mar. 31, 2026
Funding Arrangements [Abstract]
Funding Arrangements	Note 4. Funding Arrangements NIAID Contract In September 2022, the Company received a cost-reimbursement contract award from the NIAID to support preclinical, Phase 1 studies and other activities to enable the advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. Under the original award, the Company was eligible to receive up to $17.8 million in funding over a total term of 48 months, consisting of a base period and seven option periods. In July 2023 and May 2024, the NIAID exercised two of seven available options under the NIAID contract (No: 75N93022C00059), resulting in an increase in committed contract funding of $0.7 million and $3.8 million, respectively, for a cumulative total of $8.8 million. In April 2025, the Company entered into a contract modification with NIAID for a $0.5 million increase and term extension to an existing NIAID contract option. In June 2025, as part of a U.S. government cost efficiency initiative under a 2025 Executive Order, the Company was notified that the NIAID will not exercise certain remaining options under the contract, resulting in a total $9.0 million reduction to the $18.3 million contract, for a cumulative contract total of $9.3 million. Funding for the exercised options extends the estimated completion of the current contract by 29 months beyond the base period of 18 months to August 2026. As of March 31, 2026, a total of $9.3 million of funding has been committed. During the three months ended March 31, 2026, the Company recorded $0.2 million of income as a reduction in research and development operating expenses under the NIAID contract. As of March 31, 2026, the Company recorded a receivable of $0.7 million which was included in prepaid expenses and other current assets on the balance sheet. During the three months ended March 31, 2025, the Company did not record any income under the NIAID contract as a reduction in research and development operating expenses, and had recorded a receivable of $0.5 million as of December 31, 2025. Gates Foundation Grants In September 2023, the Company received a cost-reimbursement contract award from the Gates Foundation, formerly the Bill and Melinda Gates Foundation (“2023 BMGF Agreement”), under which the Company was awarded $1.8 million to support the discovery of novel, boron containing small molecules for the treatment of tuberculosis and malaria. The Company is required to apply the funds it receives under the 2023 BMGF Agreement solely toward direct costs related to this research program. The Company received $1.0 million of funding in advance and tracks and reports eligible expenses incurred to the Gates Foundation. In April 2024, the Company received $0.8 million in funding, making the grant fully funded. In September 2024, the Company entered into a second-year continuation cost-reimbursement contract award with the Gates Foundation (“2024 BMGF Agreement”) under which the Company was awarded $2.0 million to support an early-stage research program focused on delivering novel leads as starting points for new drugs that can be combined to deliver shorter, safer and simpler TB drug regimens. The Company is required to apply the funds it receives under the 2024 BMGF Agreement solely toward direct costs related to this research program. The Company received $1.1 million of funding in advance and tracks and reports eligible expenses incurred to the Gates Foundation. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the balance sheets. In September 2025, the Company entered into a third-year continuation cost-reimbursement contract award with the Gates Foundation (“2025 GF Agreement”) under which the Company was awarded $1.9 million to support an early-stage research program focused on delivering an optimized lead compound for clinical development that can be combined with other compounds to deliver shorter, safer and simpler TB drug regimens. The Company is required to apply the funds it receives under the 2025 GF Agreement solely toward direct costs related to this research program. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the balance sheets. As of March 31, 2026 and December 31, 2025, $0.6 million and $1.2 million, respectively, was recorded to other current liabilities on the balance sheets. During the three months ended March 31, 2026 the Company recorded income of $0.5 million as a reduction in research and development operating expenses under the 2025 GF Agreement. During the three months ended March 31, 2026 and 2025, the Company recorded no income and income of $0.4 million, respectively, as a reduction in research and development operating expenses under the 2024 BMGF Agreement.

Funding Arrangements

3 Months Ended

Mar. 31, 2026

Note 4. Funding Arrangements

NIAID Contract

In September 2022, the Company received a cost-reimbursement contract award from the NIAID to support preclinical, Phase 1 studies and other activities to enable the advancement of epetraborole into late-stage development for acute systemic melioidosis and other biothreat pathogens. Under the original award, the Company was eligible to receive up to $17.8 million in funding over a total term of 48 months, consisting of a base period and seven option periods. In July 2023 and May 2024, the NIAID exercised two of seven available options under the NIAID contract (No: 75N93022C00059), resulting in an increase in committed contract funding of $0.7 million and $3.8 million, respectively, for a cumulative total of $8.8 million. In April 2025, the Company entered into a contract modification with NIAID for a $0.5 million increase and term extension to an existing NIAID contract option. In June 2025, as part of a U.S. government cost efficiency initiative under a 2025 Executive Order, the Company was notified that the NIAID will not exercise certain remaining options under the contract, resulting in a total $9.0 million reduction to the $18.3 million contract, for a cumulative contract total of $9.3 million. Funding for the exercised options extends the estimated completion of the current contract by 29 months beyond the base period of 18 months to August 2026. As of March 31, 2026, a total of $9.3 million of funding has been committed.

During the three months ended March 31, 2026, the Company recorded $0.2 million of income as a reduction in research and development operating expenses under the NIAID contract. As of March 31, 2026, the Company recorded a receivable of $0.7 million which was included in prepaid expenses and other current assets on the balance sheet. During the three months ended March 31, 2025, the Company did not record any income under the NIAID contract as a reduction in research and development operating expenses, and had recorded a receivable of $0.5 million as of December 31, 2025.

Gates Foundation Grants

In September 2023, the Company received a cost-reimbursement contract award from the Gates Foundation, formerly the Bill and Melinda Gates Foundation (“2023 BMGF Agreement”), under which the Company was awarded $1.8 million to support the discovery of novel, boron containing small molecules for the treatment of tuberculosis and malaria. The Company is required to apply the funds it receives under the 2023 BMGF Agreement solely toward direct costs related to this research program. The Company received $1.0 million of funding in advance and tracks and reports eligible expenses incurred to the Gates Foundation. In April 2024, the Company received $0.8 million in funding, making the grant fully funded.

In September 2024, the Company entered into a second-year continuation cost-reimbursement contract award with the Gates Foundation (“2024 BMGF Agreement”) under which the Company was awarded $2.0 million to support an early-stage research program focused on delivering novel leads as starting points for new drugs that can be combined to deliver shorter, safer and simpler TB drug regimens. The Company is required to apply the funds it receives under the 2024 BMGF Agreement solely toward direct costs related to this research program. The Company received $1.1 million of funding in advance and tracks and reports eligible expenses incurred to the Gates Foundation. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the balance sheets.

In September 2025, the Company entered into a third-year continuation cost-reimbursement contract award with the Gates Foundation (“2025 GF Agreement”) under which the Company was awarded $1.9 million to support an early-stage research program focused on delivering an optimized lead compound for clinical development that can be combined with other compounds to deliver shorter, safer and simpler TB drug regimens. The Company is required to apply the funds it receives under the 2025 GF Agreement solely toward direct costs related to this research program. Any unspent funds and any funds spent that have not yet been incurred are recorded as part of other current liabilities on the balance sheets.

As of March 31, 2026 and December 31, 2025, $0.6 million and $1.2 million, respectively, was recorded to other current liabilities on the balance sheets. During the three months ended March 31, 2026 the Company recorded income of $0.5 million as a reduction in research and development operating expenses under the 2025 GF Agreement. During the three months ended March 31, 2026 and 2025, the Company recorded no income and income of $0.4 million, respectively, as a reduction in research and development operating expenses under the 2024 BMGF Agreement.