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10-Q true 2026-03-31 2026 false 001-43250 Hemab Therapeutics Holdings, Inc. DE 41-4241952 101 Main Street Suite 1220 Cambridge MA 02142 617 553-3952 Common Stock, $0.0001 par value per share COAG NASDAQ Yes Yes Non-accelerated Filer true true false false 46705410 http://fasb.org/srt/2025#ChiefExecutiveOfficerMember 49860000 87974000 113671000 97511000 5900000 7066000 169431000 192551000 648000 609000 939000 1092000 4240000 531000 175258000 194783000 5682000 5734000 6963000 4296000 544000 647000 13189000 10677000 519000 573000 13708000 11250000 0.0001 0.0001 1 1 23343 23343 23343 23343 23343 23343 3126000 2939000 5236000 5236000 0.0001 0.0001 1 1 225866 225866 225866 225866 225866 225866 53392000 54528000 63536000 63536000 0.0001 0.0001 1 1 442205 442205 442205 442205 442205 442205 135248000 135248000 134975000 134975000 0.0001 0.0001 1 1 512991 512991 512991 512991 512991 512991 156898000 156898000 156421000 156421000 1 1 0 0 0 946000 946000 946000 0 132000 0.0001 0.0001 1446166 0 946000 946000 0 0 0 0 6366000 4916000 -439000 175000 -204545000 -181858000 -198618000 -176635000 175258000 194783000 19461000 14101000 4151000 2459000 23612000 16560000 -23612000 -16560000 1219000 473000 -282000 591000 937000 1064000 -22675000 -15496000 12000 -190000 -22687000 -15306000 -23.98 -23.98 -16.18 -16.18 946000 946000 946000 946000 -22687000 -15306000 -614000 974000 -23301000 -14332000 23343 5236000 225866 63536000 442205 134975000 946000 132000 2905000 -365000 -117945000 -115273000 459000 459000 974000 974000 -15306000 -15306000 23343 5236000 225866 63536000 442205 134975000 946000 132000 3364000 609000 -133251000 -129146000 23343 5236000 225866 63536000 442205 134975000 512991 156421000 946000 132000 4916000 175000 -181858000 -176635000 -23343 -5236000 -225866 -63536000 -442205 -134975000 -512991 -156421000 23343 5236000 225866 63536000 442205 134975000 512991 156421000 -946000 -132000 946000 132000 1318000 1318000 -614000 -614000 -22687000 -22687000 23343 5236000 225866 63536000 442205 134975000 512991 156421000 946000 6366000 -439000 -204545000 -198618000 -22687000 -15306000 1318000 459000 73000 75000 -153000 -140000 816000 208000 -381000 -1166000 65000 1016000 800000 -52000 2881000 434000 -434000 -157000 -139000 -17000 -21584000 -13033000 15735000 19948000 13970000 112000 16000 -15847000 -5994000 414000 46000 29000 -460000 -29000 -223000 -38114000 -19056000 87974000 74407000 49860000 55351000 3000 2279000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1. Description of Business and Liquidity </div></div></div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Nature of Business </div></div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Hemab Therapeutics Holdings, Inc. (the “Company”) is a clinical-stage biotechnology company developing therapies that reimagine the treatment of blood coagulation disorders to sustain life and human resilience. Based in Denmark and the United States, the Company’s mission is to build the leading coagulation company by discovering, developing, and commercializing innovative therapies for the millions of patients worldwide suffering from serious bleeding and thrombotic diseases, including Glanzmann thrombasthenia, Factor VII deficiency, Von Willebrand Disease and other conditions of abnormal bleeding, all of which can cause significant life-long burden to patients. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Company’s lead asset, sutacimig <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(HMB-001),</div> is a bispecific antibody currently in Phase 1/2 clinical development for the prophylactic treatment of Glanzmann thrombasthenia and Phase 2 clinical development for the prophylactic treatment of Factor VII deficiency. The Company’s second clinical-stage asset, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">HMB-002,</div> is a monovalent antibody in Phase 1/2 clinical development for the subcutaneous prophylactic treatment of Von Willebrand Disease. The Company is also advancing multiple preclinical and discovery-stage assets. </div></div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Corporate Reorganization </div></div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On March 30, 2026, the Company completed a corporate reorganization pursuant to which the shareholders of Hemab ApS exchanged their shares in Hemab ApS for the same number, class and series of newly issued shares, on a one to one basis, in the newly incorporated Delaware company, Hemab Therapeutics Holdings, Inc. and, as a result, Hemab ApS became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. The newly issued shares of Hemab Therapeutics Holdings, Inc. had substantially identical rights to the exchanged shares of Hemab ApS. As a result of the exchange, Hemab Therapeutics Holdings, Inc. became the sole shareholder of Hemab ApS, and the prior shareholders of Hemab ApS solely held shares of Hemab Therapeutics Holdings, Inc. Hemab Therapeutics Holdings, Inc. had nominal assets and liabilities and did not conduct any operations prior to the corporate reorganization other than its incorporation. Upon completion of the corporate reorganization, the historical consolidated financial statements of Hemab ApS became the historical consolidated financial statements of Hemab Therapeutics Holdings, Inc. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In connection with the corporate reorganization, the original issue price for the Company’s Series Seed Convertible Stock and Series A Convertible Stock were converted from Euros and Danish Kroners (“DKK”), respectively, into U.S. dollars.The original issue price was set for each series of convertible preferred stock so the convertible preferred stock would be convertible into common stock on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-for-one</div></div> basis. </div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with the corporate reorganization, each outstanding warrant to subscribe for the purchase of ordinary shares of Hemab ApS was assumed by Hemab Therapeutics Holdings, Inc. and converted into a warrant to purchase the same number of shares of common stock of Hemab Therapeutics Holdings, Inc. Each new warrant otherwise had and was subject to the same terms and conditions as were in effect immediately prior to the assumption and conversion, except that any warrant exercise price that had been denominated in DKK prior to the corporate reorganization was converted into an exercise price in U.S. dollars at the exchange rate as in effect at the close of business on the business day prior to the corporate reorganization. No warrants of Hemab ApS were outstanding following such assumption and conversion. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, on April 1, 2026, Hemab ApS transferred its shares of Hemab Therapeutics Inc., a Delaware corporation and wholly owned subsidiary of Hemab ApS, to Hemab Therapeutics Holdings, Inc. in exchange for the issuance of a promissory note and, as a result, Hemab Therapeutics Inc. became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. </div></div></div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risks and Uncertainties </div></div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s product candidates and programs are in preclinical and clinical development. There can be no assurance that the Company’s research and development efforts will be successfully completed, that adequate protection for its intellectual property will be obtained, that any product candidates developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. </div></div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Stock Split </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Company’s board of directors and stockholders approved a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">22-for-one</div></div> forward stock split of the Company’s issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for the outstanding shares of convertible preferred stock, which became effective on April 24, 2026. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and the notes thereto have been retroactively adjusted, where applicable, to reflect the stock split. </div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liquidity and Managements Plan </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Since inception, the Company has devoted substantially all its efforts to business planning, conducting research and development, recruiting management and technical staff, and raising capital. The Company has financed its operations primarily through private placements of convertible preference shares and issuance of convertible debt and, most recently, from the sale of common stock in its initial public offering (the “IPO”) in May 2026. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s continued discovery and development of product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. </div></div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company has incurred losses since inception and had an accumulated deficit of $204.5 million as of March 31, 2026. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as it continues development of its product candidates. </div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of March 31, 2026, the Company had cash and cash equivalents, and marketable securities of $163.5 million. The Company believes that its existing cash, cash equivalents, and marketable securities, together with the net proceeds from the IPO of approximately $317.2 million, will enable it to fund its operating expenses and capital expenditure requirements for at least one year from the date of the issuance of these unaudited condensed consolidated financial statements. </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Until such a time when the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements or arrangements when needed, on favorable terms, or at all. The Company’s failure to raise capital or enter into such agreements or arrangements as, and when needed, could have a material adverse effect on its business, results of operations and financial condition, including potentially requiring it to delay, limit, reduce or eliminate product development or future commercialization efforts, or grant rights to develop and market current or future development product candidates that the Company would otherwise prefer to develop and market itself. </div></div></div> -204500000 163500000 317200000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;">2. Summary of Significant Accounting Policies </div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">There have been no significant changes from the significant accounting policies and estimates disclosed in Note 2 of the “Notes to Consolidated Financial Statements” in the audited consolidated financial statements for the year ended December 31, 2025 and notes thereto, included in the Company’s final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the U.S. Securities Exchange Commission on May 1, 2026, except as noted below. </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Principles of Consolidation </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Company’s condensed consolidated financial statements include the accounts of its subsidiaries, Hemab ApS and Hemab Therapeutics, Inc., which was a wholly owned subsidiary of Hemab ApS until April 1, 2026. As a result of the corporate reorganization described in Note 1 “Description of Business and Liquidity—Corporate Reorganization”, Hemab ApS became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. and, accordingly, the Company’s consolidated financial statements are those of Hemab Therapeutics Holdings, Inc. for the periods after the corporate reorganization and are those of Hemab ApS for historical periods before the corporate reorganization. Management has concluded the Company has a single reporting segment for purposes of reporting financial condition and results of operations. All intercompany transactions and balances have been eliminated in accordance with ASC 810,<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Consolidation</div></div>. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center;text-indent: 0px;"></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Basis of Presentation </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Unaudited Interim Consolidated Financial Information </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements of Hemab ApS and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of March 31, 2026 and its results of operations and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements of Hemab ApS as of that date. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from these unaudited condensed consolidated financial statements. </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Foreign Currency </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The financial statements are presented in U.S. dollars, the Company’s reporting currency. The functional currency of Hemab ApS and Hemab Therapeutics, Inc. is the U.S. dollar. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are recognized in other (expense) income, net in the consolidated statements of operations and comprehensive loss. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include, but are not limited to, accrued research and development expenses, the fair value of the ordinary shares and warrants for equity-based compensation expense, and the valuation of the Company’s deferred tax assets. Changes in estimates are recorded in the period in which they become known. