13. Subsequent Events

The Company has completed an evaluation of all subsequent events through May 15, 2026 for the condensed consolidated financial statements as of and for the three months ended March 31, 2026 to ensure these condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements and events which occurred but were not recognized in the condensed consolidated financial statements. Except as described below or elsewhere in these condensed consolidated financial statements, the Company has concluded that no subsequent event has occurred that requires disclosure.

On May 14, 2026, the Company entered into a First Amendment (the "Amendment") to the Context License Agreement, by and between the Company and Context. Under the terms of the Amendment, and in full consideration for the amended license rights described below, Context has agreed to pay to the Company: (i) $4,500,000, payable within five (5) business days of the effective date of the Amendment, and (ii) $2,000,000, payable by August 1, 2026 (together, the "Amendment Pay-Off Amounts"). The Amendment Pay-Off Amounts satisfy in full any and all milestone and royalty payment obligations contemplated by the Context License Agreement. Among other modifications to the Context License Agreement, under the terms of the Amendment, the license granted to Context under the Context License Agreement is amended to be irrevocable, exclusive, royalty-free, fully paid-up and non-terminable, and any and all diligence obligations with respect to Context are removed.