Liquidity	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	Liquidity During the three months ended March 31, 2026, the Company received approximately $44.1 million from the exercise of 28.2 million outstanding warrants at a weighted average exercise price of $1.56 per share. Subsequent to March 31, 2026, the Company received an additional $7.5 million from the exercise of 4.7 million warrants at a weighted average exercise price of $1.60 per share. In December 2020, the Company, together with its wholly-owned subsidiary, SLSG Limited, LLC, entered into an Exclusive License Agreement ("3D Medicines Agreement") with 3D Medicines, Inc. ("3D Medicines") pursuant to which the Company granted 3D Medicines a sublicensable royalty-bearing license under certain intellectual property owned or controlled by us, to develop, manufacture and have manufactured, and commercialize GPS and heptavalent GPS product candidates for all therapeutic and other diagnostic uses in mainland China, Hong Kong, Macau and Taiwan (the "3DMed Territory"). As of March 31, 2026, the Company has received $10.5 million in upfront payments and certain technology transfer and regulatory milestones. A total of $191.5 million in potential future development, regulatory, and sales milestones, not including future royalties, remains under the 3D Medicines Agreement as of March 31, 2026, which milestones are all variable in nature and not under the Company's control. In December 2023, the Company commenced a binding arbitration proceeding against 3D Medicines, which involves, among other things, the trigger and payment of certain milestone payments due to the Company. See Note 5, Legal Proceedings. In March 2026, the Company entered into a sales agreement with TD Securities (USA) LLC ("TD Cowen") to sell shares of its common stock, from time to time, with aggregate gross proceeds of up to $150.0 million, through an at-the-market equity offering program (the "2026 ATM"). The Company has not sold any shares of common stock pursuant to the 2026 ATM to date. As of March 31, 2026, the Company had cash and cash equivalents of approximately $107.1 million and restricted cash and cash equivalents of $0.1 million. In accordance with Accounting Standards Codification ("ASC") 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the consolidated financial statements are issued. The Company expects its cash and cash equivalents, together with the $7.5 million in proceeds from warrant exercises subsequent to March 31, 2026, will be sufficient to fund its current planned operations for at least the next twelve months from the date of issuance of these consolidated financial statements, although the Company may pursue additional capital resources through public or private equity or debt financings or by entering into additional license agreements or collaborations with other companies. Management's expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management's estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. There is no guarantee that any of these strategic or financing opportunities will be executed or executed on favorable terms, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research and development programs or be unable to expand its operations or otherwise prepare for the potential regulatory approval and commercialization of its product candidates, assuming positive data. Since inception, the Company has incurred recurring losses and negative cash flows from operations and, as of March 31, 2026, has an accumulated deficit of $283.4 million. During the three months ended March 31, 2026, the Company incurred a net loss of $8.4 million, and used $8.8 million of cash in operations. The Company expects to continue to generate operating losses and negative cash flows from operations for the next few years and will need additional funding to support its planned operating activities through profitability. The transition to profitability is dependent upon the successful development, approval, and commercialization of the Company's product candidates and the achievement of a level of revenues adequate to support its cost structure.

During the three months ended March 31, 2026, the Company received approximately $44.1 million from the exercise of 28.2 million outstanding warrants at a weighted average exercise price of $1.56 per share. Subsequent to March 31, 2026, the Company received an additional $7.5 million from the exercise of 4.7 million warrants at a weighted average exercise price of $1.60 per share.

In December 2020, the Company, together with its wholly-owned subsidiary, SLSG Limited, LLC, entered into an Exclusive License Agreement ("3D Medicines Agreement") with 3D Medicines, Inc. ("3D Medicines") pursuant to which the Company granted 3D Medicines a sublicensable royalty-bearing license under certain intellectual property owned or controlled by us, to develop, manufacture and have manufactured, and commercialize GPS and heptavalent GPS product candidates for all therapeutic and other diagnostic uses in mainland China, Hong Kong, Macau and Taiwan (the "3DMed Territory"). As of March 31, 2026, the Company has received $10.5 million in upfront payments and certain technology transfer and regulatory milestones. A total of $191.5 million in potential future development, regulatory, and sales milestones, not including future royalties, remains under the 3D Medicines Agreement as of March 31, 2026, which milestones are all variable in nature and not under the Company's control. In December 2023, the Company commenced a binding arbitration proceeding against 3D Medicines, which involves, among other things, the trigger and payment of certain milestone payments due to the Company. See Note 5, Legal Proceedings.

In March 2026, the Company entered into a sales agreement with TD Securities (USA) LLC ("TD Cowen") to sell shares of its common stock, from time to time, with aggregate gross proceeds of up to $150.0 million, through an at-the-market equity offering program (the "2026 ATM"). The Company has not sold any shares of common stock pursuant to the 2026 ATM to date.

As of March 31, 2026, the Company had cash and cash equivalents of approximately $107.1 million and restricted cash and cash equivalents of $0.1 million. In accordance with Accounting Standards Codification ("ASC") 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the consolidated financial statements are issued. The Company expects its cash and cash equivalents, together with the $7.5 million in proceeds from warrant exercises subsequent to March 31, 2026, will be sufficient to fund its current planned operations for at least the next twelve months from the date of issuance of these consolidated financial statements, although the Company may pursue additional capital resources through public or private equity or debt financings or by entering into additional license agreements or collaborations with other companies.

Management's expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management's estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. There is no guarantee that any of these strategic or financing opportunities will be executed or executed on favorable terms, and some could be dilutive to existing stockholders. If the Company is unable to obtain

additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research and development programs or be unable to expand its operations or otherwise prepare for the potential regulatory approval and commercialization of its product candidates, assuming positive data.

Since inception, the Company has incurred recurring losses and negative cash flows from operations and, as of March 31, 2026, has an accumulated deficit of $283.4 million. During the three months ended March 31, 2026, the Company incurred a net loss of $8.4 million, and used $8.8 million of cash in operations. The Company expects to continue to generate operating losses and negative cash flows from operations for the next few years and will need additional funding to support its planned operating activities through profitability. The transition to profitability is dependent upon the successful development, approval, and commercialization of the Company's product candidates and the achievement of a level of revenues adequate to support its cost structure.