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Concentrations of Credit Risk </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash, cash equivalents, and marketable securities. The Company’s investment portfolio is primarily comprised of short term debt securities issued by the U.S., Danish, and German governments. The Company places its cash in financial institutions that management believes to be of high credit quality and, consequently, the Company does not believe it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250,000. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Deferred Offering Costs </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Deferred offering costs consist of certain legal, professional, accounting and other third-party fees that are directly associated with the IPO. These direct costs are capitalized and recorded as other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> assets on the condensed consolidated balance sheets. The deferred offering costs will be recorded against the IPO proceeds upon the consummation of the IPO, which was completed on May 4, 2026. As of March 31, 2026, the Company had $2.7 million of deferred offering costs. </div></div> <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Comprehensive Loss </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Comprehensive loss includes net loss as well as other changes in stockholders’ deficit that result from transactions and events other than those with stockholders. The Company’s unrealized gains and losses on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">available-for</div> sale-debt securities represent the only component of other comprehensive income (loss). </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Recently Issued Accounting Standards </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In December 2023, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09”).</div> ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will require disclosure of additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state and foreign income taxes. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will also require information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will be effective for the Company in the annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing the impact adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will have on its consolidated financial statements and related disclosures. </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40):</div> Disaggregation of Income Statement Expenses</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03”).</div> ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> will require disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> also will require certain amounts already disclosed under existing U.S. GAAP to also be disclosed as a separate category in disaggregated expense table(s), if those amounts are recognized in the relevant expense line item. The amendments in ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> will be effective for the Company in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the impact adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> will have on its consolidated financial statements and related disclosures. </div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In December 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Interim Reporting (Topic 270): Narrow-Scope Improvements</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11”)</div> to provide clarifications intended to improve the consistency and usability of interim disclosure requirements. ASU 2025-11 includes a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11</div> is effective for interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The amendments in this update permit an entity to apply the new guidance using a prospective or retrospective approach. The Company is currently assessing the impact adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11</div> will have on its consolidated financial statements and related disclosures. </div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Principles of Consolidation </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Company’s condensed consolidated financial statements include the accounts of its subsidiaries, Hemab ApS and Hemab Therapeutics, Inc., which was a wholly owned subsidiary of Hemab ApS until April 1, 2026. As a result of the corporate reorganization described in Note 1 “Description of Business and Liquidity—Corporate Reorganization”, Hemab ApS became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. and, accordingly, the Company’s consolidated financial statements are those of Hemab Therapeutics Holdings, Inc. for the periods after the corporate reorganization and are those of Hemab ApS for historical periods before the corporate reorganization. Management has concluded the Company has a single reporting segment for purposes of reporting financial condition and results of operations. All intercompany transactions and balances have been eliminated in accordance with ASC 810,<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Consolidation</div></div>. </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Basis of Presentation </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Unaudited Interim Consolidated Financial Information </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements of Hemab ApS and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of March 31, 2026 and its results of operations and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements of Hemab ApS as of that date. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from these unaudited condensed consolidated financial statements. </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Foreign Currency </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The financial statements are presented in U.S. dollars, the Company’s reporting currency. The functional currency of Hemab ApS and Hemab Therapeutics, Inc. is the U.S. dollar. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are recognized in other (expense) income, net in the consolidated statements of operations and comprehensive loss. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include, but are not limited to, accrued research and development expenses, the fair value of the ordinary shares and warrants for equity-based compensation expense, and the valuation of the Company’s deferred tax assets. Changes in estimates are recorded in the period in which they become known. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Concentrations of Credit Risk </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash, cash equivalents, and marketable securities. The Company’s investment portfolio is primarily comprised of short term debt securities issued by the U.S., Danish, and German governments. The Company places its cash in financial institutions that management believes to be of high credit quality and, consequently, the Company does not believe it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation up to $250,000. </div> 250000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Deferred Offering Costs </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Deferred offering costs consist of certain legal, professional, accounting and other third-party fees that are directly associated with the IPO. These direct costs are capitalized and recorded as other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> assets on the condensed consolidated balance sheets. The deferred offering costs will be recorded against the IPO proceeds upon the consummation of the IPO, which was completed on May 4, 2026. As of March 31, 2026, the Company had $2.7 million of deferred offering costs. </div></div> <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div> 2700000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Comprehensive Loss </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Comprehensive loss includes net loss as well as other changes in stockholders’ deficit that result from transactions and events other than those with stockholders. The Company’s unrealized gains and losses on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">available-for</div> sale-debt securities represent the only component of other comprehensive income (loss). </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Recently Issued Accounting Standards </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In December 2023, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09”).</div> ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will require disclosure of additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state and foreign income taxes. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will also require information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will be effective for the Company in the annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently assessing the impact adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> will have on its consolidated financial statements and related disclosures. </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40):</div> Disaggregation of Income Statement Expenses</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03”).</div> ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> will require disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis, including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> also will require certain amounts already disclosed under existing U.S. GAAP to also be disclosed as a separate category in disaggregated expense table(s), if those amounts are recognized in the relevant expense line item. The amendments in ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> will be effective for the Company in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the impact adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> will have on its consolidated financial statements and related disclosures. </div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In December 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Interim Reporting (Topic 270): Narrow-Scope Improvements</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11”)</div> to provide clarifications intended to improve the consistency and usability of interim disclosure requirements. ASU 2025-11 includes a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11</div> is effective for interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The amendments in this update permit an entity to apply the new guidance using a prospective or retrospective approach. The Company is currently assessing the impact adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-11</div> will have on its consolidated financial statements and related disclosures. </div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">3. Fair Value Measurements </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2026 <div style="letter-spacing: 0px; top: 0px;display:inline;">and</div> December 31, 2025 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted<br/>Prices in<br/>Active<br/>Markets<br/>(Level 1)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Observable<br/>Inputs<br/>(Level 2)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable<br/>Inputs</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(Level 3)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Marketable securities:</div></div></div> </td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,281</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,281</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Non-U.S. debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,390</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,390</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total assets measured at fair value</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">113,671</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">113,671</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="text-align: center; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted<br/>Prices in<br/>Active<br/>Markets<br/>(Level 1)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Observable<br/>Inputs<br/>(Level 2)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable<br/>Inputs</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(Level 3)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 60%;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cash equivalents:</div></div></div> </td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Certificates of deposit</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">50,930</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">50,930</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-U.S.