6. Commitments and Contingencies

From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. There are no such matters pending that the Company expects to be material in relation to its business, financial condition, results of operations, or cash flows.

On August 12, 2024, the Company entered into an operating lease agreement for approximately 10,629 square feet of office, research and development and light manufacturing space located in Holliston, MA (the “HQ Lease”). The space will continue to serve as the Company’s corporate headquarters and manufacturing facility. The term of the HQ lease ends on August 31, 2027.

In April 2025, the Company entered into a Master Service Agreement with uBriGene (Boston) Biosciences, Inc., a contract development and manufacturing organization, pursuant to which uBriGene will provide development, manufacturing, and related regulatory support services for the Company’s investigational programs. Services are performed under statements of work and are milestone‑based. Under the applicable statement of work, contractual milestones include: (i) execution of the agreement and initiation of technology transfer activities; (ii) completion of multiple technology transfer production runs and related quality control testing; (iii) completion of stability testing using materials produced from the technology transfer runs; (iv) initiation of investigational batch production; and (v) completion of investigational batch production and associated regulatory support activities. Fees are payable upon the achievement of these milestones. The Company may terminate the agreement or any statement of work upon prior written notice. Upon termination, the Company is not obligated to pay for services not performed prior to the effective date of termination but remains responsible for amounts incurred for services performed and certain non‑cancelable costs. Payments made in advance of services being rendered are recorded as prepaid expenses and expensed as the related services are performed.

As of March 31, 2026, the Company had no minimum remaining non‑cancelable purchase commitments under this agreement, as all future payments are contingent upon the achievement of development and manufacturing milestones and the Company’s authorization of continued services.

On July 1, 2025, the Company entered into a services agreement with Beijing Quarkmed Technology Co., Ltd. with a total contract value of approximately $206,000 for regulatory and clinical support activities. In the third quarter of 2025, the Company made an initial payment of $72,118.44, which was fully expensed by December 31, 2025 using a percentage‑of‑completion method. No additional payments had been made under the contract as of March 31, 2026. As of March 31, 2026, the Company had incurred approximately $93,000 of costs, all of which are included in research and development expense. Accordingly, no prepaid assets related to this agreement were recorded as of March 31, 2026.

In November 2025, the Company entered into an insurance premium financing and security agreement. Under the agreement, the Company financed $228,685 of certain premiums at a 7.60% annual interest rate. As of March 31, 2026, the outstanding balance on the financing and security agreement was $114,648 and is included on the balance sheet in insurance premium financing payable. The final payment is due in August 2026.