14. Subsequent Events

On April 30, 2026, the Company announced the closing of an underwritten public offering. The Company issued and sold 9,660,000 shares of its common stock, par value $0.001, at a public offering price of $72.50 per share (the “April 2026 Offering”) for gross proceeds of $700.4 million before any underwriting discounts and commissions and related issuance expenses. The Company has granted the underwriters an option for a period of 30 days expiring May 28, 2026, to purchase up to an additional 1,449,000 shares of its common stock at the public offering price of $72.50 per share, less underwriting discounts and commissions. As of the filing of these condensed financial statements, the option remains unexercised.

On May 1, 2026, the Company and Halozyme Hypercon, Inc. (“Halozyme”) entered into a global exclusive collaboration and license agreement (“Halozyme License Agreement”). Under the Halozyme License Agreement, the Company has licensed Halozyme’s Hypercon^TM technology for IL-23p19 in psoriatic disease and up to one additional target. Hypercon^TM is an innovative microparticle technology that allows for hyperconcentration of drugs and biologics, reducing injection volume for a given dose and supporting more convenient, patient-friendly administration. Pursuant to the terms of the Halozyme License Agreement, the Company is obligated to pay Halozyme a non-refundable upfront payment and milestone payments upon the achievement of certain clinical, developmental and sales milestones for a total amount up to $176.5 million, along with reimbursement of the costs to be incurred in the development of the licensed products. In addition, the Company would be obligated to pay mid-single digit royalties on net sales of products developed using Hypercon^TM technology.