</div> debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,638</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,638</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Marketable securities:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,511</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,511</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total assets measured at fair value</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">166,079</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">166,079</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company’s cash equivalents and marketable securities were valued based on Level 2 inputs and in determining the fair value the Company relied on quoted prices for similar securities in active markets or other inputs that are observable or can be corroborated by observable market data. </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2026 <div style="letter-spacing: 0px; top: 0px;display:inline;">and</div> December 31, 2025 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted<br/>Prices in<br/>Active<br/>Markets<br/>(Level 1)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Observable<br/>Inputs<br/>(Level 2)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable<br/>Inputs</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(Level 3)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Marketable securities:</div></div></div> </td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,281</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,281</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Non-U.S. debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,390</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,390</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total assets measured at fair value</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">113,671</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">113,671</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="text-align: center; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quoted<br/>Prices in<br/>Active<br/>Markets<br/>(Level 1)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Observable<br/>Inputs<br/>(Level 2)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Significant<br/>Unobservable<br/>Inputs</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(Level 3)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Total</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 60%;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Cash equivalents:</div></div></div> </td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom; width: 5%;"><div style="display:inline;">  </div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> <td style="vertical-align: bottom;"><div style="display:inline;"></div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Certificates of deposit</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">50,930</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">50,930</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-U.S.</div> debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,638</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,638</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Marketable securities:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,511</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,511</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total assets measured at fair value</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">166,079</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">166,079</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> 0 98281000 0 98281000 0 15390000 0 15390000 0 113671000 0 113671000 0 50930000 0 50930000 0 17638000 0 17638000 0 97511000 0 97511000 0 166079000 0 166079000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">4. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Available-For-Sale</div></div> Debt Securities </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Available-for-sale debt</div></div> securities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cost</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unrealized</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gains</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unrealized</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Losses</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Value</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Marketable securities:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,393</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(112</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,281</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Non-U.S. debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,717</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(327</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,390</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">114,110</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(439</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">113,671</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="16" style="height:12pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Amortized</div><br/><div style="font-weight:bold;display:inline;">Cost</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Unrealized</div><br/><div style="font-weight:bold;display:inline;">Gains</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Unrealized</div><br/><div style="font-weight:bold;display:inline;">Losses</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Fair</div><br/><div style="font-weight:bold;display:inline;">Value</div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Cash equivalents:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-U.S.</div> debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,415</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">223</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,638</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Marketable securities:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,559</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(48</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,511</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">114,974</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">223</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(48</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">115,149</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">All of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">available-for-sale</div></div> debt securities as of March 31, 2026 and December 31, 2025 had a contractual maturity of less than 12 months. The Company did not realize any gains or losses recognized on the sale of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">available-for-sale</div></div> debt securities during the three months ended March 31, 2026 and year ended December 31, 2025, and, as a result, the Company did not reclassify any amounts out of accumulated comprehensive loss. All of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">available-for-sale</div></div> debt securities as of March 31, 2026 and December 31, 2025 are classified as current as they mature within one year from the balance sheet date. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">As of March 31, 2026, the Company held four securities in an unrealized loss position with an aggregate fair value of $113.7 million. As of December 31, 2025, the Company held three securities in an unrealized loss position with an aggregate fair value of $97.5 million. None of the securities were in an unrealized loss position for greater than 12 months. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company has the intent and ability to hold its debt securities until recovery of their amortized cost bases, which may be maturity. As a result, the Company did not recognize any differences between the fair value and amortized cost basis as a loss in its consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and year ended December 31, 2025. The Company did not record any credit-related impairments for its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">available-for-sale</div></div> debt securities for the three months ended March 31, 2026 and year ended December 31, 2025. </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">Available-for-sale debt</div></div> securities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 60%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="14" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cost</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unrealized</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gains</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unrealized</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Losses</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Value</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Marketable securities:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,393</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(112</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">98,281</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;">Non-U.S. debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,717</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(327</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">)</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,390</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">114,110</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(439</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">113,671</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="font-size:1pt"> <td style="height:12pt"></td> <td colspan="16" style="height:12pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Amortized</div><br/><div style="font-weight:bold;display:inline;">Cost</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Unrealized</div><br/><div style="font-weight:bold;display:inline;">Gains</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Unrealized</div><br/><div style="font-weight:bold;display:inline;">Losses</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="font-weight:bold;display:inline;">Fair</div><br/><div style="font-weight:bold;display:inline;">Value</div></td> <td style="vertical-align:bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Cash equivalents:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-U.S.</div> debt securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,415</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">223</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">17,638</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Marketable securities:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">U.S. treasury securities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,559</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(48</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">97,511</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">114,974</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">223</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(48</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">115,149</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> 98393000 0 112000 98281000 15717000 0 327000 15390000 114110000 0 439000 113671000 17415000 223000 0 17638000 97559000 0 48000 97511000 114974000 223000 48000 115149000 P12M 113700000 97500000 0 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">5. Prepaid Expenses and Other Current Assets </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Prepaid expenses and other current assets consisted of the <div style="letter-spacing: 0px; top: 0px;display:inline;">following</div> (in thousands): <br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of March 31,<br/>2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Prepaid expenses</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,470</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,437</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other receivables</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,430</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,629</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,900</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">7,066</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Prepaid expenses and other current assets consisted of the <div style="letter-spacing: 0px; top: 0px;display:inline;">following</div> (in thousands): <br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 64%;"><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of March 31,<br/>2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Prepaid expenses</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,470</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,437</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other receivables</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,430</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,629</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,900</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">7,066</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> 4470000 4437000 1430000 2629000 5900000 7066000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">6. Property and Equipment, net </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Property and equipment, net, consisted of the following (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 63%;"><div style="display:inline;"></div></td> <td style="width: 15%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 14%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of March 31,<br/>2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Laboratory equipment</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">887</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">775</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Furniture and fixtures</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">413</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">413</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Leasehold improvements</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">82</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">82</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Computer equipment</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">62</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">62</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total property and equipment, at cost</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,444</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,332</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Less: accumulated depreciation</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(796</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(723</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Property and equipment, net</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">648</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">609</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of March 31, 2026, there were no finance leased assets included in property and equipment, net. As of December 31, 2025, property and equipment, net included finance leased assets of approximately $0.5 million, with accumulated depreciation of approximately $0.3 million. Depreciation expense for the three months ended March 31, 2026 and 2025 was approximately $0.1 million. </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Property and equipment, net, consisted of the following (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 63%;"><div style="display:inline;"></div></td> <td style="width: 15%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 14%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of March 31,<br/>2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Laboratory equipment</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">887</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">775</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Furniture and fixtures</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">413</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">413</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Leasehold improvements</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">82</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">82</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Computer equipment</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">62</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">62</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total property and equipment, at cost</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,444</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,332</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Less: accumulated depreciation</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(796</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(723</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Property and equipment, net</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">648</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">609</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> 887000 775000 413000 413000 82000 82000 62000 62000 1444000 1332000 796000 723000 648000 609000 0 500000 300000 100000 100000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">7. Accrued Expenses and Other Current Liabilities </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Accrued expenses and other current liabilities consist of the following (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 64%;"><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of March 31,<br/>2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued contract research and development costs</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,015</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">949</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued employee compensation</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,286</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,007</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,662</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">340</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6,963</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,296</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Accrued expenses and other current liabilities consist of the following (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 64%;"><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 12%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of March 31,<br/>2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of December 31,<br/>2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued contract research and development costs</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,015</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">949</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued employee compensation</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,286</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,007</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,662</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">340</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6,963</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,296</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> 3015000 949000 1286000 3007000 2662000 340000 6963000 4296000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">8. Commitments and Contingencies </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">License and Collaboration Agreements </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company is party to certain agreements that may require future payments upon the achievement of specified development, regulatory, and commercial milestones, as well as royalty payments. These potential obligations are not recorded as liabilities until the underlying milestone event is deemed probable of occurrence and the related amount is reasonably estimable. </div> <div style="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Agreement with Novo Nordisk </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">In November 2019, the Company entered into a license agreement with Novo Nordisk A/S (“Novo Nordisk”), pursuant to which Novo Nordisk granted the Company an exclusive (even as to Novo Nordisk), worldwide and sublicensable license under specified patent rights, and a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-exclusive,</div> worldwide and sublicensable license under specified <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">know-how,</div> to research, develop, make, have made, use, offer for sale, sell, import, export or otherwise exploit, or transfer possession of or title in, products (“Novo Licensed Products”), containing bispecific IgG antibodies targeting <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1</div> and Factor VII, including sutacimig, for the treatment of bleeding conditions, including hemophilia (the “Novo Nordisk Agreement”). Under the terms of the Novo Nordisk Agreement, the Company has agreed to use commercially reasonable efforts to develop and commercialize a Novo Licensed Product. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company is obligated to pay to Novo Nordisk a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">one-time</div> DKK 40 million<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;">milestone payment upon achievement by a Novo Licensed Product of a specified regulatory milestone event, and the Company is also obligated to pay Novo Nordisk tiered royalties, in the low single-digit percentages, on aggregate annual net sales of all Novo Licensed Products, on a Novo Licensed <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">Product-by-Novo</div></div> Licensed Product and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">country-by-country</div></div> basis, until the later of the expiration of the last valid claim in the licensed patents under the Novo Nordisk Agreement covering such Novo Licensed Product in such country and ten years following the first commercial sale of such Novo Licensed Product in such country. The Company currently expects that all of the licensed patents under the Novo Nordisk Agreement will expire by 2040, potentially extending to 2045 with patent term extension. To date, the Company has not made any payments to Novo Nordisk under the Novo Nordisk Agreement. </div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Novo Nordisk Agreement will continue in force until it is terminated. On expiration of each royalty term, the Company’s license becomes royalty-free, perpetual, and irrevocable with respect to the applicable Novo Licensed Product in the applicable country. Either party may terminate the Novo Nordisk Agreement for the other party’s uncured material breach or insolvency. The Company may terminate the Novo Nordisk Agreement for any reason upon 90 days’ written notice to Novo Nordisk. In the event that Novo Nordisk regains control of the exclusive right to exploit the Novo Licensed Product, the Novo Nordisk Agreement will automatically terminate. </div></div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Agreement with Genmab </div></div></div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In April 2020, the Company entered into a license agreement with Genmab A/S (“Genmab”), pursuant to which Genmab granted the Company an exclusive (even as to Genmab and its affiliates), worldwide and sublicensable license under platform technology patent rights and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">know-how</div> relating to Genmab’s proprietary DuoBody<div style="font-size: 75%; vertical-align: top;display:inline;font-size:8.3px">®</div> platform to research, develop, make, have made, use, manufacture, import, export and commercialize products comprising bispecific IgG antibodies targeting <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1</div> and Factor VII (the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">“TLT-1/Factor</div> VII Antibody Products”), including sutacimig, for the treatment of bleeding conditions, including hemophilia (the “Genmab Agreement”). Under the terms of the Genmab Agreement, the Company has agreed to use commercially reasonable efforts to develop, manufacture, obtain regulatory approval for and commercialize <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products worldwide. </div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under the Genmab Agreement, the Company is obligated to pay Genmab a percentage of all net profit (i.e., revenue and other proceeds less specified direct costs the Company incurs to conduct research, development, manufacture and commercialization of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products) the Company or its affiliates receive with respect to any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products, including (1) net profit from commercial sales of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products and any revenue from third parties, other than Novo Nordisk, in respect of a sublicense or assignment with respect to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products, including assignment fees, sublicensing fees, upfront and milestone fees, royalties and other consideration, whether in kind or cash, and (2) the net profit allocated to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products that the Company or its affiliates receive if the Company undergoes a change of control (other than an acquisition by Novo Nordisk). The percentage of net profit the Company owes with respect to each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product is in the low teens from the effective date of the Genmab Agreement until the first commercial sale of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product. From and after the first commercial sale of a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product, the percentage of net profit the Company owes with respect to such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product is in the high single digits in all territories in which the Company commercializes such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product and in the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">mid-teens</div> in all territories in which a third party, other than Novo Nordisk, commercializes such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product. The Company is obligated to pay such percentage of net profit on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">country-by-country</div></div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Product-by-TLT-1/Factor</div></div></div> VII Antibody Product basis until the later of the expiration of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">last-to-expire</div></div> of the platform technology patent rights licensed under the Genmab Agreement covering such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product in such country and twelve years following the first commercial sale of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product in such country, which the Company refers to as the net profit share term. Following the expiration of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">last-to-expire</div></div> of the platform technology patent rights licensed under the Genmab Agreement covering a given <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product in a given country, the percentage of net profit that the Company is obligated to pay with respect to sales of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product in such country will be reduced by a specified percentage for the remainder of the net profit share term for such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Product in such country. The Company currently expects that all of the platform technology patent rights licensed under the Genmab Agreement will expire by 2032, though this date may be extended if, for example, Genmab files additional patents covering its platform technology. To date, the Company has not made any payments to Genmab under the Genmab Agreement. </div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In the event the Company seeks to sell, license or otherwise dispose of its rights to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products, including through a change of control to any third party other than Novo Nordisk, the Company is obligated to provide Genmab the right to participate in any bidding process as a <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">bona fide</div></div> potential acquirer of such rights. </div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Unless earlier terminated, the Genmab Agreement will expire, on a TLT-1/Factor VII Antibody Product-by-TLT-1/Factor VII Antibody Product and country-by-country basis, upon the expiration of the last net profit share term for such </div></div></div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div><div style="font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor VII Antibody Product in such country. On expiration of each net profit share term, the Company’s license becomes perpetual, fully paid-up and non-exclusive with respect to the applicable TLT-1/Factor VII Antibody Product in the applicable country. Either party may terminate the Genmab Agreement for the other party’s uncured material breach or insolvency or in certain events of force majeure. Genmab may terminate the Genmab Agreement if the Company or its affiliates or sublicensees challenge any of the platform technology patent rights licensed under the Genmab Agreement. The Company may terminate the Genmab Agreement for any reason upon 120 days written notice to Genmab. If Novo Nordisk obtains from us the exclusive right to exploit <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">TLT-1/Factor</div> VII Antibody Products, including upon termination of the Novo Nordisk Agreement, then the Genmab Agreement will terminate in all territories in which Novo Nordisk obtains such exclusive rights. </div></div><div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Indemnification Agreements </div></div></div></div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters arising out of the relationship between such parties and the Company. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of March 31, 2026 and December 31, 2025. </div></div></div><div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Legal Proceedings </div></div></div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2026 and year ended December 31, 2025 and, to the best of its knowledge, no material legal proceedings are currently pending or threatened. </div> 40000000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">9. Convertible Preferred Stock and Convertible Preference Shares </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Series Seed Convertible Preference Shares </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">In November 2020, the Company executed an investment agreement under which it issued and sold 23,343 shares of Series Seed convertible preference shares (“Series Seed Convertible Preference Shares”) for gross cash proceeds of <div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">€</div>2.5 million ($3.0 million). </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Series A Convertible Preference Shares </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">In July 2021, the Company executed an investment agreement (“Series A Investment Agreement”) to issue and sell up to 225,866 shares of Series A convertible preference shares (“Series A Convertible Preference Shares”) for gross proceeds of up to DKK 346.4 million ($50.9 million). In the initial closing in July 2021, the Company issued 61,600 shares of Series A Convertible Preference Shares. This included DKK 57.2 million ($9.0 million) in gross cash proceeds (37,297 shares) and DKK 37.3 million ($5.9 million) from the conversion of the principal and interest balance of debt (24,303 shares). Pursuant to the Series A Investment Agreement, the Company was obligated to issue and the investors were obligated to purchase an additional 164,266 shares of Series A Convertible Preference Shares for total cash proceeds of DKK 251.9 million ($36.0 million) in three separate closings upon the satisfaction of certain conditions related to clinical development. All of the conditions were achieved prior to February 2023. The Company incurred DKK 1.8 million ($0.3 million) of issuance costs. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Series B Convertible Preference Shares </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">In February 2023, the Company executed an investment agreement under which it issued and sold 442,205 shares of Series B convertible preference shares (“Series B Convertible Preference Shares”) for gross cash proceeds of $135.2 million. The Company incurred $0.3 million of issuance costs. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Series C Convertible Preference Shares </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">In October 2025, the Company executed an investment agreement under which it issued and sold 512,991 shares of Series C convertible preference shares (“Series C Convertible Preference Shares”) for gross cash proceeds of $156.9 million. The Company incurred $0.5 million of issuance costs. </div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">In connection with the corporate reorganization, the shareholders of Hemab ApS exchanged their convertible preference shares of Hemab ApS for the same number, class and series of newly issued shares of convertible preferred stock, on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-for-one</div></div> basis, in Hemab Therapeutic Holdings, Inc. </div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">As of March 31, 2026 and December 31, 2025, the convertible preferred stock and convertible preference shares consisted of the following (in thousands, except share data): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 51%;"><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="18" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred<br/>Stock<br/>Authorized</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred<br/>Stock Issued<br/>and<br/>Outstanding</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Carrying<br/>Value</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidation<br/>Preference</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common<br/>Stock Issuable<br/>Upon<br/>Conversion</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series Seed</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,236</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,126</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">513,546</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series A</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">63,536</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">53,392</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,969,052</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series B</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">134,975</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">135,248</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">9,728,510</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series C</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,421</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,898</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">11,285,802</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">360,068</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">348,664</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">26,496,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 51%;"><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="18" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preference<br/>Shares<br/>Authorized</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preference<br/>Shares Issued<br/>and<br/>Outstanding</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Carrying<br/>Value</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidation<br/>Preference</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Ordinary<br/>Shares<br/>Issuable Upon<br/>Conversion</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series Seed</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,236</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,939</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">513,546</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series A</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">63,536</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">54,528</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,969,052</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series B</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">134,975</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">135,248</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">9,728,510</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series C</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,421</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,898</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">11,285,802</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">360,068</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">349,613</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">26,496,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td></tr></table> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The convertible preferred stock had substantially identical rights to the convertible preference shares. The rights, preferences, and privileges of the convertible preferred stock were as follows as of March 31, 2026: </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liquidation Preference </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Deemed Liquidation Events (as defined in the Company’s amended and restated certificate of incorporation, as amended) included: (a) a merger, consolidation, statutory conversion, transfer of the Company, domestication, or continuance in which (i) the Company is a constituent party or (ii) a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock pursuant to such merger, consolidation, statutory conversion, transfer of the Company, domestication, or continuance, (b) (i) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or (ii) the sale, lease, transfer, exclusive license or other disposition (whether by merger, consolidation, statutory conversion, transfer of the Company, domestication, continuance or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company. In the event of any Deemed Liquidation Event, the proceeds, if any, would have been distributed to the stockholders in accordance with the following priority: </div></div></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(i)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">First, the holders of Series C Convertible Preferred Stock would have, for every share of Series C Convertible Preferred Stock, been entitled to be paid out an amount equal to the greater of (a) one times the applicable Original Issue Price</div> ($305.85), <div style="letter-spacing: 0px; top: 0px;display:inline;">plus any dividends declared but unpaid thereon, or (b) such amount per share as would have been payable had all shares of Series C Convertible Preferred Stock been converted into Common Stock. If the available proceeds were insufficient to make payment in full on the Series C Convertible Preferred Stock, then the available proceeds would have been allocated pro rata amongst the holders in proportion to their holdings of Series C Convertible Preferred Stock.</div></div></td></tr></table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(ii)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Second, the holders of Series B and/or Series A Convertible Preferred Stock would have, for every share of Series B and/or Series A Convertible Preferred Stock, been entitled to be paid out an amount equal to the greater of (a) one times the applicable Original Issue Price</div> ($305.85 for Series B and $236.39 <div style="letter-spacing: 0px; top: 0px;display:inline;">for Series A Convertible Preferred Stock), plus any dividends declared but unpaid thereon, or (b) such amount per share as would have been payable had all shares of Series B Convertible Preferred Stock and Series A Convertible Preferred Stock been converted into Common Stock. If the available proceeds were insufficient to make payment in full on the Series B and/or Series A Convertible Preferred Stock, then the available proceeds would have been allocated pro rata amongst the holders in proportion to their holdings of Series B and/or Series A Convertible Preferred Stock. </div> </div></td></tr></table> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(iii)</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Third, the holders of Series Seed Convertible Preferred Stock would have, for every share of Series Seed Convertible Preferred Stock, been entitled to be paid out an amount equal to the greater of (a) one times the applicable Original Issue Price</div> ($133.92), <div style="letter-spacing: 0px; top: 0px;display:inline;">plus any dividends declared but unpaid thereon, or (b) such amount per share as would have been payable had all shares of Series Seed Convertible Preferred Stock been converted into Common Stock. If the available proceeds were insufficient to make payment in full on the Series Seed Convertible Preferred Stock, then the available proceeds would have been allocated pro rata amongst the holders in proportion to their holdings of Series Seed Convertible Preferred Stock (together with clauses (i) and (ii) above, the “Liquidation Amount”). </div> </div></td></tr></table> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The remaining proceeds, if any, following distribution of the Liquidation Amount would have been distributed to the holder of common stock on a pro rata basis. </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Conversion </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Shares of convertible preferred stock were convertible into common stock at the option of the holder at any time by dividing the applicable Original Issue Price by the applicable Conversion Price (each as defined in the Company’s amended and restated certificate of incorporation, as amended) in effect at the time of conversion. In connection with the corporate reorganization, the Conversion Prices were set for each series of preferred stock based on the Original Issuance Price, so the convertible preferred stock would be convertible into common stock on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-for-one</div></div> basis. In addition, the convertible preferred stock was automatically convertible into common stock on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">one-for-one</div></div> basis (i) in the event</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> that </div>50<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% <div style="null;text-indent: 0px;display:inline;">of all convertible preferred stock voting as one share class, including</div> </div>60<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">% <div style="null;text-indent: 0px;display:inline;">of the Series C Convertible Preferred Stock (the “Investor Majority”), consented to such conversion, or (ii) in the event of a public offering which generated gross proceeds of not less than</div> $</div>100.0<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million.</div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div><div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">On May 4, 2026, the Company completed <div style="letter-spacing: 0px; top: 0px;display:inline;">the</div> IPO of 19,262,500 shares of its common stock <div style="letter-spacing: 0px; top: 0px;display:inline;">for</div> gross proceeds of approximately $346.7 <div style="letter-spacing: 0px; top: 0px;display:inline;">million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the completion of the IPO, all of the Company’s convertible preferred stock converted into</div> 26,496,910 <div style="letter-spacing: 0px; top: 0px;display:inline;">shares of common stock, and no </div><div style="display:inline;">shares of preferred stock were outstanding. See Note 14 titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Subsequent Events</div></div>” for additional information. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Voting </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The holders of convertible preferred stock were entitled to the number of votes equal to the number of shares of common stock into which their shares of convertible preferred stock were then convertible, on all matters to be voted upon at all general meetings and written actions in lieu of meetings. </div></div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Redemption </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Shares of convertible preferred stock were not subject to mandatory redemption. Upon certain events that were outside of the Company’s control, the shares of convertible preferred stock were contingently redeemable at a price equal to the greater of the Liquidation Amount or the amount that would be received on an <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">as-converted</div> to common stock basis. </div></div> 23343 2500000 3000000 225866 346400000 50900000 61600 57200000 9000000 37297 37300000 5900000 24303 164266 251900000 36000000 1800000 300000 442205 135200000 300000 512991 156900000 500000 <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">As of March 31, 2026 and December 31, 2025, the convertible preferred stock and convertible preference shares consisted of the following (in thousands, except share data): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 51%;"><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="18" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred<br/>Stock<br/>Authorized</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred<br/>Stock Issued<br/>and<br/>Outstanding</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Carrying<br/>Value</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidation<br/>Preference</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common<br/>Stock Issuable<br/>Upon<br/>Conversion</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series Seed</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,236</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,126</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">513,546</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series A</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">63,536</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">53,392</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,969,052</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series B</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">134,975</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">135,248</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">9,728,510</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series C</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,421</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,898</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">11,285,802</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">360,068</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">348,664</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">26,496,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td></tr></table> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 51%;"><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="18" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">December 31, 2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preference<br/>Shares<br/>Authorized</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preference<br/>Shares Issued<br/>and<br/>Outstanding</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Carrying<br/>Value</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidation<br/>Preference</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Ordinary<br/>Shares<br/>Issuable Upon<br/>Conversion</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series Seed</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">23,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,236</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,939</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">513,546</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series A</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">225,866</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">63,536</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">54,528</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,969,052</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series B</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">442,205</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">134,975</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">135,248</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">9,728,510</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Series C</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">512,991</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,421</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">156,898</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">11,285,802</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,204,405</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">360,068</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">349,613</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">26,496,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div></td> <td> </td></tr></table> 23343 23343 5236000 3126000 513546 225866 225866 63536000 53392000 4969052 442205 442205 134975000 135248000 9728510 512991 512991 156421000 156898000 11285802 1204405 1204405 360068000 348664000 26496910 23343 23343 5236000 2939000 513546 225866 225866 63536000 54528000 4969052 442205 442205 134975000 135248000 9728510 512991 512991 156421000 156898000 11285802 1204405 1204405 360068000 349613000 26496910 305.85 305.85 236.39 133.92 50 60 100000000 19262500 346700000 26496910 0 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;">10. Common Stock and Ordinary Shares </div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">As of March 31, 2026, the Company had 1,446,166 shares of common stock authorized for issuance, and </div></div>946,000 <div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares of common stock issued and outstanding. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The holders of shares of common stock and ordinary shares were entitled to an allocation and distribution of proceeds in a Liquidation Event subject to the Liquidation Amount due to the holders of convertible preferred stock. When the Liquidation Amount had been paid in full, any remaining proceeds would have been distributed to the holders of common stock or ordinary shares, as applicable, on a pro rata basis. </div></div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The holders of common stock and ordinary shares are entitled to one vote per share on all matters to be voted upon at all general meetings and written actions in lieu of meetings. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">On May 4, 2026, the Company completed <div style="letter-spacing: 0px; top: 0px;display:inline;">t</div>h<div style="letter-spacing: 0px; top: 0px;display:inline;">e</div> IPO of 19,262,500 shares of its common stock. See Note <div style="display:inline;">14 titled “<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Subsequent Events</div></div>” for additional information. </div></div> 1446166 946000 946000 The holders of common stock and ordinary shares are entitled to one vote per share on all matters to be voted upon at all general meetings and written actions in lieu of meetings. 19262500 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;">11. Equity-Based Compensation </div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Warrants </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">As of March 31, 2026, the Company had </div></div>5,227,222 <div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">warrant grants outstanding. Each vested warrant entitles the warrant holder the right to subscribe for one share of common stock. Holders of stock warrants are entitled to exercise the vested portion of the warrant. </div></div>The service-based warrant grants generally vest over a four-year service period, with the first 25% vesting on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">one-year</div> anniversary of the vesting start date and the remaining vesting in equal monthly installments over the following 36 months. The service-based and performance-based warrant grants vest in the same manner as the service-based only awards to the extent the performance condition is met. The Company’s warrants expire ten years after the initial grant date if they remain unexercised. Upon the exercise date, the Company issues new<div style="letter-spacing: 0px; top: 0px;display:inline;"> shares of</div> common stock to the participant. </div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">No warrants were exercised during the three months ended March 31, 2026. </div></div></div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The following assumptions were used in determining the fair value of warrants granted during the three months ended March 31, 2026: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 68%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 76%;"><div style="display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Expected volatility</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">89.1% - 91.2%</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Risk-free interest rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3.8% - 3.9%</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Expected term (in years)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.8 - 6.2</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Expected dividend yield</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">0%</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Fair value per share</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$9.37</div></td></tr></table> <div style="text-align: center; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;text-indent: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center;text-indent: 0px;"></div> <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The following table summarizes the Company’s warrants for the three months ended March 31, 2026: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 59%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/>Warrants</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/>average<br/>exercise<br/>price per<br/>share</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/>average<br/>remaining<br/>contractual<br/>term (in<br/>years)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Aggregate<br/>intrinsic<br/>value (in<br/>thousands)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Outstanding, December 31, 2025</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,101,352</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.68</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">7.4</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,409</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Granted</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,294,798</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6.00</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">— </div></div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Forfeited</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(23,408</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6.97</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">— </div></div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Outstanding, March 31, 2026</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,372,742</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.84</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">8.6</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">28,045</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Exercisable at March 31, 2026</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,568,666</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.12</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6.9</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">11,141</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Vested and expected to vest, March 31, 2026</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,372,742</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.84</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">8.6</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">28,045</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> </table> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">The weighted-average grant date fair value of the shares underlying warrants granted during the three months ended March 31, 2026 was<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div>7.40<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">per share. The total fair value of the shares underlying warrants that vested during the three months ended March 31, 2026 was<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">$</div>0.8<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> million.</div></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Performance-Based Warrants </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">During 2022, the Company issued warrants to certain employees that included two components: (i) a performance condition that is achieved upon the separate closings of the Series A Convertible Preferred Shares, and (ii) a service condition where the employee provides service over a four-year period. Upon the final closing of the Series A Convertible Preferred Shares in January 2023, all performance conditions had been satisfied and the warrants were subject to ongoing service conditions. Equity-based compensation expense is recognized using an accelerated attribution method over the remaining requisite service period. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Equity-Based Compensation </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"><div style="display:inline;"></div></td> <td style="width: 8%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 8%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Research and development</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">565</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">180</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">General and administrative</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">753</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">279</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,318</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">459</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">As of March 31, 2026, the total unrecognized compensation expense related to the Company’s warrants was $18.8 million, which the Company expects to recognize over a weighted-average period of approximately 3.4 years. </div> 5227222 The service-based warrant grants generally vest over a four-year service period, with the first 25% vesting on the one-year anniversary of the vesting start date and the remaining vesting in equal monthly installments over the following 36 months P10Y <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The following assumptions were used in determining the fair value of warrants granted during the three months ended March 31, 2026: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 68%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 76%;"><div style="display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended</div></div><br/><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">March 31, 2026</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Expected volatility</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">89.1% - 91.2%</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Risk-free interest rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3.8% - 3.9%</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Expected term (in years)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.8 - 6.2</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Expected dividend yield</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">0%</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Fair value per share</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$9.37</div></td></tr></table> <div style="text-align: center; font-family: Arial; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"></div> 89.1 91.2 3.8 3.9 5.8 6.2 0 9.37 <div style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The following table summarizes the Company’s warrants for the three months ended March 31, 2026: </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 59%;"><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 4%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 5%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/>Warrants</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/>average<br/>exercise<br/>price per<br/>share</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/>average<br/>remaining<br/>contractual<br/>term (in<br/>years)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Aggregate<br/>intrinsic<br/>value (in<br/>thousands)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Outstanding, December 31, 2025</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,101,352</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.68</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">7.4</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,409</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Granted</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,294,798</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6.00</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">— </div></div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Forfeited</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(23,408</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6.97</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">— </div></div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Outstanding, March 31, 2026</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,372,742</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.84</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">8.6</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">28,045</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Exercisable at March 31, 2026</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,568,666</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.12</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">6.9</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">11,141</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Vested and expected to vest, March 31, 2026</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,372,742</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5.84</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">8.6</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">28,045</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> </table> 2101352 5.68 P7Y4M24D 2409000 2294798 6 0 23408 6.97 0 4372742 5.84 P8Y7M6D 28045000 1568666 5.12 P6Y10M24D 11141000 4372742 5.84 P8Y7M6D 28045000 7.4 800000 P4Y <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"><div style="display:inline;"></div></td> <td style="width: 8%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 8%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Research and development</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">565</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">180</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">General and administrative</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">753</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">279</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Total</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,318</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">459</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> 565000 180000 753000 279000 1318000 459000 18800000 P3Y4M24D <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">12. Net Loss Per Share </div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth the outstanding shares of common stock and ordinary share equivalents, presented based on amounts outstanding at each period end, that were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive: </div></div><br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 72%;"><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Convertible preference shares</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,211,108</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Convertible preferred stock</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">26,496,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Warrants to purchase ordinary shares</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,001,010</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Warrants to purchase common stock</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,372,742</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> </table> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth the outstanding shares of common stock and ordinary share equivalents, presented based on amounts outstanding at each period end, that were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive: </div></div><br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 72%;"><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 2%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Convertible preference shares</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,211,108</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Convertible preferred stock</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">26,496,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Warrants to purchase ordinary shares</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,001,010</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Warrants to purchase common stock</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,372,742</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">— </div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> </table> 0 15211108 26496910 0 0 2001010 4372742 0 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">13. Segment Reporting </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company has one operating segment. The Company’s operating segment is engaged in the research and development of prophylactic therapeutics for bleeding disorders. The Company’s <div style="-sec-ix-hidden:hidden165943199;display:inline;">Chief Executive Officer</div> and Chief Financial Officer/General Manager are together considered the Company’s CODM and together manage the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources based on net loss that also is reported on the consolidated statement of operations as consolidated net loss. This financial metric is used by the CODM to make key operating decisions such as the allocation of capital between program expenses, early-stage discovery expenses, and general and administrative expense, including headcount and facilities decisions. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents long-lived assets by geographic location as of March 31, 2026 and 2025 (in thousands): </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 76%;"><div style="display:inline;"></div></td> <td style="width: 6%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 6%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">United States of America</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">348</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">786</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Denmark</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,239</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,582</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,587</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,368</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="clear:both;max-height:0pt;"></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents selected financial information about the Company’s single operating segment for the three months ended March 31, 2026 and 2025 (in thousands): </div></div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 71%;"><div style="display:inline;"></div></td> <td style="width: 8%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2026  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Operating Expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div>:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Research and development personnel-related (excluding equity-based compensation)</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,701</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,424</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External research and development costs – sutacimig</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,795</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,953</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External research and development costs – <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">HMB-002</div></div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,506</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,563</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External – discovery related costs and other</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,894</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">981</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Personnel-related (excluding equity-based compensation)</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,032</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">760</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External – general and administrative</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,298</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Equity-based compensation expense</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,318</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">459</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Depreciation expense</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">68</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">77</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other segment (income) expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">282</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(591</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Interest income</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(1,219</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(473</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Income tax expense (benefit)</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">12</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(190</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Consolidated net loss</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">22,687</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,306</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(a)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(b)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;">Other segment expenses include foreign currency exchange loss and other income/expense. </div> </td> </tr> </table> 1 The following table presents long-lived assets by geographic location as of March 31, 2026 and 2025 (in thousands): <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div><div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 76%;"><div style="display:inline;"></div></td> <td style="width: 6%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 6%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">United States of America</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">348</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">786</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Denmark</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,239</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,582</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,587</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,368</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="clear:both;max-height:0pt;"></div> 348000 786000 1239000 1582000 1587000 2368000 <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents selected financial information about the Company’s single operating segment for the three months ended March 31, 2026 and 2025 (in thousands): </div></div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> <br/></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Arial; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr> <td style="width: 71%;"><div style="display:inline;"></div></td> <td style="width: 8%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td style="width: 7%; vertical-align: bottom;"><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> <td><div style="display:inline;"></div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="6" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Three Months Ended March 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2026  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;">  </div></td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; white-space: nowrap;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Operating Expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div>:</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Research and development personnel-related (excluding equity-based compensation)</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,701</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,424</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External research and development costs – sutacimig</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,795</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">5,953</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External research and development costs – <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">HMB-002</div></div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">3,506</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,563</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External – discovery related costs and other</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">4,894</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">981</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Personnel-related (excluding equity-based compensation)</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,032</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">760</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">External – general and administrative</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">2,298</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,343</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Equity-based compensation expense</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">1,318</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">459</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Depreciation expense</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">68</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">77</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other segment (income) expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">282</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(591</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Interest income</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(1,219</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(473</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Income tax expense (benefit)</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">12</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">(190</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">) </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Consolidated net loss</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">22,687</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;">15,306</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family: Arial; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td style="vertical-align:bottom"> <div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0);"> </div> </td> <td> </td> </tr> </table> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(a)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left">(b)</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: Arial; text-align: left; line-height: normal;">Other segment expenses include foreign currency exchange loss and other income/expense. </div> </td> </tr> </table> 4701000 2424000 5795000 5953000 3506000 4563000 4894000 981000 1032000 760000 2298000 1343000 1318000 459000 68000 77000 282000 -591000 1219000 473000 12000 -190000 22687000 15306000 <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold">14. Subsequent Events </div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company evaluated subsequent events through the date on which these financial statements were issued to ensure that these condensed consolidated financial statements include appropriate disclosure of events both recognized in the financial statements as of March 31, 2026 and events which occurred subsequently but not recognized in the financial statements. </div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Corporate Reorganization </div></div></div> <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On April 1, 2026, following the corporate reorganization, on March 31, 2026, Hemab ApS transferred its shares of Hemab Therapeutics Inc., a Delaware corporation and wholly-owned subsidiary of Hemab ApS, to Hemab Therapeutics Holdings, Inc. in exchange for the issuance of a promissory note and, as a result, Hemab Therapeutics Inc. became a wholly owned subsidiary of Hemab Therapeutics Holdings, Inc. See Note 1 titled “Description of Business and Liquidity—Corporate Reorganization” for additional information on the corporate reorganization. </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Initial Public Offering </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On May 4, 2026, the Company completed the IPO of 19,262,500 shares of its common stock, which included the exercise in full by the underwriters of their option to purchase 2,512,500 additional shares of common stock, at a public offering price of $18.00 per share. The net proceeds to the Company from the IPO were approximately $317.2 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. In connection with the completion of the IPO, all shares of the Company’s preferred stock were converted into 26,496,910 shares of common stock, and no shares of preferred stock were thereafter outstanding. </div></div></div> <div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with the closing of the IPO, on May 4, 2026, the Company’s filed a restated certificate of incorporation with the Secretary of State of the State of Delaware, which authorizes 400,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of undesignated preferred stock, par value $0.0001 per share. </div></div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold;text-indent: 0px;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Stock Split </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial">The Company’s board of directors and stockholders approved a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">22-for-one</div> forward stock split of the Company’s issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for the outstanding shares of convertible preferred stock, which became effective on April 24, 2026. <div style="letter-spacing: 0px; top: 0px;display:inline;">Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and the notes thereto have been retroactively adjusted, where applicable, to reflect the stock split. </div> </div><div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">2026 Equity Plans</div></div></div></div> </div><div style="text-indent: 4%; font-family: Arial; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In April 2026, the Company’s board of directors adopted and the Company’s stockholders approved the 2026 Equity Incentive Plan (the “2026 Plan”), which became effective immediately prior to the effectiveness of the registration statement for the IPO. The 2026 Plan initially provides for the grant of awards with respect to 4,180,000 </div></div><div style="display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">shares of common stock, of which the Company granted stock options to purchase an aggregate of 306,900 shares of common stock, at an exercise price per share equal to the initial public offering price of $18.00, in connection with the IPO. </div></div></div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Arial"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In April 2026 the Company’s board of directors adopted and the Company’s stockholders approved the 2026 Employee Stock Purchase Plan (the “2026 ESPP”), which became effective immediately prior to the effectiveness of the registration statement for the IPO. The 2026 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate<div style="display:inline;"> </div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of </div>418,000<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> shares of common stock.</div></div> 19262500 2512500 18 317200000 26496910 400000000 0.0001 5000000 0.0001 The Company’s board of directors and stockholders approved a 22-for-one forward stock split of the Company’s issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for the outstanding shares of convertible preferred stock, which became effective on April 24, 2026. 4180000 306900 18 418000 false false false false